Nocera, Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with net sales of approximately $17.01 million, down from $23.9 million in 2023. The company incurred a net loss of $2.39 million, compared to a loss of $4.16 million in the previous year. This reduction in losses is attributed to a decrease in general and administrative expenses, which fell from $2.35 million in 2023 to $2.13 million in 2024. The gross profit for the year was approximately $334,261, an increase from $194,959 in 2023, indicating improved operational efficiency despite lower sales.
The company underwent several strategic changes during the reporting period, including the acquisition of SY Culture and Xinca, aimed at enhancing its market position and broadening its product offerings. Nocera also shifted its focus from general construction services to fish farming and trading, which is expected to drive future revenue growth. The company has ceased operations in China and is now concentrating on expanding its business in Taiwan and the Americas, with plans to develop land-based fish farms.
Operationally, Nocera's fish trading business saw a decrease in volume from 1,083 tons in 2023 to 770 tons in 2024, although the average selling price of eels increased from $13.79 to $15.31 per kilogram. The catering business also faced challenges, with a decline in the number of bento boxes sold and a decrease in the average price per box. The company is actively working to diversify its product offerings and enhance its sales channels to mitigate these challenges.
As of December 31, 2024, Nocera had a total of 22 employees and reported an accumulated deficit of $21.24 million. The company is currently facing liquidity challenges, with cash balances of approximately $484,161. Management has expressed concerns about its ability to continue as a going concern, emphasizing the need for additional capital to support operations and growth initiatives. The company plans to raise approximately $40 million through equity issuance and debt financing to fund its strategic objectives, including the establishment of fish farming demo sites in the U.S., Japan, and Thailand.
Looking ahead, Nocera anticipates that ongoing challenges in the aquaculture market, including limited eel fry availability and the impact of natural disasters, may continue to affect its operating results. The company is focused on optimizing management expenses and enhancing profit margins to achieve profitability in the future.
About NOCERA, INC.
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