IT Tech Packaging Q1 2022 revenue falls 36% to $15.5M; net loss $2.5M

IT TECH PACKAGING, INC.

2023-Q1 EPS reported -$0.25 revenue$15,481,618

Revenue $15.48M, down 36.1% YoY; net loss $2.49M (EPS -$0.03) vs loss $4.34M last year.
Gross profit dropped 83% to $0.31M; gross margin fell to 2.0% from 7.6%.
Regular CMP revenue $13.10M (-22.8%); offset printing paper revenue nil vs $2.12M.
Cash $15.36M, short-term debt $13.58M; working capital $28.68M.
COVID-19 and macro environment cited as primary headwinds impacting results.

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