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Focus Universal | 10-Q: Q3 2024 Earnings Report

Focus Universal | 10-Q: Q3 2024 Earnings Report

Focus Universal | 10-Q:2024财年三季报
美股SEC公告 ·  2024/11/07 06:03

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Focus Universal reported Q3 2024 financial results with revenue of $74,215 and net income of $1.4 million, primarily driven by a $3.2 million gain from property sale. The company's gross profit improved to $31,685 compared to $27,468 in Q3 2023, benefiting from higher-margin LED product sales. Operating expenses increased to $1.8 million from $1.1 million year-over-year.The company strengthened its balance sheet by completing the sale of its warehouse property for $7.5 million in July 2024, providing additional working capital. Focus Universal also raised $2.4 million through a registered direct offering and private placement of common stock in September 2024, issuing a total of 8.05 million shares.Management continues to advance its IoT and smart technology initiatives, including the development of automated SEC financial reporting software planned for commercialization in Q4 2024 or Q1 2025. The company has expanded its patent portfolio to 9 issued U.S. patents and 18 pending applications, while discontinuing its AT Tech Systems operations in August 2024 to streamline operations.
Focus Universal reported Q3 2024 financial results with revenue of $74,215 and net income of $1.4 million, primarily driven by a $3.2 million gain from property sale. The company's gross profit improved to $31,685 compared to $27,468 in Q3 2023, benefiting from higher-margin LED product sales. Operating expenses increased to $1.8 million from $1.1 million year-over-year.The company strengthened its balance sheet by completing the sale of its warehouse property for $7.5 million in July 2024, providing additional working capital. Focus Universal also raised $2.4 million through a registered direct offering and private placement of common stock in September 2024, issuing a total of 8.05 million shares.Management continues to advance its IoT and smart technology initiatives, including the development of automated SEC financial reporting software planned for commercialization in Q4 2024 or Q1 2025. The company has expanded its patent portfolio to 9 issued U.S. patents and 18 pending applications, while discontinuing its AT Tech Systems operations in August 2024 to streamline operations.
Focus Universal发布了2024年第三季度的财务业绩,营业收入为74,215美元,净利润为140万,主要得益于320万的物业销售收益。公司毛利润改善至31,685美元,相较于2023年第三季度的27,468美元,得益于高利润率LED产品的销售。营业费用同比增加至180万,较上年的110万有所上升。该公司通过于2024年7月成功出售其仓库物业获得750万的资金,进一步增强了资产负债表,提供了额外的流动资金。Focus Universal还通过登记直接发行和定向增发普通股在2024年9月筹集了240万,发行了总计805万股。管理层继续推进其物联网和智能科技的倡议,包括计划于2024年第4季度或2025年第1季度商业化的自动化SEC财务报告软件的开发。公司已将其专利组合扩展至9项已发放的美国专利和18项待审申请,同时于2024年8月停产其At Tech Systems业务,以简化运营。
Focus Universal发布了2024年第三季度的财务业绩,营业收入为74,215美元,净利润为140万,主要得益于320万的物业销售收益。公司毛利润改善至31,685美元,相较于2023年第三季度的27,468美元,得益于高利润率LED产品的销售。营业费用同比增加至180万,较上年的110万有所上升。该公司通过于2024年7月成功出售其仓库物业获得750万的资金,进一步增强了资产负债表,提供了额外的流动资金。Focus Universal还通过登记直接发行和定向增发普通股在2024年9月筹集了240万,发行了总计805万股。管理层继续推进其物联网和智能科技的倡议,包括计划于2024年第4季度或2025年第1季度商业化的自动化SEC财务报告软件的开发。公司已将其专利组合扩展至9项已发放的美国专利和18项待审申请,同时于2024年8月停产其At Tech Systems业务,以简化运营。
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