Li Bang International Announces Its Interim Financial Results for the Six Months Ended December 31, 2024
JIANGYIN, China, June 17, 2025 /PRNewswire/ -- Li Bang International Corporation Inc. ("Li Bang International") and its subsidiaries (collectively, the "Company," "we," "us," "our company," or "Li Bang") (NASDAQ:LBGJ), a company engaged in designing, developing, producing, and selling stainless steel commercial kitchen equipment in China, today announced its unaudited interim financial results for the six months ended December 31, 2024.
Highlights for the Six Months Ended December 31, 2024
Revenue - for the six months ended December 31, 2024, total revenues of approximately $4.7 million, compared to revenues of approximately $3.7 million for the six months ended 2023, reflecting an increase of approximately 27% due mainly to higher revenue from project sales.
Gross profit - for the six months ended December 31, 2024, gross profit of $841,000, compared to gross profit of approximately $612,000 for the six months ended 2023, reflecting an increase of approximately 37% due mainly to higher revenues and margin improvement.
Despite the challenges from a slow down in the PRC economy, the Company was able to reduce its net loss to approximately $1.1 million for the six months ended December 31, 2024, as comparted to net loss of approximately $1.5 million for the six months ended 2023.
Unaudited Financial Results for the Six Months Ended December 31, 2024 and 2023
For the Six Months Ended December 31,
2024
2023
Variance
Amount(Unaudited)
% of revenue
Amount(Unaudited)
% of revenue
Amount(Unaudited)
%
Revenues
$
4,716,845
100.0
%
$
3,729,845
100.0
%
$
987,000
26.5
%
Cost of revenues
(3,875,916)
(82.2)
%
(3,118,057)
(83.6)
%
(757,859)
24.3
%
Gross profit
840,929
17.8
%
611,788
16.4
%
229,141
37.5
%
Operating expenses:
Selling
423,228
9.0
%
$
368,409
9.9
%
$
54,819
14.9
%
General and administrative
1,464,679
31.1
%
1,479,561
39.7
%
(14,882)
(1.0)
%
Provision for expected credit losses
135,456
2.9
%
342,542
9.2
%
(207,086)
(60.5)
%
Total operating expenses
2,023,363
43.0
%
$
2,190,512
58.8
%
$
(167,149)
(7.6)
%
Loss from operations
(1,182,434)
(25.2)
%
(1,578,724)
(42.4)
%
396,290
(25.1)
%
Other (expense) income:
Interest expense
(205,482)
(4.4)
%
(213,102)
(5.7)
%
7,620
(3.6)
%
Other income, net
194,583
4.1
%
347,670
9.3
%
(153,087)
(44.0)
%
Total other (expense) income, net
(10,899)
(0.3)
%
134,568
3.6
%
(145,467)
(108.1)
%
Loss before provision for income taxes
(1,193,333)
(25.5)
%
(1,444,156)
(38.8)
%
250,823
(17.4)
%
Income tax (benefit) expense
(67,418)
(1.4)
%
18,892
0.5
%
(86,310)
(456.9)
%
Net loss
(1,125,915)
(24.1)
%
(1,463,048)
(39.3)
%
337,133
(23.0)
%
Net loss attributable to non-controlling interests
(877)
0.0
%
(1,350)
0.0
%
473
(35.0)
%
Net loss attributable to ordinary shareholders
$
(1,125,038)
(24.1)
%
(1,461,698)
(39.3)
%
336,660
(23.0)
%
Revenues
Total revenue for the six months ended December 31, 2024 increased by $987,000, or 26.5%, to $4,716,845 for the six months ended December 31, 2024 from $3,729,845 for the comparable period in 2023. The increase in the Company's revenues was primarily attributable to the increase in the revenue from project sales.
Revenue for project sales increased by $963,906 or 27.6% to $4,451,937 for the six months ended December 31, 2024 from $3,488,031 for 2023. The increase was primarily due to three more projects completed in the six months ended December 31, 2024 compared to the comparable ...
