Thu, Jul 11, 8:08 PM (58 days ago)
EvoAir Holdings Inc. reported a challenging quarter ending May 31, 2024, with a significant drop in revenue and continued net losses. Revenue for Q3 2024 was $89.6K, down 46% from $165.7K in Q3 2023, primarily due to decreased sales of eco-friendly air-conditioners. The gross profit margin improved to 37% from 25% due to lower production costs. However, operating expenses decreased by 31% to $1.01M, leading to a reduced operating loss of $974.8K compared to $1.43M in Q3 2023. For the nine months ending May 31, 2024, revenue fell by 41% to $222.1K, with a gross loss of $22K. Despite efforts to reduce costs, the company reported a net loss of $3.93M. Cash flow from operations improved slightly, but the company’s working capital turned negative at $188.3K, highlighting liquidity concerns. EvoAir is focusing on expanding product offerings and geographical reach while seeking additional funding to support operations and potential uplisting on Nasdaq.