Business News

Business new tamfitronics PUBLISHED ONSeptember 09, 2024 9:30 PMFinancial Highlights (all results compared to the prior fiscal year period unless otherwise noted)Revenues were $8.6 millionan increase of 66.1%Units sold of e-bicycle reached 4,766, a decrease of 76.7%Units sold of batteries and battery packs reached 243,336, an increase of 2614.6%Gross margin was 5.7%, compared with 3.5%Net loss was $4.7 millioncompared with $5.0 millionThe Company has cash and cash equivalentsof approximately $0.7 million at March 31, 2024compared to approximately $17.3 million at September 30, 2023Management CommentaryDuring the six months ending on March 31, 2024due to the continuous decline in upstream raw materials price of lithium batteries, the penetration rate of lithium batteries in the e-bicycle industry gradually increased, and the sales volume of lithium batteries through various channels expanded significantly. The Company's management promptly seized this opportunity...