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SINGAPORE, Sept. 9, 2024 /PRNewswire/ -- Caravelle International Group (Nasdaq: CACO), a global ocean technology company, today announced its audited financial results for the fiscal year ended October 31, 2023. Due to the overall environment of the shipping industry and increased operating costs post-listing, in the fiscal year 2023, Caravelle achieved revenue of approximately $95.3 million, a decrease of 48.6% from the approximately $185.3 million in the fiscal year 2022. The company reported a net loss of about $15.8 million, a significant change from the net income of approximately $23.6 million in the fiscal year 2022. Earnings per share were -$0.18, compared to $0.24 in the fiscal year 2022. Mr. Hanxi Chang, CEO of Caravelle, stated, "Despite facing various challenges in 2023, we actively adjusted our business strategy according to client needs, further strengthening relationships with clients and shipowners. In July 2024, we made some adjustments to our directors and officers, the new management has been actively evaluating our shipping carbon neutrality business model, engaging to explore innovative strategies to create long-term shareholder value while demonstrating our social responsibility. At the same time, we are trying to utilize various financing methods to improve our financial situation. Judging from the progress over the past few months, we are confident about the company's future." About Caravelle International Group Caravelle is a global ocean technology company with businesses in international shipping and marine carbon neutrality. The company is committed to improving shipping efficiency through innovative technologies and promoting sustainable development in the industry. Caravelle is headquartered in Singapore. Forward Looking Statements This announcement contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein and those preceded by or that include the words "believe," "expect," "anticipate," "future," "will," "intend," "plan," "estimate" or similar expressions, are "forward-looking statements". Such statements include, but are not limited to risks detailed in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the fiscal year ended October 31, 2022. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. All information provided in this press release is as of the date of the publication, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
(Steady international business growth brought overseas revenue accounting for 62.23% of its core business revenue) SHANGHAI, Sept. 9, 2024 /PRNewswire/ -- SANY Heavy Industry (SANY) announced its 2024 half-year financial report on August 30. The company reported 38.74 billion yuan (5.45 billion USD) in operating revenue for H1 2024, down 1.95% year-on-year, while the net profit attributable to shareholders of listed companies increased by 4.80% to 3.57 billion yuan (503 million USD). Despite the challenging global market, the company, insisting on the principle of "high-quality development", achieved a surge in net cash flow from operating by 2,204.61% to 8.44 billion yuan (1.19 billion USD). Rapid international growth In the first half part of 2024, SANY further drove globalization by expanding the global R&D and manufacturing layout, enhancing the aftermarket construction, and building sustainable capabilities for global operations. In the H1 of this year, SANY saw sustainable growth in its international revenue. The company recorded an international sales revenue for the main business of 23.54 billion yuan (3.31 billion USD), marking a year-on-year growth of 4.79% and accounting for 62.23% of its main business revenue. Among these, the African region boasted a notable year-on-year increase of 66.71% to 2.31 billion yuan (325 million USD), while the Asia and Australia region contributed 9.17 billion yuan (1.29 billion USD), rising 2.55%. The European region generated 8.27 billion yuan, a stable growth of 1.08%, and the Americas market brought in 3.79 billion yuan, down by 4.19%. Leading the decarbonization transition In 2024, SANY has escalated its R&D efforts in new energy products. As of now, more than 80 new energy products have been listed this year with multiple ones achieving breakthroughs in the market. For instance, the SW956E electric wheel loader gained an order of 200 units from Indonesia with its advanced energy-saving technology, including self-developed VCU and Intelligent variable frequency air conditioner. In terms of technology R&D, SANY has obtained about 30 granted patents related to low-carbon technologies, including the industrial first P2-MT hybrid power technology that reduces power interruptions during gear shifting in heavy-duty vehicles and achieves considerable fuel savings through rational calibration of the software, filling the technology gap for hybrid products. Significant R&D and innovation results Guided by the strategy of "Globalization, Digitalization, Decarbonization", SANY significantly invested in R&D. In the first half year of 2024, the company allocated 2.61 billion yuan (367 million USD) in R&D. SANY owned 6,320 R&D personnel, 39% of whom hold postgraduate degrees or higher. Regarding intellectual property, SANY applied for 575 patents, with 357 being invention patents and 351 granted. Additionally, SANY has released a number of innovative products in the H1 2024, including the SY2000 mining excavator, the third generation RC medium excavator, the 33-meter pump truck, and the STC2000C8-8 truck crane.
BEIJING, Sept. 6, 2024 /PRNewswire/ -- Cheetah Mobile Inc. ("Cheetah Mobile" or the "Company") (NYSE: CMCM), a China-based IT company, today announced that it will report its financial results for the second quarter ended June 30, 2024, before the U.S. market opens on Friday, September 13, 2024. The earnings release will be available on the Company's investor relations website at http://ir.cmcm.com. Cheetah Mobile's management will hold an earnings conference call at 7:00 AM on Friday, September 13, 2024, U.S. Eastern Time (7:00 PM on Friday, September 13, 2024, Beijing Time/Hong Kong Time). Participants may access the call by dialing the following numbers: Main Line: International: 1-412-317-6061United States Toll Free: 1-888-317-6003Mainland China Toll Free: 4001-206115Hong Kong Toll Free: 800-963976Conference ID: 3980144 English Translation: International: 1-412-317-6061United States Toll Free: 1-888-317-6003Mainland China Toll Free: 4001-206115Hong Kong Toll Free: 800-963976Conference ID: 7908950 The replay of the conference call will be accessible through September 20, 2024 by dialing the following numbers: Main Line: International: 1-412-317-0088 United States Toll Free: +1-877-344-7529Access Code: 3296401 English Translation: International: 1-412-317-0088United States Toll Free: 1-877-344-7529Access Code: 9577227 A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cmcm.com. About Cheetah Mobile Inc. Cheetah Mobile is a China-based IT company with a commitment to AI innovation. It has attracted hundreds of millions of users through an array of internet products and services on PCs and mobile devices. At the same time, it actively engages in the independent research and development of its AI technologies, including LLM technologies. Cheetah Mobile provides advertising services to advertisers worldwide, value-added services including the sale of premium membership to its users, multi-cloud management platform to companies globally, as well as service robots to international clients. Cheetah Mobile is also committed to leveraging its cutting-edge AI technologies, including LLM technologies, to empower its products and make the world smarter. It has been listed on the New York Stock Exchange since May 2014.
SHANGHAI, Sept. 6, 2024 /PRNewswire/ -- Shanghai Electric ("the Company") (SEHK:2727, SSE:601727) releases its financial results for the first half of 2024, reporting a revenue of RMB 49.869 billion, with the net profit attributable to shareholders hitting RMB 602 million, a 2.0% increase compared to the previous year. In H1, the Company also achieved a gross profit margin of 19.2%, while cash and cash equivalents stood at RMB 34.102 billion. During the reporting period, Shanghai Electric has continued to advance its strategy for sustainable growth, with sales expenses reduced to RMB 1.362 billion and financial expenses down by 30.58% to RMB 202 million. The Company's research and development (R&D) investment remained steady, with a total of RMB 2.327 billion, consistent with the same period last year. Shanghai Electric's strong focus on high-end equipment manufacturing has delivered positive outcomes across its key businesses. For the energy equipment, the Company generated revenue of RMB 24.654 billion, with a gross profit margin of 20.10%. The industrial equipment division reported revenue of RMB 18.959 billion, achieving a gross profit margin of 17.40%, while the integrated service business posted revenue of RMB 7.961 billion, with a gross profit margin of 16.60%. Overall, Shanghai Electric secured new orders worth RMB 83.66 billion in the first half of the year, an increase compared to the same period last year. Continued innovation and growth driven by a diverse energy portfolio In the thermal power segment, the Company secured new orders for coal-fired equipment totaling RMB 21.99 billion, including a project with China United Gas Turbine Technology to design an integrated manufacturing platform with the assembly of the first 300 MW gas turbine. The Company expanded its energy storage portfolio with new cutting-edge solutions, including vanadium flow batteries, compressed air systems, and molten salt storage technology for concentrated solar power. The 300 MW compressed air energy storage station in China set three world records for its single-unit power, project scale, and conversion efficiency upon its grid connection. In the hydrogen sector, Shanghai Electric has established itself as a full-spectrum solution provider, covering production, storage, refueling, and utilization. The Company's latest Z-series alkaline electrolyzer showcases industry-leading efficiency, with a single unit capable of producing up to 3,000 Nm³/h of hydrogen. A pioneering force empowering the global energy transition Middle East : In Dubai, the Company is behind the world's largest standalone Concentrated Solar Power (CSP) and Photovoltaic (PV) project, with the 950MW renewable energy project set to cut carbon emissions by 1.6 million tons annually. Europe : In France, the Wunberg 5MW PV hydrogen production project marks Shanghai Electric's inaugural overseas venture in hydrogen equipment sales after exporting vanadium flow battery energy storage products to Spain. Southeast Asia and East Asia : Shanghai Electric Wind Power has secured orders in South Korea, Vietnam, and Indonesia, further cementing its presence in the Asian market. For more information about Shanghai Electric, please visit https://www.shanghai-electric.com/group_en/ .
SHENZHEN, China, Sept. 5, 2024 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the "Company"), a provider of innovative smart cloud platform services and solutions, new media and artificial intelligence (AI) solutions, today reported a 28.4% year over year revenue growth to $18.1 million for the six months ended June 30, 2024, with a significant improvement in profitability as the Company delivered net income of $0.13 per diluted share, compared to a net loss of $1.10 per diluted share in the same period of last year. Taoping's strong first half 2024 results were driven by increased demand for its cutting-edge Smart City products and solutions enabled by Taoping's national sales network and scalable, compatible cloud platform. The Company's integrated ecosystem solutions seamlessly combine its robust technology platform, resource exchange mechanisms, and big data services. Mr. Jianghuai Lin, Chairman and CEO of Taoping, commented, "We continue to execute on our business strategy, with a focus on driving revenue growth and improving profitability. Our expanded product lines and diversified applications, combined with the rebounding broader market customer demand, helped us deliver a 28.4% year over year revenue growth for the first six months of 2024. We are particularly pleased with the improvement in our net income per diluted share, which jumped to $0.13 from a net loss per diluted share of $1.10 in the first half of 2023, as we benefit from an accelerating growth in our higher margin products and software solutions." "While we are devoting additional resources to support higher demand for our cutting-edge Smart City products and solutions, our digital advertising, other cloud-based and core AI-related products and applications have all been positive drivers, led by Taoping's extensive sales network throughout China and our highly scalable and compatible cloud platform. Our Smart City products and solutions were specifically designed to remove technical challenges and resource constraints to help customers operate in this new AI-dependent world. This approach gives us a meaningful competitive advantage and confidence as we focus on our continued growth and innovation to generate higher value for shareholders that aligns with our business fundamentals and catalysts." Select Financial Results for the Six Months Ended June 30, 2024 Revenue was $18.1 million for the first six months of 2024, compared to $14.1 million for the same period of last year, an increase of $4.0 million, or 28.4%. The increase was primarily due to an increase of $3.2 million from product sales of servers, cloud-based screens and terminals, an increase of $1.3 million in advertising revenue, and an increase of $0.2 million in software revenue, offset by a decrease of $0.7 million in other revenue. The Company expects that revenue for the second half of 2024 will increase slightly as a result of the growth in the advertising business, as well as in product sales of its cloud-based screens, terminals, and new applications. Cost of revenue was $13.9 million for the six months ended June 30, 2024, compared to $10.2 million for the same period of 2023. As a percentage of revenue, cost of revenue increased to 77.1% for the first six months of 2024, from 72.5% for the same period of 2023. Gross profit as a percentage of revenue was 22.9% for the first six months ended June 30, 2024 compared to 27.5% for the same period of 2023. The increase in overall gross profit was in line with the increase of total revenue. The decrease in overall gross margin primarily resulted from the decreased margin of the advertising business. The Company expects that gross margin for the remainder of 2024 will be consistent with that for the first half of the year. Net profit attributable to the Company was $0.6 million or net income of $0.13 per diluted share for the first six months of 2024, compared to a net loss of $1.8 million or a loss of $1.10 per diluted share for the same period of last year. About Taoping Inc.Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit http://en.taop.com. You can also follow us on X. Safe Harbor StatementThis press release contains "forward-looking statements" that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, such as statements regarding our estimated future results of operations and financial position, our strategy and plans, and our objectives or goals, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our potential inability to achieve or sustain profitability or reasonably predict our future results, the effects of the global Covid-19 pandemic or other health crisis, the emergence of additional competing technologies, changes in domestic and foreign laws, regulations and taxes, uncertainties related to China's legal system and economic, political and social events in China, the volatility of the securities markets; and other risks including, but not limited to, those that we discussed or referred to in the Company's disclosure documents filed with the U.S. Securities and Exchange Commission (the "SEC") available on the SEC's website at www.sec.gov, including the Company's most recent Annual Report on Form 20-F as well as in our other reports filed or furnished from time to time with the SEC. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law. TAOPING INC. (F/K/A CHINA INFORMATION TECHNOLOGY, INC.) CONSOLIDATED BALANCE SHEETS JUNE 30, 2024 AND DECEMBER 31, 2023 June 30, 2024 December 31, 2023 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 480,300 $ 1,300,855 Accounts receivable, net 7,436,851 8,063,280 Accounts receivable-related parties, net 243,186 630,775 Advances to suppliers 15,041,800 12,015,810 Prepaid expenses 148,782 349,558 Inventories, net 3,218,169 1,250,567 Other current assets 881,179 1,640,070 TOTAL CURRENT ASSETS 27,450,267 25,250,915 Property, equipment and software, net 6,130,763 6,677,484 Long-term investments 139,145 86,889 Other assets, non-current, net 359,519 811,026 TOTAL ASSETS $ 34,079,694 $ 32,826,314 LIABILITIES AND EQUITY CURRENT LIABILITIES Short-term bank loans $ 7,950,679 $ 8,547,509 Accounts payable 1,506,094 832,436 Advances from customers 1,881,098 1,199,732 Advances from customers-related parties 35,606 90,880 Amounts due to related parties 1,581,883 3,037,607 Accrued payroll and benefits 648,993 626,151 Other payables and accrued expenses 4,232,648 5,224,225 Income tax payable 53,894 55,262 Convertible note payable 350,930 449,215 TOTAL CURRENT LIABILITIES 18,241,825 20,063,017 TOTAL LIABILITIES 18,241,825 20,063,017 EQUITY Ordinary shares, 2024 and 2023: par $0; authorized capital 100,000,000 shares; shares issued and outstanding, June 30, 2024: 6,626,051 shares; December 31, 2023: 2,891,822 shares*; 168,279,087 165,115,938 Additional paid-in capital 22,553,364 22,603,523 Reserve 10,209,086 10,209,086 Accumulated deficit (208,163,804) (208,752,548) Accumulated other comprehensive income 22,960,136 23,587,298 Total equity of the Company 15,837,869 12,763,297 Non-controlling interest - - Total Equity 15,837,869 12,763,297 TOTAL LIABILITIES AND EQUITY $ 34,079,694 $ 32,826,314 * On August 1, 2023, the Company implemented a one-for-ten reverse stock split of the Company's issued and outstanding ordinary shares. Except shares authorized, all references to number of shares, and to per share information in the consolidated financial statements have been retroactively adjusted. Accompanying notes are provided in the Company's 6-K filing with the U.S. Securities and Exchange Commission, which are an integral part of the unaudited consolidated financial statements included in such 6-K. TAOPING INC. (F/K/A CHINA INFORMATION TECHNOLOGY, INC.) CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023 Six Months Ended Six Months Ended June 30, 2024 June 30, 2023 (Unaudited) (Unaudited) Revenue – Products $ 11,242,840 $ 8,074,534 Revenue – Products-related parties 133,832 71,420 Revenue – Software 4,007,671 3,777,209 Revenue – Advertising 2,568,614 1,316,932 Revenue – Other 124,630 835,555 Revenue – Other-related parties 960 2,359 TOTAL REVENUE 18,078,547 14,078,009 Cost – Products 10,276,804 7,386,299 Cost – Software 1,282,985 1,711,442 Cost – Advertising 2,376,672 1,090,137 Cost – Other 1,394 15,231 TOTAL COST 13,937,855 10,203,109 GROSS PROFIT 4,140,692 3,874,900 Administrative expenses 2,781,775 3,750,087 Research and development expenses 1,224,244 1,585,894 Selling expenses 259,029 215,152 (LOSS) FROM OPERATIONS (124,356) (1,676,233) Subsidy income 43,641 142,324 Income (loss) from long-term investments 70,968 (836) Other income (loss), net 954,447 40,767 Interest expense and debt discounts, net of interest income (350,609) (261,812) Income (loss) before income taxes 594,091 (1,755,790) Income tax expense (5,347) (34,513) Net income (loss) from continuing operations 588,744 (1,790,303) Net income (loss) from discontinued operations - (18,727) NET INCOME (LOSS) 588,744 (1,809,030) Less: Net income (loss) attributable to the non-controlling interest - - NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY $ 588,744 $ (1,809,030) Income (loss) per share – Basic and Diluted* CONTINUING OPERATIONS Basic $ 0.13 $ (1.09) Diluted $ 0.13 $ (1.09) DISCONTINUED OPERATIONS Basic $ - $ (0.01) Diluted $ - $ (0.01) NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO THE COMPANY* Basic $ 0.13 $ (1.10) Diluted $ 0.13 $ (1.10) * On August 1, 2023, the Company implemented a one-for-ten reverse stock split of the Company's issued and outstanding ordinary shares. Except shares authorized, all references to number of shares, and to per share information in the consolidated financial statements have been retroactively adjusted. Accompanying notes are provided in the Company's 6-K filing with the U.S. Securities and Exchange Commission, which are an integral part of the unaudited consolidated financial statements included in such 6-K.
WILMINGTON, Del., Sept. 5, 2024 /PRNewswire/ -- Thunder Power Holdings, Inc. (Nasdaq: AIEV) ("Thunder Power" or the "Company"), a technology innovator and a developer of premium passenger EVs, today announced its unaudited financial results for the three months ended June 30, 2024 ("Second Quarter 2024"). Second Quarter 2024 Financial Highlights Revenues were nil, consistent with the same period in 2023. Operating expenses were approximately $1.3 million, compared to $0.7 million in the prior year. This increase was mainly due to a one-time share-based compensation expense of about $1.0 million from issuing shares to three independent directors of Feutune Light Acquisition Corporation ("FLFV") as part of the Company's recent business combination. This rise was partially offset by a decrease of around $0.5 million in share-based settlement expenses compared to the same quarter last year, when shares were issued to its controlling shareholder to settle liabilities. As a result, net loss was approximately $1.3 million, compared to $0.7 million for the same period in 2023. Wellen Sham, Founder of Thunder Power, commented, "Our mission is to power the future of sustainable transportation by creating stylish, innovative and cost-efficient premium EVs centered around differentiated designs and solutions tailored for every lifestyle. With our recent business combination and a forward stock purchase facility set up in August as summarized below and reported in a current report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on August 21, 2024, we endeavor to leverage our proprietary technologies and modular designs. This may enable us to be able to produce eco-friendly EVs that prioritize quality, comfort, and performance, allowing us to capture meaningful market share in the growing EV sector in the foreseeable future." Recent Developments On June 21, 2024, the Company successfully completed its business combination with FLFV, marking a significant milestone in its growth strategy. Following the merger, its common stock began trading on the Nasdaq Global Market under the symbol "AIEV." On August 20, 2024, the Company entered into certain Common Stock Purchase Agreement with Westwood Capital Group LLC, allowing the Company to issue and sell up to $100 million in newly issued shares of common stock over a 36-month period, subject to specific conditions, including the filing and effectiveness of a resale registration statement with the SEC. About Thunder Power Holdings, Inc. Thunder Power is a technology innovator and a developer of premium electric vehicles ("EVs"). The Company has developed several proprietary technologies, which are the building blocks of the Thunder Power family of EVs. The Company is focused on design and development of high-performance EVs, targeting the EV markets in the U.S., Europe and Asia. Safe Harbor Statement This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminologies such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's final proxy statement/prospectus pursuant to rule 424(b)(3) filed with the SEC on May 17, 2024 and the subsequent periodic reports that are filed with the SEC and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements, except as required by the applicable law, regulations or rules. THUNDER POWER HOLDINGS, INC. (f/k/a Feutune Light Acquisition Corporation) UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS As of June 30, 2024 and December 31, 2023 (Expressed in U.S. dollar, except for the number of shares) June 30,2024 December 31, 2023 (Audited) ASSETS Current Assets Cash $ 921,349 $ 196,907 Deferred offering costs — 429,750 Prepaid expenses for forward purchase contract 13,264,964 — Other current assets 359,175 623,221 Total Current Assets 14,545,488 1,249,878 Non-current Assets Property and equipment, net 860 1,974 Right of use assets 18,109 5,740 Total Non-current Assets 18,969 7,714 Total Assets $ 14,564,457 $ 1,257,592 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Advance of subscription fees from shareholders $ — $ 590,000 Amount due to related parties 978,021 68,992 Other payable and accrued expenses 2,644,518 97,297 Lease liabilities 16,956 — Deferred underwriter's discount 3,421,250 — Total Current Liabilities 7,060,745 756,289 Total Liabilities 7,060,745 756,289 Commitments and Contingencies (Note 11) Shareholders' Equity Common stock ($0.0001 par value, 1,000,000,000 shares authorized; 46,859,633 and37,488,807 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively)* 4,686 3,749 Additional paid-in capital* 43,490,860 34,927,449 Accumulated loss (35,991,834) (34,429,895) Total Shareholders' Equity 7,503,712 501,303 Total Liabilities and Shareholders' Equity $ 14,564,457 $ 1,257,592 * The share information and additional paid-in capital are presented on a retroactive basis to reflect the reverse recapitalization on June 21, 2024 (see the discussion under the heading "Reverse Recapitalization" in "Note 1 – Organization and Business Description" of the filed 10-Q). The accompanying notes in the filed 10-Q are an integral part of the unaudited consolidated financial statements. THUNDER POWER HOLDINGS, INC. (f/k/a Feutune Light Acquisition Corporation) UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Three and Six Months Ended June 30, 2024 and 2023 (Expressed in U.S. dollar, except for the number of shares and loss per share) For the ThreeMonths Ended June 30, For the Six Months EndedJune 30, 2024 2023 2024 2023 Revenues $ — $ — $ — $ — Operating expenses General and administrative expenses (1,347,897) (738,442) (1,561,729) (948,577) Total operating expenses (1,347,897) (738,442) (1,561,729) (948,577) Other income (expenses), net Foreign currency exchange gain (loss) 1 (1) (210) (1) Total other income (expenses), net 1 (1) (210) (1) Loss before income taxes (1,347,896) (738,443) (1,561,939) (948,578) Income tax expenses — — — — Net loss and comprehensive loss $ (1,347,896) $ (738,443) $ (1,561,939) $ (948,578) Loss per share – basic and diluted* $ (0.03) $ (0.02) $ (0.04) (0.03) Weighted average shares – basic and diluted* 39,628,798 33,182,622 $ 38,774,859 $ 32,656,465 * The shares and per share information are presented on a retroactive basis to reflect the reverse recapitalization on June 21, 2024 (see the discussion under the heading "Reverse Recapitalization" in "Note 1 - Organization and Business Description" of the filed 10-Q). The accompanying notes in the filed 10-Q are an integral part of the unaudited condensed consolidated financial statements.
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