Verde Resources, Inc. reported a net loss of $2.69 million for the three months ending December 31, 2024, compared to a loss of $526,338 for the same period in 2023. Revenue for the quarter decreased significantly to $2,423 from $5,192 year-over-year. For the six-month period ending December 31, 2024, the company generated $127,993 in revenue, a substantial decline from $7,774 in the prior year. The gross loss for the six months was $68,845, contrasting with a gross loss of $131,587 in the previous year, indicating some improvement in cost management despite the drop in revenue.
The company has undergone significant strategic changes, including the discontinuation of its mining operations and the termination of its distribution of THC-free cannabinoid products. This shift aligns with Verde's focus on renewable energy and sustainable development, particularly through its innovative Biochar-Asphalt technology. In December 2024, Verde successfully demonstrated this technology at the National Center for Asphalt Technology (NCAT) test track, achieving a 50% increase in installation efficiency and generating carbon removal credits, marking a significant milestone in its sustainability efforts.
Operationally, Verde Resources has seen changes in its asset structure, with total assets decreasing to $39.75 million as of December 31, 2024, down from $40.16 million at the end of June 2024. The company’s cash and cash equivalents increased to $892,000 from $279,137, reflecting improved liquidity. However, the accumulated deficit rose to $15.82 million, highlighting ongoing financial challenges. The company’s employee headcount remains stable, with no significant changes reported in staffing levels.
Looking ahead, Verde Resources is optimistic about its future prospects, particularly with the anticipated commercialization of its Biochar-Asphalt technology in collaboration with CRH Ventures. The company is also engaging AUM, an investor relations firm, to assist in its potential uplisting to Nasdaq, which it believes will enhance its market credibility and access to capital. However, the company acknowledges that its ability to continue as a going concern is contingent upon successfully validating its net zero road construction blueprint and generating revenue through various channels, including carbon credits and product sales.
About VERDE RESOURCES, INC.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.