HUHUTECH International Group Inc. Announces Fiscal Year 2024 Financial Results
HUHUTECH, a factory facility management systems provider, reported its fiscal year 2024 results with total revenue of $18.1 million, up 8.5% year-over-year. The company achieved a gross profit of $6.6 million, marking a 21.1% increase, while gross margin improved to 36.1% from 32.3%.
Key highlights include:
- Successful Nasdaq IPO in October 2024, raising $4.69 million
- Launch of semiconductor warehousing center in Kumamoto, Japan
- Product sales revenue increased 340.3% to $1.2 million
- System integration revenue grew 2% to $16.6 million
However, the company reported a net loss of $1.9 million in 2024, compared to a net income of $2.3 million in 2023. Operating expenses increased 149.6% to $8.1 million, primarily due to Japanese operations expansion and increased R&D spending. Cash position stood at $3.1 million as of December 31, 2024.
HUHUTECH, fornitore di sistemi per la gestione degli impianti di fabbrica, ha comunicato i risultati dell'anno fiscale 2024 con un fatturato totale di 18,1 milioni di dollari, in crescita dell'8,5% rispetto all'anno precedente. L'azienda ha raggiunto un utile lordo di 6,6 milioni di dollari, segnando un aumento del 21,1%, mentre il margine lordo è migliorato al 36,1% dal 32,3%.
I punti salienti includono:
- Riuscito IPO al Nasdaq nell'ottobre 2024, con una raccolta di 4,69 milioni di dollari
- Avvio di un centro di stoccaggio semiconduttori a Kumamoto, Giappone
- Le vendite di prodotti sono aumentate del 340,3% raggiungendo 1,2 milioni di dollari
- I ricavi dall'integrazione di sistemi sono cresciuti del 2% arrivando a 16,6 milioni di dollari
Tuttavia, l'azienda ha registrato una perdita netta di 1,9 milioni di dollari nel 2024, rispetto a un utile netto di 2,3 milioni nel 2023. Le spese operative sono aumentate del 149,6%, arrivando a 8,1 milioni di dollari, principalmente a causa dell'espansione delle attività in Giappone e dell'aumento degli investimenti in R&S. La posizione di cassa al 31 dicembre 2024 era di 3,1 milioni di dollari.
HUHUTECH, proveedor de sistemas para la gestión de instalaciones fabriles, reportó sus resultados del año fiscal 2024 con ingresos totales de 18,1 millones de dólares, un aumento del 8,5% interanual. La compañía alcanzó un beneficio bruto de 6,6 millones de dólares, lo que representa un incremento del 21,1%, mientras que el margen bruto mejoró al 36,1% desde el 32,3%.
Los aspectos destacados incluyen:
- Exitosa salida a bolsa en Nasdaq en octubre de 2024, recaudando 4,69 millones de dólares
- Lanzamiento de un centro de almacenamiento de semiconductores en Kumamoto, Japón
- Los ingresos por ventas de productos aumentaron un 340,3% hasta 1,2 millones de dólares
- Los ingresos por integración de sistemas crecieron un 2% hasta 16,6 millones de dólares
No obstante, la compañía reportó una pérdida neta de 1,9 millones de dólares en 2024, en comparación con un ingreso neto de 2,3 millones en 2023. Los gastos operativos aumentaron un 149,6% hasta 8,1 millones de dólares, principalmente debido a la expansión de operaciones en Japón y un mayor gasto en I+D. La posición de efectivo al 31 de diciembre de 2024 fue de 3,1 millones de dólares.
HUHUTECH는 공장 시설 관리 시스템 제공업체로서 2024 회계연도 실적을 발표했으며, 총 매출은 1,810만 달러로 전년 대비 8.5% 증가했습니다. 회사는 660만 달러의 총이익을 기록하며 21.1% 성장했고, 총이익률은 32.3%에서 36.1%로 개선되었습니다.
주요 내용은 다음과 같습니다:
- 2024년 10월 성공적인 나스닥 IPO로 469만 달러 조달
- 일본 구마모토에 반도체 물류센터 개설
- 제품 판매 수익이 340.3% 증가하여 120만 달러 달성
- 시스템 통합 수익은 2% 증가하여 1,660만 달러 기록
하지만 2024년 순손실은 190만 달러로, 2023년 순이익 230만 달러와 비교됩니다. 영업비용은 일본 사업 확장 및 연구개발 투자 증가로 인해 149.6% 상승한 810만 달러였습니다. 2024년 12월 31일 기준 현금 보유액은 310만 달러입니다.
HUHUTECH, fournisseur de systèmes de gestion d'usine, a annoncé ses résultats pour l'exercice 2024 avec un chiffre d'affaires total de 18,1 millions de dollars, en hausse de 8,5 % par rapport à l'année précédente. La société a réalisé un bénéfice brut de 6,6 millions de dollars, soit une augmentation de 21,1 %, tandis que la marge brute s'est améliorée à 36,1 % contre 32,3 %.
Les points clés incluent :
- Introduction en bourse réussie au Nasdaq en octobre 2024, levant 4,69 millions de dollars
- Lancement d'un centre d'entreposage de semi-conducteurs à Kumamoto, Japon
- Les revenus des ventes de produits ont augmenté de 340,3 % pour atteindre 1,2 million de dollars
- Les revenus de l'intégration de systèmes ont progressé de 2 % pour atteindre 16,6 millions de dollars
Cependant, la société a enregistré une perte nette de 1,9 million de dollars en 2024, contre un bénéfice net de 2,3 millions en 2023. Les dépenses d'exploitation ont augmenté de 149,6 % pour atteindre 8,1 millions de dollars, principalement en raison de l'expansion des opérations au Japon et de l'augmentation des dépenses en R&D. La trésorerie s'élevait à 3,1 millions de dollars au 31 décembre 2024.
HUHUTECH, Anbieter von Fabrikanlagen-Managementsystemen, meldete seine Geschäftsergebnisse für das Geschäftsjahr 2024 mit einem Gesamtumsatz von 18,1 Millionen US-Dollar, was einem Anstieg von 8,5 % gegenüber dem Vorjahr entspricht. Das Unternehmen erzielte einen Bruttogewinn von 6,6 Millionen US-Dollar, was einer Steigerung von 21,1 % entspricht, während die Bruttomarge von 32,3 % auf 36,1 % verbessert wurde.
Wichtige Highlights sind:
- Erfolgreicher Nasdaq-Börsengang im Oktober 2024 mit einer Kapitalaufnahme von 4,69 Millionen US-Dollar
- Eröffnung eines Halbleiterlagerzentrums in Kumamoto, Japan
- Der Umsatz aus Produktverkäufen stieg um 340,3 % auf 1,2 Millionen US-Dollar
- Der Umsatz aus Systemintegration wuchs um 2 % auf 16,6 Millionen US-Dollar
Das Unternehmen meldete jedoch einen Nettoverlust von 1,9 Millionen US-Dollar im Jahr 2024, verglichen mit einem Nettogewinn von 2,3 Millionen US-Dollar im Jahr 2023. Die Betriebskosten stiegen um 149,6 % auf 8,1 Millionen US-Dollar, hauptsächlich aufgrund der Expansion der japanischen Aktivitäten und erhöhter F&E-Ausgaben. Die Cash-Position belief sich zum 31. Dezember 2024 auf 3,1 Millionen US-Dollar.
- Revenue increased 8.5% YoY to $18.1M in FY2024
- Gross profit up 21.1% to $6.6M
- Gross margin improved to 36.1% from 32.3%
- Product sales revenue grew 340.3% to $1.2M
- Engineering consulting revenue increased 76.3%
- Successful IPO raising $4.69M in gross proceeds
- Cash position improved to $3.1M from $2.7M
- Expanded Japanese market presence with new semiconductor facility
- Swung to net loss of $1.9M from $2.3M profit in FY2023
- EPS declined to -$0.1 from $0.47
- Operating expenses surged 149.6% to $8.1M
- R&D expenses increased 114.7% to $2.9M
- Selling expenses up 137.2% to $2.1M
- G&A expenses rose 205% to $3.2M
- Net cash used in operations -$3.0M vs +$3.0M in FY2023
Insights
HUHUTECH's revenue grew 8.5% with improved margins, but swung to $1.9M loss due to 149.6% surge in operating expenses.
HUHUTECH's fiscal 2024 results reveal a concerning financial trajectory despite some positive metrics. Revenue increased 8.5% to
The dramatic expense increase spans all categories: selling expenses up
Cash flow deterioration is equally concerning, with operating cash flow reversing from
The company's strategic expansion in Japan aligns with semiconductor industry growth trends, but the financial fundamentals show troubling profitability trends that require substantial improvement. The mismatch between
Mr. Yujun Xiao, Chief Executive Officer of HUHUTECH, commented, "Fiscal year 2024 was a year of expansion as we strengthened our market presence both domestically and internationally, laying a solid foundation for long-term success. We delivered
Our strategic expansion in the Japanese market was underscored by the successful launch of our semiconductor industry-supporting warehousing and logistics center in Kumamoto. In line with
Mr. Xiao continued, "Looking ahead, we will continue to build on this momentum by expanding our marketing and sales teams, deepening client relationships, and advancing targeted R&D—particularly in exploring the development of Factory Management and Control System and related new equipment. We also plan to broaden our product and service offerings to further penetrate key markets. Through these efforts, we are confident in delivering innovative solutions that improve efficiency, elevate performance, and set new standards in factory facility management across an evolving industrial landscape."
Fiscal Year 2024 Financial Highlights
- Total revenue was
$18.1 million 8.5% from$16.7 million - Gross profit was
$6.6 million 21.1% from$5.4 million - Gross margin was
36.1% in fiscal year 2024, increased from32.3% in fiscal year 2023. - Net loss was
$1.9 million $2.3 million - Basic and diluted loss per share were
$0.1 $0.47
Fiscal Year 2024 Financial Results
Revenues
Total revenue was
- Revenue from system integration projects was
$16.6 million 2.0% from$16.3 million - Revenue from engineering consulting services was
$0.4 million 76.3% from$0.2 million - Revenue from product sales was
$1.2 million 340.3% from$0.3 million
Cost of Revenues
Cost of revenue was
Gross Profit and Gross Margin
Gross profit was
Gross margin was
Operating Expenses
Total operating expenses were
- Selling expenses were
$2.1 million 137.2% from$0.9 million - General and administrative expenses were
$3.2 million 205.0% from$1.0 million - Research and development expenses were
$2.9 million 114.7% from$1.3 million $0.1 million $1
Net Loss
Net loss was
Basic and Diluted Loss per Share
Basic and diluted loss per share were
Financial Condition
As of December 31, 2024, the Company had cash of
Net cash used in operating activities in fiscal year 2024 was
Net cash used in investing activities in fiscal year 2024 was
Net cash provided by financing activities in fiscal year 2024 was
Recent Development
On October 23, 2024, the Company completed its initial public offering (the "Offering") of 1,050,000 ordinary shares at a public offering price of
About HUHUTECH International Group Inc.
HUHUTECH International Group Inc. is a professional provider of factory facility management and monitoring systems. Through its subsidiaries in
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any 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 review other factors that may affect its future results in the Company's registration statement and other filings with the
For more information, please contact:
HUHUTECH International Group Inc.
Investor Relations Department
Email: ir@huhutech.com.cn
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
HUHUTECH INTERNATIONAL GROUP INC. AND SUBSIDIARIES | ||||||||
As of December 31, | ||||||||
2024 | 2023 | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash | $ | 3,102,865 | $ | 2,739,530 | ||||
Restricted cash | 220,261 | 107,129 | ||||||
Notes receivable | 254,092 | — | ||||||
Accounts receivable, net | 9,633,289 | 8,708,075 | ||||||
Inventories | 1,175,241 | 530,048 | ||||||
Advance to vendors | 150,637 | 64,750 | ||||||
Prepayments and other assets, net | 80,137 | 181,371 | ||||||
TOTAL CURRENT ASSETS | 14,616,522 | 12,330,903 | ||||||
Property, plant and equipment, net | 4,978,080 | 1,528,982 | ||||||
Intangible assets, net | 79,985 | 124,679 | ||||||
Deferred tax assets | 326,087 | 56,931 | ||||||
Deferred offering costs | — | 805,889 | ||||||
Right-of-use assets, net | 183,815 | 255,573 | ||||||
TOTAL ASSETS | $ | 20,184,489 | $ | 15,102,957 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Short term bank loans | $ | 5,273,678 | $ | 1,690,165 | ||||
Notes payable | 733,996 | 103,943 | ||||||
Accounts payable | 4,466,933 | 4,532,958 | ||||||
Due to related parties | 246,454 | 868,438 | ||||||
Advance from customers | 1,403,628 | 943,348 | ||||||
Accrued expenses and other liabilities | 732,419 | 561,439 | ||||||
Taxes payable | 356,889 | 400,071 | ||||||
Operating lease liabilities – current | 104,088 | 107,424 | ||||||
TOTAL CURRENT LIABILITIES | 13,318,085 | 9,207,786 | ||||||
Long term loans | 260,299 | — | ||||||
Operating lease liabilities – non-current | 80,636 | 114,374 | ||||||
TOTAL LIABILITIES | 13,659,020 | 9,322,160 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 13) | ||||||||
SHAREHOLDERS' EQUITY: | ||||||||
Ordinary shares, 21,173,413 and 20,000,000 shares issued and outstanding as of December 31, 2024 and 2023*, respectively | 53 | 50 | ||||||
Additional paid-in capital | 4,695,350 | 1,738,179 | ||||||
Statutory reserves | 343,077 | 343,077 | ||||||
Retained earnings | 2,026,786 | 3,958,029 | ||||||
Accumulated other comprehensive loss | (539,797) | (258,538) | ||||||
TOTAL SHAREHOLDERS' EQUITY | 6,525,469 | 5,780,797 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 20,184,489 | $ | 15,102,957 | ||||
* | Share and per share data are presented on a retroactive basis to reflect the reorganization and the forward split at a ratio of 1-for-4, with effective date of July 15, 2024. |
HUHUTECH INTERNATIONAL GROUP INC. AND SUBSIDIARIES | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2024 | 2023 | 2022 | ||||||||||
Revenues | $ | 18,149,244 | $ | 16,732,688 | $ | 11,374,257 | ||||||
Cost of revenues – third parties | 10,919,792 | 11,110,545 | 7,018,597 | |||||||||
Cost of revenues – related party | 676,889 | 210,251 | 805,679 | |||||||||
Total cost of revenues | 11,596,681 | 11,320,796 | 7,824,276 | |||||||||
Gross profit | 6,552,563 | 5,411,892 | 3,549,981 | |||||||||
Operating expenses: | ||||||||||||
Selling expenses | 2,068,278 | 871,797 | 391,013 | |||||||||
General and administrative expenses | 3,162,801 | 1,036,922 | 1,033,079 | |||||||||
Research and development expenses | 2,879,183 | 1,341,221 | 1,213,529 | |||||||||
Total operating expenses | 8,110,262 | 3,249,940 | 2,637,621 | |||||||||
(Loss) income from operations | (1,557,699) | 2,161,952 | 912,360 | |||||||||
Other income (expense): | ||||||||||||
Interest income | 8,691 | 7,279 | 4,021 | |||||||||
Interest expense | (113,657) | (72,197) | (51,985) | |||||||||
Other income, net | 5,821 | 492,123 | 99,920 | |||||||||
Total other (expense) income, net | (99,145) | 427,205 | 51,956 | |||||||||
(Loss) income before income taxes | (1,656,844) | 2,589,157 | 964,316 | |||||||||
Provision for income taxes | 274,399 | 255,570 | 34,307 | |||||||||
Net (loss) income | (1,931,243) | 2,333,587 | 930,009 | |||||||||
Other comprehensive loss | ||||||||||||
Foreign currency translation adjustments | (281,259) | (105,029) | (238,627) | |||||||||
Comprehensive (loss) income | $ | (2,212,502) | $ | 2,228,558 | $ | 691,382 | ||||||
(Loss) earnings per share* | ||||||||||||
Basic and diluted | $ | (0.10) | $ | 0.47 | $ | 0.19 | ||||||
Weighted average number of shares outstanding* | ||||||||||||
Basic and diluted | 20,208,803 | 20,000,000 | 20,000,000 | |||||||||
* | Share and per share data are presented on a retroactive basis to reflect the reorganization and the forward split at a ratio of 1-for-4, with effective date of July 15, 2024. |
HUHUTECH INTERNATIONAL GROUP INC. AND SUBSIDIARIES | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2024 | 2023 | 2022 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net (loss) income | $ | (1,931,243) | $ | 2,333,587 | $ | 930,009 | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation and amortization | 326,471 | 214,106 | 138,572 | |||||||||
Provision for (recovery of) credit losses | 1,900 | 25,335 | (52,229) | |||||||||
Deferred tax (benefits) expense | (274,609) | 11,950 | 33,739 | |||||||||
Amortization of operating lease right-of-use assets | 62,062 | 53,307 | 19,643 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | (1,179,061) | (2,817,167) | (1,370,494) | |||||||||
Notes receivable | (257,751) | — | — | |||||||||
Inventories | (669,170) | 851,308 | (979,451) | |||||||||
Prepayments and other assets | 97,665 | 50,862 | (171,856) | |||||||||
Advance to vendors | (88,917) | (5,119) | 28,844 | |||||||||
Accounts payable | 52,879 | 1,603,497 | 674,460 | |||||||||
Accrued expenses and other liabilities | 188,280 | 115,482 | 60,707 | |||||||||
Advance from customers | 493,048 | 446,802 | 485,270 | |||||||||
Taxes payable | (40,645) | 246,100 | 82,890 | |||||||||
Due from related parties | 250,495 | — | — | |||||||||
Operating leases liabilities | (66,909) | (81,121) | (19,643) | |||||||||
Net cash (used in) provided by operating activities | (3,035,505) | 3,048,929 | (139,539) | |||||||||
Cash flows from investing activities: | ||||||||||||
Additions to property, plant, and equipment | (3,825,547) | (1,205,784) | (95,448) | |||||||||
Acquisition of intangible asset | — | (2,469) | — | |||||||||
Net cash used in investing activities | (3,825,547) | (1,208,253) | (95,448) | |||||||||
Cash flows from financing activities: | ||||||||||||
Payments to related parties | (868,438) | — | (65,358) | |||||||||
Advances from related parties | — | 325,642 | — | |||||||||
Proceeds from initial public offering | 4,117,955 | — | — | |||||||||
Proceeds from (repayments of) proceeds from bank acceptance notes payable, net | 642,004 | (389,894) | 426,965 | |||||||||
Proceeds from short-term bank loans | 7,905,066 | 3,135,195 | 5,079,409 | |||||||||
Repayment of short-term bank loans | (4,223,122) | (3,417,645) | (3,952,709) | |||||||||
Proceeds from long-term bank loans | 694,859 | — | — | |||||||||
Repayment of long-term bank loans | (430,813) | — | — | |||||||||
Payment of offering costs | (382,333) | (247,874) | (171,023) | |||||||||
Net cash provided by (used in) provided by financing activities | 7,455,178 | (594,576) | 1,317,284 | |||||||||
Effect of exchange rate changes on cash and restricted cash | (117,659) | (88,057) | (5,196) | |||||||||
Net increase in cash and restricted cash | 476,467 | 1,158,043 | 1,077,101 | |||||||||
Cash and restricted cash, beginning of year | 2,846,659 | 1,688,616 | 611,515 | |||||||||
Cash and restricted cash, end of year | $ | 3,323,126 | $ | 2,846,659 | $ | 1,688,616 | ||||||
Reconciliation of cash and restricted cash, end of year | ||||||||||||
Cash | $ | 3,102,865 | $ | 2,739,530 | $ | 1,361,728 | ||||||
Restricted cash | 220,261 | 107,129 | 326,888 | |||||||||
Cash and restricted cash, end of year | $ | 3,323,126 | $ | 2,846,659 | $ | 1,688,616 | ||||||
Supplemental cash flow disclosures: | ||||||||||||
Cash paid for income tax | $ | 97,101 | $ | 68,649 | $ | 31,015 | ||||||
Cash paid for interest | $ | 36,403 | $ | 68,255 | $ | 51,985 | ||||||
Non-cash activities: | ||||||||||||
Right-of-use assets obtained in exchange for operating lease obligations | $ | 79,591 | $ | 323,290 | $ | 7,372 | ||||||
Reclassification of deferred offering costs | $ | 1,160,781 | $ | — | $ | — | ||||||
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SOURCE HUHUTECH International Group Inc.
FAQ
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