Future FinTech Group Inc. Releases Q2 2024 10-Q Report

Future FinTech Group Inc., a company transitioning from fruit juice manufacturing to financial technology services, has released its Form 10-Q report for the second quarter of 2024. The report highlights significant financial and operational developments as the company continues to execute its new business strategy.

Financial Highlights

• Revenue: $9.33 million, reflecting an increase from $7.09 million in the same period last year, driven by growth in asset management services and supply chain financing.
• Gross Profit: $3.55 million, up from $2.44 million, indicating improved cost management and higher sales volume.
• Loss from Operations: $(4.24) million, compared to $(2.76) million, due to increased general and administrative expenses.
• Net Loss: $(5.12) million, compared to $(3.79) million, impacted by higher operating expenses and other net expenses.
• Basic Loss per Share from Continued Operation: $(0.29), compared to $(0.24), reflecting the increased net loss.

Business Highlights

• Revenue Segments: The company operates in three main segments: supply chain financing/trading, asset management service, and others. The supply chain financing/trading segment reported revenue of $506,438 for the six months ended June 30, 2024, while the asset management service segment generated $8,164,923. The 'others' category contributed $654,494 to the total revenue.
• Geographical Performance: The company's operations are primarily conducted by its subsidiaries in the PRC and Hong Kong. The business transformation from fruit juice manufacturing to financial technology services has been influenced by increased production costs and environmental regulations in China.
• Sales Units: The company has expanded its supply chain financing and trading services to include coal, aluminum ingots, sand, and steel. This expansion is part of the company's strategy to diversify its product offerings and enhance its market presence.
• Future Outlook: The company is focused on executing its new business strategy to attain profitable operations. It has raised funds through the issuance of convertible notes and common stock to support this strategy. The company is also exploring opportunities in cryptocurrency mining and brokerage services in Hong Kong.

SEC Filing: Future FinTech Group Inc. Releases Q2 2024 [ NASDAQ:FTFT ] - 10-Q - Aug. 19, 2024