Mr.
“Looking ahead to 2024, several recent announcements related to major infrastructure projects commencing construction next year leave us optimistic about the future of our business, including the Cross Island Line interchange stations Clementi and
“We remain dedicated to delivering value to our shareholders, customers, and employees, and are confident in our ability to navigate any challenges and seize the opportunities that lie ahead,” concluded
First Half 2023 Financial Highlights
- For the six months ended
June 30, 2023 , our net revenue decreased 28.4% to$14.4 million , compared to$20.1 million for the six months endedJune 30, 2022 . The decrease in net revenue was largely due to several factors, including:- Higher borrowing costs and tightening of bank loans for our customers.
- Greater competition in the procurement of high-demand machinery due to limited supplies has led to greater costs for machinery.
- Buyers being more cautious and opting for rentals – rental revenue as a percentage of total revenue increased to 14.7% in the first half of 2023 versus 10.3% in the first half of 2022.
- Gross profit was approximately
$4.3 million , with a 29.8% profit margin, for the first six months of 2023, compared with gross profit of$5.6 million , with a 27.9% profit margin for the first six months of 2022. - Net loss was approximately
$4.7 million for the first six months of 2023, compared with a net income of$1.4 million for the first six months of 2022.
Cash Flows Summary
- Cash and cash equivalents were approximately
$5.2 million as ofJune 30, 2023 , compared to approximately$1.0 million as ofJune 30, 2022 . - Cash used in operating activities for the six months ended
June 30, 2023 , was approximately$7.8 million , compared to cash provided by operating activities of approximately$0.5 million for the six months endedJune 30, 2022 . - Cash used in investing activities for the six months ended
June 30, 2023 , was$1.6 million , an increase of$1.2 million compared to cash used in investing activities of$0.4 million for the six months endedJune 30, 2022 , primarily consisting of purchases of property, plant and equipment and investment and proceeds from the disposal of property and equipment. - Cash provided by financing activities for the six months ended
June 30, 2023 , was approximately$13.5 million , compared to approximately$0.7 million for the six months endedJune 30, 2022 . OnApril 5, 2023 , the Company completed its initial public offering, which generated gross proceeds of$15.1 million before deducting any underwriting discounts or expenses.
Branch Opening in
Multi Ways has recently submitted paperwork with local authorities to open a branch office in Batam, in the province of Riau Islands,
About Batam
Located an hour’s ferry ride from
About
Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
Investor Relations Contact:
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
Source:
2023 GlobeNewswire, Inc., source