IT Tech Packaging, Inc. Announces Second Quarter 2024 Unaudited Financial Results

Rhea-AI Summary

IT Tech Packaging (NYSE American: ITP) reported its Q2 2024 unaudited financial results. Revenue decreased 12.56% to $26.25 million, primarily due to production suspension of offset printing paper and tissue paper products. Gross profit increased 176.75% to $3.27 million, with gross margin improving to 12.44%. The company reported operating income of $0.55 million, compared to a loss of $0.52 million in Q2 2023. Net loss narrowed to $0.08 million ($0.01 per share) from $1.25 million ($0.12 per share) last year. EBITDA rose 38.87% to $3.93 million. CMP products accounted for 99.86% of total revenue. The company's cash position improved to $5.14 million as of June 30, 2024, up from $3.92 million at the end of 2023.

Positive

• Gross profit increased 176.75% to $3.27 million
• Gross margin improved from 3.93% to 12.44%
• Operating income of $0.55 million, compared to a loss in Q2 2023
• Net loss narrowed significantly from $1.25 million to $0.08 million
• EBITDA increased 38.87% to $3.93 million
• Cash position improved from $3.92 million to $5.14 million

Negative

• Revenue decreased 12.56% to $26.25 million
• Production suspension of offset printing paper and tissue paper products
• Light-Weight CMP revenue decreased by 6.93%
• Selling, general and administrative expenses increased by 105.35%

BAODING, China, Aug. 12, 2024 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE American: ITP) ("IT Tech Packaging" or the "Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Unaudited Financial Results
		For the Three Months Ended June 30,
($ millions)		2024		2023		% Change
Revenues		26.25		30.02		-12.56 %
Regular Corrugating Medium Paper ("CMP")*		21.98		21.93		0.24 %
Light-Weight CMP**		4.23		4.54		-6.93 %
Offset Printing Paper		-		3.16		n/a
Tissue Paper Products		-		0.34		n/a
Face Masks		-		0.04		n/a
Gross profit (loss)		3.27		1.18		176.75 %
Gross profit margin		12.44 %		3.93 %		8.51 pp****
Regular Corrugating Medium Paper ("CMP")*		12.22 %		6.81 %		5.41 pp****
Light-Weight CMP**		12.82 %		7.14 %		5.68 pp****
Offset Printing Paper		-		2.42 %		n/a
Tissue Paper Products***		-		-206.06 %		n/a
Face Masks		-		-8.06 %		n/a
Operating income (loss)		0.55		-0.52		205.60 %
Net income (loss)		-0.08		-1.25		93.80 %
EBITDA		3.93		2.83		38.87 %
Basic and Diluted earnings (loss) per share		-0.01		-0.12		-93.33 %
* Products from PM6
** Products from PM1
*** Products from PM8 and PM9
**** pp represents percentage points

 

• Revenue decreased by 12.56% to approximately $26.25 million, mainly due to the production suspension of offset printing paper and tissue paper products in the second quarter of 2024.
• Gross profit was approximately $3.27 million, compared with gross profit of $1.18 for the same period of last year. Total gross profit margin increased by 8.51 percentage point to 12.44%.
• Income from operations was approximately $0.55 million, compared to loss from operations of approximately $0.52 million for the same period of last year.
• Net loss was approximately $0.08 million, or loss per share of $0.01, compared to net loss of approximately $1.25 million, or loss per share of $0.12, for the same period of last year.
• Earnings before interest, taxes, depreciation and amortization ("EBITDA") was approximately $3.93 million, compared to $2.83 million for the same period of last year.

Revenue

For the second quarter of 2024, total revenue decreased by 12.56%, to approximately $26.25 million from approximately $30.02 million for the same period of last year. This was mainly due to the production suspension of offset printing paper and tissue paper products in the second quarter of 2024.

The following table summarizes revenue, volume and ASP by product for the second quarter of 2024 and 2023, respectively:

		For the Three Months Ended June 30,
		2024						2023
		Revenue ($'000)		Volume (tonne)		ASP ($/tonne)		Revenue ($'000)		Volume (tonne)		ASP ($/tonne)
Regular CMP		21,984		62,813		350		21,931		60.063		365
Light-Weight CMP		4,229		12,552		337		4,544		12,877		353
Offset Printing Paper		-		-		-		3,156		5,403		584
Tissue Paper Products		-		-		-		344		293		1,175
Total		26,213		75,365		348		29,976		78,636		381
		Revenue ($'000)		Volume (thousand pieces)		ASP ($/thousand pieces)		Revenue ($'000)		Volume (thousand pieces)		ASP ($/thousand pieces)
Face Masks		-		-		-		44		1,411		31

 

Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by 0.99%, to approximately $26.21 million and accounted for 99.86% of total revenue for the second quarter of 2024, compared to approximately $26.48 million, or 88.19% of total revenue for the same period of last year. The Company sold 75,365 tonnes of CMP at an ASP of $348/tonne in the second quarter of 2024, compared to 72,940 tonnes at an ASP of $363/tonne in the same period of last year.

Of the total CMP sales, revenue from regular CMP increased by 0.24%, to approximately $21.98 million for the second quarter of 2024, compared to revenue of approximately $21.93 million for the same period of last year. The Company sold 62,813 tonnes of regular CMP at an ASP of $350/tonne during the second quarter of 2024, compared to 60,063 tonnes at an ASP of $365/tonne for the same period of last year. Revenue from light-weight CMP decreased by 6.93%, to approximately $4.23 million for the second quarter of 2024, compared to revenue of approximately $4.54 million for the same period of last year. The Company sold 12,552 tonnes of light-weight CMP at an ASP of $337/tonne for the second quarter of 2024, compared to 12,877 tonnes at an ASP of $353/tonne for the same period of last year.

Revenue from offset printing paper was $nil and $3.16 million for the second quarter of 2024 and 2023. Production of offset printing products was suspended during the second quarter of 2024.

Revenue from tissue paper products was $nil and $0.34 million for the three months ended June 30, 2024 and 2023, respectively. Production of tissue paper products was suspended during the second quarter of 2024.

Revenue generated from selling face mask were $nil and $0.04 million for the three months ended June 30, 2024 and 2023, respectively.

Gross Profit (Loss) and Gross Margin

Total cost of sales decreased by 20.30%, to approximately $22.98 million for the second quarter of 2024 from approximately $28.84 million for the same period of last year. due to the decrease in sales quantity of offset printing paper and tissue paper products and the decrease of the unit material cost of CMP products.

Total gross profit was approximately $3.27 million for the second quarter of 2024, compared to the gross profit of approximately $1.18 million for the same period of last year as a result of factors described above. Overall gross profit margin was 12.44% for the second quarter of 2024, compared to gross profit margin of 3.93% for the same period of last year. Gross profit (loss) margins for regular CMP, light-weight CMP, offset printing paper, tissue paper products and face mask products were 12.22%, 12.82%, nil%, nil% and nil%, respectively, for the second quarter of 2024, compared to 6.81%, 7.14%, 2.42%, -206.06% and -8.06%, respectively, for the same period of last year.

Selling, General and Administrative Expenses

Selling, general and administrative expenses ("SG&A") increased by 105.35%, to approximately $2.72 million for the second quarter of 2024 from approximately $1.32 million for the same period of last year. The increase was mainly due to the increase in depreciation of idle fixed assets during production suspension.

Income (Loss) from Operations

Income from operations was approximately $0.55 million for the second quarter of 2024, an increase of 205.60%, from loss from operations of $0.52 million for the same period of last year. Operating margin was 2.09% for the second quarter of 2024, compared to operating loss margin was 1.73% for the same period of last year.

Net Loss

Net loss was approximately $0.08 million, or loss per share of $0.01 for the second quarter of 2024, compared to net loss of $1.25 million, or loss per share of $0.12 for the same period of last year.

EBITDA

EBITDA was approximately $3.93 million for the second quarter of 2024, compared to $2.83 million for the same period of last year.

Note 1: Non-GAAP Financial Measures

In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission ("SEC"). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company's presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP.

Reconciliation of Net Income to EBITDA (Amounts expressed in US$)
		For the Three Months Ended June 30,
($ millions)		2024			2023
Net income (loss)		-0.08			-1.25
Add: Income tax		0.42			0.35
Net interest expense		0.21			0.27
Depreciation and amortization		3.38			3.46
EBITDA		3.93			2.83

 

First Half of 2024 Unaudited Financial Results
		For the Six Months Ended June 30,
($ millions)		2024		2023		% Change
Revenues		33.11		49.81		-33.52 %
Regular Corrugating Medium Paper ("CMP")*		27.73		38.40		-27.77 %
Light-Weight CMP**		5.31		7.60		-30.23 %
Offset Printing Paper		-		3.16		n/a
Tissue Paper Products		-		0.57		n/a
Face Masks		-		0.08		n/a
Gross profit (loss)		3.66		0.90		305.87 %
Gross profit (loss) margin		11.07 %		1.81 %		9.26pp****
Regular Corrugating Medium Paper ("CMP")*		10.86 %		4.71 %		6.15 pp****
Light-Weight CMP**		10.90		5.86 %		5.04 pp****
Offset Printing Paper		-		2.42 %		n/a
Tissue Paper Products***		-		-249.58 %		n/a
Face Masks		-		-8.02 %		n/a
Operating income (loss)		-2.95		-3.29		-10.24 %
Net income (loss)		-3.82		-3.99		-4.07 %
EBITDA		3.91		4.03		-2.98
Basic and Diluted loss per share		-0.38		-0.40		-5.00 %
* Products from PM6
** Products from PM1
*** Products from PM8 and PM9
**** pp represents percentage points

 

Revenue

For the first half of 2024, total revenue decreased by 33.52%, to approximately $33.11 million from approximately $49.81 million for the same period of last year. The increase in total revenue was mainly due to the production suspension of CMP in January and February of 2024, and production suspension of offset printing paper and tissue paper products in the first half of 2024.

The following table summarizes revenue, volume and ASP by product for the first half of 2024 and 2023, respectively:

	For the Six Months Ended June 30,
	2024						2023
	Revenue ($'000)		Volume (tonne)		ASP ($/tonne)		Revenue ($'000)		Volume (tonne)		ASP ($/tonne)
Regular CMP	27,734		78,452		354		38,399		101,726		377
Light-Weight CMP	5,305		15,582		340		7,604		20,896		364
Offset Printing Paper	-		-		-		3,156		5,403		584
Tissue Paper Products	-		-		-		567		484		1,172
Total	33,040		94,034		351		49,726		128,509		387
	Revenue ($'000)		Volume (thousand pieces)		ASP ($/thousand pieces)		Revenue ($'000)		Volume (thousand pieces)		ASP ($/thousand pieces)
Face Masks	-		-		-		79		2,516		32

 

Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by 28.18%, to approximately $33.04 million and accounted for 99.78% of total revenue for first half of 2024, compared to approximately $46.00million, or 92.36% of total revenue for the same period of last year. The Company sold 94,034tonnes of CMP at an ASP of $351/tonne in first half of 2024, compared to 122,622 tonnes at an ASP of $375/tonne in the same period of last year.

Of the total CMP sales, revenue from regular CMP decreased by 27.77%, to approximately $27.73 million for first half of 2024, compared to revenue of approximately $38.40 million for the same period of last year. The Company sold 78,452 tonnes of regular CMP at an ASP of $354/tonne during the first half of 2024, compared to 101,726 tonnes at an ASP of $377/tonne for the same period of last year. Revenue from light-weight CMP decreased by 30.23%, to approximately $5.31 million for the first half of 2024, compared to revenue of approximately $7.60 million for the same period of last year. The Company sold 15,582 tonnesof light-weight CMP at an ASP of $340/tonne for the first half of 2024, compared to 20,896 tonnes at an ASP of $364/tonne for the same period of last year.

Revenue from offset printing paper was $nil for the first half of 2024.

Revenue from tissue paper products was $nil for the first half of 2024,from approximately $0.57 million for the same period of last year. The Company sold nil tonnes of tissue paper products for the first half of 2024, compared to 484 tonnes at an ASP of $1,172/tonne for the same period of last year.

Revenue from face masks was $nil for the first half of 2024, from $0.08 million for the same period of last year. The Company sold nil thousand pieces of face masks for the first half of 2024, compared to 2,516 thousand pieces of face masks for the same period of last year.

Gross Profit and Gross Margin

Total cost of sales decreased by 39.79%, to approximately $29.45 million for the first half of 2024 from approximately $48.91million for the same period of last year. The increase was mainly a result of the decrease in sales quantity and the decrease in the unit material costs of CMP. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were $315, $303,$nil and $nil, respectively, for the first half of 2024, compared to $360, $343, $570 and $4,097, respectively, for the same period of last year.

Total gross profit was approximately $3.66 million for the first half of 2024, compared to the gross profit of approximately $0.90 million for the same period of last year as a result of factors described above. Overall gross margin was 11.07% for the first half of 2024, compared to 1.81% for the same period of last year. Gross profit(loss) margins for regular CMP, light-weight CMP, offset printing paper, tissue paper products and face mask products were 10.86%, 10.90%, nil%, nil% and nil%, respectively, for the first half of 2024, compared to 4.71%, 5.86%, 2.42%, -249.58% and -8.02%, respectively, for the same period of last year.

Selling, General and Administrative Expenses

Selling, general and administrative expenses ("SG&A") increased by 73.31%, to approximately $6.62 million for the first half of 2024 from approximately $3.82 million for the same period of last year.

Income (Loss) from Operations

Loss from operations was approximately $2.95 million for the first half of 2024, representing a decrease of 10.24%, from loss from operations of approximately $3.29 million for the same period of last year. Operating loss margin was 8.92% for the first half of 2024, compared to operating loss margin of 6.61% for the same period of last year.

Net Income (Loss)

Net loss was approximately $3.82 million, or loss per share of $0.38, for the first half of 2024, compared to net loss of approximately $3.99 million, or loss per share of $0.40, for the same period of last year.

EBITDA

EBITDA was approximately $3.91 million for the first half of 2024, compared to approximately $4.03 million for the same period of last year.

Note 1: Non-GAAP Financial Measures

In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission ("SEC"). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company's presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP.

Reconciliation of Net Income to EBITDA (Amounts expressed in US$)
		For the Six Months Ended June 30,
($ millions)	2024				2023
Net income (loss)	-3.82				-3.99
Add: Income tax	0.45				0.35
Net interest expense	0.42				0.52
Depreciation and amortization	6.86				7.15
EBITDA	3.91				4.03

 

Cash, Liquidity and Financial Position

As of June 30, 2024, the Company had cash and bank balances, short-term debt (including bank loans, current portion of long-term loans from credit union and related party loans), and long-term debt (including related party loans) of approximately $5.14 million, $8.39 million and $4.49 million, respectively, compared to approximately $3.92 million, $8.03 million and $4.50 million, respectively, as of December 31, 2023.

Net accounts receivable was approximately $2.64 million as of June 30, 2024, compared to approximately $0.58 million as of December 31, 2023. Net inventory was approximately $5.28 million as of June 30, 2024, compared to approximately $3.56 million as of December 31, 2023. As of June 30, 2024, the Company had current assets of approximately $33.43 million and current liabilities of approximately $22.92 million, resulting in a working capital of approximately $10.51 million. This was compared to current assets of approximately $28.36 million and current liabilities of approximately $21.42 million, resulting in a working capital of approximately $6.94 million as of December 31, 2023.

Net cash provided by operating activities was approximately $1.35 million for the second quarter of 2024, compared to approximately $5.75 million for the same period of last year. Net cash used in investing activities was approximately $0.06 million for the second quarter of 2024, compared to approximately $5.57 million for the same period of last year. Net cash provided by financing activities was approximately $0.42 million for the second quarter of 2024, compared to approximately $2.82 for the same period of last year.

About IT Tech Packaging, Inc.

Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products and single-use face masks in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China's Hebei Province, ITP is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE American since December 2009. For more information, please visit: http://www.itpackaging.cn/.

Safe Harbor Statements

This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation to update or revise its forward-looking statements.

IT TECH PACKAGING, INC. CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2024 AND DECEMBER 31, 2023 (unaudited)
		June 30,				December 31,
		2024				2023
ASSETS
Current Assets
Cash and bank balances		$	5,144,414			$	3,918,938
Restricted cash			899,508				472,983
Accounts receivable (net of allowance for doubtful accounts of $61,000 and $11,745 as of June 30, 2024 and December 31, 2023, respectively)			2,638,219				575,526
Inventories			5,282,420				3,555,235
Prepayments and other current assets			18,246,164				18,981,290
Due from related parties			1,219,553				853,929
Total current assets			33,430,278				28,357,901
Operating lease right-of-use assets, net			476,771				528,648
Property, plant, and equipment, net			155,624,752				163,974,022
Value-added tax recoverable			1,830,425				1,883,078
Deferred tax asset non-current			-				-
Total Assets		$	191,362,226			$	194,743,649
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Short-term bank loans		$	841,893			$	423,567
Current portion of long-term loans			6,817,927				6,874,497
Lease liability			103,568				100,484
Accounts payable			-				4,991
Advance from customers			73,386				136,167
Notes payable			429,451				-
Due to related parties			731,486				728,869
Accrued payroll and employee benefits			369,565				237,842
Other payables and accrued liabilities			13,135,687				12,912,517
Income taxes payable			415,635				-
Total current liabilities			22,918,598				21,418,934
Long-term loans			4,490,094				4,503,932
Lease liability - non-current			498,718				483,866
Derivative liability			5				54
Total liabilities (including amounts of the consolidated VIE without recourse to the Company of $21,006,676 and $20,084,995 as of June 30, 2024 and December 31, 2023, respectively)			27,907,415				26,406,786
Commitments and Contingencies
Stockholders' Equity
Common stock, 50,000,000 shares authorized, $0.001 par value per share, 10,065,920 shares issued and outstanding as of June 30, 2024 and December, 31, 2023.			10,066				10,066
Additional paid-in capital			89,172,771				89,172,771
Statutory earnings reserve			6,080,574				6,080,574
Accumulated other comprehensive loss			(11,613,303)				(10,555,534)
Retained earnings			79,804,703				83,628,986
Total stockholders' equity			163,454,811				168,336,863
Total Liabilities and Stockholders' Equity		$	191,362,226			$	194,743,649

 

IT TECH PACKAGING, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 (Unaudited)
		Three Months Ended							Six Months Ended
		June 30,							June 30,
		2024				2023			2024			2023
Revenues		$	26,249,788			$	30,019,914		$	33,113,629		$	49,810,791
Cost of sales			(22,984,488)				(28,840,056)			(29,449,216)			(48,907,932)
Gross Profit			3,265,300				1,179,858			3,664,413			902,859
Selling, general and administrative expenses			(2,717,548)				(1,323,405)			(6,618,331)			(3,818,767)
Loss on impairment of assets			-				(375,136)			-			(375,136)
Income (Loss) from Operations			547,752				(518,683)			(2,953,918)			(3,291,044)
Other Income (Expense):
Interest income			2,807				53,637			4,990			189,905
Interest expense			(211,551)				(270,681)			(421,841)			(519,850)
Gain (Loss) on derivative liability			15				(166,506)			49			(14,409)
Income (Loss) before Income Taxes			339,023				(902,233)			(3,370,720)			(3,635,398)
Provision for Income Taxes			(416,770)				(351,260)			(453,563)			(351,260)
Net Loss			(77,747)				(1,253,493)			(3,824,283)			(3,986,658)
Other Comprehensive Loss
Foreign currency translation adjustment			(756,150)				(9,063,695)			(1,057,769)			(6,560,939)
Total Comprehensive Loss		$	(833,897)			$	(10,317,188)		$	(4,882,052)		$	(10,547,597)
Losses Per Share:
Basic and Diluted Losses per Share		$	(0.008)			$	(0.12)		$	(0.38)		$	(0.40)
Outstanding – Basic and Diluted			10,065,920				10,065,920			10,065,920			10,065,920

 

IT TECH PACKAGING, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023 (Unaudited)
		Six Months Ended
		June 30,
		2024			2023
Cash Flows from Operating Activities:
Net income		$	(3,824,283)		$	(3,986,658)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			6,862,883			7,150,057
(Gain) Loss on derivative liability			(49)			14,409
Loss from disposal and impairment of property, plant and equipment			-			501,934
(Recovery from) Allowance for bad debts			49,462			(830,847)
Allowances for inventories, net			(2,948)			-
Deferred tax			-			-
Changes in operating assets and liabilities:
Accounts receivable			(2,121,357)			(1,674,665)
Prepayments and other current assets			660,470			7,634,922
Inventories			(1,751,011)			(3,940,417)
Accounts payable			(4,974)			127,215
Advance from customers			(62,107)			10,567
Notes payable			430,624			-
Related parties			(369,287)			(90,617)
Accrued payroll and employee benefits			133,504			154,398
Other payables and accrued liabilities			928,640			743,936
Income taxes payable			416,770			(67,515)
Net Cash Provided by Operating Activities			1,346,337			5,746,719
Cash Flows from Investing Activities:
Purchases of property, plant and equipment			(62,640)			(5,565,713)
Proceeds from sale of property, plant and equipment			-			-
Acquisition of land			-			-
Net Cash Used in Investing Activities			(62,640)			(5,565,713)
Cash Flows from Financing Activities:
Proceeds from issuance of shares and warrants, net			-			-
Proceeds from short term bank loans			844,191			860,919
Proceeds from long term loans			-			2,582,756
Repayment of bank loans			(422,095)			(507,942)
Payment of capital lease obligation			-			(112,136)
Loan to a related party (net)			-			-
Net Cash Provided by Financing Activities			422,096			2,823,597
Effect of Exchange Rate Changes on Cash and Cash Equivalents			(53,792)			(548,712)
Net Increase in Cash and Cash Equivalents			1,652,001			2,455,891
Cash, Cash Equivalents and Restricted Cash - Beginning of Period			4,391,921			9,524,868
Cash, Cash Equivalents and Restricted Cash - End of Period		$	6,043,922		$	11,980,759
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest, net of capitalized interest cost		$	278,188		$	199,014
Cash paid for income taxes		$	36,793		$	418,775
Cash and bank balances			5,144,414			11,980,759
Restricted cash			899,508			-
Total cash, cash equivalents and restricted cash shown in the statement of cash flows			6,043,922			11,980,759

 

View original content:https://www.prnewswire.com/news-releases/it-tech-packaging-inc-announces-second-quarter-2024-unaudited-financial-results-302220002.html

SOURCE IT Tech Packaging, Inc.

FAQ

What was IT Tech Packaging's (ITP) revenue for Q2 2024?

IT Tech Packaging's revenue for Q2 2024 was $26.25 million, representing a 12.56% decrease from the same period last year.

How did IT Tech Packaging's (ITP) gross profit change in Q2 2024?

IT Tech Packaging's gross profit increased by 176.75% to $3.27 million in Q2 2024, compared to $1.18 million in Q2 2023.

What was IT Tech Packaging's (ITP) net loss for Q2 2024?

IT Tech Packaging reported a net loss of $0.08 million, or $0.01 per share, for Q2 2024, compared to a net loss of $1.25 million, or $0.12 per share, in Q2 2023.

How much did IT Tech Packaging's (ITP) EBITDA change in Q2 2024?

IT Tech Packaging's EBITDA increased by 38.87% to $3.93 million in Q2 2024, compared to $2.83 million in Q2 2023.