Welcome to our dedicated page for Fitell Corporation Ordinary Shares news (Ticker: FTEL), a resource for investors and traders seeking the latest updates and insights on Fitell Corporation Ordinary Shares stock.
Fitell Corporation Ordinary Shares (Symbol: FTEL) is a dynamic company primarily involved in the sale of gym and fitness equipment in Australia. Through its indirectly held wholly owned subsidiaries, Fitell Corp operates in two main segments: online fitness equipment distribution and licensing services.
In its online distribution segment, Fitell Corp offers a wide range of fitness equipment through its proprietary e-commerce platform and third-party websites, making it accessible to both individual consumers and commercial entities. The company’s comprehensive product lineup includes everything from cardio machines to strength training equipment, catering to the diverse needs of fitness enthusiasts and professionals alike.
The licensing service segment of Fitell Corp provides a turnkey solution for personal training studios and commercial gym chains. This includes not just the physical equipment, but also the necessary support for setting up and running fitness facilities efficiently. Fitell Corp’s licensing services are designed to service the large and growing boutique fitness sector, a key part of the broader health and fitness club industry.
Financially, Fitell Corp has seen some recent challenges. The cost of goods sold decreased by approximately $1.9 million, or 41.9%, from $4,520,078 in FY 2022 to $2,625,821. Despite this, the company reported a net loss of $2,661,707, a decrease from the same period in 2022. This decrease in net loss was mainly attributed to a reduction in merchandise revenue and an increase in consulting fees and general administrative expenses post-Nasdaq listing. Gross profit for the same period was $847,152, reflecting a decline in high-margin consumable products and licensing segments.
Fitell Corp has been active in seeking new business growth opportunities. Post the successful Nasdaq listing, the company has engaged various consulting firms to assist in setting long-term business development plans. General and administrative expenses saw a significant increase, mainly due to research and development expenses on a new mobile app, higher insurance expenses related to D&O insurance coverage post-Nasdaq listing, and increased audit fees.
For more information, please contact:
Chief Financial Officer
Jamarson Kong
jamarson@gymdirect.com.au
Investor Relations
ir@fitellcorp.com
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