Summary by Moomoo AI
Agape ATP Corporation reported Q2 2024 revenue of $313,039, representing a 3% increase from $303,935 in Q2 2023. The growth was driven by a 33.1% increase in complementary health therapies revenue to $230,536, which offset a 67.7% decline in network marketing business revenue due to limited product range availability.Gross profit margin decreased to 61.8% from 64.5% year-over-year, while operating expenses increased 16.5% to $647,146, primarily due to higher general and administrative expenses from director compensation and Nasdaq listing fees. The company recorded other income of $31,110 compared to expenses of $22,355 in the prior year period.Net loss widened to $432,315 from $379,449 in Q2 2023. As of June 30, 2024, the company maintained a strong liquidity position with $3.16 million in cash and cash equivalents, though down from $4.83 million at year-end 2023. Management continues to focus on expanding its complementary health therapies business while working to address challenges in the network marketing segment.
