Fri, Nov 15, 6:41 PM (18 days ago)
Next Technology Holdings Inc. (NXTTH) reported significant financial changes in its quarterly results for the period ending September 30, 2024. The company reported no service revenue, a decline from $1,500,000 in the same quarter of 2023, primarily due to decreased AI software service demand. However, it achieved a net profit of $1,372,076, contrasting sharply with a net loss of $13,412,061 in the prior year, attributed to substantial gains from digital assets totaling $2,303,789 for the quarter. Total assets increased to $79,433,755, driven by a rise in digital assets valued at $53,037,144, up from $35,137,576 at year-end 2023. The company's cash position remained stable at $668,387. General and administrative expenses surged to $566,983, reflecting increased consulting and legal fees. Looking forward, the company plans to continue its strategy of acquiring and holding Bitcoin while managing operational challenges. The recent amendment to the BTC Trading Contract allows for purchasing additional Bitcoin, which may impact future liquidity and shareholder dilution, as significant stock issuances are anticipated to fund these acquisitions. Overall, the financial health shows improvement, though revenue generation remains uncertain.