Tue, Jul 16, 8:48 PM (53 days ago)
For the quarter ended March 31, 2024, Value Exchange International, Inc. reported a net revenue increase of 16.8% year-over-year to $3.37 million, driven by growth in systems maintenance, development, and hardware sales. Gross profit surged by 199.2% to $1.14 million, reflecting a significant reduction in cost of services. Operating expenses rose by 48.4%, primarily due to higher administrative costs, but the company still managed to narrow its operating loss by 34.6% to $286,541. Notably, the company achieved a net income of $374,430, reversing a net loss of $453,849 from the prior year. Cash flow from operations showed a reduced outflow, and the company ended the quarter with $515,113 in cash. Management highlighted uncertainties regarding future financing needs, despite current cash and operations being insufficient for long-term sustainability. The company remains focused on expanding its IT business across Asia.