Core Viewpoint - Mingteng International Corporation Inc. reported a modest revenue increase in fiscal year 2023, driven by growth in mold production and machining services, while facing challenges from rising costs and fluctuating exchange rates [2][4][6]. Financial Performance - Total revenue for fiscal year 2023 was 8.23million,a2.58.03 million in fiscal year 2022, primarily due to higher revenues from mold production and machining services [4][6]. - Gross profit decreased to 3.32millioninfiscalyear2023from3.91 million in fiscal year 2022, resulting in a gross margin of 40.4%, down from 48.8% [6][10]. - Net income fell to 1.51millioninfiscalyear2023,comparedto2.13 million in fiscal year 2022, with basic and diluted earnings per share at 0.30,downfrom0.43 [6][16][17]. Revenue Breakdown - Revenue from mold production was 6.64million,aslightincreaseof0.86.58 million in fiscal year 2022, indicating stable relationships with major customers [5][6]. - Revenue from mold repair decreased by 4.6% to 1.08million,despitea100.50 million, driven by improved production capacity [9]. Cost and Expenses - Cost of revenues increased by 19.5% to 4.83million,primarilyduetorisingrawmaterial,manufacturing,andlaborcosts[10].−Operatingexpensesroseslightlyby1.91.58 million, with research and development expenses increasing by 28.1% to 630,752,reflectingafocusoninnovation[12][15].CashFlowandFinancialCondition−AsofDecember31,2023,cashandcashequivalentswere1.06 million, down from 1.79millionin2022,withnetcashprovidedbyoperatingactivitiesat1.30 million [18][28]. - The company experienced net cash used in financing activities of 1.25millioninfiscalyear2023,comparedtonetcashprovidedof0.17 million in fiscal year 2022 [19]. Recent Developments - Mingteng International's ordinary shares began trading on the Nasdaq Capital Market on April 18, 2024, following an initial public offering that raised gross proceeds of $4.83 million [20].
