Mon, Oct 7, 9:02 PM (87 days ago)
Nocera, Inc. (NASDAQ: NCRA) reported a significant increase in revenue for the fiscal year ended December 31, 2023, reaching approximately $23.9 million compared to $14.1 million in 2022, a 69.5% increase. This growth was driven by higher trading volumes in the fish trading business and an expansion in the Meixin catering business. However, the company faced a net loss of approximately $4.3 million, slightly improved from a loss of $4.8 million in the previous year, primarily due to reduced general and administrative expenses. The company's operating expenses surged to $4.5 million, largely due to a $2.25 million impairment of goodwill. Nocera's financial condition remains precarious, with an accumulated deficit of $16.8 million and concerns about its ability to continue as a going concern. The company had cash and cash equivalents of approximately $1.23 million as of December 31, 2023. Strategically, Nocera is focusing on expanding its operations in Taiwan and exploring opportunities in North and South America. The company has ceased operations in China and aims to capitalize on the growing demand for sustainable aquaculture solutions. Key risks include reliance on a limited number of customers and potential geopolitical instability affecting operations in Taiwan.