Thu, Jun 20, 10:02 AM (79 days ago)
Graphjet Technology's Q1 2024 financial report reflects significant operational and financial changes following its merger with Energem Corp. The company reported a net loss of $11,594,000, a substantial increase from the $666,000 loss in Q1 2023, primarily due to higher general and administrative expenses. Total assets rose to $8,513,000 from $6,264,000 as of September 30, 2023, driven by increases in cash and property assets. Liabilities also increased to $14,043,000 from $8,847,000, mainly due to accrued bonuses and payables related to intellectual property. The company’s cash flow from operations was negative at $3,296,000, with significant cash used for property and equipment investments. The merger has positioned Graphjet for growth, but the company faces uncertainties related to its ability to secure additional funding and market acceptance of its products.