E-Home Household Service Holdings Limited Announces Annual Report Ended June 30, 2024

Rhea-AI Summary

E-Home Household Service Holdings (Nasdaq: EJH) reported its annual financial results for the year ended June 30, 2024. The company achieved total revenues of $50.7 million, with cash and cash equivalents of $100.7 million, up from $71.3 million in the previous year. Housekeeping, Installation, Maintenance, and Senior care services generated $49.2 million in revenue. The company reported gross profits of $12.7 million and operating expenses of $28.8 million, primarily due to increased investment in advertising and platform building. Additional revenue streams included pharmaceutical product sales ($219,159) and educational consulting services ($1.3 million).

Positive

• Cash and cash equivalents increased to $100.7M from $71.3M year-over-year
• Substantial revenue of $50.7M for the fiscal year
• Core services (Housekeeping, Installation, Maintenance, Senior care) generated $49.2M

Negative

• Operating expenses of $28.8M exceeded gross profits of $12.7M, indicating operational losses
• Pharmaceutical product sales contributed only $219,159, showing minimal diversification success

News Market Reaction

-1.81%

1 alert

-1.81% News Effect

On the day this news was published, EJH declined 1.81%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

FUZHOU, China, Oct. 30, 2024 /PRNewswire/ -- E-Home Household Service Holdings Limited (Nasdaq: EJH) (the "Company" or "E-Home"), a provider of integrated household services in China, today announced its annual report ended June 30, 2024.

Financial Highlight

• Total revenues were $50,685,314 for the year ended June 30, 2024.
• Cash and cash equivalents were $100,665,223 and $71,252,380 as of June 30, 2024 and June 30, 2023, respectively.
• Gross profits were $12,700,596.
• Total operating expenses were $28,786,296. Due to the company's increased investment in advertising and platform building during the year, resulting in operating expenses of $28,786,296.
• Revenues from Housekeeping services, Installation and Maintenance services and Senior care services amounted to $49,209,110 for the year ended June 30, 2024.
• Sales of pharmaceutical products, which contributed $219,159 for the year ended June 30, 2024.
• Educational consulting services, with revenue of $1,257,045.

Mr. Wenshan Xie, Chairman and CEO of E-Home, commented: "Over the past year, China's domestic service business has grown despite the economic downturn. Nevertheless, competition is becoming more intense due to the increase in the number of practitioners.  However, we remain confident in our ability to improve profitability in the future as our fundamentals remain strong and we have expansionary strategic plans for our services and we plan to increase E-Home's competitiveness in the market by 2025 through the introduction of AI Home Trainer."

About E-Home Household Service Holdings Limited

Established in 2014, E-Home Household Service Holdings Limited is a Nasdaq-listed household service company based in Fuzhou, China.

The company is mainly involved in: 1. Home appliances, smart home installation, maintenance; 2. Housekeeping, nannies, maternity matron and cleaning services; 3. Internet aging + home care; 4. Units of public places cleaning. After years of development, E-Home has formed two main business channels, ToB and ToC, with two important subsidiaries.

Two main channel: 1. The ToC business to nanny, maternity matron, home care, cleaning, repair, maintenance of family integrated services. 2. The ToB business to public cleaning. Two subsidiaries: 1. Zhongrun Pharmaceutical, integrating pharmaceutical warehousing, distribution, wholesaling, retailing, and online sales; 2. Chuangying: presidential training, internal training, corporate consulting and counseling, and policy counseling. E-Home has been a comprehensive service enterprise for family life! We have always adhered to the "solving every issue of customers with heart" business philosophy, adhere to do the industry benchmark. For more information, visit the Company's website at http://www.ej111.com/ir.html.

Forward-Looking Statement

All statements other than statements of historical fact in this announcement are forward-looking statements in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions are intended to identify such forward-looking statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to consider risk factors, including those described in the Company's filings with the SEC, that may affect the Company's future results. All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these risk factors.

View original content:https://www.prnewswire.com/news-releases/e-home-household-service-holdings-limited-announces-annual-report-ended-june-30-2024-302291425.html

SOURCE E-Home Household Service Holdings Limited

FAQ

What was E-Home Household Service Holdings (EJH) total revenue for fiscal year 2024?

E-Home Household Service Holdings reported total revenue of $50,685,314 for the fiscal year ended June 30, 2024.

How much were E-Home's (EJH) operating expenses in fiscal year 2024?

E-Home's operating expenses were $28,786,296 for the fiscal year ended June 30, 2024, mainly due to increased investment in advertising and platform building.

What was EJH's cash position as of June 30, 2024?

E-Home reported cash and cash equivalents of $100,665,223 as of June 30, 2024, an increase from $71,252,380 in the previous year.

How much revenue did EJH generate from housekeeping and related services in 2024?

E-Home generated $49,209,110 in revenue from Housekeeping services, Installation and Maintenance services, and Senior care services for the year ended June 30, 2024.