Wed, Nov 13, 1:07 PM (248 days ago)
**BAIYU HOLDINGS, INC. (BYU) Q3 2024 Financial Summary** For the quarter ended September 30, 2024, BAIYU Holdings reported total revenue of $37,162,036, a 10% increase from $33,911,726 in Q3 2023. This growth was primarily driven by higher sales in commodity products, which amounted to $37,162,036. However, revenue from supply chain management services dropped significantly, reflecting a strategic shift towards the electric vehicle sector. The company incurred a gross loss of $58,114, compared to a loss of $23,237 in the prior year, attributed to rising costs aligned with increased revenues. Operating expenses decreased by 20% to $2,416,176, showcasing improved operational efficiency. Net income surged to $3,173,257, a substantial increase from $679,658 in Q3 2023, primarily due to a 44% rise in interest income to $7,354,682, driven by an increase in loans receivable from third parties, totaling $301,335,694. Cash flow from operations turned negative at $(38,390,258), contrasting sharply with a positive inflow of $1,053,819 in the same period last year. The company’s liquidity remains strong with $327,318 in cash and equivalents. Looking ahead, BAIYU faces challenges from economic conditions impacting commodity prices and competition within the sector. The company aims to leverage its operational improvements and market strategies to sustain growth.