Entrepreneur Universe Bright Group (EUBG) reported its financial results for the three and nine months ended September 30, 2024, revealing a decline in revenue and profitability compared to the same periods in 2023. For the third quarter of 2024, EUBG generated revenue of $1,670,203, a decrease of $44,583 (2.6%) from $1,714,786 in Q3 2023. The nine-month revenue also fell to $4,194,477, down $403,187 (8.8%) from $4,597,664 in the prior year. The decline in revenue was primarily attributed to a drop in consultation services related to a client in the live streaming business, although this was partially offset by an increase in other consultation services.
Gross profit for the third quarter was $1,490,851, down $109,895 (4.1%) from $1,600,746 in Q3 2023, while for the nine months, gross profit decreased to $3,683,987 from $4,260,489, reflecting a decline of $576,502 (4.8%). The profit margin for the third quarter was 89.3%, a decrease of 4.1% compared to the previous year. Operating income for the third quarter was $1,065,510, down from $1,211,258 in Q3 2023, and net income for the quarter was $703,615, compared to $741,170 in the same period last year.
Total current assets decreased from $10,027,903 as of December 31, 2023, to $9,077,773 as of September 30, 2024. Total assets also declined from $10,162,565 to $9,272,218 during the same period. Total liabilities decreased from $1,031,362 to $828,020, while total stockholders’ equity fell from $9,131,203 to $8,444,198.
General and administrative expenses increased by 11.9% to $425,341 for the third quarter, while net other income rose significantly by 453.8% to $52,317, primarily due to unrealized exchange gains from the appreciation of the RMB against the HKD. Income tax expense for the third quarter decreased to $414,212 from $479,535 in the prior year.
EUBG declared a special cash dividend of $0.0013 per share, totaling approximately $2.2 million, which was paid on or about September 12, 2024. The company also reported control deficiencies in its disclosure controls and procedures, including inadequate cash controls and insufficient IT controls, which management plans to address through various measures.
About ENTREPRENEUR UNIVERSE BRIGHT GROUP
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.