Bemax Announces Financial Results for Fiscal Fourth Quarter Ended May 31, 2024

Rhea-AI Summary

Bemax (OTC Pink: BMXC) reported its financial results for Q4 ending May 31, 2024, highlighting a remarkable 600% year-over-year revenue increase to $117,405, driven by expanded sales and distribution networks. Gross margin improved significantly to $64,430 from $980. Operating expenses saw a drastic reduction of over 70%, falling to $141,919 from $434,320 due to lower warehousing and operating costs. The net loss decreased by over 200% to $90,637, attributed to higher revenue and efficient management. Bemax also entered discussions with two OEM manufacturers to further reduce production costs and enhance product quality, boosting future revenue potential.

Positive

• Revenue increased by over 600% to $117,405.
• Gross margin improved to $64,430 from $980.
• Operating expenses decreased by over 70% to $141,919.
• Net loss reduced by over 200% to $90,637.
• Discussions with OEM manufacturers to reduce production costs and improve product quality.

Negative

• Total net loss of $90,637.

- Revenue increase of over 600%

Dallas, Georgia--(Newsfile Corp. - July 2, 2024) - Bemax Inc. (OTC Pink: BMXC), a private label development company with a focus on disposable diapers and women's hygienic sanitary products, is pleased to announce its financial results today for its fiscal 2024 fourth quarter ended May 31, 2024.

Revenues in the fourth quarter ended May 31, 2024, were $117,405 compared to $8,100, the over 600% increase was due to the expansion of sales and distribution networks. The total gross margin from revenue stood at $64,430, compared to $980.00 in the prior year period. Total operating expenses were $141,919, compared to $434,320 in the prior year. The decrease was largely due to a reduction in warehousing and overall operating expenses.

"Today Bemax is reporting revenue of $117,405 for the fourth quarter, and we will continue to reach our business and revenue growth," said Taiwo Aimasiko, CEO, Bemax Inc. "During the fiscal year, we are thrilled to complete discussions with two OEM manufacturers, which, when fully consummated, will further increase our revenue potential. We are focused on providing the very best private label household products for our customers with an expanding distribution network and, in doing so bringing additional value to our shareholders, and we are poised for sustained revenue growth."

FY 2024 Financial Key Items (all comparisons to the prior year period)

• Revenues were $117,405 compared to $8,100, the more than double revenue increase of over 600% year over year was primarily due to growth in expansion of sales network and direct shipment to customers from the factory at customers' expense with significant reduction in cost shipment.

• Total operating expenses were $141,919 compared to $434,320 of prior year, the over 70% decrease was largely due to reduction in warehousing and overall operating expenses.

• Total net loss reduces from $301,153 to $90,637, the over 200% reduction was due increase in revenue and other management expenses.

• In fiscal year 2024, Bemax entered into discussions with two OEM manufacturers which when consummated will further reduce the overall cost of production, increase product quality and boost higher revenue in the current fiscal year.

About Bemax Inc.

About Bemax Inc. Bemax Inc. is a forward-thinking company dedicated to delivering top-quality disposable diapers and women's hygienic sanitary products. With a focus on innovation and customer satisfaction, Bemax continues to expand its product offerings and distribution network, aiming to exceed the expectations of its growing customer base. Bemax Inc. exports and distribute private label household products to the global emerging markets. www.bemaxinc.com.

Safe Harbor Statement

This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

CONTACT INFORMATION

Bemax Inc.
Dallas, GA
USA
Taiwo Aimasiko
Email: admin@bemaxinc.com
Tel: (470) 582 0807 ext. 101

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215206

FAQ

What were Bemax's revenues for Q4 2024?

Bemax's revenues for Q4 2024 were $117,405, reflecting a 600% increase from the previous year.

How did Bemax's gross margin perform in Q4 2024?

Bemax's gross margin for Q4 2024 significantly improved to $64,430, up from $980 in the same period last year.

What was Bemax's operating expense for Q4 2024?

Bemax's operating expenses for Q4 2024 were $141,919, a reduction of over 70% compared to the previous year's $434,320.

What is Bemax's net loss for Q4 2024?

Bemax reported a net loss of $90,637 for Q4 2024, a decrease from $301,153 in the prior year.

What future plans did Bemax announce in their Q4 2024 financial results?

Bemax announced discussions with two OEM manufacturers to reduce production costs and improve product quality, enhancing future revenue potential.