Mingteng International Corporation Inc. Announces Financial Results for Fiscal Year 2024
Mingteng International, a Chinese automotive mold developer, reported mixed financial results for fiscal year 2024. Revenue grew 23% to $10.12 million, driven by significant expansion in machining services, which surged 327.6% to become the second-largest revenue contributor at 21.2% of total revenue.
Despite revenue growth, the company posted a net loss of $5.68 million in 2024, compared to a net income of $1.51 million in 2023. Gross margin declined to 30.3% from 40.4%, while operating expenses increased 417.4% to $8.18 million, primarily due to IPO-related costs and share-based compensation.
The company's strategic investments included expanding production capacity and workforce, resulting in higher costs. Cash position improved to $2.08 million by year-end 2024. Mold production remained the largest revenue segment at $6.87 million, while machining services reached $2.14 million, and mold repair contributed $1.10 million.
Mingteng International, sviluppatore cinese di stampi per il settore automobilistico, ha riportato risultati finanziari contrastanti per l'anno fiscale 2024. I ricavi sono cresciuti del 23%, raggiungendo 10,12 milioni di dollari, grazie a una significativa espansione dei servizi di lavorazione meccanica, che sono aumentati del 327,6%, diventando il secondo contributore più importante con il 21,2% del fatturato totale.
Nonostante la crescita dei ricavi, la società ha registrato una perdita netta di 5,68 milioni di dollari nel 2024, rispetto a un utile netto di 1,51 milioni di dollari nel 2023. Il margine lordo è sceso al 30,3% dal 40,4%, mentre le spese operative sono aumentate del 417,4% a 8,18 milioni di dollari, principalmente a causa dei costi legati all'IPO e delle compensazioni basate su azioni.
Gli investimenti strategici dell'azienda hanno incluso l'espansione della capacità produttiva e della forza lavoro, comportando costi più elevati. La posizione di cassa è migliorata a 2,08 milioni di dollari alla fine del 2024. La produzione di stampi è rimasta il segmento di ricavi più grande con 6,87 milioni di dollari, mentre i servizi di lavorazione meccanica hanno raggiunto 2,14 milioni di dollari e le riparazioni di stampi hanno contribuito con 1,10 milioni di dollari.
Mingteng International, desarrollador chino de moldes para la industria automotriz, reportó resultados financieros mixtos para el año fiscal 2024. Los ingresos crecieron un 23%, alcanzando los 10,12 millones de dólares, impulsados por una significativa expansión en los servicios de mecanizado, que aumentaron un 327,6%, convirtiéndose en el segundo mayor contribuyente con el 21,2% del total de ingresos.
A pesar del crecimiento en ingresos, la empresa registró una pérdida neta de 5,68 millones de dólares en 2024, en comparación con una ganancia neta de 1,51 millones de dólares en 2023. El margen bruto disminuyó al 30,3% desde el 40,4%, mientras que los gastos operativos aumentaron un 417,4% hasta 8,18 millones de dólares, principalmente debido a costos relacionados con la oferta pública inicial y compensaciones basadas en acciones.
Las inversiones estratégicas de la compañía incluyeron la expansión de la capacidad de producción y la plantilla, lo que resultó en mayores costos. La posición de efectivo mejoró a 2,08 millones de dólares al cierre de 2024. La producción de moldes siguió siendo el segmento de ingresos más grande con 6,87 millones de dólares, mientras que los servicios de mecanizado alcanzaron los 2,14 millones de dólares y la reparación de moldes contribuyó con 1,10 millones de dólares.
밍텅 인터내셔널은 중국 자동차 금형 개발업체로서 2024 회계연도에 혼재된 재무 성과를 보고했습니다. 매출은 23% 증가하여 1,012만 달러에 달했으며, 이는 가공 서비스의 대폭 확장에 힘입은 것으로, 가공 서비스 매출은 327.6% 급증하여 전체 매출의 21.2%를 차지하는 두 번째로 큰 수익원으로 자리잡았습니다.
매출 증가에도 불구하고, 회사는 2024년에 568만 달러의 순손실을 기록했으며, 이는 2023년의 151만 달러 순이익과 대비됩니다. 총이익률은 40.4%에서 30.3%로 하락했으며, 영업비용은 IPO 관련 비용과 주식 기반 보상으로 인해 417.4% 증가한 818만 달러에 달했습니다.
회사의 전략적 투자는 생산 능력과 인력 확장을 포함하여 비용 증가를 초래했습니다. 현금 보유액은 2024년 말 기준 208만 달러로 개선되었습니다. 금형 생산은 687만 달러로 가장 큰 매출 부문을 유지했으며, 가공 서비스는 214만 달러, 금형 수리는 110만 달러를 기록했습니다.
Mingteng International, un développeur chinois de moules automobiles, a présenté des résultats financiers mitigés pour l'exercice 2024. Le chiffre d'affaires a augmenté de 23 % pour atteindre 10,12 millions de dollars, grâce à une expansion significative des services d'usinage, qui ont bondi de 327,6 % pour devenir le deuxième contributeur aux revenus avec 21,2 % du chiffre d'affaires total.
Malgré cette croissance du chiffre d'affaires, la société a enregistré une perte nette de 5,68 millions de dollars en 2024, contre un bénéfice net de 1,51 million de dollars en 2023. La marge brute a diminué à 30,3 % contre 40,4 %, tandis que les charges d'exploitation ont augmenté de 417,4 % pour atteindre 8,18 millions de dollars, principalement en raison des coûts liés à l'introduction en bourse et des rémunérations en actions.
Les investissements stratégiques de l'entreprise ont inclus l'expansion de la capacité de production et des effectifs, entraînant des coûts plus élevés. La trésorerie s'est améliorée pour atteindre 2,08 millions de dollars à la fin de 2024. La production de moules est restée le principal segment de revenus avec 6,87 millions de dollars, tandis que les services d'usinage ont atteint 2,14 millions de dollars et la réparation de moules a contribué à hauteur de 1,10 million de dollars.
Mingteng International, ein chinesischer Entwickler von Automobilformen, meldete gemischte Finanzergebnisse für das Geschäftsjahr 2024. Der Umsatz stieg um 23 % auf 10,12 Millionen US-Dollar, angetrieben durch eine erhebliche Expansion der Bearbeitungsdienstleistungen, die um 327,6 % zunahmen und damit zum zweitgrößten Umsatzträger mit 21,2 % des Gesamtumsatzes wurden.
Trotz des Umsatzwachstums verzeichnete das Unternehmen im Jahr 2024 einen Nettoverlust von 5,68 Millionen US-Dollar, verglichen mit einem Nettogewinn von 1,51 Millionen US-Dollar im Jahr 2023. Die Bruttomarge sank von 40,4 % auf 30,3 %, während die Betriebskosten aufgrund von IPO-bezogenen Ausgaben und aktienbasierten Vergütungen um 417,4 % auf 8,18 Millionen US-Dollar stiegen.
Die strategischen Investitionen des Unternehmens umfassten die Erweiterung der Produktionskapazitäten und der Belegschaft, was zu höheren Kosten führte. Die Liquiditätsposition verbesserte sich bis Ende 2024 auf 2,08 Millionen US-Dollar. Die Formenproduktion blieb mit 6,87 Millionen US-Dollar der größte Umsatzbereich, während die Bearbeitungsdienste 2,14 Millionen US-Dollar und die Formenreparatur 1,10 Millionen US-Dollar beitrugen.
- Revenue grew 23% YoY to $10.12M in FY2024
- Machining services revenue surged 327.6% to $2.14M, becoming second-largest revenue segment
- Maintained healthy gross margin above 30% despite cost pressures
- Cash and equivalents increased to $2.08M from $1.06M YoY
- Successfully completed IPO in April 2024
- Net loss of $5.68M in FY2024 vs net income of $1.51M in FY2023
- Gross margin declined to 30.3% from 40.4% YoY
- Operating expenses soared 417.4% to $8.18M
- G&A expenses increased 827.8% to $7.4M
- Operating cash flow decreased to $0.29M from $1.30M YoY
- Basic and diluted EPS dropped to -$0.97 from $0.30 YoY
Insights
Mingteng's 23% revenue growth overshadowed by concerning swing to $5.68M net loss with significant margin compression across all business segments.
Mingteng's FY2024 results reveal a critical disconnect between top-line growth and bottom-line performance. Despite achieving
The gross margin deterioration from
Operating expenses ballooned by
The cash position improved to
Strategic capacity expansion driving revenue growth but causing severe margin compression; execution challenges evident in disproportionate cost increases.
Mingteng's manufacturing expansion strategy shows mixed operational results. The company's investment in production capacity for machining services has yielded impressive
The
The labor productivity metrics are particularly troubling – the expanded workforce led to an
Most concerning is the dramatic margin collapse in the high-growth machining services segment from
This operational data indicates execution challenges in the company's expansion strategy – while successfully growing revenue, the cost structure has become significantly less efficient, raising questions about the sustainable economics of their manufacturing model.
Mr. Yingkai Xu, Chairman and Chief Executive Officer of Mingteng International, remarked, "In fiscal year 2024, we made several strategic decisions, including expanding our production capacity and increasing our workforce, to adapt to evolving market dynamics and rising competition. While these initiatives resulted in higher investments and operating expenses, we achieved solid revenue growth of
As a result of scaling up our operations, our cost of revenues rose at a faster pace. However, we managed to maintain a healthy gross margin above
Fiscal Year 2024 Financial Summary
Total revenue was
Gross profit was 3.07 million in fiscal year 2024, compared to
Gross margin was
Net loss was
Basic and diluted losses per share were
Fiscal Year 2024 Financial Results
Revenues
Total revenue was
For the Year Ended December 31, | |||||||
2024 | 2023 | ||||||
($ millions) | Revenue | Cost of Revenue | Gross Margin | Revenue | Cost of Revenue | Gross Margin | |
Mold production | 6.87 | 4.86 | 29.3 % | 6.64 | 4.20 | 36.7 % | |
Mold repair | 1.10 | 0.48 | 56.5 % | 1.08 | 0.43 | 60.8 % | |
Machining services | 2.14 | 1.71 | 20.1 % | 0.50 | 0.27 | 45.2 % | |
Total | 10.12 | 7.05 | 30.3 % | 8.23 | 4.90 | 40.4 % | |
Revenue from mold production was
Revenue from mold repair was
Revenue from machining services was
Cost of Revenues
Cost of revenues was
First, in order to promote the future development of machining service and expand production capacity, Wuxi Mingteng Mould hired more production labor in fiscal year 2024, which lead to an increase of
Second, in order to pursue the future development of the aluminum alloy pressure casting mold business and machining service and expand production capacity, the total investment of production machinery and equipment was
Last, due to the expansion of sales, the production orders increased, which means the materials assumptions also increased accordingly, the assumption of materials increased by
Gross Profit and Gross Margin
Gross profit was
Gross margins for mold production, mold repair and machining services were
Operating Expenses
Operating expenses were
Selling expenses were
General and administrative expenses were
Research and development expenses were
Net Income (Loss)
Net loss was
Basic and Diluted Earnings (Losses) per Share
Basic and diluted losses per share were
Financial Condition
As of December 31, 2024, the Company had cash and cash equivalents of
Net cash provided by operating activities was
Net cash used in investing activities was
Net cash provided by financing activities was
About Mingteng International Corporation Inc.
Based 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 "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions. 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. The Company cautions investors that actual results may differ materially from the anticipated results, and encourages investors to read the risk factors contained in the Company's final prospectus and other reports its files with the SEC before making any investment decisions regarding the Company's securities. 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.
For investor and media inquiries, please contact:
Mingteng International Corporation Inc.
Investor Relations Department
Email: ir@wxmtmj.cn
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
MINGTENG INTERNATIONAL CORPORATION INC. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
As of December 31, | ||||||||
2024 | 2023 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 2,080,715 | $ | 1,056,236 | ||||
Accounts receivable, net | 4,171,809 | 3,517,632 | ||||||
Other receivables-bank acceptance notes, net | 971,044 | 471,166 | ||||||
Advances to suppliers | 122,456 | 388,110 | ||||||
Other receivables | 15,690 | 12,344 | ||||||
Inventories, net | 1,183,572 | 1,217,045 | ||||||
Contract costs, net | 96,656 | - | ||||||
Total current assets | 8,641,942 | 6,662,533 | ||||||
Non-current Assets | ||||||||
Property and equipment, net | 3,857,200 | 3,335,187 | ||||||
Intangible assets | 67,710 | - | ||||||
Operating lease right-of-use assets, net | 38,133 | - | ||||||
Deferred offering costs | - | 715,771 | ||||||
Long-term investments | 1,356,618 | - | ||||||
Total non-current assets | 5,319,661 | 4,050,958 | ||||||
Total Assets | $ | 13,961,603 | $ | 10,713,491 | ||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Short-term loans | $ | 1,391,130 | $ | 282,378 | ||||
Accounts payable | 1,276,419 | 1,053,215 | ||||||
Other payables and other current liabilities | 1,829,642 | 1,041,910 | ||||||
Advance from customers | 515,650 | 401,935 | ||||||
Amounts due to related parties | 240,166 | 240,309 | ||||||
Current portion of lease liabilities | 13,006 | - | ||||||
Total current liabilities | 5,266,013 | 3,019,747 | ||||||
Non-current Liabilities | ||||||||
Deferred tax liabilities | 221,551 | 246,893 | ||||||
Non-current portion of lease liabilities | 20,408 | - | ||||||
Total non-current liabilities | 241,959 | 246,893 | ||||||
Total liabilities | 5,507,972 | 3,266,640 | ||||||
Commitments and contingencies | ||||||||
Shareholders' Equity: | ||||||||
Ordinary shares (Par value | 68 | 50 | ||||||
Additional paid-in capital | 7,620,339 | 897,308 | ||||||
Statutory reserves | 465,572 | 465,572 | ||||||
Retained earnings | 787,211 | 6,466,293 | ||||||
Accumulated other comprehensive loss | (419,559) | (382,372) | ||||||
Total shareholders' equity | 8,453,631 | 7,446,851 | ||||||
Total Liabilities and Shareholders' Equity | $ | 13,961,603 | $ | 10,713,491 | ||||
MINGTENG INTERNATIONAL CORPORATION INC. | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2024 | 2023 | 2022 | ||||||||||
Revenues | $ | 10,120,257 | $ | 8,225,911 | $ | 8,026,764 | ||||||
Cost of revenues | (7,052,835) | (4,902,078) | (4,113,661) | |||||||||
Gross profit | 3,067,422 | 3,323,833 | 3,913,103 | |||||||||
Operating expenses: | ||||||||||||
Selling expenses | 150,418 | 153,213 | 132,542 | |||||||||
General and administrative expenses | 7,395,559 | 797,140 | 926,786 | |||||||||
Research and development expenses | 634,046 | 630,752 | 492,526 | |||||||||
Total operating expenses | 8,180,023 | 1,581,105 | 1,551,854 | |||||||||
(Loss) income from operations | (5,112,601) | 1,742,728 | 2,361,249 | |||||||||
Other income (expenses): | ||||||||||||
Government subsidies | 651,267 | 129,138 | 92,832 | |||||||||
Interest income | 1,226 | 4,459 | 2,171 | |||||||||
Interest expense | (36,769) | (59,477) | (53,991) | |||||||||
Other-than-temporary impairment | (1,121,382) | - | - | |||||||||
Other income, net | 19,183 | 34,440 | 58,311 | |||||||||
Total other income (expenses), net | (486,475) | 108,560 | 99,323 | |||||||||
(Loss) income before income taxes | (5,599,076) | 1,851,288 | 2,460,572 | |||||||||
Provision for income taxes | (80,006) | (344,586) | (327,384) | |||||||||
Net (loss) income | $ | (5,679,082) | $ | 1,506,702 | $ | 2,133,188 | ||||||
Comprehensive income (loss) | ||||||||||||
Net (loss) income | $ | (5,679,082) | $ | 1,506,702 | $ | 2,133,188 | ||||||
Foreign currency translation loss | (37,187) | (133,740) | (479,845) | |||||||||
Total comprehensive (loss) income | $ | (5,716,269) | $ | 1,372,962 | $ | 1,653,343 | ||||||
(Losses)/earnings per share | ||||||||||||
- Basic and diluted | $ | (0.97) | $ | 0.30 | $ | 0.43 | ||||||
Weighted average number of ordinary shares outstanding | ||||||||||||
- Basic and diluted | 5,884,590 | 5,000,000 | 5,000,000 | |||||||||
MINGTENG INTERNATIONAL CORPORATION INC. | ||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2024 | 2023 | 2022 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net (loss) income | $ | (5,679,082) | $ | 1,506,702 | $ | 2,133,188 | ||||||
Adjustments to reconcile net (loss) income to net cash provided by | ||||||||||||
Depreciation of property and equipment | 515,982 | 404,881 | 272,237 | |||||||||
Amortization of intangible assets | 6,213 | - | - | |||||||||
Amortization of right-of-use assets | 1,031 | 97,095 | 158,180 | |||||||||
Share-based compensation expenses | 4,408,200 | - | - | |||||||||
Impairment loss on long-term investments | 1,121,382 | - | - | |||||||||
Provision for impairment of inventory | 55,510 | 5,936 | - | |||||||||
Provision for impairment of contract costs | 11,827 | - | - | |||||||||
(Recovery) provision of credit loss | (6,650) | (5,079) | 17,606 | |||||||||
Deferred income tax | (21,916) | 254,224 | (4,304) | |||||||||
Loss on disposal of property and equipment | 24,905 | 648 | - | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | (705,865) | (1,129,372) | (489,078) | |||||||||
Other receivables-bank acceptance notes | (511,554) | 302,846 | (294,440) | |||||||||
Advances to suppliers | 196,125 | (151,983) | (223,562) | |||||||||
Other receivables | 28,631 | (35,657) | 760,209 | |||||||||
Inventories | (39,787) | (180,335) | 194,674 | |||||||||
Contract costs | (109,388) | - | - | |||||||||
Accounts payable | 75,993 | 348,641 | 224,538 | |||||||||
Advances from customers | 120,746 | 343,470 | (34,598) | |||||||||
Other payables | 7,696 | - | 50,474 | |||||||||
Payroll payable | 134,421 | (32,932) | 166,388 | |||||||||
Taxes payable | 662,925 | (269,691) | 354,593 | |||||||||
Amounts due to related parties | 3,422 | (70,819) | (348,333) | |||||||||
Change in operating lease liabilities | (5,794) | (88,586) | (85,075) | |||||||||
Net cash provided by operating activities | 294,973 | 1,299,989 | 2,852,697 | |||||||||
Cash flows from investing activities | ||||||||||||
Purchase of property and equipment | (945,918) | (761,792) | (1,439,365) | |||||||||
Purchase of intangible asset | (37,698) | - | - | |||||||||
Proceeds from disposal of property and equipment | 28,083 | - | 6,558 | |||||||||
Purchase of long-term investment | (2,478,000) | - | - | |||||||||
Net cash used in investing activities | (3,433,533) | (761,792) | (1,432,807) | |||||||||
Cash flows from financing activities | ||||||||||||
Proceeds from short-term loans | 1,404,163 | 1,419,094 | 1,709,764 | |||||||||
Shareholder contribution | - | - | 148,675 | |||||||||
Dividends | - | - | (352,123) | |||||||||
Repayment of short-term loans | (280,833) | (2,483,415) | (966,388) | |||||||||
Proceeds from initial public offering, net | 3,293,096 | - | - | |||||||||
Payments of deferred offering costs | (264,950) | (172,179) | (144,000) | |||||||||
Principal payments under finance lease obligations | - | (12,488) | (230,372) | |||||||||
Net cash provided by (used in) financing activities | 4,151,476 | (1,248,988) | 165,556 | |||||||||
Effect of foreign exchange rate change on cash and cash equivalents | 11,563 | (26,296) | (99,156) | |||||||||
Net increase (decrease) in cash and cash equivalents | 1,024,479 | (737,087) | 1,486,290 | |||||||||
Cash and cash equivalents at the beginning of the year | 1,056,236 | 1,793,323 | 307,033 | |||||||||
Cash and cash equivalents at the end of the year | $ | 2,080,715 | $ | 1,056,236 | $ | 1,793,323 | ||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Interest paid | $ | 36,769 | $ | 59,477 | $ | 101,459 | ||||||
Income taxes paid | $ | 113,108 | $ | 205,761 | $ | 53,991 | ||||||
Non-cash investing activities: | ||||||||||||
Right-of-use assets acquired under operating lease | $ | 39,526 | $ | - | $ | - | ||||||
Liabilities incurred for purchase of property and equipment | $ | 208,651 | $ | 21,257 | $ | - | ||||||
Liabilities incurred for purchase of intangible assets | $ | 36,859 | $ | - | $ | - | ||||||
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SOURCE Mingteng International Corporation Inc.
FAQ
What caused MTEN stock's net loss of $5.68 million in fiscal 2024?
How did MTEN's machining services perform in fiscal 2024?
Why did MTEN's gross margin drop to 30.3% in fiscal 2024?
What is MTEN's cash position after its 2024 IPO?
How much revenue did MTEN generate from mold production in 2024?
