Jowell Global Ltd. Announces First Half 2024 Unaudited Financial Results
Jowell Global (NASDAQ: JWEL) reported mixed financial results for H1 2024. Revenue increased 1.5% to $85.7 million, while GMV decreased 7.0% to $107.3 million. The company reduced its net loss by 47.1% to $3.8 million compared to $7.1 million in H1 2023.
Health and nutritional supplements revenue saw significant growth of 182.1%, while cosmetic products revenue declined 33%. VIP membership grew 8.5% to 2.7 million, and LHH stores increased 1.0% to 26,795. The company achieved notable cost reductions in fulfillment (56.8%), marketing (15.8%), and general administrative expenses (40.1%).
Cash position stands at $0.8 million with working capital of $13.4 million as of June 30, 2024. Management has implemented cost reduction measures and improved receivables collection to enhance liquidity.
Jowell Global (NASDAQ: JWEL) ha riportato risultati finanziari misti per il primo semestre del 2024. I ricavi sono aumentati dell'1,5% a 85,7 milioni di dollari, mentre il GMV è diminuito del 7,0% a 107,3 milioni di dollari. L'azienda ha ridotto la sua perdita netta del 47,1% a 3,8 milioni di dollari rispetto a 7,1 milioni di dollari nel primo semestre del 2023.
I ricavi dai supplementi per la salute e la nutrizione hanno registrato una crescita significativa del 182,1%, mentre i ricavi dei prodotti cosmetici sono diminuiti del 33%. L'affiliazione VIP è cresciuta dell'8,5% a 2,7 milioni e i negozi LHH sono aumentati dell'1,0% a 26.795. L'azienda ha ottenuto riduzioni dei costi notevoli nel fulfillment (56,8%), nel marketing (15,8%) e nelle spese generali e amministrative (40,1%).
La posizione di cassa si attesta a 0,8 milioni di dollari con un capitale circolante di 13,4 milioni di dollari al 30 giugno 2024. La direzione ha implementato misure di riduzione dei costi e migliorato la raccolta dei crediti per aumentare la liquidità.
Jowell Global (NASDAQ: JWEL) reportó resultados financieros mixtos para el primer semestre de 2024. Los ingresos aumentaron un 1.5% a 85.7 millones de dólares, mientras que el GMV disminuyó un 7.0% a 107.3 millones de dólares. La compañía redujo su pérdida neta en un 47.1% a 3.8 millones de dólares en comparación con 7.1 millones de dólares en el primer semestre de 2023.
Los ingresos de suplementos de salud y nutricionales vieron un crecimiento significativo del 182.1%, mientras que los ingresos por productos cosméticos cayeron un 33%. La membresía VIP creció un 8.5% a 2.7 millones, y las tiendas LHH aumentaron un 1.0% a 26,795. La compañía logró reducciones de costos notables en cumplimiento (56.8%), marketing (15.8%) y gastos generales administrativos (40.1%).
La posición de efectivo se sitúa en 0.8 millones de dólares con capital de trabajo de 13.4 millones de dólares hasta el 30 de junio de 2024. La dirección ha implementado medidas de reducción de costos y mejorado la cobranza de cuentas por cobrar para mejorar la liquidez.
Jowell Global (NASDAQ: JWEL)는 2024년 상반기 혼합 재무 결과를 보고했습니다. 매출은 1.5% 증가한 8570만 달러에 도달했으며, GMV는 7.0% 감소하여 1억 730만 달러에 이르렀습니다. 회사는 순손실을 47.1% 줄여 380만 달러로, 2023년 상반기 710만 달러에 비해 개선했습니다.
건강 및 영양 보충제의 매출은 182.1%의 큰 성장을 보였고, 화장품 제품의 매출은 33% 감소했습니다. VIP 회원 수는 8.5% 증가하여 270만 명에 도달했으며, LHH 매장은 1.0% 증가해 26,795개에 이르렀습니다. 회사는 이행 비용(56.8%), 마케팅 비용(15.8%) 및 일반 관리 비용(40.1%)에서 주목할 만한 비용 절감을 달성했습니다.
현금 상태는 80만 달러로, 2024년 6월 30일 기준 운영 자금은 1340만 달러입니다. 경영진은 유동성을 높이기 위해 비용 절감 조치와 외상 매출금 회수 개선을 시행했습니다.
Jowell Global (NASDAQ: JWEL) a rapporté des résultats financiers mitigés pour le premier semestre 2024. Le chiffre d'affaires a augmenté de 1,5 % pour atteindre 85,7 millions de dollars, tandis que le GMV a diminué de 7,0 % pour s'établir à 107,3 millions de dollars. L'entreprise a réduit sa perte nette de 47,1 % pour atteindre 3,8 millions de dollars par rapport à 7,1 millions de dollars au premier semestre 2023.
Les revenus des compléments alimentaires et de santé ont connu une croissance significative de 182,1 %, tandis que les revenus des produits cosmétiques ont chuté de 33 %. L'adhésion VIP a augmenté de 8,5 % pour atteindre 2,7 millions, et les magasins LHH ont augmenté de 1,0 % pour atteindre 26 795. L'entreprise a réalisé d'importantes réductions de coûts dans l'exécution (56,8 %), le marketing (15,8 %) et les frais administratifs généraux (40,1 %).
La position de trésorerie s'élève à 0,8 million de dollars avec un fonds de roulement de 13,4 millions de dollars au 30 juin 2024. La direction a mis en œuvre des mesures de réduction des coûts et amélioré le recouvrement des créances pour renforcer la liquidité.
Jowell Global (NASDAQ: JWEL) hat gemischte Finanzergebnisse für das erste Halbjahr 2024 veröffentlicht. Der Umsatz stieg um 1,5% auf 85,7 Millionen Dollar, während das GMV um 7,0% auf 107,3 Millionen Dollar zurückging. Das Unternehmen verringerte seinen Nettoverlust um 47,1% auf 3,8 Millionen Dollar im Vergleich zu 7,1 Millionen Dollar im ersten Halbjahr 2023.
Die Einnahmen aus Gesundheits- und Nahrungsergänzungsmitteln verzeichneten ein signifikantes Wachstum von 182,1%, während die Einnahmen aus Kosmetikprodukten um 33% zurückgingen. Die VIP-Mitgliedschaften wuchsen um 8,5% auf 2,7 Millionen, und die LHH-Filialen nahmen um 1,0% auf 26.795 zu. Das Unternehmen erzielte bemerkenswerte Kostensenkungen bei der Erfüllung (56,8%), im Marketing (15,8%) und bei den allgemeinen Verwaltungskosten (40,1%).
Die Barposition beläuft sich auf 0,8 Millionen Dollar, während das Betriebskapital zum 30. Juni 2024 13,4 Millionen Dollar beträgt. Das Management hat Kostensenkungsmaßnahmen umgesetzt und die Forderungsbeitreibung verbessert, um die Liquidität zu erhöhen.
- Revenue increased 1.5% YoY to $85.7 million
- Net loss reduced by 47.1% to $3.8 million
- Health and nutritional supplements revenue grew 182.1%
- VIP membership increased 8.5% to 2.7 million
- Significant cost reductions across operations
- 62% of accounts receivable collected by October 2024
- 93% of supplier advances utilized by October 2024
- GMV decreased 7.0% YoY to $107.3 million
- Cosmetic products revenue declined 33%
- Negative operating cash flow of $41,012
- Accumulated deficit of $29.8 million
- Low cash position of $0.8 million
- Reduced customer discretionary spending on premium brands
Insights
Revenue growth of
The shift in product mix is notable - health supplements revenue surged
The company's cost reduction initiatives in logistics and marketing helped reduce operating expenses, but the fundamental challenge remains weak top-line growth in a competitive market. The reliance on discounting to drive sales of premium products signals pricing pressure.
The Chinese e-commerce landscape shows signs of stress in this report. The
While the VIP member base grew
The increase in weighted average unit price to
-- First Half Revenue of
-- First Half GMV of
First Half 2024 Financial and Operational Highlights
- Total revenues were
$85.7 million 1.5% from$84.4 million - Net loss was
$3.8 million 47.1% , as compared to the net loss of$7.1 million - Total GMV (Gross Merchandise Value) transacted in our online shopping mall was
$107.3 million 7.0% from$115.5 million - Total VIP members[1] as of June 30, 2024 were approximately 2.7 million, an increase of
8.5% compared to approximately 2.5 million as of June 30, 2023. - Total LHH stores[2] as of June 30, 2024 were 26,795, an increase of
1.0% compared to 26,528 as of June 30, 2023.
[1] "Total VIP members" refers to the total number of members registered on Jowell's platform as of June 30, 2024 | |
[2] "LHH stores" refers to the brand name of "Love Home Store". Authorized retailers may operate as independent |
First Half 2024 Financial Results
Total Revenues
Total revenues for the first half 2024 were
Our health and nutritional supplements revenue for the first half of 2024 increased by about
First Half Ended June 30 | % | ||||||||||
2024 | 2023 | change | |||||||||
Revenues (in thousands, except for percentages) | US$ | US$ | YoY* | ||||||||
Product sales | |||||||||||
• Cosmetic products | 19,768.5 | 29,495.5 | (33.0 %) | ||||||||
• Health and nutritional supplements | 17,190.7 | 6,094.2 | 182.1 % | ||||||||
• Household products | 48,438.7 | 48,473.1 | (0.1 %) | ||||||||
• Others | 286.4 | 343.4 | (16.6 %) | ||||||||
Total | 85,684.3 | 84,406.2 | 1.5 % | ||||||||
* YOY—year over year | |||||||||||
Total cost and operating expenses were
- Costs of revenues were
$84.8 million 1.3% from$83.8 million $11.1 million $7.9 million $1.4 million - Cost of revenues of health and nutritional supplements for the first half 2024 increased about
189.9% as compared to the same period of 2023. The increase was primarily due to a65.7% increase in weighted average unit cost. The increase in weighted average unit costs for our health and nutritional supplements is mainly because we offered and sold more higher unit price products in the first half 2024 than the same period of 2023. - The decrease in the cost of cosmetic products and household products was attributable to a decrease in the weighted average unit cost and a decrease in sales volume. The weighted average unit cost of cosmetic products decreased from
$2.94 $2.47 $8.18 $8.11 13.5% during the first half of 2024 comparing to the same period of 2023. - Fulfillment expenses primarily consist of costs related to expenses paid for order preparing, packaging, outbound freight, and physical storage. Fulfillment expenses were
$0.8 million 56.8% from the$1.9 million 1% in the first half of 2024, down from2.3% in the first half of 2023. The significant reduction in fulfillment costs are attributed to our cost reduction measures in logistics. Firstly, we reduced the rental area of warehouses and labor costs in the logistics process; Secondly, we switched to logistics service providers with lower cost to replace the original ones, significantly reducing express logistics costs. - Marketing expenses primarily consist of targeted online advertising, and payroll and related expenses for personnel engaged in marketing and selling activities. Marketing expenses were
$2.8 million 15.8% from the$3.3 million 3.2% in the first half of 2024, down from3.9% in the same period of 2023. - General and administrative expenses mainly consist of payroll, depreciation, office supplies and upkeep. General and administration expenses were
$1.2 million 40.1% from$2.0 million 1.4% in the first half of 2024, down from2.3% in the same period of 2023.
Operating Loss
Operating loss was
Net Loss
Net loss was
Loss per Share
The Company computes earnings (loss) per share ("EPS") in accordance with ASC 260, "Earnings per Share" ("ASC 260"). Each of the Company's Preferred Share has voting rights equal to two Ordinary Shares of the Company and each Preferred Share is convertible into one Ordinary Share at any time. Except for voting rights and conversion rights, the Ordinary Shares and the Preferred Shares rank pari passu with one another and have the same rights, preferences, privileges and restrictions. For the first half ended June 30, 2024 and 2023, respectively, the Company had no potential ordinary shares outstanding that could potentially dilute EPS in the future.
Cash and Cash Equivalents
For the first half of 2024, the Company reported a net loss of
Based on the latest business plan of the Company, Shanghai Juhao has reduced its promotion efforts and marketing expenditures since the second half of 2023, which reduced the cash used in operating activities. Management believes that the above-mentioned factors, including cash on hand of approximately
About Jowell Global Ltd.
Jowell Global Ltd. (the "Company") is one of the leading cosmetics, health and nutritional supplements and household products e-commerce platforms in
Exchange Rate
The Company's financial information is presented in
This press release contains translations of certain RMB amounts into
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
For investor and media inquiries, please contact:
Jowell Global Ltd.
Ms. Jessie Zhao
Email: IR@1juhao.com
Jowell Global Ltd. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
June 30, | December 31, | |||||||
2024 | 2023 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash | $ | 805,344 | $ | 1,250,281 | ||||
Accounts receivable, net | 2,344,481 | 2,401,056 | ||||||
Accounts receivable - related parties | - | 47,040 | ||||||
Advance to suppliers | 10,050,688 | 3,506,432 | ||||||
Advance to suppliers - related parties | 12,493,792 | 9,874,545 | ||||||
Inventories | 4,508,515 | 8,198,402 | ||||||
Prepaid expenses and other current assets | 1,075,591 | 1,384,758 | ||||||
Total current assets | 31,278,411 | 26,662,514 | ||||||
Long-term investment | 3,709,340 | 3,888,377 | ||||||
Property and equipment, net | 845,579 | 681,942 | ||||||
Intangible assets, net | 532,810 | 634,655 | ||||||
Right of use lease assets, net | 1,506,729 | 2,019,300 | ||||||
Other non-current asset | 638,723 | 895,775 | ||||||
Deferred tax assets | 512,175 | 515,364 | ||||||
Total Assets | $ | 39,023,767 | $ | 35,297,927 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current Liabilities: | ||||||||
Short-term loan | $ | 210,473 | $ | 423,567 | ||||
Accounts payable | 2,791,515 | 3,765,230 | ||||||
Accounts payable - related parties | 280,530 | 194,818 | ||||||
Deferred revenue | 11,691,812 | 2,309,957 | ||||||
Deferred revenue - related parties | 40,000 | 47,059 | ||||||
Current portion of operating lease liabilities | 1,475,947 | 942,989 | ||||||
Accrued expenses and other liabilities | 975,072 | 782,048 | ||||||
Due to related parties | 414,585 | 528,472 | ||||||
Taxes payable | 1,487 | 58,233 | ||||||
Total current liabilities | 17,881,421 | 9,052,373 | ||||||
Non-current portion of operating lease liabilities | - | 1,032,235 | ||||||
Total liabilities | 17,881,421 | 10,084,608 | ||||||
Commitments and contingencies | ||||||||
Equity | ||||||||
Common stock, | 3,473 | 3,473 | ||||||
Preferred stock, | 75 | 75 | ||||||
Additional paid-in capital | 52,687,182 | 52,687,182 | ||||||
Statutory reserves | 394,541 | 394,541 | ||||||
Accumulated deficit | (29,768,863) | (26,039,567) | ||||||
Accumulated other comprehensive loss | (2,153,720) | (1,843,970) | ||||||
Total Jowell Global Ltd. Stockholders' Equity | 21,162,688 | 25,201,734 | ||||||
Noncontrolling interest | (20,342) | 11,585 | ||||||
Total Equity | 21,142,346 | 25,213,319 | ||||||
Total Liabilities and Equity | $ | 39,023,767 | $ | 35,297,927 | ||||
* On October 25, 2023, the Company consolidated its ordinary shares at the ratio of one-for-sixteen ("Share | ||||||||
Jowell Global Ltd. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||
(Unaudited) | ||||||||
For the Six Months Ended | ||||||||
2024 | 2023 | |||||||
Net Revenues | $ | 85,684,310 | $ | 84,406,244 | ||||
Cost and Operating Expenses: | ||||||||
Cost of revenues | (84,831,857) | (83,763,353) | ||||||
Fulfillment expenses | (838,764) | (1,942,595) | ||||||
Marketing expenses | (2,784,515) | (3,306,812) | ||||||
General and administrative expenses | (1,186,747) | (1,981,967) | ||||||
Total cost and operating expenses | (89,641,883) | (90,994,727) | ||||||
Loss From Operations | (3,957,573) | (6,588,483) | ||||||
Other Income (Expenses), net | ||||||||
Interest expense | (23,997) | (39,388) | ||||||
Investment loss | (170,352) | (483,214) | ||||||
Other income (expense), net | 385,341 | (2,118) | ||||||
Other Income (expenses), net | 190,992 | (524,720) | ||||||
Loss Before Income Taxes | (3,766,581) | (7,113,203) | ||||||
Income Taxes Expense | 51 | 2,761 | ||||||
Net Loss | (3,766,632) | (7,115,964) | ||||||
Less: net loss attributable to noncontrolling interest | (37,336) | (26,083) | ||||||
Net Loss Attributable to Ordinary Shareholders of Jowell Global Ltd. | $ | (3,729,296) | $ | (7,089,881) | ||||
Loss Per share – Basic and Diluted | $ | (1.74) | $ | (3.33) | ||||
Weighted Average Shares Outstanding – Basic and diluted* | 2,170,260 | 2,135,574 | ||||||
Net Loss | $ | (3,766,632) | $ | (7,115,964) | ||||
Other Comprehensive Loss, net of tax | ||||||||
Foreign currency translation loss | (304,341) | (1,534,036) | ||||||
Total Comprehensive Loss | (4,070,973) | (8,650,000) | ||||||
Less: comprehensive income attributable to non-controlling interest | (31,927) | (25,637) | ||||||
Comprehensive Loss Attributable to Ordinary Shareholders of Jowell Global | $ | (4,039,046) | $ | (8,624,363) | ||||
* On October 25, 2023, the Company consolidated its ordinary shares at the ratio of one-for-sixteen ("Share | ||||||||
Jowell Global Ltd. | ||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023 | ||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock* | Preferred Stock* | Additional | Statutory | Retained | Accumulated | Total Jowell | Noncontrolling | Total | ||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Reserves | deficit) | Income (loss) | Equity | interest | Equity | ||||||||||||||||||||||||||||||||||
Balance as of | 2,132,788 | $ | 3,413 | 46,875 | $ | 75 | $ | 52,557,552 | $ | 394,541 | $ | (14,572,425) | $ | (950,720) | $ | 37,432,436 | $ | 33,471 | $ | 37,465,907 | ||||||||||||||||||||||||
Share-based | 3,093 | $ | 5 | - | - | 129,685 | - | - | - | 129,690 | - | 129,690 | ||||||||||||||||||||||||||||||||
Capital | - | - | - | - | - | - | - | - | - | 36,105 | 36,105 | |||||||||||||||||||||||||||||||||
Net loss for | - | - | - | - | - | - | (7,089,881) | - | (7,089, 881) | (26,083) | (7,115,964) | |||||||||||||||||||||||||||||||||
Foreign | - | - | - | - | - | - | - | (1,534,482) | (1,534,482) | 446 | (1,534,036) | |||||||||||||||||||||||||||||||||
Balance as of | 2,135,881 | $ | 3,418 | 46,875 | $ | 75 | 52,687,237 | $ | 394,541 | $ | (21,662,306) | $ | (2,485,202) | $ | 28,937,763 | $ | 43,939 | $ | 28,981,702 | |||||||||||||||||||||||||
Balance as of | 2,170,475 | $ | 3,473 | 46,875 | $ | 75 | $ | 52,687,182 | $ | 394,541 | $ | (26,039,567) | $ | (1,843,970) | $ | 25,201,734 | $ | 11,585 | $ | 25,213,319 | ||||||||||||||||||||||||
Net loss for | - | - | - | - | - | - | (3,729,296) | - | (3,729,296) | (37,336) | (3,766,632) | |||||||||||||||||||||||||||||||||
Foreign | - | - | - | - | - | - | - | (309,750) | (309,750) | 5,409 | (304,341) | |||||||||||||||||||||||||||||||||
Balance as of June 30, 2024 | 2,170,475 | $ | 3,473 | 46,875 | $ | 75 | $ | 52,687,182 | $ | 394,541 | $ | (29,768,863) | $ | (2,153,720) | $ | 21,162,688 | $ | (20,342) | $ | 21,142,346 | ||||||||||||||||||||||||
* On October 25, 2023, the Company consolidated its ordinary shares at the ratio of one-for-sixteen ("Share | ||||||||||||||||||||||||||||||||||||||||||||
Jowell Global Ltd. | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
For the Six Months Ended | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (3,766,632) | $ | (7,115,964) | ||||
Adjustments to reconcile net loss to net cash provided by (used in) operating | ||||||||
Depreciation and amortization | 160,682 | 202,822 | ||||||
Impairment loss from long-term investment | 155,449 | 483,214 | ||||||
Amortization of operating lease right-of-use assets | 501,604 | 552,702 | ||||||
Share-based compensation | - | 129,690 | ||||||
Property and equipment written off | 32,910 | - | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivables | 41,845 | 1,670,275 | ||||||
Accounts receivable - related Parties | 46,892 | 251,882 | ||||||
Inventories | 3,650,270 | (4,785,784) | ||||||
Advance to suppliers | (6,586,006) | 17,698,012 | ||||||
Advance to suppliers - related parties | (2,688,537) | (180,791) | ||||||
Prepaid expenses and other current assets | 301,516 | (280,888) | ||||||
Accounts payables | (953,319) | (236,633) | ||||||
Accounts payables - related parties | 87,183 | (1,508,872) | ||||||
Deferred revenue | 9,418,057 | (15,828,565) | ||||||
Operating lease liabilities | (488,542) | (552,367) | ||||||
Taxes payable | (56,558) | 13,098 | ||||||
Accrued expenses and other liabilities | 102,174 | (429,988) | ||||||
Net cash used in operating activities | (41,012) | (9,918,157) | ||||||
Cash flows from investing activities: | ||||||||
Due from affiliate | - | (3,177,354) | ||||||
Purchase of intangible assets | (2,276) | (4,950) | ||||||
Disposal of equipment | - | 81,469 | ||||||
Purchase of equipment | (9,190) | (12,260) | ||||||
Net cash provided by (used in) investing activities | (11,466) | (3,113,095) | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from short-term loans | - | 649,913 | ||||||
Repayment of short-term loans | (211,116) | (2,455,228) | ||||||
Proceeds from related party loans | (113,020) | 205,846 | ||||||
Net cash used in financing activities | (324,136) | (1,599,469) | ||||||
Effect of exchange rate changes on cash | (68,323) | (103,551) | ||||||
Net decrease in cash | (444,937) | (14,734,272) | ||||||
Cash, beginning of period | 1,250,281 | 16,718,102 | ||||||
Cash, end of period | $ | 805,344 | $ | 1,983,830 | ||||
Supplemental disclosure information: | ||||||||
Cash paid for income tax | $ | 51 | $ | 2,761 | ||||
Cash paid for interest | $ | 23,997 | $ | 39,388 | ||||
Supplemental non-cash activities: | ||||||||
Cash paid in prior year for purchase of intangible assets | $ | (640,674) | $ | - | ||||
Right of use assets obtained in exchange for operating lease obligations | $ | - | $ | (98,320) | ||||
View original content:https://www.prnewswire.com/news-releases/jowell-global-ltd-announces-first-half-2024-unaudited-financial-results-302336322.html
SOURCE Jowell Global Ltd.
FAQ
What was JWEL's revenue growth in H1 2024?
How much did JWEL reduce its net loss in H1 2024?
What was JWEL's GMV performance in H1 2024?
How much did JWEL's health and nutritional supplements revenue grow in H1 2024?
What is JWEL's current cash position as of June 30, 2024?
How many VIP members does JWEL have as of June 30, 2024?
