Helport AI Reports Fiscal Full Year 2024 Financial Results
Helport AI (NASDAQ: HPAI) reported strong financial results for fiscal year 2024. Revenue increased 132% to $29.6 million, while net income rose 53% to $7.4 million. The company's gross profit grew 137% to $18.6 million, with a gross margin of 62.8%. Operating cash flow was $5.0 million.
The company completed its merger and began trading on Nasdaq under 'HPAI' on August 5, 2024, raising $10.4 million in gross proceeds. Helport AI's core product, Helport AI Assist, is now available on Google Cloud Marketplace. The company serves 30,000+ active users globally through its AI-powered customer engagement solutions.
Helport AI (NASDAQ: HPAI) ha riportato risultati finanziari solidi per l'anno fiscale 2024. I ricavi sono aumentati del 132% raggiungendo 29,6 milioni di dollari, mentre il reddito netto è cresciuto del 53% a 7,4 milioni di dollari. Il profitto lordo dell'azienda è aumentato del 137% a 18,6 milioni di dollari, con un margine lordo del 62,8%. Il flusso di cassa operativo è stato di 5,0 milioni di dollari.
L'azienda ha completato la sua fusione ed è iniziata la negoziazione su Nasdaq con il simbolo 'HPAI' il 5 agosto 2024, raccogliendo 10,4 milioni di dollari in proventi lordi. Il prodotto principale di Helport AI, Helport AI Assist, è ora disponibile su Google Cloud Marketplace. L'azienda serve oltre 30.000 utenti attivi a livello globale attraverso le sue soluzioni di coinvolgimento clienti supportate dall'IA.
Helport AI (NASDAQ: HPAI) reportó resultados financieros sólidos para el año fiscal 2024. Los ingresos aumentaron un 132% alcanzando 29,6 millones de dólares, mientras que los ingresos netos crecieron un 53% a 7,4 millones de dólares. El beneficio bruto de la empresa creció un 137% a 18,6 millones de dólares, con un margen bruto del 62,8%. El flujo de caja operativo fue de 5,0 millones de dólares.
La empresa completó su fusión y comenzó a cotizar en Nasdaq bajo 'HPAI' el 5 de agosto de 2024, recaudando 10,4 millones de dólares en ingresos brutos. El producto principal de Helport AI, Helport AI Assist, ya está disponible en Google Cloud Marketplace. La empresa cuenta con más de 30,000 usuarios activos en todo el mundo a través de sus soluciones de compromiso con el cliente impulsadas por IA.
Helport AI (NASDAQ: HPAI)는 2024 회계연도에 대한 강력한 재무 결과를 보고했습니다. 매출은 132% 증가하여 2960만 달러에 달했으며, 순이익은 53% 증가하여 740만 달러에 올랐습니다. 회사의 총 이익은 137% 증가하여 1860만 달러에 달하며, 총 마진은 62.8%입니다. 운영 현금 흐름은 500만 달러였습니다.
회사는 합병을 완료하고 2024년 8월 5일에 'HPAI'라는 이름으로 Nasdaq에서 거래를 시작하여 1040만 달러의 총 수익을 올렸습니다. Helport AI의 핵심 제품인 Helport AI Assist는 이제 Google Cloud Marketplace에서 이용 가능합니다. 회사는 AI 기반 고객 참여 솔루션을 통해 전 세계 30,000명 이상의 활성 사용자에게 서비스를 제공합니다.
Helport AI (NASDAQ: HPAI) a publié des résultats financiers solides pour l'exercice fiscal 2024. Les revenus ont augmenté de 132%, atteignant 29,6 millions de dollars, tandis que le bénéfice net a augmenté de 53%, atteignant 7,4 millions de dollars. Le bénéfice brut de l'entreprise a crû de 137% pour atteindre 18,6 millions de dollars, avec une marge brute de 62,8%. Le flux de trésorerie d'exploitation s'élevait à 5,0 millions de dollars.
L'entreprise a finalisé sa fusion et a commencé à négocier sur le Nasdaq sous le symbole 'HPAI' le 5 août 2024, levant 10,4 millions de dollars de produits bruts. Le produit principal de Helport AI, Helport AI Assist, est désormais disponible sur Google Cloud Marketplace. L'entreprise sert plus de 30 000 utilisateurs actifs dans le monde entier grâce à ses solutions d'engagement client alimentées par l'IA.
Helport AI (NASDAQ: HPAI) hat starke Finanzergebnisse für das Geschäftsjahr 2024 berichtet. Der Umsatz stieg um 132% auf 29,6 Millionen Dollar, während der Nettogewinn um 53% auf 7,4 Millionen Dollar zunahm. Der Bruttogewinn des Unternehmens wuchs um 137% auf 18,6 Millionen Dollar, mit einer Bruttomarge von 62,8%. Der operative Cashflow betrug 5,0 Millionen Dollar.
Das Unternehmen hat seine Fusion abgeschlossen und begann am 5. August 2024 unter 'HPAI' an der Nasdaq zu handeln, wobei es 10,4 Millionen Dollar an Bruttoeinnahmen aufbrachte. Das Hauptprodukt von Helport AI, Helport AI Assist, ist jetzt im Google Cloud Marketplace erhältlich. Das Unternehmen bedient weltweit über 30.000 aktive Nutzer mit seinen KI-gestützten Kundenbindungs-Lösungen.
- Revenue growth of 132% YoY to $29.6 million
- Net income increase of 53% YoY to $7.4 million
- Gross profit growth of 137% to $18.6 million with improved margin of 62.8%
- Positive operating cash flow of $5.0 million
- Successfully raised $10.4 million through business combination and PIPE investment
- Average monthly subscribed seats increased from 2,192 to 5,475
- Significant increase in G&A expenses from $1.6M to $5.0M
- R&D expenses jumped from $0.4M to $4.3M
- Low cash position of $2.6M as of June 30, 2024
Insights
The financial results reveal remarkable growth with
Notable concerns include rising operational costs, with G&A expenses tripling to
Helport AI's technology strategy shows promising differentiation in the enterprise AI market. Their AI Assist platform's architecture, separating the AI engine from knowledge bases, enables faster deployment and customization - a significant advantage in enterprise adoption. The planned Developer Ecosystem (HDE) could create a powerful network effect, similar to NVIDIA's CUDA platform, potentially establishing Helport as a foundational AI infrastructure provider.
The Google Cloud Marketplace approval enhances credibility and distribution reach. The focus on specific verticals like insurance, mortgage and wealth management demonstrates a smart go-to-market strategy, targeting industries where AI can deliver immediate value in customer engagement and compliance.
FY 2024 Revenue up
Net Income up
Completed Merger and Began Trading as a Public Company on Nasdaq Under Ticker Symbol “HPAI” on August 5, 2024
Management to Host Business Update Conference Call on Wednesday, November 6, 2024 at 5:30 pm ET
SINGAPORE and SAN DIEGO, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Helport AI Limited (NASDAQ: HPAI) (“Helport AI” or the “Company”), an AI technology company serving enterprise clients with intelligent software, services and solutions, today announced financial results for its fiscal full year ended June 30, 2024.
Helport AI Highlights:
- A pioneering AI technology company dedicated to empowering enterprises with intelligent software, services and solutions, aimed at accelerating sales growth, driving operational excellence and reducing cost in customer engagement.
- Established global presence, with offices in the United States, Singapore, and the Philippines. supporting 30,000+ active users around the world.
- Helport AI's products and services have been applied across various industries, including banking, insurance, mortgage sales, wealth management, government services, and real estate.
- Helport AI Assist – a SaaS software launched in 2022, which has become a key business focus, and provides AI-powered real-time speech guidance for customer communications, dedicated to enhancing sales performance and driving operational excellence, with functions including Agent Assistant, Quality Assurance Assistant, Supervisor Assistant, and Knowledge Base Assistant.
- Our AI+BPO service provides worldwide 24/7 customer engagement with AI-driven monitoring, compliance, and knowledge tools. Through global BPO partners, clients could access flexible, multilingual support, boosting performance and reducing costs.
- HDE (Helport AI Developer Ecosystem) – An in-development ecosystem-based developer platform that packages Helport AI's core underlying technologies and algorithms for different industries through open APIs, allowing for the rapid creation of industry-specific applications.
Fiscal 2024 Year & Subsequent Operational Highlights:
- Helport AI Assist Software is officially approved and available on Google Cloud Marketplace.
- On August 2, 2024, the Company closed its business combination with Tristar Acquisition I Corp. (“Tristar”) (NYSE: TRIS)
- Upon closing, an aggregate of
$10.4 million in gross proceeds was raised to support its operations, including$5.5 million private placement financing (“PIPE Investment”) and the rest in the form of convertible notes. - Revenue for the fiscal year ended June 30, 2024 was
$29.6 million , an increase of132% from$12.7 million in the prior year. - Gross profit for fiscal year 2024 was
$18.6 million , an increase of137% from$7.8 million in fiscal year 2023. - Net income was
$7.4 million in fiscal year 2024 compared to$4.8 million in fiscal year 2023, an increase of53% . - Net cash provided by operating activities was
$5.0 million for the fiscal year ended June 30, 2024. - Cash was
$2.6 million as of June 30, 2024. Subsequently consummated the PIPE Investment referenced above. - As of August 8, 2024, there were 37,132,968 ordinary shares and 18,844,987 warrants issued and outstanding.
Management Commentary
“Fiscal 2024 was highlighted by laying the foundation for a global expansion, our Nasdaq listing in August, and rising demand for our AI software and services for enterprise clients,” said Guanghai Li, Chief Executive Officer of Helport AI. “The transition from a private to public company was an incredibly proud moment and milestone for our company, our employees and our shareholders, one that we expect will catalyze our product development and service improvements, enhance our brand awareness in the U.S., and provide opportunities for growth outside of our traditional organically funded operations.
“Helport AI aspires to be a global leader in AI-enhanced customer contact software and services, dedicated to empowering businesses with scalable and intelligent customer engagement. Our mission is to empower everyone to work as an expert through AI solutions. We believe that we are at the forefront of transforming how businesses engage with their customers, enhancing sales, optimizing operations and driving success across industries.
“Our proprietary software, Helport AI Assist, provides AI-powered real time speech guidance for customer contact. Our self-developed AI technologies include real-time communication assistance, real-time sales guidance, real-time quality assurance, efficient knowledge base construction, voice cloning, and more. Our fully independent architecture, where the AI engine is separated from the knowledge base, allows for seamless flexibility, while keeping knowledge bases straightforward. This simplicity allows for faster deployment and adoption, and we intend that it would enable our customers to exceed their goals, particularly in the areas of sales, quality control, and compliance.
“Looking ahead, we will continue to strengthen our capabilities in more industries, including insurance, mortgage, wealth management, banking, government services, telecommunications, real estate, e-commerce, and more. We believe that we have made great strides in the financial services sector, securing partnerships in mortgage, insurance, and wealth management. These partnerships underscore our adaptability in catering to complex industries, where accurate interpretation and communication are critical.
“Our San Diego office will serve as our growth engine for the U.S. market and innovation, while our Singapore office will continue to be the center for global operations. This is expected to strengthen our presence in North America, especially as we see major breakthroughs with developing partnerships such as Google and eWorld Enterprise Solutions in supporting U.S. government sectors.
“We are pleased to announce Helport AI’s official listing on Google Cloud Marketplace, a milestone that we believe will enhance our global reach and strengthen our technology and data security credibility. We trust that this presence will enable us to deliver scalable, high-performance AI solutions across industries, advancing operational efficiency and customer engagement. Looking forward, we will focus on expanding U.S. partnerships and strengthening our ecosystem to drive the next wave of intelligent customer interactions.
“In the mid-term we plan to launch our Helport AI Developer Ecosystem (HDE). Inspired by NVIDIA’s CUDA platform, we are developing an open API interface that aims to enable thirty-party developers to create their own applications using our AI engine. This will allow any developers to innovate within our ecosystem, making it increasingly easy for anyone to innovate on our platform. By fostering this ecosystem, we aim to solidify our position as the go-to platform for AI-driven solutions across industries.
“Taken together, we expect our revenue growth will sustain in 2025, driven by the full impact of our new partnerships and expanded U.S. presence. In addition, we will continue to prioritize R&D investments, particularly in the development of HDE, to support long-term innovation and expansion. We look forward to providing updates in the months to come, including those attending our Business Update Conference Call next Wednesday, November 6th,” concluded Li.
2024 Fiscal Year Financial Results
Revenue for the fiscal year ended June 30, 2024 increased by
Gross Profit for the fiscal year ended June 30, 2024 increased to
General and administrative expenses increased to
Research and development expenses increased to
Net income for the fiscal year ended June 30, 2024 was
Cash was
Net cash provided by operating activities was
Business Update Conference Call
Guanghai Li, Chief Executive Officer, and Tao Ke, Chief Financial Officer, will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.
To access the call, please use the following information:
| Date: | Wednesday, November 6, 2024 |
| Time: | 5:30 p.m. Eastern Time, 2:30 p.m. Pacific Time |
| Toll-free dial-in number: | 1-800-445-7795 |
| International dial-in number: | 1-203-518-9848 |
| Conference ID (Required for Entry): | HELPORT |
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.
The conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1695608&tp_key=0c8510f685 and via the investor relations section of the Company's website here.
A replay of the webcast will be available after 9:30 p.m. Eastern Time through February 6, 2025.
| Toll-free replay number: | 1-844-512-2921 |
| International replay number: | 1-412-317-6671 |
| Replay ID: | 11157509 |
About Helport AI
Helport AI (NASDAQ: HPAI) is a provider of AI-driven solutions, specializing in providing products and services aimed at enhancing professional capabilities across industries. Focused on delivering measurable outcomes, Helport AI is set to transform the way businesses operate by ensuring that professionals have the tools they need to succeed. The company serves enterprise-level customer contact services through intelligent products, solutions, and a digital platform, and is dedicated to helping businesses optimize their operations and improve customer engagement. Our mission is to empower everyone to work as an expert. For more information, please visit Helport AI’s website: https://ir.helport.ai/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including, but not limited to, Helport AI's business plan and outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on Helport AI’s current expectations and projections about future events that Helport AI believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Helport AI 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 Helport AI 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 Helport AI 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 Helport AI’s registration statement and other filings with the U.S. Securities and Exchange Commission.
Investor Relations Contact:
Chris Tyson
Executive Vice President
MZ North America
Direct: 949-491-8235
HPAI@mzgroup.us
www.mzgroup.us
| HELPORT AI LIMITED COMBINED BALANCE SHEETS (Amounts in and U.S. dollars (“US$"), except share data) | |||||||
| As of June 30, | |||||||
| 2024 | 2023 | ||||||
| Cash | $ | 2,581,086 | $ | 142,401 | |||
| Accounts receivable | 21,313,735 | 14,545,921 | |||||
| Deferred offering costs | 817,871 | - | |||||
| Prepaid expenses and other receivables | 41,966 | - | |||||
| Total current assets | 24,754,658 | 14,688,322 | |||||
| Intangible assets, net | 2,425,694 | 4,083,333 | |||||
| Total non-current asset | 2,425,694 | 4,083,333 | |||||
| Total assets | $ | 27,180,352 | $ | 18,771,655 | |||
| Accounts payable | $ | 284,067 | $ | 10,158,729 | |||
| Income tax payable | 2,724,998 | 1,123,065 | |||||
| Amount due to related parties | 965,776 | 592,797 | |||||
| Convertible promissory notes | 4,889,074 | - | |||||
| Accrued expenses and other liabilities | 5,263,239 | 1,212,985 | |||||
| Total current liabilities | 14,127,154 | 13,087,576 | |||||
| Total liabilities | 14,127,154 | 13,087,576 | |||||
| Commitments and contingencies | |||||||
| Ordinary shares (US | 156 | 156 | |||||
| Additional paid-in capital | 7,556 | 7,556 | |||||
| Subscription receivables | (156 | ) | (156 | ) | |||
| Retained earnings | 13,045,642 | 5,676,523 | |||||
| Shareholders’ equity | 13,053,198 | 5,684,079 | |||||
| Total liabilities and shareholders’ equity | $ | 27,180,352 | $ | 18,771,655 | |||
| * | The shares and per share information are presented on a retroactive basis to reflect the shares reorganization (Note 10). |
| HELPORT AI LIMITED COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Amounts in and U.S. dollars (“US$"), except share data) | |||||||||||
| For the years ended June 30, | |||||||||||
| 2024 | 2023 | 2022 | |||||||||
| Revenues | $ | 29,575,625 | $ | 12,728,313 | $ | 2,667,914 | |||||
| Cost of revenues | (10,998,011 | ) | (4,882,792 | ) | (1,246,701 | ) | |||||
| Gross profit | 18,577,614 | 7,845,521 | 1,421,213 | ||||||||
| Selling expenses | (97,984 | ) | (50,830 | ) | (99,817 | ) | |||||
| General and administrative expenses | (4,979,382 | ) | (1,625,887 | ) | (340,625 | ) | |||||
| Research and development expenses | (4,303,490 | ) | (375,410 | ) | - | ||||||
| Total operating expenses | (9,380,856 | ) | (2,052,127 | ) | (440,442 | ) | |||||
| Income from operation | 9,196,758 | 5,793,394 | 980,771 | ||||||||
| Financial expenses, net | (226,713 | ) | (7,936 | ) | (5,894 | ) | |||||
| Other income, net | 1,007 | - | - | ||||||||
| Income before income tax expense | 8,971,052 | 5,785,458 | 974,877 | ||||||||
| Income tax expense | (1,601,933 | ) | (970,755 | ) | (152,917 | ) | |||||
| Net income | $ | 7,369,119 | $ | 4,814,703 | $ | 821,960 | |||||
| Total comprehensive income | $ | 7,369,119 | $ | 4,814,703 | $ | 821,960 | |||||
| Earnings per ordinary share | |||||||||||
| Basic | 47,238 | 30,863 | 5,269 | ||||||||
| Diluted | 47,238 | 30,863 | 5,269 | ||||||||
| Weighted average number of ordinary shares outstanding* | |||||||||||
| Basic | 156 | 156 | 156 | ||||||||
| Diluted | 156 | 156 | 156 | ||||||||
| * | The shares and per share information are presented on a retroactive basis to reflect the shares reorganization (Note 10). |
| HELPORT AI LIMITED COMBINED STATEMENTS OF CASH FLOWS (Amounts in and U.S. dollars (“US$"), except share data) | |||||||||||
| For the years ended June 30, | |||||||||||
| 2024 | 2023 | 2022 | |||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Net income | $ | 7,369,119 | $ | 4,814,703 | $ | 821,960 | |||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Amortization of intangible assets | 2,352,639 | 2,333,334 | 583,333 | ||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (6,813,674 | ) | (12,079,780 | ) | (2,463,761 | ) | |||||
| Prepaid expenses and other receivables | (41,966 | ) | - | - | |||||||
| Accounts payable | (3,158,729 | ) | 2,547,916 | 610,813 | |||||||
| Amount due to related parties | 21,640 | 7,626 | 16,450 | ||||||||
| Accrued expenses and other liabilities | 3,702,668 | 951,932 | 194,508 | ||||||||
| Income tax payable | 1,601,933 | 970,148 | 152,917 | ||||||||
| Net cash provided by/(used in) operating activities | 5,033,630 | (454,121 | ) | (83,780 | ) | ||||||
| CASH FLOWS FORM INVESTING ACTIVITY | |||||||||||
| Purchase of intangible assets | (7,410,933 | ) | - | - | |||||||
| Net cash used in investing activity | (7,410,933 | ) | - | - | |||||||
| CASH FLOWS FORM FINANCING ACTIVITIES | |||||||||||
| Payment for listing costs | (817,871 | ) | - | - | |||||||
| Proceeds from convertible promissory notes | 4,889,074 | - | - | ||||||||
| Loan from a third party | 977,156 | 66,545 | - | ||||||||
| Repayment of loan from a third party | (629,570 | ) | - | - | |||||||
| Loan from related parties | 354,977 | 569,059 | 196,388 | ||||||||
| Repayment of loan from related parties | (3,638 | ) | (45,102 | ) | (114,465 | ) | |||||
| Net cash provided by financing activities | 4,770,128 | 590,502 | 81,923 | ||||||||
| Effect of exchange rate changes | 45,860 | (2,380 | ) | - | |||||||
| Net change in cash | 2,438,685 | 134,001 | (1,857 | ) | |||||||
| Cash at the beginning of the year | 142,401 | 8,400 | 10,257 | ||||||||
| Cash at the end of the year | $ | 2,581,086 | $ | 142,401 | $ | 8,400 | |||||
FAQ
What was Helport AI's (HPAI) revenue growth in fiscal year 2024?
When did Helport AI (HPAI) begin trading on Nasdaq?
How much capital did Helport AI (HPAI) raise through its business combination in 2024?
What was Helport AI's (HPAI) net income for fiscal year 2024?
