Addentax (ATXG) Q4 2024 earnings summary

Executive summary

• Revenue for FY2024 was $5.15 million, down 35% year-over-year, mainly due to declines in garment manufacturing and property management segments.

• Net loss for FY2024 was $3.1 million, compared to net income of $1.3 million in FY2023.

• The company operates three main segments: garment manufacturing, logistics services, and property management/subleasing, with operations primarily in China.

• No cash dividends were paid or are anticipated in the foreseeable future.

Financial highlights

• Gross profit for FY2024 was $1.1 million, down 39% from $1.8 million in FY2023.

• Operating expenses totaled $2.25 million, slightly down from $2.3 million in FY2023.

• Cash and cash equivalents at year-end were $0.8 million, with restricted cash of $2.8 million.

• Total assets increased to $52.3 million from $41.3 million year-over-year.

• Basic and diluted loss per share was $(0.71) for FY2024, compared to earnings per share of $0.04 in FY2023.

Outlook and guidance

• Plans to expand logistics routes by 20 in 2024 and develop international logistics and e-commerce services.

• Focus on developing proprietary brands and digital solutions for property management.

• No specific financial guidance provided for FY2025.