Able View Global Inc. Reports Fiscal Year 2023 Results

Rhea-AI Summary

Able View Global Inc. (NASDAQ:ABLV) reported record revenue of $149 million and net income of $10 million for the fiscal year ending December 31, 2023. The company achieved a 3% revenue increase, 14% gross profit increase, and 23% net income increase compared to the previous year. Able View completed a merger with HMAC and saw positive cash flow and equity growth.

Positive

• Able View Global Inc. achieved a record revenue of $149 million and a net income of $10 million for the fiscal year ending December 31, 2023.

• The company reported a 3% increase in revenue, a 14% increase in gross profit, and a 23% increase in net income compared to the previous year.

• Able View completed a merger with Hainan Manaslu Acquisition Corp. (HMAC) and saw positive growth in cash flow from operating activities, investing activities, and shareholder's equity.

Negative

• The company's costs and expenses were $111,991, which is a slight decrease of 1% from the previous year.

• The net cash flows used in financing activities were $16,216, compared to the previous year's $12,944 provided by financing activities.

Insights

Financial Analyst

Able View Global Inc.'s reported revenue growth of $149 million is modest, demonstrating a 3% increase year-over-year. However, the gross profit surge of 14% indicates improved operational efficiency, while the expansion in net income by 23% to $9.75 million is notably higher and suggests effective cost management. The diluted earnings per share also increased by 25%, which reflects positively on shareholder value. The successful merger with Hainan Manaslu Acquisition Corp. and subsequent Nasdaq listing may have provided additional capital and increased market exposure, potentially contributing to these positive results. However, investors should watch cash flows closely, particularly the net cash used in financing activities, which showed a significant outflow of $16,216, likely reflecting post-merger capital structure adjustments. This shift in financial activities, alongside the increase in shareholder's equity, warrants further scrutiny on the company's long-term financial strategy and capital allocation.

Market Research Analyst

The beauty and personal care market is fiercely competitive and highly fragmented. Able View Global Inc.'s operating and gross margins have improved, which suggests a strong market position and the ability to manage costs effectively, likely due to scale efficiencies or strategic pricing moves. Their brand-management emphasis, particularly post-merger, indicates a pivot towards strengthening their brand equity - a important asset in this industry. Investors should consider the potential for increased brand loyalty and market share gains, which can drive long-term revenue. Positive cash flow from operations indicates healthy business operations and could signal increased internal capital for investment and reducing debt, which supports sustainable growth. However, the relatively modest revenue growth raises questions about market saturation and the company's ability to innovate and capture new customer segments.

SHANGHAI, CHINA / ACCESSWIRE / May 1, 2024 / Able View Global Inc. (NASDAQ:ABLV) ("Able View" or the "Company") is pleased to report its financial results for the fiscal year ending December 31, 2023. All amounts are stated in thousands of U.S. dollars.

"We are thrilled to announce that Able View Global Inc. has achieved a record revenue of $149 million and a net income of $10 million for the fiscal year ending December 31, 2023. These results reflect our steadfast commitment to growth and operational excellence and signify the strong execution of our strategic initiatives in the highly competitive beauty and personal care markets. As we continue to expand our portfolio and enhance our brand-management services, we remain optimistic about the future and expect to maintain this positive trajectory," stated Stephen Zhu, Chairman and CEO.

Full Year 2023 Financial Highlights

		Twelve Months Ended December 31, 2023
In thousands ($USD), except percentages & per-share amounts		2023				2022				% Change
Revenue			149,000				145,256				3	%
Costs and expenses			111,991				112,719				-1	%
Gross profit			37,009				32,538				14	%
Gross margin			25	%			22	%
Income from operations			13,321				10,143				31	%
Operating margin			9	%			7	%
Income before income taxes			11,691				9,373				30	%
Income taxes			1,941				1,469				32	%
Effective tax rate			17	%			16	%
Net income			9,750				7,904				23	%
Diluted earnings per share (EPS)		$	0.24			$	0.20				25	%

Full Year 2023 Operational and Other Financial Highlights

• Able View completed its merger with Hainan Manaslu Acquisition Corp. (HMAC), becoming a subsidiary of Able View Global Inc. as of August 2, 2023. Starting August 18, Able View's Class B shares and warrants commenced trading on the Nasdaq stock exchange
• The company's total revenue for the fiscal year ending December 31, 2023, was $149,000, which is a 3% increase from the previous year's revenue of $145,256
• The gross profit for the same period was $37,009, an increase of 14% from $32,538 in the previous year
• The net income for the fiscal year ending December 31, 2023, was $9,750, which is a 23% increase from $7,904 in the previous year
• The cash flow from operating activities for the year increased to $23,573, which is a significant increase of $36,423 compared to the previous year's operating activities, which used $12,850
• Net cash provided by investing activities was $254, which is an increase of $1,361 from the $1,107 used in the previous year
• The net cash flows used in financing activities were $16,216, compared to the previous year's $12,944 provided by financing activities
• The shareholder's equity increased to $11,416, which is an increase of $9,020 from $2,396 at the end of the previous year

Full details of the Company's 2023 financial results can be found on EDGAR and on the Company's website www.ableviewIR.com

About Able View Global Inc.

Able View is China's second-largest e-commerce hub for international beauty and personal care brands, offering a comprehensive suite of brand-management services. These services include strategic planning, branding, digital and social marketing, omni-channel sales, customer service, and integrated logistics such as overseas shipping, warehousing, and fulfilment. Able View owns and manages a diverse portfolio of products that range from niche to prestige and masstige categories, solidifying a strong presence in the Chinese market. The Company's mission is to enhance these brands' power and premium status, ensuring sustainable growth and long-term success in China.

For further information, please visit www.ableviewir.com or contact:

Able View Global Inc.
Dennis Tang, CFO
E: info@ableview.com

CHF Capital Markets
Cathy Hume, CEO
T: 416-868-1079 x 251
E: cathy@chfir.com

Follow us on social media:

Twitter "X": https://twitter.com/ableviewglobal
LinkedIn: https://www.linkedin.com/company/ableview/
Facebook: http://www.facebook.com/Ableviewglobal
Instagram: https://www.instagram.com/ableviewglobal/

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Able View expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Able View's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

SOURCE: Able View Global Inc.

View the original press release on accesswire.com

FAQ

What are Able View Global Inc.'s financial results for the fiscal year ending December 31, 2023?

Able View Global Inc. reported a record revenue of $149 million and a net income of $10 million for the fiscal year ending December 31, 2023.

Did Able View Global Inc. see any increase in revenue for the fiscal year ending December 31, 2023?

Yes, Able View Global Inc. achieved a 3% increase in revenue compared to the previous year.

What was the gross profit for Able View Global Inc. in the fiscal year ending December 31, 2023?

The gross profit for Able View Global Inc. in the fiscal year ending December 31, 2023, was $37,009, a 14% increase from the previous year.

What was the net income for Able View Global Inc. in the fiscal year ending December 31, 2023?

The net income for Able View Global Inc. in the fiscal year ending December 31, 2023, was $9,750, a 23% increase from the previous year.

What activities saw positive growth for Able View Global Inc. in the fiscal year ending December 31, 2023?

Able View Global Inc. saw positive growth in cash flow from operating activities, investing activities, and shareholder's equity in the fiscal year ending December 31, 2023.