Business
Tantech Reports Unaudited Financial Results for the First Six Months of Fiscal Year 2022
LISHUI, China, Dec. 28, 2022 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) ("Tantech" or the "Company") today reported its unaudited financial results
About this update from Tantech Holdings Ltd.
[{"type":"text","content":"LISHUI, China, Dec. 28, 2022 /PRNewswire/ -- Tantech Holdings Ltd (NASDAQ: TANH) (\"Tantech\" or the \"Company\") today reported its unaudited financial results for the six months ended June 30, 2022.\nAs compared with the same period of 2021, Tantech had increased its total revenues by approximately $6.4 million, or 31.0%, to approximately $27.0 million in the first six months of 2022 while reduced its total operating expenses by approximately $7.8 million, or 80.3%, to approximately $1.9 million, attaining a decent gross profit margin of 19.0% and leaving its total cash on hand stocked at approximately $10.8 million. Tantech's net income attributable to common stockholders was approximately $2.1 million in the six months ended June 30, 2022, a remarkable increase of approximately $8.7 million from a net loss of approximately 6.6 million in the same period of 2021. In addition, The Company had a robust balance sheet as of June 30, 2022, holding total assets of approximately $136.2 million with a healthy debt-equity ratio of 13:87. Its current assets and current liabilities were approximately $107.7 million and approximately $136.2 million, respectively, resulting in a current ratio of 6.6:1.\nMr. Wangfeng Yan, Chief Executive Officer of Tantech, commented, \"We are pleased to share our positive outcomes achieved during the first half of 2022, when challenges of COVID-19, macroeconomic uncertainties and interruptions of global supply chains have remained entwined. With strong support from shareholders, our company has made great efforts to focus on overcoming such hefty difficulties through strategic transformation and competitiveness enhancement. We have steadily diversified our business operationsinto three segments (i.e., consumer products for purification and deodorization, electric and specialty vehicles and commercial factoring) and expanded our sales endeavors from the China domestic into the international markets. Our bamboo charcoal products, customized midibuses and biodegradable packaging materials have been well accepted not only in Asia, but also in North America, South America and Africa. Meanwhile, we have continued to invest in R&D to optimize the design, production processes and overall quality of our products in order to gain better satisfaction from our customers. Based on what we have accomplished so far, we ...