Smart Powerr Corp. reported a net loss of $1.56 million for the fiscal year ending December 31, 2024, compared to a loss of $746,786 in the previous year. The company's total operating expenses increased by 36.9% to $1.09 million, primarily due to higher stock compensation and legal service fees. The company did not generate any revenue during this period, maintaining a gross profit margin of 0%. As of December 31, 2024, Smart Powerr had an accumulated deficit of $62.06 million and total assets of approximately $121.23 million.
In terms of operational changes, Smart Powerr is in the process of transforming into an energy storage integrated solution provider, actively seeking opportunities in high-growth sectors such as industrial complexes and renewable energy stations. The company has also disposed of all its previous power generation systems, currently holding five systems through its subsidiary, Erdos TCH, which are not producing electricity. The company’s cash flow forecast indicates it will have sufficient cash to fund operations for the next 12 months, bolstered by the collection of short-term loans and advances to suppliers.
The company’s financial position reflects a current ratio of 9.25:1, with current liabilities totaling $13.1 million. As of the end of 2024, Smart Powerr had cash and equivalents of $25,341, down from $32,370 in 2023. The company’s short-term loan receivables decreased to $55.66 million, while advances to suppliers were reported at $65.21 million. The company has not paid any dividends and does not anticipate doing so in the foreseeable future, as it intends to retain earnings for operational and expansion needs.
Smart Powerr's workforce consisted of 14 employees as of December 31, 2024, with no significant changes in headcount reported. The company continues to face challenges related to its operations in China, including regulatory risks and the potential impact of government policies on its business model. The company has not been subject to any material legal proceedings, although it has accrued litigation expenses related to ongoing disputes.
Looking ahead, Smart Powerr aims to expand its market presence and capitalize on the growing demand for energy efficiency solutions in China. The company is focused on leveraging its expertise in waste energy recycling while exploring new business opportunities in energy storage technologies. However, the ongoing economic conditions and regulatory environment in China may pose risks to its growth and operational strategies.
About Smart Powerr Corp.
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