Li Bang International Corporation Inc. announced its financial results for the fiscal year ended June 30, 2024, on November 8, 2024. The company reported total revenue of $10.8 million for fiscal year 2024, marking a 22.9% decrease from $14.0 million in fiscal year 2023.
The company experienced a significant reduction in profitability, with gross profit decreasing by 53.0% to $2.7 million from $5.8 million in the prior fiscal year. This resulted in a gross profit margin of 25.1% for fiscal year 2024, down from 41.1% in fiscal year 2023.
Li Bang International recorded a net loss of $1.4 million for fiscal year 2024, a reversal from the net income of $0.6 million reported in fiscal year 2023. Basic and diluted loss per share stood at $0.08, compared to earnings per share of $0.04 in the previous fiscal year. Net cash used in operating activities was $646,479 in fiscal year 2024.
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