Business
Jowell Global Ltd. Announces Full Year 2022 Financial Results
-- Full Year Revenue of $210.0 million, up 22.9% year-over-year -- SHANGHAI, May 15, 2023 /PRNewswire/ -- Jowell Global Ltd. ("Jowell" or the "Company")
About this update from Jowell Global Ltd.
[{"type":"text","content":"-- Full Year Revenue of $210.0 million, up 22.9% year-over-year --\nSHANGHAI, May 15, 2023 /PRNewswire/ -- Jowell Global Ltd. (\"Jowell\" or the \"Company\") (NASDAQ: JWEL), a leading cosmetics, health and nutritional supplements, and household products e-commerce platforms in China, today announced its financial results for the full year ended December 31, 2022.\nFull Year 2022 Financial and Operational Highlights\nTotal revenues were $210.0 million, an increase of 22.9% from $170.9 million in 2021.Net loss was $11.5 million, an increase of 80.5% compared to net loss of $6.4 million in 2021.Total VIP members[1] as of December 31, 2022 were approximately 2.4 million, an increase of 9.1% compared to approximately 2.2 million as of December 31, 2021.Total LHH stores[2] as of December 31, 2022 were 26,414, an increase of 1.4% compared to 26,043 as of December 31, 2021.[1] \"Total VIP members refers to the total number of members registered on Jowell's platform as of December 31, 2022.\n[2] LHH stores: the brand name of \"Love Home Store\". Authorized retailers may operate as independent stores or store-in-shop (an integrated store), selling products they purchased through Jowell's online platform LHH Mall under their retailer accounts which provides them with major discounts.\nMr. Haiting Li, Chief Executive Officer and Chairman of Jowell Global Ltd., remarked: \"We're excited to announce our impressive revenue growth for 2022, a landmark year for Jowell. As a company listed on the Nasdaq Capital Market since 2021, it has bolstered our industry standing and widened our brand visibility. We successfully grew our total revenue to an unprecedented $210 million in 2022, despite the hurdles presented by the pandemic and macroeconomic uncertainties. These achievements attest to Jowell's effective positioning in the new retail landscape, catering to the evolving needs of today's consumers.\"\nMr. Li added: \"Our ongoing collaborations with top consumer brands and consistent marketing efforts allow us to deliver high-quality local and international products to millions of households in China. Furthermore, our dedication to refining both online and offline consumer experiences has led to customer loyalty and the expansion of our customer base. By the close of 2022, we had amassed a record-breaking 2.4 million VIP members.\"\n\"As we step in...