Planet Green Holdings Corp. reported a significant decline in its financial performance for the fiscal year ending December 31, 2024, with net revenues of $6.73 million, a decrease of 62% from $17.66 million in 2023. The company's gross profit also fell by 52% to $762,000, down from $1.58 million the previous year. This downturn was primarily attributed to a substantial drop in sales of food products, which fell from $14.32 million in 2023 to $2.04 million in 2024, largely due to the lingering effects of COVID-19 on the market. The cost of revenues decreased by 63% to $5.97 million, reflecting the overall decline in sales.
In terms of operational changes, Planet Green underwent several strategic developments, including the acquisition of multiple subsidiaries and a reverse stock split executed at a ratio of 1-for-10, effective May 31, 2024. The company disposed of its subsidiary Allinyson for $1.00, which was part of its restructuring efforts. Additionally, the company has focused on enhancing its product offerings in the consumer products and chemical sectors, particularly through its subsidiaries Shandong Yunchu and Jingshan Sanhe, which deal in beef products and ethanol fuel, respectively.
The company reported a total employee count of 62 as of December 31, 2024, with no significant disruptions in operations due to labor disputes. Planet Green's marketing strategy remains limited, with a focus on internet advertising and maintaining long-term customer relationships. The company has also emphasized the importance of its supply chain, relying on a diverse range of suppliers for its raw materials, including beef sourced from six countries.
Looking ahead, Planet Green's management expressed concerns regarding its ability to continue as a going concern, given its accumulated deficit of $148.05 million and a working capital deficit of $6.12 million. The company plans to finance its operations through cash generated from operations and potential private financings. However, there is uncertainty regarding the availability of additional capital or the ability to reduce expenditures if necessary. The management's ability to execute its business plan and generate profit will be critical for the company's future viability.
About Planet Green Holdings Corp.
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