INNO Holdings Inc. (INHD) reported its financial performance for the quarter ended March 31, 2024. The company saw a 107% increase in quarterly revenue to $183,196 compared to $88,613 in the same period last year. However, the six-month revenue experienced a 12% decrease to $349,813 from $397,614 year-over-year. Operating loss widened to $1,234,102 for the quarter, up from $571,514 in the previous year, and to $2,043,698 for the six-month period, compared to $1,424,045 year-over-year. The net loss for the quarter was $1,093,927, an increase from $588,895 in the prior year, and $1,911,191 for the six months, up from $1,459,923. The company attributes the increased losses to higher costs of materials and labor, selling, general and administrative expenses, and bad debt expense, despite increased revenue. INNO Holdings also highlighted its business...Show More

INNO Holdings Inc. (INHD) reported its financial performance for the quarter ended March 31, 2024. The company saw a 107% increase in quarterly revenue to $183,196 compared to $88,613 in the same period last year. However, the six-month revenue experienced a 12% decrease to $349,813 from $397,614 year-over-year. Operating loss widened to $1,234,102 for the quarter, up from $571,514 in the previous year, and to $2,043,698 for the six-month period, compared to $1,424,045 year-over-year. The net loss for the quarter was $1,093,927, an increase from $588,895 in the prior year, and $1,911,191 for the six months, up from $1,459,923. The company attributes the increased losses to higher costs of materials and labor, selling, general and administrative expenses, and bad debt expense, despite increased revenue. INNO Holdings also highlighted its business development, including the completion of three projects in the quarter and the signing of contracts with an estimated backlog of $14 to $19 million. The company's future plans involve strengthening financial reporting functions, improving production capacity, and exploring new business opportunities with larger customers. INNO Holdings is actively monitoring its stock price to regain compliance with Nasdaq's minimum bid price requirement after receiving a notice for falling below $1.00 per share for 30 consecutive business days.