Origin Agritech Ltd. announced its financial results for the fiscal year ended September 30, 2024, on February 10, 2025. The company reported revenue of $16.2 million, marking a 24.6% increase from $13 million in fiscal year 2023. This growth was primarily driven by higher volumes of corn seed sales, benefiting from improved market competitiveness.
Total operating expenses for fiscal year 2024 rose to $7.5 million, compared to $4.5 million in the prior fiscal year. General and administrative expenses increased to $5.1 million from $1.98 million, mainly due to investments in talent, systems, and professional services. Research and development expenses also increased to $1.4 million from $1.0 million, reflecting continued investment in biotechnology platforms.
Despite revenue growth, net income from continuing operations for fiscal year 2024 was $2.7 million, a decrease from $8.7 million in fiscal year 2023. This decline was attributed to a greater contribution from one-time gains from subsidiary disposals in the prior year. Net income attributable to Origin was $3.0 million, down from $7.7 million in the previous year.
The company's cash and cash equivalents decreased to $1.2 million as of September 30, 2024, from $3.3 million a year prior. Net cash used in operating activities increased to $2.1 million during fiscal year 2024, compared with $0.76 million in fiscal year 2023, primarily due to working capital investments supporting growth initiatives.
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