tw0122
7月前
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For the six months ended March 31, 2025 and 2024, total revenue was US$12.2 million and US$20.5 million. The decrease was mainly due to the decrease in wholesale revenue from US$20.5 million in the six months ended March 31, 2024 to US$12.2 million in the six months ended March 31, 2025, as a result of weaker market demand and reduction in customer orders.For the six months ended March 31, 2025 and 2024, revenue from smartphone sales was 40.2% and 75.2% of our total revenue respectively. The decrease was mainly due to the decrease in number of units sold from 38,074 to 13,896 while the average unit cost of sales decreased from US$351 to US$311, and the Company decreased the average unit selling price from US$406 to US$354 for the six months ended March 31, 2024 and 2025, respectively.For the six months ended March 31, 2025 and 2024, revenue from tablet sales was 6.6% and 7.2% of our total revenue respectively. The decrease was due to the Company decreasing the average unit selling price from US$123 to US$35 for the six months ended March 31, 2024 and 2025, respectively. This was partially offset by an increase in the number of units sold, which rose from 11,962 to 22,700. During the same periods, the average unit cost of sales also decreased, from US$112 to US$30.For the six months March 31, 2025 and 2024, revenue from laptops and other sales was 53.2% and 17.6% of our total revenue respectively. The increase was mainly due to a rise in the average selling price per unit, which increased from US$95 to US$205. This helped to offset a decrease in the number of units sold from 38,149 to 31,866. Over the same period, the average unit cost of sales also increased from US$82 to US$151.Cost of Revenues and gross profitCost of revenues mainly consists of procurement cost of the pre-owned consumer electronic devices. For the six months ended March 31, 2025 and 2024, the cost of revenues was US$10.7 million and US$17.8 million, respectively.Profit margin and gross profit was:Gross profit for the six months ended March 31, 2025 and 2024 was US$1.5 million and US$2.7 million, respectively, or 12.6% and 13.1%, respectively, of the revenue of the corresponding periods. The decrease of gross profit was mainly due to the decrease in smartphone sales during the six months ended March 31, 2025.For the six months ended March 31, 2025 and 2024, selling and marketing expenses were US$15,429 and US$16,502 respectively.General and administrative (“G&A”) expenses mainly include staff cost for G&A purposes. For the six months ended March 31, 2025 and 2024, G&A expenses were US$885,228 and US$772,714 respectively, the increase is mainly due to the increase of business and entertainment expenses for the Nasdaq bell-ringing ceremony during the six months ended March 31, 2025.For the six months ended March 31, 2025 and 2024, Share-based compensation were US$15,776,500 and US$ 0 respectively. On January 17, 2025,the Company adopted a 2024 Stock Incentive Plan. Under the Plan, the maximum number of Ordinary Shares that may be issued pursuant to the awards was 4,287,500 Ordinary Shares. As of March 19, 2025, the Company had issued and granted a total of 4,287,500 Ordinary Shares under the Plan, with a total value of $15,776,500.Other net income mainly includes government grants, interest income and realized exchange gain (loss). For the six months ended March 31, 2025 and 2024, other income was US$11,367 and other expenses was US$2,398 respectively. The change is mainly due to a refund of US$10,000 from platform supplier for the six months ended March 31, 2025, compared to US$0 for the six months ended March 31, 2024Our net loss for the six months ended March 31, 2025, was US$15.3 million, compared to net income US$1.5 million or the six months ended March 31, 2024. The decrease was mainly due to the decrease of sales and gross profit, and share-based compensation for the six months ended March 31, 2025.Earnings (Loss) per Share - Basic and DilutedLoss per basic and diluted share for the six months ended March 31, 2025 was US$0.714, compared to Earnings per share of $0.076 for the comparable period of 2024.Liquidity and Capital ResourcesAs of March 31, 2025, we had cash and cash equivalents of $0.2 million, compared to $0.4 million as of September 30, 2024. The decrease was primarily attributable to net cash used in operating activities of $4.8 million, and net cash inflows from IPO proceeds of $4.8 million.As of March 31, 2025, our total current assets were $18.0 million, including $0.2 million in cash and cash equivalents, $3.4 million in prepayments, other receivables and other assets, and $14.3 million in inventory. Our current liabilities totaled $0.4 million, comprising primarily $0.2 million in tax payable and $0.2 million in in other payables and accrued liabilities. This resulted in working capital of $17.6 million and a current ratio of 45 to 1. The level of working capital is sufficient to support our near-term operational and financial obligations.Our management believes the Company can effectively addresses its primary liquidity requirements through the use of cash reserves, operating cash flows, and access to short-term credit facilities.Cash FlowsThe following summarizes the key components of our cash flows for the six months ended March 31, 2025, and 2024:During the six months ended March 31, 2025 and 2024, cash used in operating activities was primarily from revenue from the sale of pre-owned electronic device, whereas the cash outflows for our operating activities mainly comprised the purchase of preowned electronic device, shipping costs, staff costs and administrative expenses.Our net cash used in operating activities is primarily from net income, as adjusted for items, such as depreciation and amortization, and effects of changes in operating assets and liabilities such as an increase or decrease in inventories, accounts receivables, prepayments and other receivables, tax payable, other payables and accruals, right-of-use of assets and lease obligations.For the six months ended March 31, 2025, our net cash used in operating activities was $4.8 million compared to $1.3 million for the comparable period in 2024, an increase of $3.5 million. The increase was primarily driven by favorable changes in working capital, including a $10.5 million reduction in accounts receivable, which more than offset the impact of the increase in prepayments, other receivables and other current assets and inventory and lower net income during the period.For the six months ended March 31, 2024, our net cash used in operating activities was US$1.3 million, which primarily reflected our net income of approximately US$1.5 million, mainly adjusted by increase in inventory and prepayments, other receivables and other current assets totaling US$2.7 million.Our cash flows used in investing activities consisted of the purchases of property, plant and equipment;For the six months ended March 31, 2025, no cash was used for the purchase of property, plant and equipment.For the six months ended March 31, 2024 net cash used in investing activities was US$27,384, for purchase property, plant and equipment.Our cash flows from financing activities consisted of (i) proceeds from the IPO; and (ii) payment for deferred offering cost..For the six months ended March 31, 2025, net cash from financing activities was $4.6 million, due to the net effect of (i) Proceeds from IPO of $4.9 million; and (ii) payments of deferred offering cost of $0.3 million.For the six months ended March 31, 2024, our cash flows used in financing activities primarily consists of payments for deferred offering expenses of US$211,182 for the six months ended March 31, 2024.Capital ExpendituresThe Company had capital expenditures of $0 and $27,384 for the six months ended March 31, 2025 and 2024, respectively. Our capital expenditures were for purchase of property and equipment. Management intends to fund future capital expenditures from working capital. The Company will continue to make capital expenditures as appropriate to support its business growth.Recently Completed Initial Public Offering and Use of ProceedsOn November 26, 2024, the Company closed its initial public offering (“IPO”) of 1,437,500 ordinary shares at $4.00 per share. The net proceeds from the offering were approximately $4.6 million, after deducting underwriting discounts and other offering expenses payable by the Company. The ordinary shares of the Company began trading on The Nasdaq Capital Market on November 26, 2024, under the ticker symbol “CGTL”.On January 17, 2025, the board of directors of the Company approved a 2024 Stock Incentive Plan. Under the Plan, the maximum number of Ordinary Shares that may be issued pursuant to the awards was 4,287,500 Ordinary Shares. As of March 19, 2025, the Company had issued and granted a total of 4,287,500 Ordinary Shares under the Plan.On March 10,2025, the share capital of the Company is $2,000,000.00 divided into 1,900,000,000 Class A Ordinary Shares of par value $0.001 each and 100,000,000 Class B Ordinary Shares of par value $0.001 each. 8,500,000 authorized and issued and outstanding Ordinary Shares held by HSZ HOLDINGS LIMITED were redesignated into Class B Ordinary Shares and the remaining authorized but unissued 1,882,775,000 Ordinary Shares be and are redesignated into Class A Ordinary Shares on a one for one basis, and the remaining authorized but unissued 91,500,000 Ordinary Shares be and are redesignated into Class B Ordinary Shares on a one for one basis.About Creative Global Technology Holdings LimitedCreative Global Technology Holdings Limited conducts our business through CGTHK, a Hong Kong-based company sourcing and reselling recycled consumer electronic devices. We embody the circular economy concept in our entire business process. For more information,..
makinezmoney
1年前
$CGTL: Chart is turning around now......... $4
Anyone else see a Double Bottom formed and reversing or is it just me ??
https://cgt-electronics.com/en/product-category/iphone/
GO $CGTL
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Creative Global Technology Holdings Limited Announces Financial Results for Fiscal Year 2024
January 30, 2025 11:55 ET
| Source: Creative Global Technology Holdings Limited
Share
Gross profit of $6.3 million, up 27.5% and net income of $4.3 million, up 34.4%, both reaching a historical high since 2022
HONG KONG, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Creative Global Technology Holdings Limited (the “Company” or “CGTL”), a Hong Kong-based company sourcing and reselling recycled consumer electronic devices, today announced the financial results for the fiscal year ended September 30, 2024.
Fiscal Year 2024 Financial Highlights:
With total of 164,217 consumer products distributed to our customers, the total revenue for the year ended September 30, 2024 was US$35.6 million, decreased by 29.2% from US$50.3 million for the year ended September 30, 2023. The decrease was mainly due to the decrease in wholesale revenue as the Company strategically established its market share and selected higher margin orders, which led to a decrease in revenue but increased gross profit during the period.
Gross profit increased by 27.5%, from $5.0 million to $6.3 million for the year ended September 30, 2024. Gross profit margin was 17.8% and 9.9% for the years ended September 30, 2024 and 2023, respectively. Gross profit margins for all product categories smartphones, tablets and laptops improved to 18.1%, 14.5% and 17.8%, respectively, from 10.1%, 9.4% and 8.3%, respectively, for the year ended September 30, 2023.
Income from operations increased by 36.7%, from $3.8 million to $5.2 million for the year ended September 30, 2024.
Net income increased by approximately 34.4% to US$4.3 million for the year ended September 30, 2024, from US$3.2 million for the year ended September 30, 2023.
Shangzhao (Cizar) Hong, CEO of the Company commented: “For the fiscal year ending September 30, 2024, our total revenue declined from US$50.3 million to US$35.6 million, primarily due to a drop in wholesale revenue from US$50.2 million to US$35.5 million. Despite this, we strategically focused on enhancing market share and prioritizing higher-margin orders, which grew our gross profit from US$5.0 million in 2023 to US$6.3 million in 2024, and improved our gross margin from 9.9% in 2023 to 17.8% in 2024.”
“Our Smartphone product category, contributing the most of our revenue, decreased from 81.8% to 73.8% of total revenue, reflecting a significant drop in units sold from 149,032 to 67,448. This shift resulted from our strategy to emphasize higher-margin products, leading to an increase in average unit cost from $248 to $319 and selling price from $272 to $390.”
“Consequently, the Company achieved a net income of US$4.3 million for the year ending September 30, 2024, a significant 34.4% increase from US$3.2 million for the year ending September 30, 2023, driven by higher gross profit and reduced expenses.”
“Looking ahead, we plan to further enhance profitability by expanding our product offerings, investing in marketing for high-margin segments, and optimizing our acquisition channels to reduce costs. These strategies will position us for sustainable growth and improved financial performance in the coming years.”
Financial Results for Fiscal Year 2024
Revenues
For the years ended September 30, 2024 and 2023, the Company’s total revenue was US$35.6 million and US$50.3 million, respectively. The decrease was mainly due to the decrease in wholesale revenue from US$50.2 million in the year ended September 30, 2023 to US$35.6 million in the year ended September 30, 2024.
During the year ended September 30, 2024, the Company established its market share and intentionally selected higher margin orders, this resulted in decreased revenue but increased gross profit with higher profit margin over its products. All revenues were generated from Hong Kong.
The following table presents the Company’s revenues disaggregated by product category for the years ended September 30, 2024 and 2023:
million in USD 2024 2023
Smartphones 26.3 73.8 % $ 41.1 81.8 %
Tablets 2.6 7.3 % 3.6 7.3 %
Laptops and others 6.7 18.9 % 5.5 10.9 %
Total $ 35.6 100 % $ 50.2 100.0 %
Smartphones
For the years ending September 30, 2024 and 2023, smartphone revenue represented 73.8% and 81.8% of total revenue, respectively. The decline was due to a drop in units sold from 149,032 to 67,448 as a result of a strategy prioritizing higher-margin orders. This led to an increase in average unit cost from $248 to $319 and in selling price from $272 to $390.
Tablets
Tablet revenue remained steady at about 7.3% of total revenue for both years. Units sold decreased from 44,603 to 31,066, driven by a lower market demand. The average cost per unit fell from $74 to $71, while the selling price slightly rose from $82 to $83.
Laptops and Others
Revenue from laptops and other products increased from 10.9% to 18.9% of total revenue. Units sold rose from 61,617 to 65,703, fueled by the market demand and the Company’s focus on higher-margin orders, boosting gross profit margins from 8.3% to 17.8%. This increase in revenue was due to higher sales amid a reduced total revenue amount.
Cost of Revenues
For the years ended September 30, 2024 and 2023, the cost of revenues was US$29.3 million and US$45.3 million, respectively.
The decrease is mainly due to the decrease in acquisition volume by 35.7% from 255,252 units to 164,217 units, respectively, offset by an increase in acquisition cost for smartphones as explained above.
Gross Profit
Gross profit for the years ended September 30, 2024 and 2023 was US$6.3 million and US$5.0 million, respectively, of 17.8% and 9.9%, respectively, of operating revenue. The increase of gross profit margin was mainly due to the Company’s intentional selection of higher margin orders after building up its market share during the year ended September 30, 2024.
Selling and marketing expenses
For the years ended September 30, 2024 and 2023, selling and marketing expenses were US$32,738 and US$34,132, respectively. The decrease is mainly attributable to the Company’s efforts to control the expenses in the sales department for the year ended September 30, 2024.
General and administrative expenses
For the years ended September 30, 2024 and 2023, the general and administrative expenses remained stable, both at approximately US$1.1 million.
Net income
As a result of the above discussed, the Company recorded a net income of US$4.3 million for the year ended September 30, 2024, growing by about 34.4% from US$3.2 million for the year ended September 30, 2023. The increase was mainly driven by increase in gross profit.
Recent Development:
On November 27, 2024, the Company completed its initial public offering (“IPO”) and raised gross proceeds of US$5 million before deducting underwiring discounts and other offering expenses. On the same day, the Company also closed the sale of an additional 187,500 ordinary shares, pursuant to the full exercise of the underwriter’s over-allotment option granted in connection with its IPO. As a result, it has raised gross proceeds of US$0.75 million, in addition to the previously announced IPO gross proceeds of US$5 million, for total gross proceeds of US$5.75 million raised in its IPO before deducting underwriting discounts and offering expenses.
About Creative Global Technology Holdings Limited
Creative Global Technology Holdings Limited is dedicated to extending the life of consumer electronics through effective recycling, supporting a sustainable circular economy and reducing electronic waste. The Company connects supply and demand for pre-owned devices, maximizing their utility. Specializing in sourcing and reselling recycled smartphones, tablets, and laptops, CGTL facilitates the flow of retired devices from affluent markets like the U.S. and Japan to developing regions in need of affordable technology. With a lean inventory and efficient logistics, CGTL ensures quick inspection and availability for clients. CGTL has also expanded into retail sales and device rentals, providing Hong Kong residents access to quality recycled electronics and meeting short-term needs. For more information, please visit: http://www.cgt-recycle.com; https://ir.cgt-recycle.com/.
Forward-Looking Statement
This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These forward-looking statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the Form 20-F filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Investor Relations
WFS Investor Relations Inc.
Janice Wang, Managing Partner
Email: services@wealthfsllc.com
Phone: +86 13811768599
+1 628 283 9214
CREATIVE GLOBAL TECHNOLOGY HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2024 AND 2023
2024 2023
ASSETS
Current assets:
Cash and equivalents $ 443,322 $ 4,305,577
Accounts receivable, net 10,491,664 -
Prepayments, other receivables and other current assets 538,195 762,475
Inventories, net 3,842,072 5,750,381
Total current assets 15,315,253 10,818,433
Non-current assets:
Property, plant and equipment, net 26,568 15,920
Deferred offering costs 854,684 554,220
Right-of-use assets, net 123,446 -
Total non-current assets 1,004,698 570,140
Total Assets $ 16,319,951 $ 11,388,573
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Taxes payable $ 2,676,376 $ 1,757,908
Other payables and accrued liabilities 56,207 428,678
Lease liabilities – current 108,227 —
Total current liabilities 2,840,810 2,186,586
Non-current liabilities:
Deferred tax liabilities 266 2,430
Lease liabilities – non current 18,659 —
Total non-current liabilities 18,925 2,430
Total liabilities 2,859,735 2,189,016
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Ordinary shares: USD $0.001 par value per share, 500,000,000 authorized; 20,000,000 shares issued and outstanding 20,000 20,000
Accumulated other comprehensive income (loss) (15,584 ) 6,125
Retained earnings 13,455,800 9,173,432
Total shareholders’ equity 13,460,216 9,199,557
Total liabilities and shareholders’ equity $ 16,319,951 $ 11,388,573
CREATIVE GLOBAL TECHNOLOGY HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
YEARS ENDED SEPTEMBER 30, 2024, 2023 AND 2022
2024 2023
Revenues $ 35,611,761 $ 50,278,937
Cost of revenues (29,275,274 ) (45,309,410 )
Gross Profit 6,336,487 4,969,527
Operating expenses:
Selling and marketing (32,738 ) (34,132 )
General and administrative (1,118,217 ) (1,141,069 )
Total operating expenses (1,150,955 ) (1,175,201 )
Income from operations 5,185,532 3,794,326
Other income (loss):
Other income 5,290 30,541
Other expenses (2,726 ) —
Interest income, net (2,446 ) 10,269
Total other (loss) income, net 118 40,810
Income before income tax expenses 5,185,650 3,835,136
Income taxes (903,282 ) (679,815 )
Net income 4,282,368 3,155,321
Other Comprehensive Loss
Foreign currency translation adjustment (21,709 ) 24,697
Total Comprehensive Income $ 4,260,659 $ 3,180,018
Net income per share attributable to ordinary shareholders - basic and diluted 0.21 0.16
Weighted average number of ordinary shares used in computing net income per share - basic and diluted 20,000,000 20,000,000
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