Business
Tantech Reports Financial Results for the First Six Months of 2021
LISHUI, China, Oct. 22, 2021 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company"), a clean energy company in China, today reported
About this update from Tantech Holdings Ltd.
[{"type":"text","content":"LISHUI, China, Oct. 22, 2021 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) (\"Tantech\" or the \"Company\"), a clean energy company in China, today reported its unaudited financial results for the six months ended June 30, 2021.\nMr. Wangfeng Yan, Chief Executive Officer of Tantech, said, \"While we continue to have a competitive edge in selling our bamboo-based charcoal products, we have been working hard on the strategic shift in our business from being solely engaged in consumer product sales to expanding into the specialty vehicle market. We have focused on product costs as we have increased operating cash flow for our longer-term growth in the vehicle market. Ongoing COVID-19 challenges, including supply chain and logistics bottlenecks, have added cost and margin pressure in our ongoing consumer business, but we hope to see some stabilization into next year.\"\n\"As to our specialty vehicle and electric vehicle (EV) business, we believe our feature-rich, environmentally friendly customizable midibuses present an attractive option for corporate customer as businesses return to normal operations. We have invested heavily in technology advancements for specialty-use EVs rather than the more competitive, domestic general consumer EV market for this reason. We are fully committed to the EV segment, which we expect will be a key long-term growth driver for us. Despite some recent delays in government rebates related to EVs, longer term we expect our specialty EV business will expand with customer demand for a cleaner environment and for zero-emission vehicles. Importantly, we had approximately $40.7 million cash at June 30, 2021, which gives us the ability to fund our growth initiatives and build value for shareholders.\"\nFinancial Results\nFor the Six Months Ended June 30,\n($ millions, except per share data and percentages)\n2021\n2020\nChange\nRevenues\n$\n20.6\n$\n22.9\n(9.9)\n%\nGross profit\n$\n4.0\n$\n3.1\n29.3\n%\nGross margin\n19.3\n%\n13.4\n%\n5.9\n percentage points\nOperating expenses \n$\n9.7\n$\n1.3\n666.0\n%\nNet (loss) income attributable to common stockholders of Tantech Holdings Ltd\n$\n(6.6)\n$\n1.2\n(636.8)\n%\nBasic/Diluted (loss) earnings per share\n$\n(0.18)\n$\n0.04\n$\n(0.22)\n \n \n\nTotal revenue decreased by approximately $2.3 million, or 9.9%, to approximately $20.6 million in the six months e...