Wed, May 15, 8:20 PM (72 days ago)
Nature's Miracle Holding Inc. (NMHI) has reported its Q1 2024 financial results, reflecting a challenging quarter. Key financial metrics include a 25.7% decrease in revenue to $2.2 million, driven by lower customer demand and competitive market pressures. The company’s gross profit increased slightly to $312,317, with a gross margin of 14.2%, up from 10.0% in Q1 2023. However, operating expenses surged by 136.1% to $1.3 million, primarily due to increased payroll, professional fees, and stock compensation expenses following the company's Nasdaq listing. Consequently, NMHI reported a net loss of $2.3 million, a significant increase from the $567,379 loss in Q1 2023. The company's liquidity position remains a concern, with a working capital deficit of $11.4 million as of March 31, 2024. NMHI continues to face substantial doubt about its ability to continue as a going concern, necessitating potential reliance on external financing and support from related parties. Recent strategic moves include entering a merger agreement with Agrify Corporation and securing additional financing through merchant cash advance agreements. The company is actively addressing its financial challenges while exploring growth opportunities in the agriculture technology sector.