Fri, Oct 11, 8:32 PM (82 days ago)
Gulf Resources, Inc. (GURE) reported significant financial challenges for the quarter ending March 31, 2024, with net revenue plummeting 86% to $1.31 million compared to $9.30 million in Q1 2023. The company incurred a net loss of $3.99 million, a 616% increase from the prior year's loss of $557,747. This deterioration was primarily driven by a drastic decline in sales volume and average pricing across its bromine and crude salt segments, reflecting ongoing operational disruptions and market conditions. Operating costs decreased by 69% to $6.58 million, yet the company recorded a gross loss of $812,783. Cash flow from operations was negative at $1.33 million, with cash and cash equivalents at $70.76 million, down from $72.22 million at year-end. The company continues to navigate regulatory challenges and has faced delays in production approvals, impacting its operational capacity. Future operations may remain uncertain due to these factors, along with potential compliance issues with Nasdaq listing requirements.