It Tech Packaging Stock Price, News & Analysis

IT Tech Packaging, Inc. (ITP) reported its fiscal year 2022 results, showing a significant revenue decline of 37.6%, totaling approximately $100.35 million. Gross profit also decreased by 56.9% to about $4.75 million. The fourth quarter alone saw revenue drop by 52.6% to $21.37 million, primarily due to decreased sales volumes across all product categories. The company experienced a net loss of $11.91 million, a stark contrast to net income of $4.16 million in Q4 2021. Despite these challenges, management anticipates a gradual recovery in market demand as the pandemic stabilizes.

IT Tech Packaging, Inc. (ITP) reported a 29.7% decline in Q3 2022 revenue to $31.71 million, primarily due to decreased sales volumes in key product lines. Despite this, gross profit increased 52.8% to $2.78 million, boosting gross margin to 8.8%. The net loss widened to $1.89 million, with EBITDA dropping 54.4% to $2.43 million. For the nine months ended September 30, total revenue decreased 31.8% to $78.98 million. The company continues to focus on optimizing its operations and strategic growth initiatives amid COVID-19 challenges.

IT Tech Packaging, Inc. (NYSE: ITP), a North China-based manufacturer of paper products, held its 2022 Annual General Meeting on October 31, 2022. During the meeting, stockholders elected three Class II directors—Zhengyong Liu, Fuzeng Liu, and Lusha Niu—who will serve until the 2024 Annual Meeting. Additionally, the appointment of WWC, P.C. Certified Public Accountants was ratified as the Company's independent accounting firm for the fiscal year ending December 31, 2022. This meeting reflects the company’s commitment to governance and the ongoing evolution of its board.

IT Tech Packaging, Inc. (NYSE American: ITP) announced its 2022 annual stockholders meeting set for October 31, 2022, at its Wei County production base in Hebei Province, China. The meeting will cover the election of three Class II directors, including Zhengyong Liu and Fuzeng Liu, and the ratification of WWC, P.C. as the independent accounting firm for the fiscal year ending December 31, 2022. Shareholders on record as of September 6, 2022, can vote at the meeting.

IT Tech Packaging, Inc. (NYSE American: ITP) reported unaudited financial results for Q2 and H1 2022, showing significant revenue declines. Q2 revenues fell 31.7% to $31.79 million, driven by decreased sales in corrugated medium paper and tissue products. Gross profit plummeted 79.1% to $0.63 million, with a gross margin of 2.0%. Operating loss was $1.24 million compared to a profit of $0.43 million last year. Net loss narrowed to $0.29 million from $0.45 million. EBITDA decreased to $3.55 million, down 60.7%. The company maintained a positive outlook despite challenges from the COVID-19 pandemic.

IT Tech Packaging, Inc. (NYSE American: ITP) announced that its 1-for-10 reverse stock split took effect on July 7, 2022, at 5:00 PM EST. This split reduces the authorized shares from 500 million to 50 million and proportionately adjusts the outstanding shares. Shareholders will automatically have their share counts adjusted in their brokerage accounts, and no fractional shares will be issued. Founded in 1996, IT Tech Packaging manufactures diversified paper products in North China and has been listed on NYSE American since December 2009.

IT Tech Packaging, Inc. (NYSE American: ITP) has announced a 1-for-10 reverse stock split of its common stock, effective July 7, 2022. This move aims to comply with NYSE American listing standards regarding share price. The authorized shares will decrease from 500 million to 50 million, while the outstanding shares will also reduce correspondingly. Stockholders will see their shares converted automatically, ensuring no fractional shares are issued. The CUSIP number will change to 46527C 209, and trading on a split-adjusted basis will begin on July 8, 2022.