IT Tech Packaging Q2 net loss widens to $1.25M; revenue down 5.6% YoY

IT TECH PACKAGING, INC.

2023-Q2 EPS reported -$0.40 revenue$49,810,791

Q2 2023 revenue $30.02M, down 5.56% YoY; net loss $1.25M vs $0.29M loss in Q2 2022; EPS -$0.12.
H1 2023 net loss $3.99M vs $2.78M loss in H1 2022; revenue $49.81M up 5.37% YoY.
Regular CMP ASP fell to $365/tonne in Q2 from $479/tonne a year ago; total CMP volume increased.
Gross profit improved to $1.18M (3.93% margin) from $0.63M (1.99%) in Q2 2022, but net loss worsened.
Management expects profitability recovery in H2 2023 via asset utilization and new market channels.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

IT TECH PACKAGING, INC. reported the six and three months ended June 30, 2023 results: revenue approximately $30.02 million, net income approximately $1.25million, EPS loss per share of $0.12.

Period: the six and three months ended June 30, 2023
Revenue: approximately $30.02 million
Net income: approximately $1.25million
EPS: loss per share of $0.12
Result: reported results

Exact text from the filing

-0.12 -0.03 -300 % * Products from PM6 ** Products from PM1 *** Products from PM8 and PM9 **** pp represents percentage points ● Revenue decreased by 5.56% to approximately $30.02 million, mainly due to the decrease of average selling prices of corrugating medium paper (“CMP”), partially offset by the increase in sales volume of CMP and offset printing paper. ●

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Source: SEC EDGAR

accession 0001213900-23-065639

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