IT Tech Packaging, Inc.
Second Quarter 2024 Financial Results Presentation
Agenda
- Key Highlights
- Financial & Business Review
- Operational & Business Updates
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KEY HIGHLIGHTS
Key Highlights for Q2 2024
Revenue decreased by 12.56% YoY to $26.25 million, mainly due to the production suspension of offset printing paper and tissue paper products in the second quarter of 2024.
Gross profit increased by 176.75% YoY to $3.27 million. Overall gross margin up 8.51 percentage points to 12.44%.
Income from operations was $0.55 million, compared to loss from operations of $0.52 million for the same period of last year.
Net loss was $0.08 million, or loss per share of $0.01, compared to net loss of $1.25 million, or loss per share of $0.12, for the same period of last year.
Earnings before interest, taxes, depreciation and amortization ("EBITDA") was $3.93 million, compared to EBITDA of $2.83million for the same period of last year.
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Key Highlights for the First Half of 2024
Revenue decreased by 33.52% YoY to $33.11 million, mainly due to the production suspension of CMP in January and February of 2024, and production suspension of offset printing paper and tissue paper products in the first half of 2024.
Gross profit increased by 305.87% YoY to $3.66 million, primarily due the decrease in unit cost of materials of CMP, partially offset by the decrease in ASP of CMP. Overall gross margin up 9.26 percentage points to 11.07%.
Loss from operations was $2.95 million, compared to loss from operations of $3.29 million for the same period of last year.
Net loss was $3.82 million, or loss per share of $0.38, compared to net loss of $3.99 million, or loss per share of $0.40, for the same period of last year.
Earnings before interest, taxes, depreciation and amortization ("EBITDA") was $3.91 million, compared to EBITDA of $4.03 million for the same period of last year.
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FINANCIAL & BUSINESS REVIEW
Revenue
US$ Millions
3.9% | 19.6% | 1.2% | 5.81% | 12.44% |
-15.8% | -18.1% | 2.09% | ||
-33.8% | ||||
-51.0% | ||||
30.0 | 26.2 | ||||||||||||||||||||
21.0 | |||||||||||||||||||||
32.5 | |||||||||||||||||||||
6.9 | |||||||||||||||||||||
Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | |||||||||||||||||
Revenue | Gross Margin | Operating Margin | |||||||||||||||||||
Q2 2024
- Revenue down 12.56% YoY to $26.25 million, due to the production suspension of offset printing paper and tissue paper products in the second quarter of 2024.
- Overall gross margin up 8.51 percentage points YoY to 12.44%.
- Operating loss margin up 3.82 percentage points YoY to 2.09%.
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Corrugating Medium Paper (CMP)
US$ Millions
Revenue and Gross Margin
26.5 | 26.2 | |||||||||||||
6.9% | 3.8% | 5.4% | 5.3% | |||||||||||
12.3% | ||||||||||||||
15.4 | 20.5 | |||||||||||||
6.8 | ||||||||||||||
4.5 | 3.5 | 3.4 | 1.1 | 4.2 | ||||||||||
Thousands Tonnes
Sales Volume and ASP | |||||||||
365 | 368 | ||||||||
350 | 362 | ||||||||
353 | 340 | 350 | 355 |
72.9 | 56.8 | ||
44.4 | |||
10.2 | 9.8 | 18.7 | |
12.9 | 3.0 | ||
350
337
75.4
12.6
Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | |||||||||||
Revenue | LW CMP Rev | Gross Margin | Total CMP Sale volume | LW CMP volume | ||||||||||||||||
Reg CMP ASP | LW CMP ASP | |||||||||||||||||||
Q2 2024 CMP (includes both Regular and Light-Weight CMP)
- Revenue: down 0.99% YoY to $26.21 million, accounted for 99.86% of total revenue.
- Sales volume: up 3.32% YoY to 75,365 tonnes.
- ASP: Regular CMP down 4.11% to $350/tonne.
- ASP: Light-Weight CMP down 4.53% to $337/tonne.
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Offset Printing Paper
Revenue and Gross Margin
Millions | 0.0% | 0.0% | ||||||||
7.5% | ||||||||||
US$ | 2.4% | |||||||||
3.2 | ||||||||||
0.1 | -41.0% | 0.0 | 0.0 | |||||||
Q2 2023 | Q3 2023 | 0.0 | Q1 2024 | Q2 2024 | ||||||
Q4 2023 | ||||||||||
Revenue | Gross Margin | |||||||||
Thousands Tonnes
Sales Volume and ASP
584
407
5.4
0.2 | 0 | 0 | 0 | 0.0 | |||||||||||
0.0 | 0.0 | ||||||||||||||
Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | |||||||||||
Sales Volume | ASP | ||||||||||||||
Q2 2024 Offset Printing Paper
- Revenue: was $nil.
- Sales volume: nil.
- ASP: $nil.
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