HONG KONG, June 20, 2025 /PRNewswire/ -- ICZOOM Group Inc. (Nasdaq: IZM) (the "Company" or "ICZOOM"), a B2B electronic component products e-commerce platform, announced its unaudited financial results for the six months ended December 31, 2024, on June 18, 2025.
Amidst a continuously evolving market environment, ICZOOM executed effectively in line with its initial expectation. ICZOOM achieved positive revenue growth with total revenue increased by 3.0% from $87,720,553 for the six months ended December 31, 2023 to $90,340,640 for the six months ended December 31, 2024. ICZOOM successfully turned a profit, with diluted earnings per share (EPS) reaching USD $0.07 for the six months ended December 31, 2024, increased from a loss of USD 0.07 per share for the six months ended December 31, 2023.
For the six months ended December
31,
---------- ------------------------------------------ --------------- -----
2024 2023
(Unaudited) (Unaudited) Variances
% of total % of total
Amount revenue Amount revenue Amount %
Revenues
Sales of
electronic
components $89,068,580 98.6% $86,329,512 98.4% $ 2,739,068 3.2%
Service
commission
fee 1,272,060 1.4% 1,391,041 1.6% (118,981) (8.6)%
---------- ----- ---------- ----- --------------- -----
Total
revenue $90,340,640 100.0% $87,720,553 100.0% $ 2,620,087 3.0%
========== ===== ========== ===== =============== =====
For the six months ended
December 31,
----------------------------
Note 2024 2023
EARNINGS/(LOSS) PER
ORDINARY SHARE:
-- BASIC $ 0.07 $ (0.07)
========= =============
-- DILUTED $ 0.07 $ (0.07)
--------- -------------
Ms. Duanrong Liu, the Co-Founder and Chief Operating Officer of ICZOOM, highlighted that ICZOOM's positive performance during the six months ended December 31, 2024 is primarily attributable to the increased stock-keeping unit ("SKUs") and new customers, which increased by 7.3% from 8,373 different products for the six months ended December 31, 2023 to 8,986 different products for the six months ended December 31, 2024, as well as the number of new customers rose by 16 or 15.1% from 106 as of December 31, 2023 to 122 as of December 31, 2024.
For the six months ended December 31,
---------------------------------------------
2024 2023
(Unaudited) (Unaudited) Variances %
------------ ----------- --------- -------
Stock-keeping unit
(SKU) available for
sale-Semiconductor 7,801 6,955 846 12.2%
Stock-keeping unit
(SKU) available for
sale-Equipment and
tools 1,185 1,418 (233) (16.4)%
----------- ----------- --------- -------
Total SKUs 8,986 8,373 613 7.3%
----------- ----------- --------- -------
Besides the changes on the financial statements, Ms. Liu also stated that the company's development is closely linked to the growth of China's automotive electronics industry.
According to the 2025-2030 Development Status and Investment Strategy Research Report on China's Automotive Electronics Industry released by the CCID Industry Research Institute, the size of China's automotive electronics market reached approximately RMB 1.22 trillion (approximately $ 171.83 billion) in 2024, representing a growth of 10.95% compared to the previous year.
Please refer to the Company's unaudited interim financial results, that can be found at http://ir.iczoomex.com/index.html. The company uses its website as a tool to disclose important information about the Company and to comply with its disclosure obligations under Regulation Fair Disclosure.
About ICZOOM Group Inc.
ICZOOM Group Inc. (Nasdaq: IZM) is primarily engaged in sales of electronic component products to customers in Hong Kong and mainland China through its B2B e-commerce platform. These products are primarily used by China based small and medium-sized enterprises ("SMEs") in the consumer electronic industry, Internet of Things ("IoT"), automotive electronics and industry control segments. By utilizing latest technologies, the Company's platform collects, optimizes and presents product offering information from suppliers of all sizes, all transparent and available to its SME customers to compare and select. In addition to the sales of electronic component products, the Company also provides services to customers such as temporary warehousing, logistic and shipping, and customs clearance. For more information, please visit the Company's website:
http://ir.iczoomex.com/index.html.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "should," "will," "could" and similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.
ICZOOM GROUP INC. AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, June 30,
2024 2024
Note (Unaudited) (Audited)
-----------
ASSETS
CURRENT ASSETS:
Cash $ 1,143,940 $ 2,453,728
Restricted cash 4,531,918 3,031,232
Notes receivable 6,595 3,071
Accounts receivable 3 33,649,619 28,297,491
Inventories, net 4 1,093,582 339,286
Advances to suppliers 5 982,134 4,022,696
Prepaid expenses and other
current assets 7 3,186,205 984,563
---
TOTAL CURRENT ASSETS 44,593,993 39,132,067
--- ----------- -------------
Property and equipment, net 8 76,357 123,295
Right-of-use assets, net 10 77,523 379,101
Intangible assets, net 9 146,473 204,033
Other non-current assets 7,097 1,448
Deferred tax assets 13 37,802 135,098
---
TOTAL NON-CURRENT ASSETS 345,252 842,975
--- ----------- -------------
TOTAL ASSETS $ 44,939,245 $ 39,975,042
---
LIABILITIES AND SHAREHOLDERS'
EQUITY
CURRENT LIABILITIES:
Short-term bank loans, net 11 $ 10,681,158 $ 10,211,264
Notes payable 11 - 1,543,465
Accounts payable 12 10,627,849 5,263,945
Contract liabilities 2,700,821 3,037,609
Due to related parties 14 1,662,294 474,544
Taxes payable 13 3,147,148 3,251,484
Lease liabilities 10 96,690 408,001
Accrued expenses and other
current liabilities 510,823 404,016
---
TOTAL CURRENT LIABILITIES 29,426,783 24,594,328
TOTAL LIABILITIES 29,426,783 24,594,328
---
COMMITMENTS AND CONTINGENCIES 18
SHAREHOLDERS' EQUITY
Class A shares, 30,000,000
shares authorized US$0.16 par
value, 7,902,495 shares issued
and
outstanding and 7,171,858
shares issued and outstanding
as of December 31, 2024 and
June 30,
2024, respectively; 16 1,264,399 1,147,497
Class B shares, 5,000,000
shares authorized US$0.16 par
value, 3,829,500 shares issued
and
outstanding as of December 31,
2024 and June 30, 2024 16 612,720 612,720
Additional paid-in capital 19,956,956 19,956,956
Statutory reserve 16 624,097 624,097
Accumulated deficit (6,825,655) (7,606,597)
Accumulated other
comprehensive (loss)/ income (120,055) 646,041
---
TOTAL SHAREHOLDERS' EQUITY 15,512,462 15,380,714
--- ----------- -------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 44,939,245 $ 39,975,042
=== =========== =============
ICZOOM GROUP INC. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) (UNAUDITED)
For the six months ended
December 31,
Note 2024 2023
------ ---------------- -----------
Revenue, net
Sales of electronic
components $ 89,068,580 $ 86,329,512
Service commission
fees 1,272,060 1,391,041
---------------- -----------
Total revenue, net 90,340,640 87,720,553
Cost of revenue 87,381,979 85,533,907
---------------- -----------
Gross profit 2,958,661 2,186,646
---------------- -----------
OPERATING EXPENSES
Selling expenses 799,330 776,007
General and
administrative
expenses 1,634,197 1,523,002
---------------- -----------
Total operating
expenses 2,433,527 2,299,009
---------------- -----------
INCOME/(LOSS) FROM
OPERATIONS 525,134 (112,363)
---------------- -----------
OTHER INCOME
(EXPENSES)
Foreign exchange
transaction
gain/(loss) 480,084 (559,655)
Interest expense (210,574) (351,806)
Short-term
investment income 7,062 59,174
Subsidy income 36,346 11,409
Other expenses, net (90,027) (93,481)
---------------- -----------
Total other
income/(expenses),
net 222,891 (934,359)
---------------- -----------
INCOME/(LOSS) BEFORE
INCOME TAX
PROVISION 748,025 (1,046,722)
INCOME TAX BENEFIT 13 32,917 324,977
---------------- -----------
NET INCOME/(LOSS) 780,942 (721,745)
Foreign currency
translation
adjustments (766,096) 836,583
---------------- -----------
TOTAL COMPREHENSIVE
INCOME $ 14,846 $ 114,838
---------------- -----------
EARNINGS/(LOSS) PER
ORDINARY SHARE:
-- BASIC $ 0.07 $ (0.07)
================ ===========
-- DILUTED $ 0.07 $ (0.07)
---------------- -----------
WEIGHTED AVERAGE
NUMBER OF ORDINARY
SHARES*:
-- BASIC 10,828,967 10,362,861
================ ===========
-- DILUTED 10,828,967 11,094,229
================ ===========
ICZOOM GROUP INC. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF
CHANGES IN SHAREHOLDERS' EQUITY FOR THE SIX MONTHS ENDED
DECEMBER 31, 2024 AND 2023 (UNAUDITED)
Accumulated
Ordinary Shares, $0.16 par* Additional Other Total
--------------------------------------------
Class A Class B Paid-in Statutory Accumulated Comprehensive Shareholders'
Shares Amount Shares Amount Capital Reserve Deficit Income/ (Loss) Equity
--------- ----------- --------- --------- ----------- ----------- ----------- --------------- -----------
Balance, June
30, 2023 6,496,874 $ 1,039,499 3,829,500 $ 612,720 $18,795,548 $ 624,097 $(5,334,300) $ (193,368) $ 15,544,196
Share
issuance 43,784 7,005 -- -- -- -- -- -- 7,005
Net income
for the
period -- -- -- -- -- -- (721,745) -- (721,745)
Foreign
currency
translation
adjustment -- -- -- -- -- -- -- 836,583 836,583
--------- ----------- --------- --------- ----------- ------- ----------- ----------- -----------
Balance,
December 31,
2023 6,540,658 $ 1,046,504 3,829,500 $ 612,720 $18,795,548 $ 624,097 $(6,056,045) $ 643,215 $ 15,666,039
--------- ----------- --------- --------- ----------- ------- ----------- ----------- -----------
Balance, June
30, 2024 7,171,858 $ 1,147,497 3,829,500 $ 612,720 $19,956,956 $ 624,097 $(7,606,597) $ 646,041 $ 15,380,714
Share
issuance 730,637 116,902 -- -- -- -- -- -- 116,902
Net loss for
the period -- -- -- -- -- -- 780,942 -- 780,942
Foreign
currency
translation
adjustment -- -- -- -- -- -- -- (766,096) (766,096)
--------- ----------- --------- --------- ----------- ------- ----------- ----------- -----------
Balance,
December 31,
2024 7,902,495 $ 1,264,399 3,829,500 $ 612,720 $19,956,956 $ 624,097 $(6,825,655) $ (120,055) $ 15,512,462
========= =========== ========= ========= =========== ======= =========== =========== ===========
ICZOOM GROUP INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITTED)
For the six months ended
December 31,
----------------------------------
2024 2023
----------------- ------------
Cash flows from operating
activities:
Net income /(loss) $ 780,942 $ (721,745)
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation and amortization 119,175 121,588
Property and equipment written
off - 1220
Amortization of right-of-use
assets 299,809 297,672
Reversal of provision for
inventory impairment - (1,851)
Amortization of debt issuance
costs 90,288 92,491
Deferred income tax provision 96,989 (345,389)
Unrealized exchange loss 265,606 560,321
Changes in operating assets and
liabilities:
Notes receivable (3,581) -
Accounts receivable (5,641,073) 28,931,833
Inventories (764,667) 393,526
Advances to suppliers 3,040,273 (279,267)
Prepaid expenses and other
current assets (2,234,932) 220,639
Accounts payable 5,374,423 (27,737,233)
Contract liabilities (318,381) 264,015
Taxes payable (81,442) 297,112
Lease liabilities 302,913 (186,791)
Accrued expenses and other
current liabilities 137,798 (2,934,362)
----------------- --------------
Net cash provided by (used in)
operating activities 1,464,140 (1,026,221)
----------------- --------------
Cash flows from investing
activities:
Purchase of property and
equipment (16,371) (70,490)
Purchase of intangible assets (5,908) (57,398)
Purchase of short-term
investments - (1,129,600)
Proceeds upon maturity of
short-term investments - 1,129,600
----------------- --------------
Net cash used in investing
activities (22,279) (127,888)
----------------- --------------
Cash flows from financing
activities:
Proceeds from short-term bank
loans 9,961,479 14,666,970
Repayments of short-term bank
loans (9,399,183) (14,638,095)
Proceeds from loans payable to
third-parties - 746,000
Repayments from loans payable to
third-parties - (746,000)
Proceeds from banker's acceptance
notes payable - 2,965,200
Repayment of banker's acceptance
notes payable (1,543,465) (1,425,200)
Proceeds from borrowings from
related parties 3,176,805 6,299,295
Repayment of related party
borrowings (1,978,854) (4,568,244)
Payment for deferred IPO costs - (312,527)
Proceeds from sale of common
stock 116,902 -
----------------- --------------
Net cash provided by financing
activities 333,684 2,987,399
----------------- --------------
ICZOOM GROUP INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS -- (Continued)
For the six months ended
December 31,
2024 2023
----------- -----------
Effect of exchange rate fluctuation
on cash and restricted cash (1,584,647) (1,568,816)
----------- -----------
Net increase in cash and restricted
cash 190,898 264,474
Cash and restricted cash at
beginning of period 5,484,960 6,413,367
----------- -----------
Cash and restricted cash at end of
period $ 5,675,858 $ 6,677,841
----------- -----------
Supplemental cash flow information
Cash paid for income taxes $ (5,006) $ (98,451)
----------- -----------
Cash paid for interest $ (696,908) $ (351,806)
----------- -----------
Supplemental disclosure of non-cash
information
Right-of-use assets obtained in
exchange for operating lease
obligations $ - $ 105,613
View original content:https://www.prnewswire.com/news-releases/iczoom-group-inc-announces-unaudited-financial-results-for-first-half-of-fiscal-year-2025-302486961.html
SOURCE ICZOOM Group Inc.
(END) Dow Jones Newswires
June 20, 2025 09:00 ET (13:00 GMT)
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