Business
CLPS Incorporation Reports Financial Results for the Second Half and Full Year of Fiscal 2024
HONG KONG, Oct. 18, 2024 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS), today announced its financial results for the six months
About this update from Clps Incorporation
[{"type":"text","content":"HONG KONG, Oct. 18, 2024 /PRNewswire/ -- CLPS Incorporation (the \"Company\" or \"CLPS\") (Nasdaq: CLPS), today announced its financial results for the six months ended June 30, 2024 and full year of fiscal 2024.\n\nFiscal year 2024 presented unique challenges due to global economic uncertainties and industry-wide layoffs. Despite these headwinds, CLPS demonstrated resilience and strategic foresight. We proactively adjusted our operations to navigate these complexities, positioning ourselves for continued growth. Our dual-engine strategy, focused on expanding our global reach and diversifying into new industry segments, proved instrumental in achieving this goal. In addition, the increasing demand for advanced IT services and skilled professionals offers a promising landscape for CLPS to capitalize on international business opportunities and drive future success.\nUnaudited Second Half of Fiscal 2024 Highlights (all results compared to the six months ended June 30, 2023) \nRevenue from customized IT solution services increased by 40.0% to $1.9 million from $1.4 million.Revenue from academic education services reached $1.0 million during this period, as a result of the College of Allied Educators Pte. Ltd. (\"CAE\") acquisition.Revenue generated outside of mainland China increased by 48.0% to $13.3 million from $9.0 million. In particular:Revenue generated from Singapore increased by 34.3% to $6.3 million from $4.7 million.Revenue generated from Hong Kong SAR increased by 72.0% to $4.0 million from $2.3 million.Revenue generated from the United States increased by 37.9% to $2.5 million from $1.8 million.Gross profit increased by 7.3% to $17.2 million from $16.0 million.Net loss was $0.9 million, compared to a net loss of $1.2 million.Audited Fiscal Year 2024 Highlights (all results compared to the twelve months ended June 30, 2023) \nRevenue generated outside of mainland China increased by 37.9% to $22.3 million from $16.2 million. In particular:Revenue generated from Singapore increased by 25.8% to $11.0 million from $8.7 million.Revenue generated from Hong Kong SAR increased by 44.9% to $6.2 million from $4.3 million.Revenue generated from the United States increased by 57.2% to $4.4 million from $2.8 million.Accounts receivable turnover period improved to 111 days, down from 123 days.Net cash provided by operating activities w...