Wed, Aug 21, 3:23 PM (146 days ago)
Scientific Energy, Inc. reported significant growth in its financial performance for the second quarter of 2024, with revenues reaching $20.8 million, a 115% increase from $9.7 million in Q2 2023. For the first half of 2024, total revenues were $31.2 million, up 65% year-over-year. Gross profit also increased to $5.5 million in Q2 2024, reflecting a 30% rise compared to the previous year. However, operating expenses rose to $4.7 million, leading to a net profit of $799,123, up 155% from $312,870 in Q2 2023. The company faced a working capital deficit of $5.2 million as of June 30, 2024, and reported cash and cash equivalents of $2.98 million. Cash flows from operations were negative at $272,226, primarily due to increased accounts receivable. The company is navigating uncertainties related to its operations in Macao and potential regulatory impacts from the PRC government. Future growth is anticipated through acquisitions and strategic partnerships, particularly in the e-commerce and logistics sectors. Overall, while revenue growth is promising, the company must address cash flow challenges and regulatory risks to ensure sustainable operations.