Planet Green Holdings Corp. reported a significant decline in financial performance for the first quarter of 2025, with net revenues of $840,333, down 44% from $1,504,127 in the same period of 2024. The company's gross profit also decreased to $54,853, compared to $352,913 a year earlier. Operating expenses totaled $771,681, a reduction from $934,568 in the previous year, primarily due to lower general and administrative expenses. The company recorded an operating loss of $716,828, compared to a loss of $581,655 in the first quarter of 2024, leading to a net loss of $796,902, down from $1,080,904 in the prior year.
The financial results reflect a strategic shift as Planet Green continues to navigate a challenging market environment. The company has seen a notable increase in current liabilities, which rose to $14,749,010 from $13,312,118 at the end of 2024, largely due to an increase in loans. Cash and restricted cash improved significantly, reaching $1,146,802 compared to $349,015 a year earlier, indicating a stronger liquidity position despite ongoing losses. The accumulated deficit also increased to $148,850,555 as of March 31, 2025.
Operationally, Planet Green has made several strategic decisions, including the termination of variable interest entity agreements with Jilin Chuangyuan Chemical Co., Ltd., which resulted in a gain from disposal of $239,292. The company has also disposed of its subsidiary, Allinyson Ltd., leading to a gain of $355,517. These actions are part of a broader strategy to streamline operations and focus on core business areas. The company continues to maintain a workforce of 7,282,714 shares outstanding, with no changes in employee headcount reported.
Looking ahead, Planet Green Holdings Corp. faces substantial challenges, including a working capital deficit of $6,688,448 and a reliance on private placements or related party funding to sustain operations. Management has expressed concerns regarding the company's ability to continue as a going concern, emphasizing the need to execute a viable business plan to generate profit. The company’s future performance will depend on its ability to adapt to market conditions and effectively manage its financial resources.
About Planet Green Holdings Corp.
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