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CCSC Technology International Holdings Limited Reports Financial Results for Fiscal Year 2024

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CCSC Technology International Holdings (Nasdaq: CCTG) reported financial results for fiscal year 2024. Revenue decreased by 38.7% to $14.7 million, compared to $24.1 million in FY 2023. Gross profit fell by 50.1% to $3.9 million, with gross margin declining to 26.6%. The company reported a net loss of $1.3 million, compared to a net income of $2.2 million in the previous year.

Despite challenges, CCSC highlighted strategic initiatives including its Nasdaq listing in January 2024, a cooperation agreement with Innogetic International to explore AI applications in manufacturing, and plans for a European supply chain management center in Serbia. The company remains focused on innovation, operational efficiencies, and market expansion to drive future growth.

CCSC Technology International Holdings (Nasdaq: CCTG) ha riportato i risultati finanziari per l'anno fiscale 2024. Il fatturato è diminuito del 38,7% a 14,7 milioni di dollari, rispetto ai 24,1 milioni di dollari dell'anno fiscale 2023. Il profitto lordo è calato del 50,1% a 3,9 milioni di dollari, con un margine lordo che scende al 26,6%. L'azienda ha registrato una perdita netta di 1,3 milioni di dollari, rispetto a un utile netto di 2,2 milioni di dollari dell'anno precedente.

Nonostante le difficoltà, CCSC ha messo in evidenza iniziative strategiche, tra cui l'elenco su Nasdaq nel gennaio 2024, un accordo di cooperazione con Innogetic International per esplorare applicazioni di intelligenza artificiale nella produzione e piani per un centro di gestione della supply chain in Europa in Serbia. L'azienda rimane focalizzata su innovazione, efficienze operative e espansione del mercato per stimolare la crescita futura.

CCSC Technology International Holdings (Nasdaq: CCTG) informó los resultados financieros para el año fiscal 2024. Los ingresos disminuyeron un 38,7% a 14,7 millones de dólares, en comparación con 24,1 millones de dólares en el año fiscal 2023. La utilidad bruta cayó un 50,1% a 3,9 millones de dólares, con un margen bruto que disminuyó al 26,6%. La compañía reportó una pérdida neta de 1,3 millones de dólares, en comparación con una utilidad neta de 2,2 millones de dólares el año anterior.

A pesar de los desafíos, CCSC destacó iniciativas estratégicas, incluyendo su inclusión en Nasdaq en enero de 2024, un acuerdo de cooperación con Innogetic International para explorar aplicaciones de IA en la fabricación y planes para un centro de gestión de cadena de suministro en Europa en Serbia. La empresa continúa enfocándose en la innovación, la eficiencia operativa y la expansión del mercado para impulsar el crecimiento futuro.

CCSC Technology International Holdings (Nasdaq: CCTG)는 2024 회계 연도 재무 결과를 보고했습니다. 매출은 38.7% 감소하여 1,470만 달러에 이르렀고, 이는 2023 회계 연도의 2,410만 달러와 비교됩니다. 총 이익은 50.1% 감소하여 390만 달러에 이르렀고, 총 마진은 26.6%로 떨어졌습니다. 회사는 130만 달러의 순손실을 기록했습니다, 이는 이전 해의 순이익 220만 달러와 비교됩니다.

CCSC는 도전에도 불구하고 2024년 1월 나스닥 상장, 제조업에서 AI 응용을 탐색하기 위해 Innogetic International과 협력 계약 체결, 세르비아에 유럽 공급망 관리 센터를 설립할 계획 등 전략적 이니셔티브를 강조했습니다. 회사는 혁신, 운영 효율성 및 시장 확대에 주력하여 미래 성장을 이끌어가고 있습니다.

CCSC Technology International Holdings (Nasdaq: CCTG) a publié ses résultats financiers pour l'exercice fiscal 2024. Le chiffre d'affaires a diminué de 38,7% pour atteindre 14,7 millions de dollars, par rapport à 24,1 millions de dollars pour l'exercice 2023. Le bénéfice brut a chuté de 50,1% à 3,9 millions de dollars, avec une marge brute passant à 26,6%. L'entreprise a enregistré une perte nette de 1,3 million de dollars, comparativement à un bénéfice net de 2,2 millions de dollars l'année précédente.

Malgré les défis, CCSC a souligné des initiatives stratégiques, y compris son inscription sur Nasdaq en janvier 2024, un accord de coopération avec Innogetic International pour explorer les applications d'IA dans la fabrication, et des projets pour un centre de gestion de la chaîne d'approvisionnement en Europe en Serbie. L'entreprise reste concentrée sur l'innovation, l'efficacité opérationnelle et l'expansion du marché pour stimuler sa croissance future.

CCSC Technology International Holdings (Nasdaq: CCTG) hat die finanziellen Ergebnisse für das Geschäftsjahr 2024 bekannt gegeben. Der Umsatz sank um 38,7% auf 14,7 Millionen Dollar, verglichen mit 24,1 Millionen Dollar im Geschäftsjahr 2023. Der Bruttogewinn fiel um 50,1% auf 3,9 Millionen Dollar, und die Bruttomarge verringerte sich auf 26,6%. Das Unternehmen verzeichnete einen Nettoverlust von 1,3 Millionen Dollar, verglichen mit einem Nettoergebnis von 2,2 Millionen Dollar im Vorjahr.

Trotz der Herausforderungen hob CCSC strategische Initiativen hervor, einschließlich der Nasdaq-Listung im Januar 2024, einer Kooperationsvereinbarung mit Innogetic International zur Erkundung von KI-Anwendungen in der Fertigung sowie Plänen für ein europäisches Supply-Chain-Management-Zentrum in Serbien. Das Unternehmen bleibt fokussiert auf Innovation, operative Effizienz und Markterweiterung, um zukünftiges Wachstum voranzutreiben.

Positive
  • Nasdaq listing in January 2024 provides a platform for future growth
  • Strategic cooperation with Innogetic to explore AI applications in manufacturing
  • Plans to establish a European supply chain management center in Serbia
  • Focus on innovation and operational efficiencies
Negative
  • Revenue decreased by 38.7% to $14.7 million in FY 2024
  • Gross profit fell by 50.1% to $3.9 million
  • Gross margin declined from 32.7% to 26.6%
  • Net loss of $1.3 million compared to net income of $2.2 million in FY 2023
  • Basic and diluted loss per share of $0.13 compared to earnings per share of $0.22 in FY 2023

Insights

The financial results presented by CCSC Technology International Holdings Limited for fiscal year 2024 indicate a challenging period for the company. The revenue decline of 38.7% from $24.1 million to $14.7 million is significant and reflected across all major product lines and geographical regions. A primary driver of this decline is customers' shift towards zero inventory and reduced average selling prices. The gross profit margin also decreased from 32.7% to 26.6%, indicating challenges in maintaining profitability despite reduced cost of revenue. The company's strategic investments in R&D and operational efficiencies, along with plans to explore AI applications in manufacturing, could potentially enhance future performance. However, the immediate downturn in financial metrics, including a net loss of $1.3 million as opposed to the previous year's net income of $2.2 million, raises caution for investors regarding short-term stability.

The market landscape for interconnect products like connectors, cables and wire harnesses appears to be undergoing significant shifts, which poses both challenges and opportunities for CCSC Technology. The sharp decline in revenues across Europe (43.3% decrease), Asia (34.9% decrease) and the Americas (12.4% decrease) reflects broader market dynamics, including economic instability in certain regions and shifts in customer procurement strategies. The company's strategic move to establish a European supply chain management center in Serbia is a proactive measure aimed at long-term growth and market expansion. Additionally, the partnership with Innogetic to leverage AI in manufacturing could position CCSC at the forefront of technological innovation within the industry. These initiatives highlight the company’s efforts to adapt and innovate, which are important for future resilience and competitive advantage.

CCSC Technology's initiative to incorporate AI in manufacturing through its partnership with Innogetic is a forward-thinking strategy that could significantly enhance operational efficiencies and product innovation. AI applications in manufacturing can lead to improved predictive maintenance, optimized production processes and enhanced quality control. These advancements could result in cost savings and better product quality, offering a competitive edge in the market. However, the implementation of AI technologies requires substantial investment and a period of adjustment, which might not yield immediate financial returns. Therefore, while the strategic cooperation agreement is promising, investors should consider the potential lag before these technological benefits translate into financial performance.

HONG KONG, July 22, 2024 /PRNewswire/ -- CCSC Technology International Holdings Limited (the "Company" or "CCSC") (Nasdaq: CCTG), a Hong Kong-based company that engages in the sale, design and manufacturing of interconnect products, including connectors, cables and wire harnesses, today announced its financial results for the fiscal year ended March 31, 2024.

Mr. Kung Lok Chiu, Chief Executive Officer and Director of the Company, commented, "We believe we have demonstrated resilience and adaptability throughout a challenging fiscal year 2024. Despite market fluctuations, we remain dedicated to innovation and excellence. We have worked to enhance our operational efficiencies and invested strategically in research and development to advance our product developments. Additionally, our Nasdaq listing in January 2024 marks a significant milestone for the Company, providing us with a platform for future growth. Furthermore, we entered into a strategic cooperation framework agreement with Innogetic International Limited ("Innogetic") in May 2024. In the future, we anticipate exploring and applying digital technology such as artificial intelligence ("AI") in the field of manufacturing to further advancements in our business. As we explore AI applications in the manufacturing sector in partnership with Innogetic, we endeavor to further the innovation and efficiency in our manufacturing process and enhance our position in the industry. Moreover, CCSC is planning to commence construction of a new European supply chain management center in the Republic of Serbia in second half of 2024. We believe that this strategic expansion, if and when it is established, will support our business by driving long-term growth."

"We are committed to adopting advanced technologies, developing replicable and scalable solutions, and fostering innovative ideas and products. Looking forward, we are excited about our strategic initiatives aimed at market expansion, product innovation, and enhancing client services. We believe that our commitment to quality and customer satisfaction can drive us forward and create long-term value for our shareholders," concluded Mr. Kung Lok Chiu.

Fiscal Year 2024 Financial Highlights

  • Revenue was $14.7 million for fiscal year 2024, compared to $24.1 million for fiscal year 2023.

  • Gross profit was $3.9 million for fiscal year 2024, compared to $7.9 million for fiscal year 2023.

  • Loss from operations was $1.8 million for fiscal year 2024, compared to income from operations of $1.8 million for fiscal year 2023.

  • Net loss was $1.3 million for fiscal year 2024, compared to net income of $2.2 million for fiscal year 2023.

  • Basic and diluted loss per share was $0.13 for fiscal year 2024, compared to basic and diluted earnings per share of $0.22 for fiscal year 2023.

Fiscal Year 2024 Financial Results

Revenue

Total revenue was $14.7 million for fiscal year 2024, which decreased by 38.7% from $24.1 million for fiscal year 2023.

The following table sets forth revenue by interconnect products:



For the years ended March 31,



Change


($ millions)


2024



%



2023



%



Amount



%


Cables and wire harnesses



13.6




92.4

%



22.2




92.3

%



(8.6)




(38.7)

%

Connectors



1.1




7.6

%



1.8




7.7

%



(0.7)




(39.3)

%

Total



14.7




100.0

%



24.0




100.0

%



(9.3)




(38.7)

%

Revenue generated from cables and wire harnesses decreased by 38.7%, to $13.6 million for fiscal year 2024, from $22.2 million for fiscal year 2023. Revenue generated from connectors decreased by 39.3%, to $1.1 million for fiscal year 2024, from $1.8 million for fiscal year 2023.

The decrease was primarily attributable to the decrease in the total sales volume due to customers' shift towards zero inventory instead of advanced procurement, and  the decrease of the average selling price of our products for fiscal year 2024.

The following table sets forth the disaggregation of revenue by regions:



For the years ended March 31,



Change


($ millions)


2024



%



2023



%



Amount



%


Europe



8.5




57.8

%



15.0




62.5

%



(6.5)




(43.3)

%

Asia



4.8




32.8

%



7.4




30.9

%



(2.6)




(34.9)

%

Americas



1.4




9.4

%



1.6




6.6

%



(0.2)




(12.4)

%

Total



14.7




100.0

%



24.0




100.0

%



(9.3)




(38.7)

%

Revenue generated from Europe decreased by 43.3%, to $8.5 million for fiscal year 2024, from $15.0 million for fiscal year 2023. The decrease was primarily due to the decrease of sales in Denmark, Hungary and Bulgaria, which was partially offset by the increase of sales in Italy.

Revenue generated from Asia decreased by 34.9%, to $4.8 million for fiscal year 2024, from $7.4 million for fiscal year 2023. The decrease was primarily due to sales decreases in China of $1.6 million, and sales decreases in the Association of Southeast Asian Nations, or ASEAN, of $1.0 million.

Revenue generated from the Americas decreased by 12.4%, to $1.4 million for fiscal year 2024, from $1.6 million for fiscal year 2023. The decrease was primarily due to the sales decrease in North America of $0.2 million.

Cost of Revenue

Cost of revenue decreased by 33.1%, to $10.8 million for fiscal year 2024, from $16.2 million for fiscal year 2023, which was in line with the decrease of total revenue.

Inventory costs amounted to $7.3 million for fiscal year 2024, compared to $12.1 million for fiscal year 2023. The decrease of inventory costs was primarily due to a 44.1% decrease in the total sales volume, which was partially offset by an 8.5% increase in the inventory cost per unit.

Labor costs amounted to $2.5 million for fiscal year 2024, compared to $2.9 million for fiscal year 2023. The decrease of labor costs was primarily because we reduced the number of manufacturing employees.

Gross Profit and Gross Margin

Gross profit decreased by 50.1%, to $3.9 million for fiscal year 2024, from $7.9 million for fiscal year 2023.

Gross profit margin decreased by 6.1%, to 26.6% for fiscal year 2024, from 32.7% for fiscal year 2023.

Operating Expenses

Operating expenses decreased by 5.1%, to $5.8 million for fiscal year 2024, from $6.1 million for fiscal year 2023. The expense reduction was mainly due to the decline in selling expenses and research and development expenses. The decrease was partially offset by the increase in the general and administrative expenses.

Other Income

Other income decreased to $0.5 million for fiscal year 2024, from $0.7 million for fiscal year 2023.

Net (Loss)/Income

Net income decreased by 158.7%, to net loss of $1.3 million for fiscal year 2024, from net income of $2.2 million for fiscal year 2023.

Basic and Diluted (Loss)/Earnings per Share

Basic and diluted loss per share was $0.13 for fiscal year 2024, compared to earnings per share of $0.22 for fiscal year 2023.

About CCSC Technology International Holdings Limited

CCSC Technology International Holdings Limited, is a Hong Kong-based company that engages in the sale, design and manufacturing of interconnect products. The Company specializes in customized interconnect products, including connectors, cables and wire harnesses that are used for a range of applications in a diversified set of industries, including industrial, automotive, robotics, medical equipment, computer, network and telecommunication, and consumer products. The Company produces both OEM ("original equipment manufacturer") and ODM ("original design manufacture") interconnect products for manufacturing companies that produce end products, as well as electronic manufacturing services ("EMS") companies that procure and assemble products on behalf of such manufacturing companies. The Company has a diversified global customer base located in more than 25 countries throughout Asia, Europe and the Americas. For more information, please visit the Company's website: http://ir.ccsc-interconnect.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company's proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "may," "will," "could," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "propose," "potential," "continue", or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

CCSC Technology International Holdings Limited

Investor Relations Department
Email: ir@ccsc-interconnect.com

Ascent Investor Relations LLC

Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

 

 

 

CCSC TECHNOLOGY INTERNATIONAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

(Amount in U.S. dollars, except for number of shares)




As of March 31,




2024



2023


Assets







Current assets:







Cash


$

5,525,430



$

7,708,310


Restricted cash



209,317




9,305


Accounts receivable



2,750,214




2,260,222


Inventories, net



2,023,456




2,187,518


Deferred initial public offering costs



-




1,051,038


Prepaid expenses and other current assets



1,474,405




814,308


Total current assets



11,982,822




14,030,701











Non-current assets:









Property, plant and equipment, net



198,901




211,949


Intangible asset, net



38,183




88,319


Operating right-of-use assets



1,659,297




2,121,070


Finance lease right-of-use asset



17,788




-


Deferred tax assets, net



287,394




41,015


Other non-current assets



3,753,646




41,844


Total non-current assets



5,955,209




2,504,197


TOTAL ASSETS


$

17,938,031



$

16,534,898











Liabilities and Shareholders' Equity









Current liabilities:









Accounts payable


$

2,175,974



$

1,663,749


Advance from customers



207,293




186,874


Accrued expenses and other current liabilities



1,523,843




1,648,970


Taxes payable



24,974




365,851


Operating lease liabilities, current



506,061




485,051


Finance lease liabilities, current



4,454




-


Long-term bank loan, current portion



-




39,725


Total current liabilities



4,442,599




4,390,220











Non-current liabilities:









Operating lease liabilities, non-current



1,184,056




1,653,411


Finance lease liabilities, non-current



13,709




-


Total non-current liabilities



1,197,765




1,653,411


TOTAL LIABILITIES



5,640,364




6,043,631











Commitments and Contingencies



-




-











Shareholders' equity









Ordinary Shares (par value of US$0.0005 per share; 100,000,000 shares
authorized, 11,581,250 and 10,000,000 shares issued and outstanding as of
March 31, 2024 and 2023)



5,791




5,000


Subscription receivable



-




(5,000)


Additional paid-in capital



4,855,795




1,236,773


Statutory reserve



813,235




813,235


Retained earnings



8,491,783




9,786,946


Accumulated other comprehensive loss



(1,868,937)




(1,345,687)


Total shareholders' equity



12,297,667




10,491,267


TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY


$

17,938,031



$

16,534,898


 

CCSC TECHNOLOGY INTERNATIONAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME

(Amount in U.S. dollars, except for number of shares)




For the years ended March 31,




2024



2023



2022


Net revenue


$

14,748,551



$

24,059,556



$

27,169,935


Cost of revenue



(10,825,943)




(16,190,985)




(19,694,031)


Gross profit



3,922,608




7,868,571




7,475,904















Operating expenses:













Selling expenses



(1,039,882)




(1,097,150)




(866,136)


General and administrative expenses



(4,134,394)




(3,898,894)




(3,318,815)


Research and development expenses



(594,521)




(1,084,119)




(829,024)


Total operating expenses



(5,768,797)




(6,080,163)




(5,013,975)


(Loss)/income from operations



(1,846,189)




1,788,408




2,461,929















Other (expenses)/income:













Other non-operating (expenses)/income, net



(35,509)




49,873




415,934


Government subsidy



7,255




62,627




17,910


Foreign currency exchange income/(loss)



425,308




562,527




(199,759)


Financial and interest income/(expenses), net



67,636




22,455




(7,028)


Total other income



464,690




697,482




227,057















(Loss)/income before income tax expense



(1,381,499)




2,485,890




2,688,986


Income tax benefit/(expense)



86,336




(277,738)




(399,828)


Net (loss)/income



(1,295,163)




2,208,152




2,289,158















Other comprehensive (loss)/income













Foreign currency translation adjustment



(523,250)




(728,399)




368,037


Total comprehensive (loss)/income


$

(1,818,413)



$

1,479,753



$

2,657,195















(Loss)/earnings per share













Basic and Diluted


$

(0.13)



$

0.22



$

0.23


Weighted average number of ordinary shares













Basic and Diluted



10,288,525




10,000,000




10,000,000


 

 

CCSC TECHNOLOGY INTERNATIONAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amount in U.S. dollars, except for number of shares)




For the years ended March 31,




2024



2023



2022


CASH FLOWS FROM OPERATING ACTIVITIES:










Net (loss)/income


$

(1,295,163)



$

2,208,152



$

2,289,158


Adjustments to reconcile net (loss)/income to net cash (used in)/provided
by operating activities:













Inventory write-down



188,268




369,512




117,807


Depreciation and amortization



238,757




221,106




330,269


Amortization of right-of-use asset



509,086




526,546




330,812


Losses/(gains) from disposal of fixed assets



2,188




5,621




(61,205)


Deferred tax (benefit)/expense



(249,892)




51,780




(17,927)


Foreign currency exchange (gains)/losses



(227,691)




(562,527)




199,759


Changes in operating assets and liabilities:













Accounts receivable



(500,747)




586,559




286,662


Inventories



(101,220)




2,028,980




(1,272,692)


Amount due from related parties



-




478,285




(51,421)


Prepaid expenses and other current assets



(704,610)




179,619




16,666


Operating right-of-use assets



-




(2,240,092)




62,343


Other non-current assets



(77,220)




41,314




19,310


Accounts payable



563,226




(2,054,385)




757,114


Advance from customers



22,060




113,383




(92,699)


Taxes payable



(340,992)




112,295




220,736


Accrued expenses and other current liabilities



(64,258)




(91,373)




117,673


Operating lease liabilities



(490,319)




1,704,248




(409,019)


Financing Lease liabilities



24




-




-


Amount due to related parties



-




(215,388)




78,270


Net cash (used in)/provided by operating activities



(2,528,503)




3,463,635




2,921,616















CASH FLOWS FROM INVESTING ACTIVITIES













Purchase of property and equipment



(156,999)




(153,409)




(376,785)


Prepayment of long-term equipment and mold model



(3,639,312)




-




-


Proceed from disposal of property and equipment



-




10,891




199,146


Purchase of intangible asset



(29,476)




(64,364)




-


Net cash used in investing activities



(3,825,787)




(206,882)




(177,639)















CASH FLOWS FORM FINANCING ACTIVITIES













Proceeds from short-term bank loans



-




136,784




107,076


Repayments of short-term bank loans



-




(136,784)




(107,076)


Repayments of long-term bank loans



(39,853)




(156,174)




(153,053)


Proceeds from issuance of ordinary shares, net of issuance cost
of US$1.65 million



4,665,444




-




-


Payment for deferred initial public offering costs



-




(596,446)




(459,265)


Capital contribution by shareholder



5,000




-




462,469


Payment made for principal portion of financing lease liabilities



(4,322)




-




(7,553)


Net cash provided by/(used in) financing activities



4,626,269




(752,620)




(157,402)















Effect of exchange rate changes on cash and restricted cash



(254,847)




(72,458)




46,415















Net change in cash and restricted cash



(1,982,868)




2,431,675




2,632,990


Cash and restricted cash, beginning of the year



7,717,615




5,285,940




2,652,950


Cash and restricted cash, end of the year


$

5,734,747



$

7,717,615



$

5,285,940















SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:













Cash paid for income tax


$

(859,882)



$

(119,679)



$

(471,259)


Cash received from income tax refund


$

-



$

126,413



$

461,418


Cash paid for interest


$

(228)



$

(4,986)



$

(8,650)















Cash paid for operating lease


$

(575,014)



$

(601,953)



$

(635,499)















Supplemental disclosure of non-cash investing and financing activities:













Right-of-use assets obtained in exchange for operating lease obligations


$

137,617



$

2,263,898



$

138,450


 

Cision View original content:https://www.prnewswire.com/news-releases/ccsc-technology-international-holdings-limited-reports-financial-results-for-fiscal-year-2024-302202911.html

SOURCE CCSC Technology International Holdings Limited

FAQ

What was CCSC Technology's (CCTG) revenue for fiscal year 2024?

CCSC Technology (CCTG) reported revenue of $14.7 million for fiscal year 2024, a decrease of 38.7% compared to $24.1 million in fiscal year 2023.

How did CCSC Technology's (CCTG) net income change in fiscal year 2024?

CCSC Technology (CCTG) reported a net loss of $1.3 million for fiscal year 2024, compared to a net income of $2.2 million in fiscal year 2023, representing a 158.7% decrease.

What strategic initiatives did CCSC Technology (CCTG) announce for future growth?

CCSC Technology (CCTG) announced its Nasdaq listing in January 2024, a strategic cooperation with Innogetic to explore AI applications in manufacturing, and plans to establish a European supply chain management center in Serbia in the second half of 2024.

How did CCSC Technology's (CCTG) gross profit margin change in fiscal year 2024?

CCSC Technology's (CCTG) gross profit margin decreased by 6.1%, from 32.7% in fiscal year 2023 to 26.6% in fiscal year 2024.

CCSC Technology International Holdings Limited

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75.17%
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0.6%
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