Business
Able View Global Inc. Reports Fiscal Year 2023 Results
SHANGHAI, CHINA / ACCESSWIRE / May 1, 2024 / Able View Global Inc. (NASDAQ:ABLV) ("Able View" or the "Company") is pleased to report its financial results for
About this update from Able View Global Inc.
[{"type":"text","content":"SHANGHAI, CHINA / ACCESSWIRE / May 1, 2024 / Able View Global Inc. (NASDAQ:ABLV) (\"Able View\" or the \"Company\") is pleased to report its financial results for the fiscal year ending December 31, 2023. All amounts are stated in thousands of U.S. dollars.\"We are thrilled to announce that Able View Global Inc. has achieved a record revenue of $149 million and a net income of $10 million for the fiscal year ending December 31, 2023. These results reflect our steadfast commitment to growth and operational excellence and signify the strong execution of our strategic initiatives in the highly competitive beauty and personal care markets. As we continue to expand our portfolio and enhance our brand-management services, we remain optimistic about the future and expect to maintain this positive trajectory,\" stated Stephen Zhu, Chairman and CEO.Full Year 2023 Financial Highlights Twelve Months Ended December 31, 2023 In thousands ($USD), except percentages & per-share amounts 2023 2022 % Change Revenue 149,000 145,256 3%Costs and expenses 111,991 112,719 -1%Gross profit 37,009 32,538 14%Gross margin 25% 22% Income from operations 13,321 10,143 31%Operating margin 9% 7% Income before income taxes 11,691 9,373 30%Income taxes 1,941 1,469 32%Effective tax rate 17% 16% Net income 9,750 7,904 23%Diluted earnings per share (EPS) $0.24 $0.20 25%Full Year 2023 Operational and Other Financial HighlightsAble View completed its merger with Hainan Manaslu Acquisition Corp. (HMAC), becoming a subsidiary of Able View Global Inc. as of August 2, 2023. Starting August 18, Able View's Class B shares and warrants commenced trading on the Nasdaq stock exchangeThe company's total revenue for the fiscal year ending December 31, 2023, was $149,000, which is a 3% increase from the previous year's revenue of $145,256The gross profit for the same period was $37,009, an increase of 14% from $32,538 in the previous yearThe net income for the fiscal year ending December 31, 2023, was $9,750, which is a 23% increase from $7,904 in the previous yearThe cash flow from operating activities for the year increased to $23,573, which is a significant increase of $36,423 compared to the previous year's operating activities, which used $12,850Net cash provided by investing activities was $254, which is an increase of $1,361 from the $1,107 used in the previous yearThe ne...