Agape ATP Corporation reported its financial results for the third quarter and nine months ended September 30, 2024, revealing significant declines in revenue and profitability compared to the previous fiscal period.
For Q3 2024, the company generated revenue of $331,289, a decrease from $355,314 in Q3 2023. Year-to-date (YTD) revenue also fell to $962,971 from $1,040,017 in the same period last year. Gross profit for Q3 2024 was $184,185, down from $234,728 in Q3 2023, while YTD gross profit decreased to $581,166 from $683,142. The company reported a loss from operations of $(548,110) for Q3 2024, compared to $(317,078) in Q3 2023, and a YTD loss from operations of $(1,725,234), up from $(1,130,495) in the prior year.
Net loss for Q3 2024 was $(524,039), compared to $(324,735) in Q3 2023, with a YTD net loss of $(1,659,449), significantly higher than $(1,138,259) in the same period last year. The loss per share increased to $(0.13) from $(0.09) in Q3 2023.
On the balance sheet, total current assets decreased to $3,399,235 as of September 30, 2024, down from $5,185,152 at the end of 2023. Total assets also fell to $3,963,694 from $5,744,494. Total liabilities decreased to $1,200,069 from $1,363,631, while total stockholders' equity declined to $2,747,613 from $4,369,084.
The company’s cash position showed a decrease in cash and cash equivalents, which fell by $(2,113,427) for the nine months ended September 30, 2024, compared to $(1,126,771) in the same period of 2023. Net cash used in operating activities also increased to $(2,080,880) from $(995,706).
Strategically, Agape ATP Corporation continues to focus on the health and wellness industry, with key product lines including the ATP Zeta Health Program and various dermal solutions. The company has also been diversifying into renewable energy initiatives. Recent developments include the increase of ordinary shares and the formation of ATPC Exim, although the latter's development has been halted without impacting operations.
Overall, Agape ATP Corporation's financial performance reflects challenges in revenue generation and increased operational losses, alongside a strategic focus on health and wellness products and renewable energy initiatives.
About Agape ATP Corp
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