/C O R R E C T I O N -- Global Mofy Metaverse Limited/
- None.
- None.
In the news release, Global Mofy Metaverse Reports Record 2023 Financial Year Results, issued 31-Jan-2024 by Global Mofy Metaverse Limited over PR Newswire, we are advised by the company that the 1st Sub-headline should read "Thursday, February 1, 2024" rather than "Tuesday, February 1, 2024"; the first table column header should read "For the Years Ended September 30" rather than "For the Years Ended September 33"; the first paragraph under Earnings Conference Call should read "Thursday February 1, 2024" rather than "Tuesday 1, 2024"; and the Date/Time under Earnings Conference Call should be "Thursday, February 1, 2024" rather than "Tuesday, February 1, 2023" as originally issued inadvertently. The complete, corrected release follows:
Global Mofy Metaverse Reports Record 2023 Financial Year Results
Company to Host Earnings Conference Call on Thursday, February 1, 2024, at 8.30 am ET
- Record Revenues of
- Gross profit and net income both reached historical high of
Fiscal Year 2023 Financial Highlights:
- Total revenues increased by
$9.7 million 56.4% , from$17.2 million $26.9 million - Gross profit increased by
$10.4 million 253.1% from$4.1 million $14.5 million - Gross margin improved from
23.9% for FY2022 to54.0% for FY2023. - Net income grew significantly to
$6.6 million $0.26 $0.3 million $0.01 - Revenue from high margin 3D Digital Asset Licensing business up
186.3% YoY to$11.5 million 42.8% of the total sales. - Intangible Asset totaled about
$6.5 million $0 million - In October 2023, the Company completed its
$6 million
For the Years Ended September 30 | |||||||||||
(in $ millions, except earnings per share; | 2023 | 2022 | % Change | ||||||||
Revenues | $ |
26.9 | $ | 17.2 |
56.4 % | ||||||
Gross profit | 14.5 | 4.1 | 253.1 % | ||||||||
Gross margin |
54.0 % | 23.9 % | 30 percentage | ||||||||
Income from operations | 7.6 | (0.3) | 2760.6 % | ||||||||
Net income | 6.6 | (0.3) | 2569.9 % | ||||||||
Net income per share – Basic and Diluted | 0.26 | (0.01) | 2700.0 % | ||||||||
Haogang Yang, CEO of the Company commented, "In fiscal year 2023, we achieved exceptional results, highlighted by significant milestones. Our revenue reached an all-time high, primarily driven by the rapid growth of our digital asset licensing business and the resurgence of the virtual production industry. Total revenues increased by
"We strategically optimized our revenue structure, with digital asset licensing-related revenue accounting for
"Our focus on research and development yielded impressive outcomes, as our digital asset innovations gained recognition and adoption in the metaverse industry. We successfully capitalized on these achievements, converting them into revenue-generating assets, and reducing R&D costs.
"We also achieved historic highs in gross profit and gross profit margin, driven by our expansion in the digital asset application field and our leading position in the metaverse industry."
"Lastly, our net income soared to
"With successfully completion of our initial public offerings with
"In conclusion, our Company's exceptional performance in fiscal year 2023, with record revenue, optimized revenue structure, successful R&D capitalization, unprecedented gross profit, and a substantial increase in net profit, positions us for continued success. We remain committed to the development of digital assets and leveraging our position in the metaverse industry to drive sustained growth and create substantial value."
Fiscal Year 2023 Financial Results:
Revenues
Total revenues increased by
For the Years Ended September 30, | |||||||||||||||
2023 | 2022 | Variance | |||||||||||||
Amount | Amount | Amount | % | ||||||||||||
Virtual technology service | $ | 15.4 | $ | 12.5 | $ | 2.8 | 22.7 | % | |||||||
Digital marketing | — | 0.6 | (0.6) | (100) | % | ||||||||||
Digital asset development and | 11.5 | 4.0 | 7.5 | 186.3 | % | ||||||||||
Total | $ | 26.9 | $ | 17.2 | $ | 9.7 | 56.4 | % | |||||||
- Virtual technology service revenues accounted for
- Revenues from digital marketing accounted for
- Revenues from digital asset development and others accounted for
Cost of revenues
Total cost of revenues decreased from
- The cost of revenues for virtual technology service increased by
- The cost of revenues for digital marketing was $nil in fiscal year 2023 primarily due to we do not recognize revenue for this period. In 2022, we entered into agency agreements with customers, eliminating significant costs for ad inventories and advertising services.
- The cost of revenues for digital asset development and others decreased by
Gross profit and margin
As a result of changes in revenue and cost of revenues, gross profit increased by
For the Years Ended September 30, | |||||||||||||||||||
2023 | 2022 | Variance | |||||||||||||||||
Gross | GM% | Gross | GM% | Amount | % | ||||||||||||||
Virtual technology service | $ | 5.8 | 37.5 | % | $ | 3.0 | 24.1 | % | $ | 2.7 | 90.6 | % | |||||||
Digital marketing | — | — | 0.3 | 41.4 | % | (0.3) | (100.0) | % | |||||||||||
Digital asset development | 8.8 | 76.2 | % | 0.8 | 20.6 | % | 7.9 | 957.0 | % | ||||||||||
Total | $ | 14.5 | 54 | % | $ | 4.1 | 23.9 | % | $ | 10.4 | 253.1 | % | |||||||
- The gross margin increased from
Operating expenses
Operating expenses rose by
- Selling expenses, which include salary and benefit expenses for sales and marketing personnel, increased by
- General and administrative ("G&A") expenses, including salaries, professional service fees, and office expenses, increased by
- Research and development expenses, covering employee salaries, overhead, and outsourced development costs, increased by
Net income
As a result of the foregoing, we recorded a net income of
Recent developments
On January 11, 2024, the Company announced its strategic investment in MERAEDU, marking its entrance into the vocational education sector. The
On January 04, 2024, the Company announced the registration of its subsidiary, Global Mofy Technology LLC, in
On December 29, 2023, the Company entered into securities purchase agreements with institutional investors for a follow-on offering of
On December 19, 2023, the Company announced the success of "The Future Handbook," an artificial intelligence-themed short film series produced in collaboration with bilibili. This collection of multi-universe sci-fi films is directed by promising young directors, exploring the captivating domain of AI.
On December 06, 2023, the Company has been honored with the prestigious "Most Valuable Investment Chinese Concept Stock" award at the 8th Zhitong Finance Capital Market Annual Conference and Listed Company Awards Ceremony, held in
On November 24, 2023, the Company and ELLE
In October 2023, the Company closed its initial public offering, issuing 1,240,000 ordinary shares. The underwriter exercised its over-allotment option for an additional 40,000 ordinary shares. After the IPO, the total number of issued and outstanding ordinary shares reached 27,166,155.
Earnings Conference Call
The Company's management including CEO, CFO and CTO will host a conference call to discuss its 2023 annual results at 8.30 am US Eastern Time on Thursday February 1, 2024. To attend the conference call, please use the information below.
Date/Time 8.30 am US Eastern Time (5.30 am US Pacific Time/9.30 pm Beijing Time) on Thursday, February 1, 2024.
Conference Title: Global Mofy Metaverse Fiscal Year 2023 Earnings Call
To attend the conference call, please dial in via:
The meeting password is 640770 for all participants.
This conference call will be broadcast live on the Internet and can be accessed by all interested parties at: https://roadshowing.com/roadshowing/info.html?id=90435&lang=en. The website login password is 265036. Please access the link at least 15 minutes prior to the start of the call to register, download, and install any necessary audio software.
About Global Mofy Metaverse Limited
Headquartered at
Forward-Looking Statement
This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. These forward-looking statements include, without limitation, the Company's statements regarding the expected trading of its Ordinary Shares on the Nasdaq Capital Market and the closing of the Offering. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
Company
Global Mofy Metverse Ltd.
Investor Relations Department
Email: ir@mof-vfx.com
Investor Relations
WFS Investor Relations Inc.
Janice Wang, Managing Partner
Email: services@wealthfsllc.com
Phone: +86 13811768599
+1 628 283 9214
GLOBAL MOFY METAVERSE LIMITED | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Expressed in U.S. Dollars, except for the number of shares) | ||||||||
As of September 30, | ||||||||
2023 | 2022 | |||||||
US$ | US$ | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 10,437,580 | $ | 1,136,064 | ||||
Short-term investments | 780,000 | — | ||||||
Accounts receivable, net | 3,286,330 | 2,101,665 | ||||||
Accounts receivable – related party | — | 298,587 | ||||||
Advance to vendors | 2,593,887 | 1,543,294 | ||||||
Due from related party | — | 182,751 | ||||||
Loans receivable – current | 287,829 | 295,213 | ||||||
Prepaid expenses and other current assets, net | 507,336 | 395,842 | ||||||
Total current assets | 17,892,962 | 5,953,416 | ||||||
Non-current assets | ||||||||
Property and equipment, net | 34,431 | 37,806 | ||||||
Intangible assets | 6,505,792 | — | ||||||
Operating lease right-of-use assets | 954,771 | 147,099 | ||||||
Loans receivable – noncurrent | 447,505 | 458,986 | ||||||
Advance to vendor – noncurrent | 1,020,874 | 1,800,000 | ||||||
Prepaid expenses and other non-current assets, net | 262,986 | 129,222 | ||||||
Total non-current assets | 9,226,359 | 2,573,113 | ||||||
Total Assets | $ | 27,119,321 | $ | 8,526,529 | ||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Short-term bank loans | $ | 2,442,609 | $ | 1,532,073 | ||||
Loans from third parties | 22,615 | 108,245 | ||||||
Accounts payable | 531,091 | 952,249 | ||||||
Advance from customers | 345,838 | 1,154,100 | ||||||
Tax payable | 1,555,059 | 474,370 | ||||||
Accrued expenses and other liabilities | 555,440 | 327,641 | ||||||
Operating lease liabilities – current | 293,040 | 120,418 | ||||||
Total current liabilities | 5,745,692 | 4,669,096 | ||||||
Non-current Liabilities | ||||||||
Loan from third party, noncurrent | — | 107,542 | ||||||
Operating lease liabilities – noncurrent | 556,674 | — | ||||||
Total non-current liabilities | 556,674 | 107,542 | ||||||
Total Liabilities | 6,302,366 | 4,776,638 | ||||||
Commitments | ||||||||
Equity: | ||||||||
Ordinary shares ( | 52 | 47 | ||||||
Additional paid-in capital | 16,035,229 | 5,112,181 | ||||||
Statutory reserves | 368,271 | 39,620 | ||||||
Accumulated earnings (deficit) | 5,158,115 | (1,065,072) | ||||||
Accumulated other comprehensive (loss) | (604,182) | (193,324) | ||||||
Total Global Mofy Metaverse Limited shareholders' equity | 20,957,485 | 3,893,452 | ||||||
Non-controlling interests | (140,530) | (143,561) | ||||||
Total equity | 20,816,955 | 3,749,891 | ||||||
Total liabilities and equity | $ | 27,119,321 | $ | 8,526,529 | ||||
GLOBAL MOFY METAVERSE LIMITED | ||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||
(Expressed in U.S. Dollars, except for the number of shares) | ||||||||||||
For the Years Ended | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
US$ | US$ | US$ | ||||||||||
Revenue | ||||||||||||
Revenue from third parties | $ | 26,889,911 | $ | 14,540,300 | $ | 14,268,184 | ||||||
Revenue from related parties | — | 2,647,993 | — | |||||||||
Revenue | 26,889,911 | 17,188,293 | 14,268,184 | |||||||||
Cost of revenue | (12,357,934) | (13,072,732) | (10,990,076) | |||||||||
Gross profit | 14,531,977 | 4,115,561 | 3,278,108 | |||||||||
Operating expenses: | ||||||||||||
Selling expenses | (294,587) | (153,822) | (143,708) | |||||||||
General and administrative expenses | (3,046,037) | (1,041,330) | (1,077,102) | |||||||||
Research and development expenses | (3,546,155) | (3,207,759) | (661,134) | |||||||||
Total operating expenses | (6,886,779) | (4,402,911) | (1,881,944) | |||||||||
Income (loss) from operations | 7,645,198 | (287,350) | 1,396,164 | |||||||||
Other (expenses) income: | ||||||||||||
Interest income | 41,230 | 42,948 | 42,690 | |||||||||
Interest expenses | (126,206) | (74,888) | (25,183) | |||||||||
Other income, net | 89,124 | 54,049 | 10,488 | |||||||||
Total other income, net | 4,148 | 22,109 | 27,995 | |||||||||
Income (loss) before income taxes | 7,649,346 | (265,241) | 1,424,159 | |||||||||
Income tax expense | (1,098,087) | — | (9,992) | |||||||||
Net income (loss) | 6,551,259 | (265,241) | 1,414,167 | |||||||||
Net (loss) income attributable to non-controlling interest | (579) | 1,981 | (2,295) | |||||||||
Net income (loss) attributable to Global Mofy Metaverse | $ | 6,551,838 | $ | (267,222) | $ | 1,416,462 | ||||||
Comprehensive (loss) income | ||||||||||||
Net income (loss) | $ | 6,551,259 | $ | (265,241) | $ | 1,414,167 | ||||||
Foreign currency translation (loss) gain | (407,248) | (198,124) | 7,983 | |||||||||
Total comprehensive income (loss) | 6,144,011 | (463,365) | 1,422,150 | |||||||||
Comprehensive income attributable to non-controlling | 3,031 | 2,304 | 4,259 | |||||||||
Comprehensive income (loss) attributable to Global Mofy | $ | 6,140,980 | $ | (465,669) | $ | 1,417,891 | ||||||
Earnings (loss) per common share | ||||||||||||
– Basic and diluted* | $ | 0.26 | $ | (0.01) | $ | 0.06 | ||||||
Weighted average number of common shares outstanding | ||||||||||||
– Basic and diluted* | 25,021,246 | 23,441,484 | 23,015,777 | |||||||||
GLOBAL MOFY METAVERSE LIMITED | ||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
(Expressed in U.S. Dollars) | ||||||||||||
For the Years Ended | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
US$ | US$ | US$ | ||||||||||
Cash flows from operating activities | ||||||||||||
Net income (loss) | $ | 6,551,259 | $ | (265,241) | $ | 1,414,167 | ||||||
Adjustments to reconcile net income (loss) to net cash used in | ||||||||||||
Depreciation | 439,279 | 27,852 | 23,140 | |||||||||
Amortization of operating lease right-of-use assets | 184,427 | 151,863 | 147,482 | |||||||||
Provision for doubtful accounts, net of recovery | 1,204,551 | (16,084) | 21,422 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable, net | (1,684,402) | 3,565,011 | (5,302,583) | |||||||||
Accounts receivable – related party | 301,136 | (324,116) | — | |||||||||
Advances to vendors | (766,921) | (3,356,195) | 662,025 | |||||||||
Prepaid expenses and other current assets | 1,518,313 | (16,901) | (323,016) | |||||||||
Prepaid expenses and other noncurrent assets | (65,892) | 61,142 | — | |||||||||
Accounts payable | (411,037) | (1,823,331) | 1,405,228 | |||||||||
Advance from customers | (809,364) | 738,642 | 49,877 | |||||||||
Taxes payable | 1,129,748 | 29,585 | 485,017 | |||||||||
Accrued expenses and other liabilities | (1,549,218) | 281,003 | 33,716 | |||||||||
Lease liabilities | (265,773) | (190,457) | (89,756) | |||||||||
Net cash provided by (used in) operating activities | 5,776,106 | (1,137,227) | (1,473,281) | |||||||||
Cash flows from investing activities | ||||||||||||
Purchase of property and equipment | (9,782) | (28,839) | (51,683) | |||||||||
Purchase of intangible assets | (7,156,636) | — | — | |||||||||
Purchase of short-term investments | (750,000) | — | — | |||||||||
Collection of loans to related parties | 184,311 | — | 112,644 | |||||||||
Loans to third parties | (2,400,000) | — | (501,752) | |||||||||
Loans to related party | — | (198,376) | — | |||||||||
Collection of loans to third parties | 2,400,000 | 61,039 | 359,602 | |||||||||
Net cash used in investing activities | (7,732,107) | (166,176) | (81,189) | |||||||||
Cash flows from financing activities | ||||||||||||
Borrowings from third parties | (217,629) | 234,237 | 1,060,364 | |||||||||
Repayments of third parties loans | 23,393 | (1,243,667) | — | |||||||||
Proceeds from short-term bank loans | 2,526,658 | 1,785,143 | 1,059,849 | |||||||||
Repayments of short-term bank loans | (1,545,149) | (1,174,487) | (302,583) | |||||||||
Deferred offering cost | (70,867) | (131,634) | — | |||||||||
Capital contributions | 10,923,053 | 2,000,000 | 805,722 | |||||||||
Net cash provided by financing activities | 11,639,459 | 1,469,592 | 2,623,352 | |||||||||
Effect of foreign exchange rate on cash | (381,942) | (118,819) | 11,054 | |||||||||
Net increase in cash | 9,301,516 | 47,370 | 1,079,936 | |||||||||
Cash at the beginning of the year | 1,136,064 | 1,088,694 | 8,758 | |||||||||
Cash at the end of the year | $ | 10,437,580 | $ | 1,136,064 | $ | 1,088,694 | ||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Income taxes paid | $ | 258 | $ | — | 739 | |||||||
Interest paid | $ | 126,206 | $ | 74,888 | $ | 25,183 | ||||||
Non-cash transactions of investing and financing activities: | ||||||||||||
Initial recognition of right-of-use assets | $ | 1,022,582 | $ | — | $ | 313,741 | ||||||
View original content:https://www.prnewswire.com/news-releases/global-mofy-metaverse-reports-record-2023-financial-year-results-302049274.html
SOURCE Global Mofy Metaverse Limited
FAQ
What were the total revenues for Global Mofy Metaverse (GMM) in the 2023 fiscal year?
What was the gross profit for Global Mofy Metaverse (GMM) in the 2023 fiscal year?
What was the net income for Global Mofy Metaverse (GMM) in the 2023 fiscal year?
What was the gross margin for Global Mofy Metaverse (GMM) in the 2023 fiscal year?
How much did the revenue from the 3D Digital Asset Licensing business increase by in the 2023 fiscal year?
