GULF RESOURCES, INC. (GURE) SEC Filings

Gulf Resources, Inc. (GURE) reported higher net revenue but continued losses for the quarter ended March 31, 2026. Net revenue rose to $2.37 million from $1.60 million a year earlier, mainly from the bromine and crude salt segments, while the chemical products segment had no revenue.

The company recorded a net loss of $3.93 million, an improvement from a $4.63 million loss in 2025, as operating loss narrowed and foreign currency translation produced other comprehensive income. Total assets were $132.8 million and stockholders’ equity $109.9 million, reflecting a largely equity-funded balance sheet.

Operating cash flow turned positive at $1.09 million versus an outflow previously, aided by non‑cash depreciation and working capital movements. Cash increased sharply to $6.54 million, helped by $5.03 million of loan repayments from third parties and $0.28 million from private placement units, while short‑term bank borrowing increased and one bank loan principal became past due.

Gulf Resources, Inc. (GURE) reported that it received a Nasdaq notice on August 24, 2026 stating it is not in compliance with Nasdaq Listing Rule 5250(c)(1) because it did not timely file its Form 10-Q for the quarter ended June 30, 2026. The company had previously been granted an exception until August 31, 2026 to file its delinquent Form 10-Q for the quarter ended March 31, 2026. Gulf Resources filed its Form 10-K for the year ended December 31, 2025 on August 17, 2026, but remains delinquent on its Q1 2026 and Q2 2026 Forms 10-Q. Nasdaq’s notice currently has no immediate effect on the listing or trading of the company’s common stock, but requires Gulf Resources to submit an updated plan to regain compliance, including its plan to file the Q2 2026 Form 10-Q and progress under its original plan.

Gulf Resources, Inc. (GURE) announced an international expansion plan centered on a Strategic Cooperation Agreement with Brazilian mining company Montes Verdes Participacoes Ltda., entered into on August 20, 2026. The parties plan to form a joint venture that combines Montes Verdes’ gold, manganese, lithium, bromine, rare-earth and agricultural resource base with Gulf’s extraction and production technology.

Under the agreement, Montes Verdes guarantees that 2027 sales revenue consolidated into Gulf’s listed-company system will be at least $180 million, with no less than 20% annual sales growth in each of the following five years. If the 2027 target is met and profitability is at or above industry levels, additional Gulf shares may be issued based on the average price-to-earnings ratio for the relevant year, which could tie equity issuance to performance. Management states that this cooperation is intended to broaden overseas profit channels, generate cash flows outside China, and enhance shareholder value.

The disclosure also notes risks, including Gulf Resources’ need to respond satisfactorily to Nasdaq inquiries and to become current with SEC reporting, with a stated risk that completing and filing its Form 10‑K could take longer than expected. The company includes extensive forward‑looking statement cautions referencing economic conditions in China, product demand, competition, and other operational uncertainties.

Gulf Resources, Inc. (GURE) files Amendment No. 2 to its Form 10‑K for the year ended December 31, 2024 to expand disclosures requested by the SEC, mainly on PRC regulatory developments, government oversight, risk factors, financial statement notes, and internal controls. The amendment includes a revised auditor report and multiple updated footnotes.

The company operates entirely in China through four wholly owned PRC subsidiaries, producing bromine, crude salt, chemical products and natural gas. As of April 10, 2025, there were 11,346,618 common shares outstanding, and as of June 30, 2024 non‑affiliate equity market value was about $8.0 million.

In 2024 the subsidiary SHSI agreed to acquire over 5.1 million m² of crude salt fields from five local counterparties for an aggregate consideration exceeding RMB 270 million, with 80% paid in cash and the remaining portions payable in a mix of cash and GURE shares priced at $1.50 using a fixed FX rate. The company continues a multi‑year, approximately $69 million relocation and rebuild of its chemical plant, with $45.6 million incurred to date, and notes ongoing PRC regulatory uncertainty, HFCAA‑related audit inspection risk, and a Nasdaq minimum bid price deficiency that must be cured by May 5, 2025.

Gulf Resources, Inc. is a Nevada holding company operating entirely through PRC subsidiaries that manufacture and trade bromine, crude salt, and chemical products, with historical sales only in China. Operations are highly dependent on government licenses for bromine and crude salt and are concentrated in Shandong Province.

Recent actions include the completed sale of 100% of Shouguang Yuxin Chemical for RMB 21.2 million, a seasonal government-mandated shutdown of bromine operations in Shouguang from December 2025 to late February 2026, and private placements in early 2026 that together represented about 18% of the company’s shares outstanding as of December 31, 2025. The company has invested about $45.6 million toward a planned new chemical facility with an estimated total relocation cost of $69 million.

The company faces significant regulatory and listing risks. It plans to restate prior financial statements to reclassify certain buildings as right-of-use assets, has deemed affected prior filings unreliable, and is late on its 2025 annual and Q1 2026 reports, operating under a Nasdaq exception requiring all delinquent reports be filed by August 31, 2026. Operations are also exposed to evolving PRC regulations on environmental protection, resource extraction, overseas listings and data/confidentiality, as well as potential U.S. trading restrictions under the Holding Foreign Companies Accountable Act.

Gulf Resources, Inc. has submitted a notification of late filing for its Form 10-Q for the quarter ended June 30, 2026. The company states it needs additional time to finalize its financial statements and related footnote disclosures. It expects to file the Form 10-Q as soon as possible and no later than the fifth calendar day after the prescribed due date under Rule 12b-25.

Gulf Resources, Inc. filed Amendment No. 1 to its annual report for the year ended December 31, 2024, expanding disclosures on PRC regulatory developments, government oversight, risk factors, financial statements and internal controls in response to multiple SEC comment letters.

The company describes operations in China across bromine, crude salt, chemicals and natural gas, highlights ongoing relocation of its chemical plant to Bohai Marine Fine Chemical Industrial Park with an estimated relocation cost of about $69 million, and notes crude salt field acquisition agreements in Shandong with long-term land-use rights and partial consideration in common stock.

As of June 30, 2024, non‑affiliate equity market value was about $8.0 million, and 11,346,618 shares of common stock were outstanding as of April 10, 2025. Gulf Resources outlines legal and operational risks from evolving PRC oversight of overseas-listed issuers, potential impacts of the Holding Foreign Companies Accountable Act, restrictions on cash transfers and dividends, and its current Nasdaq minimum bid-price deficiency, which could ultimately lead to delisting if not cured.

Gulf Resources, Inc. disclosed that Nasdaq accepted its plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) and granted additional time to catch up on required SEC reports. The company remains delinquent in filing its Form 10-K for the year ended December 31, 2025 and its Form 10-Q for the quarter ended March 31, 2026.

The notice states that Gulf Resources must file these delinquent reports by the extended deadlines to demonstrate compliance. If it does not, Nasdaq staff may move to delist the company’s common stock. For now, the deficiency and extension notices do not affect the current listing or trading of the shares, while the company works under a Compliance Plan and warns there is no assurance it will successfully regain full compliance.

Gulf Resources, Inc. determined on June 1, 2026 that it will amend its fiscal year 2024 Form 10-K and its Form 10-Qs for the first, second and third quarters of 2025 to restate certain disclosures. The changes will revise the prior treatment of buildings without ownership certificates, which had been recorded as fixed assets, and instead classify them as right-of-use assets under ASC 842 based on lease agreements. As a result, the financial statements in fiscal years 2023 and 2024 and the quarterly and year-to-date periods in Q1, Q2 and Q3 2025 should no longer be relied upon. The company has delayed filing its fiscal year 2025 Form 10-K and its Form 10-Q for the quarter ended March 31, 2026 and has submitted a Form 12b-25 notice of late filing. Management is evaluating remediation measures, working to strengthen internal controls around financial reporting, and has discussed these matters with its independent auditor, GGF CPA LTD.