Wed, May 15, 2:32 PM (72 days ago)
Nocera, Inc.'s Q1 2024 financial report highlights a mixed performance. The company reported net sales of $4,899,880, a notable increase from $3,837,863 in Q1 2023, driven mainly by the Meixin catering business and fish trading operations. Despite this, the company faced a net loss of $493,920, an improvement from the $1,002,189 loss in the same period last year. Gross profit stood at $83,961, up from $68,656, due to increased business activities and acquisitions. Operating expenses decreased significantly to $575,611 from $1,059,337, primarily due to reduced legal, accounting, and consulting fees. Cash flow from operations showed a usage of $460,993, while investing activities generated $201,863, mainly from subsidiary acquisitions. Financing activities used $60,678 for loan repayments. The company’s cash balance as of March 31, 2024, was $961,777, down from $1,229,580 at the end of 2023. Nocera anticipates that its current cash reserves and projected operational cash flows will suffice to meet its short-term needs, although it may seek additional capital for expansion plans. The company continues to face uncertainties, including geopolitical risks and potential impacts from COVID-19, which could affect future performance.