Wed, Aug 14, 7:15 PM (153 days ago)
For the quarter ended June 30, 2024, Planet Green Holdings Corp. reported significant financial challenges, with net revenues declining by 57% to $1,945,211 compared to the same period in 2023. Cost of revenues also decreased by 59%, resulting in a gross profit of $67,305, reflecting a 60% increase due to reduced unprofitable sales and a rise in advertising revenue. The operating loss slightly improved to $1,221,578, while net income totaled $5,686,673, largely attributed to gains from discontinued operations. For the six months ending June 30, 2024, total revenues dropped 73% to $3,476,000, with a corresponding decrease in costs. The overall net income increased to $4,605,769, driven by a similar gain from disposals and a strategic shift away from less profitable products. Cash and cash equivalents rose to $558,933 from $436,383 at year-end 2023, though the company faces liquidity concerns with a working capital deficit of $8,092,472 and an accumulated deficit of $136,118,828. Management's ability to sustain operations hinges on successful execution of its business plan and potential financing arrangements.