XCHG Limited announced its unaudited financial results for the three months ended June 30, 2024, reporting revenue of $10.4 million. This represents a 13.0% increase compared to $9.2 million in the second quarter of 2023. Gross profit for the quarter also increased by 13.0% to $5.2 million, maintaining a gross margin of 50.0%.
Despite the revenue growth, the company reported a net loss of $3.0 million for Q2 2024, which is a 50.0% increase from the $2.0 million net loss in Q2 2023. The adjusted net loss also stood at $3.0 million for the quarter. These figures indicate that while top-line growth is present, profitability remains a challenge due to ongoing investments and operational expenses.
Operationally, XCharge delivered 26 Net Zero Series (NZS) chargers during the second quarter of 2024, representing substantial growth from the prior year. This brought the total NZS charger deliveries up to 51 for the first half of 2024. The company also noted the successful completion of its initial public offering in September, which raised approximately $21.5 million in gross proceeds.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.