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.
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.
Wetouch Technology Inc. (OTC: WETH) has successfully completed the application process for quotation on the OTCQB, enhancing its visibility to a broader range of U.S. investors. Trading began on March 29, 2021. Mr. Guangde Cai highlighted that this up-listing is expected to improve liquidity and provide a transparent trading platform. Shareholders will automatically transition from the OTC Pink Open Market to the OTCQB. The OTCQB marketplace requires companies to fulfill specific disclosure obligations and pass key standards to ensure a high-quality trading experience.
Wetouch Technology Inc. (OTC: WETH) announced a $17.7 million compensation from Sichuan Renshou Shigao Tianfu Investment Co., Ltd for relocating its operations to Chengdu, China. The compensation, consisting of RMB115.2 million, includes the appraised value of its property and a 15% relocation bonus. Wetouch will begin leasing back its old property at RMB300,000 per month until December 2021. The company plans to construct new facilities in Chengdu, aiming for completion by the end of 2021, which is expected to enhance operational efficiency and support future expansion.