IT Tech Packaging Q1 revenue down 65% to $6.86M; net loss widens to $3.75M

IT TECH PACKAGING, INC.

2024-Q1 EPS reported -$0.37 revenue$6,863,841

Revenue $6.86M, down 65% YoY; net loss $3.75M ($0.37 loss per share) vs $2.73M loss in Q1 2023.
Production suspension of corrugating medium paper in Jan/Feb and tissue paper products in Q1 drove decline.
Gross profit turned positive to $0.40M (margin 5.81%) vs gross loss of $0.28M a year ago.
Operating loss $3.50M; EBITDA -$0.02M vs positive $1.21M prior year.
Cash $4.51M, short-term debt $9.69M; working capital $5.44M; operating cash flow $0.62M.

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