Business
Wetouch Technology Inc. (WETH) Reports Second Quarter 2021 Unaudited Financial Results
-Revenues increased by 186.8% to $15.2 million- -Net income increased by 155.0% to $5.1 million- Chengdu, China, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Wetouch
About this update from Wetouch Technology Inc.
[{"type":"text","content":"-Revenues increased by 186.8% to $15.2 million- -Net income increased by 155.0% to $5.1 million- Chengdu, China, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Wetouch Technology Inc. (OTCQB: WETH) (\"Wetouch\" or \"the Company\"), a specialty manufacturer of medium to large sized projected capacitive touchscreens, today announced its unaudited financial results for the second quarter ended June 30, 2021. Second Quarter 2021 Financial Highlights Revenues were US$15.2 million, an increase of 186.8% from $5.3 million in the second quarter of 2020Gross profit was $7.9 million, an increase of 192.6% from $2.7 million in the second quarter of 2020.Gross margin was 51.9%, compared with 50.7% in the second quarter of 2020.Net income was $5.1 million, compared to $2.0 million in the second quarter of 2020.Total volume shipped was 711,548 units, an increase of 145.6% from 289,668 units in the second quarter of 2020.Cash flow from operations was $11.1 million, compared to $5.6 million in the six months ended June 30, 2020.Cash as of the end of the second quarter of 2021 was $52.6 million, compared to $23.0 million as of December 31, 2020.Basic and diluted EPS were $0.2, compared with $0.1 in the same period of 2020. “Our second quarter results continued to be strong leading off our fiscal year 2021 on a positive note, and we are pleased with our progress and remain on track to deliver full-year robust top and bottom-line growth. Business conditions remained exceptionally strong through the second quarter with record bookings and backlog for product to be shipped over multiple quarters. The commitment of each one of our employees is paying off and once again we are generating record growth in new customer business. At the same time, existing customers are increasingly purchasing our products both in China and abroad.” Mr. Guangde Cai, Chairman of WETH, commented, “Geographically, sales from PRC increased by 206.3%, complemented by a 157.1% increase from overseas. Units sold increased by 145.6% to 711,548 touchscreens in the second quarter of 2021 from 289,668 units in the same period last year. Average selling price of our products also increased by 18.0% thanks to the increased sales of new models of higher-end products of such as touch screens used in gaming machine with higher selling price in domestic market during the three-month period ended June...