Agape ATP Corporation reported a revenue of $1.32 million for the fiscal year ending December 31, 2024, a decrease of approximately 7.6% from $1.43 million in the previous year. The company experienced a significant decline in revenue from its network marketing business, which fell by 65.4% to $137,050, while revenue from complementary health therapies increased by 8.5% to $1.12 million. The overall gross profit also decreased by 18.9%, amounting to $759,148, with a gross margin of 57.4%, down from 65.4% in 2023. The net loss attributable to Agape ATP Corporation widened to $2.47 million, compared to a loss of $2.10 million in the prior year.
The company has undergone strategic changes, including a shift in focus from its network marketing business to new revenue streams in wellness and green energy. This transition is part of Agape's broader strategy to diversify its income sources and restore growth. The introduction of new products and services in the wellness sector and the establishment of a green energy division are expected to enhance the company's market presence. Additionally, Agape ATP Corporation has incorporated new subsidiaries, including ATPC Technology Private Limited in China, aimed at developing a digital wellness platform.
Operationally, Agape ATP Corporation reported a total of 128,658 members and distributors as of December 31, 2024, with 56,465 distributors and 72,193 members. The company has also expanded its geographic footprint, with operations in Malaysia and Hong Kong, and is exploring opportunities in the ASEAN market. However, the company faced challenges in maintaining its customer base and product adoption rates, particularly in its network marketing segment, which has been impacted by a limited product range.
The filing highlights several risks and uncertainties that could affect future performance, including reliance on major suppliers, changes in consumer preferences, and the competitive landscape in the health and wellness industry. Agape ATP Corporation has acknowledged material weaknesses in its internal controls over financial reporting, which management is addressing through hiring and training initiatives. Looking ahead, the company aims to enhance its operational efficiency and financial performance while navigating the evolving market conditions.
About Agape ATP Corp
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