Welcome to our dedicated page for Wetouch Technology news (Ticker: WETH), a resource for investors and traders seeking the latest updates and insights on Wetouch Technology stock.
Wetouch Technology Inc. develops, manufactures, sells and services medium- to large-sized projected capacitive touchscreens and related touch display products. Its updates commonly cover financial results, product mix, China and overseas sales trends, cash and stockholders' equity, and demand across smart cockpit and in-vehicle HMI, self-service and point-of-sale terminals, gaming and lottery machines, medical devices, industrial automation, robotics and other specialized applications.
Company news also includes technology and market expansion developments, including curved touchscreen and optical bonding capabilities, large-size touch display production, regional offices, and supply relationships for industrial HMI and automation products.
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Wetouch Technology Inc. (OTC: WETH) has completed 80% of its new production facility in Chengdu, China. The facility, covering nearly 20 acres, is expected to enhance production capacity to meet growing demand from top clients like Siemens and Canon. Wetouch plans to invest a total of RMB96 million for the facility and automated production lines, aiming for mass production in Q1 2023. The CEO forecasts potential annual sales of over RMB1 billion and net income exceeding RMB200 million once operational.
Wetouch Technology Inc. (OTC: WETH) has announced its financial guidance for fiscal 2022, anticipating stable revenue between $36.0 million and $44.0 million and a net income of $9.0 million to $11.0 million. Despite the ongoing challenges posed by the COVID-19 pandemic and global supply chain issues, the company reports strong demand for its medium to large projected capacitive touchscreens used in various sectors, including automotive and financial services. Wetouch has received significant purchase orders from clients in Germany and Japan, reflecting its robust market position.
Wetouch Technology Inc. (OTCQB: WETH) reported impressive second-quarter results for 2021, showcasing a 186.8% revenue increase to $15.2 million and a net income rise of 155.0% to $5.1 million. Gross profit reached $7.9 million, up 192.6%, with a gross margin of 51.9%. The company shipped 711,548 units, a 145.6% increase from the previous year. Cash and cash equivalents totaled $52.6 million, enhancing operational stability. The growth is attributed to strong domestic and international sales as well as a shift towards higher-margin products.
Wetouch Technology Inc. (OTCQB: WETH) reported a remarkable growth in its first quarter of 2021, with revenues increasing by 202.3% to $10.7 million compared to $3.5 million in Q1 2020. The net income surged by 563.9% to $8.4 million, aided by a one-time asset disposal gain of $7.6 million. Gross profit rose 197.5% to $5.1 million, leading to a gross margin of 48.4%. Cash at the end of the quarter stood at $54.5 million, up from $24.0 million at year-end 2020. Units sold increased by 178.3% to 499,796 touchscreens, reflecting strong market demand.