INLIF LIMITED Reports Fiscal Year 2024 Financial Results
PR Newswire
QUANZHOU, China, April 29, 2025
QUANZHOU, China, April 29, 2025 /PRNewswire/ -- INLIF LIMITED (Nasdaq: INLF) (the "Company" or "INLIF"), a company engaged in the research, development, manufacturing, and sales of injection molding machine-dedicated manipulator arms, today announced its financial results for the year ended December 31, 2024.
Mr. Rongjun Xu, the chief executive officer of INLIF, remarked, "We are thrilled to report the performance for fiscal year 2024, with growth recorded across revenue, gross profit, and net income. This success was fueled by sustained demand from existing clients and new customers acquired through our strategic marketing initiatives. Our strategic expansion also played a pivotal role in driving sales growth and penetrating new sectors and emerging markets. These combined efforts resulted in a 25.26% year-over-year increase in revenue. As sales increased, our gross margin declined slightly to 28.83%, which contributed to a 9.49% increase in gross profit, highlighting our profitability and effective cost control measures.
"In preparation for our Nasdaq listing and to unlock greater opportunities in new markets, we launched proactive marketing campaigns and offered attractive incentive commissions to enhance brand recognition and order acquisition. These efforts included participation in exhibitions across China and exploration of overseas markets, particularly in Southeast Asia and India. Meanwhile, we have supported our revenue growth with only a moderate increase in operational costs. We continued to invest in research and development, and we plan to accelerate the acquisition of talents, patents, and technologies to meet the evolving and diversifying needs of the market.
"Thanks to the outstanding efforts of our team and the strong execution of our strategic initiatives, net income rose by 18.78% during our first financial report post-listing. Looking ahead, we anticipate opportunities for continued growth and development, supported by the enhanced visibility and access to capital provided by our Nasdaq listing. In addition, the rise of emerging technology innovations and the increasing adoption of automation infrastructure are expected to significantly accelerate growth in the manipulator arms industry. We are confident that our proactive and pragmatic business strategies will place us on a sustainable and thriving path, delivering long-term value to the Company and our shareholders."
Fiscal Year 2024 Financial Highlights
-- Net revenue was $15.80 million for fiscal year 2024, representing an
increase of 25.26% from $12.61 million for fiscal year 2023.
-- Gross profit was $4.55 million for fiscal year 2024, representing an
increase of 9.49% from $4.16 million for fiscal year 2023.
-- Gross profit margin was 28.83% for fiscal year 2024, compared to 32.98%
for fiscal year 2023.
-- Net income was $1.61 million for fiscal year 2024, representing an
increase of 18.78% from $1.35 million for fiscal year 2023.
-- Basic and diluted earnings per share were $0.13 for fiscal year 2024,
compared to $0.11 for fiscal year 2023.
Fiscal Year 2024 Financial Results
Net Revenue
Net revenue was $15.80 million for fiscal year 2024, representing an increase of 25.26% from $12.61 million for fiscal year 2023. The increase was primarily attributable to (i) an increase in sales of manipulator arms, including installation and warranty services, by approximately $0.51 million; (ii) an increase in sales of manipulator arms accessories by approximately $0.44 million; (iii) an increase in sales of raw materials and scraps by approximately $2.27 million; and (iv) a decrease in sales of installation services by approximately $0.04 million.
-- Sales of manipulator arms and installation and warranty services were
$10.33 million for fiscal year 2024, representing an increase of 5.23%
from $9.82 million for fiscal year 2023.
-- Sales of accessories were $1.44 million for fiscal year 2024,
representing an increase of 44.08% from $1.00 million for fiscal year
2023.
-- Sales of raw materials and scraps were $3.93 million for fiscal year
2024, representing an increase of 136.61% from $1.66 million for fiscal
year 2023.
-- Sales of installation services were $95,442 for fiscal year 2024,
representing a decrease of 29.14% from $134,697 for fiscal year 2023.
Cost of Revenue
Cost of revenue was $11.24 million for fiscal year 2024, representing an increase of 33.03% from $8.45 million for fiscal year 2023. The increase was primarily attributable to the Company's business growth and an increase in sales resulting in an increase in costs accordingly.
Gross Profit and Gross Profit Margin
Gross profit was $4.55 million for fiscal year 2024, representing an increase of 9.49% from $4.16 million for fiscal year 2023. The increase mainly due to (i) an increase in gross profit from sales of manipulator arms, including installation and warranty services, by approximately $0.47 million; (ii) a decrease in gross profit from sales of manipulator arms accessories by approximately $0.11 million; (iii) an increase in gross profit from sales of raw materials and scraps by approximately $0.06 million; and (iv) a decrease in gross profit from sales of installation services by approximately $0.03 million.
Gross profit margin was 28.83% for fiscal year 2024, compared to 32.98% for fiscal year 2023.
Operating Expenses
Operating expenses were $3.27 million for fiscal year 2024, representing an increase of 17.74% from $2.77 million for fiscal year 2023.
-- Selling expenses were $0.94 million for fiscal year 2024, representing an
increase of 36.46% from $0.69 million for fiscal year 2023. The increase
was mainly due to (i) an increase in exhibition expenses by approximately
$0.12 million, resulting from participation in an additional four
exhibitions across four cities in China in 2024; (ii) an increase in
salary by approximately $0.12 million, as the growth in revenue has led
to higher commissions for sales personnel, alongside the addition of
three sales representatives in 2024 compared to 2023; and (iii) an
increase in transportation fees by approximately $0.19 million, due to
increase of sales to customers from other provinces, such as Guangdong,
Zhejiang, and Jiangsu, resulting in a rise in related transportation
costs.
-- General and administrative expenses were $0.76 million for fiscal year
2024, representing an increase of 5.58% from $0.72 million for fiscal
year 2023. The increase was mainly due to an increase in consulting fees
for external public relations and internal control.
-- Research and development expenses were $1.56 million for fiscal year
2024, representing an increase of 14.76% from $1.36 million for the same
period of last year. The increase was primarily attributable to increased
investment in research and corresponding material consumption to enhance
the quality and performance of manipulator arms.
Net Income
Net income was $1.61 million for fiscal year 2024, representing an increase of 18.78% from $1.35 million for fiscal year 2023.
Basic and Diluted Earnings per Share
Basic and diluted earnings per share were $0.13 for fiscal year 2024, compared to $0.11 for fiscal year 2023.
Financial Condition
As of December 31, 2024, the Company had cash and cash equivalents of $2.47 million, compared to $0.60 million as of December 31, 2023.
Net cash provided by operating activities was $1.58 million for fiscal year 2024, compared to $0.40 million for fiscal year 2023.
Net cash provided by investing activities was $0.32 million for fiscal year 2024, compared to net cash used in investing activities of $0.22 million for fiscal year 2023.
Net cash provided by financing activities was $0.22 million for fiscal year 2024, compared to $0.46 million for fiscal year 2023.
Recent Development
On January 3, 2025, the Company completed its initial public offering of 2,000,000 ordinary shares at a public offering price of US$4.00 per share. The Company's ordinary shares began trading on the Nasdaq Capital Market on January 2, 2025, under the ticker symbol "INLF."
About INLIF LIMITED
Through its operating entity in the People's Republic of China, Ewatt Robot Equipment Co. Ltd., established in September 2016, INLIF is engaged in the research, development, manufacturing, and sales of injection molding machine-dedicated manipulator arms. It is also a provider of installation services and warranty services for manipulator arms, and accessories and raw materials for manipulator arms. The Company produces an extensive portfolio of injection molding machine-dedicated manipulator arms, including transverse single and double-axis manipulator arms, transverse and longitudinal multi-axis manipulator arms, and large bullhead multi-axis manipulator arms, all developed by itself. For more information, please visit the Company's website: https://ir.yiwate88.com/.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. These statements are subject to uncertainties and risks, including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the "Risk Factors" section of the registration statement filed with the U.S. Securities and Exchange Commission (the "SEC"). Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.
For investor and media inquiries, please contact:
INLIF LIMITED
Investor Relations Department
Email: ir@yiwate88.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
INLIF LIMITED
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. Dollars, except for the number of shares)
As of As of
December 31, December 31,
2024 2023
---------------- ----------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 2,467,638 $ 598,933
Accounts receivable, net 3,840,120 3,789,214
Inventories 5,300,458 4,493,042
Deferred offering costs, current 1,482,558 --
Prepayments and other current assets 159,570 142,095
Amounts due from related parties 1,030 352,118
------------ ------------
TOTAL CURRENT ASSETS $ 13,251,374 $ 9,375,402
------------ ------------
NON-CURRENT ASSETS:
Property, plant, and equipment, net $ 3,037,312 $ 3,397,167
Land-use rights, net 2,130,164 2,237,684
Intangible assets, net 43,773 50,297
Deferred offering costs, non-current -- 960,241
Deferred tax assets 5,169 452
------------ ------------
TOTAL NON-CURRENT ASSETS $ 5,216,418 $ 6,645,841
------------ ------------
TOTAL ASSETS $ 18,467,792 $ 16,021,243
============ ============
LIABILITIES
CURRENT LIABILITIES:
Accounts payable $ 3,132,613 $ 2,546,418
Bank loans 4,630,581 3,662,023
Contract liabilities 1,712 65,073
Accrued expenses and other payables 222,247 259,648
Income taxes payable 27,337 12,058
Amounts due to related parties 186,768 513,018
------------ ------------
TOTAL CURRENT LIABILITIES $ 8,201,258 $ 7,058,238
------------ ------------
TOTAL LIABILITIES $ 8,201,258 $ 7,058,238
============ ============
COMMITMENTS AND CONTINGENCIES (NOTE
19)
SHAREHOLDERS' EQUITY
Ordinary shares ($0.0001 par value,
500,000,000 shares authorized,
12,500,000 shares issued and
outstanding as of December 31, 2024
and 2023)* $ 1,250 $ 1,250
Additional paid-in capital 7,037,503 7,037,503
Statutory reserve 361,083 200,229
Retained earnings 3,201,818 1,756,183
Accumulated other comprehensive loss (335,120) (32,160)
------------ ------------
TOTAL SHAREHOLDERS' EQUITY $ 10,266,534 $ 8,963,005
------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 18,467,792 $ 16,021,243
============ ============
* The share amounts are presented on a retrospective basis.
INLIF LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Expressed in U.S. Dollars, except for the number of shares)
Years ended December 31,
---------------------------------------
2024 2023 2022
------------- ----------- -----------
Revenues 15,796,983 12,610,873 6,652,308
Cost of revenues (11,242,817) (8,451,336) (4,358,426)
------------ ----------- -----------
Gross profit 4,554,166 4,159,537 2,293,882
------------ ----------- -----------
Operating expenses:
Selling expenses (938,941) (688,064) (396,421)
General and
administrative
expenses (764,530) (724,147) (742,620)
Research and
development expenses (1,563,059) (1,362,058) (504,711)
Total operating
expenses (3,266,530) (2,774,269) (1,643,752)
------------ ----------- -----------
Operating income 1,287,636 1,385,268 650,130
------------ ----------- -----------
Other income
(expenses):
Interest income 3,274 6,884 2,625
Interest expenses (196,304) (146,386) (82,672)
Other income, net 531,198 110,159 15,010
Other expense, net (8,370) (17,410) (44,274)
Exchange gain (loss) 3,893 25,344 (3,687)
Total other income
(expenses), net 333,691 (21,409) (112,998)
Income before income
tax 1,621,327 1,363,859 537,132
------------ ----------- -----------
Income tax (expenses)
benefits (14,838) (11,348) 423
------------ ----------- -----------
Net income 1,606,489 1,352,511 537,555
============ =========== ===========
Comprehensive income
Net income 1,606,489 1,352,511 537,555
Foreign currency
translation
adjustments, net of
tax (302,960) (227,278) 187,942
------------ ----------- -----------
Comprehensive income 1,303,529 1,125,233 725,497
============ =========== ===========
Earnings per share,
basic and diluted 0.13 0.11 0.04
============ =========== ===========
Weighted average
number of shares* 12,500,000 12,500,000 12,500,000
============ =========== ===========
* The share amounts are presented on a retrospective basis.
INLIF LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars, except for the number of shares)
For the years ended
December 31,
--------------------------------------
2024 2023 2022
------------ ----------- -----------
Cash flows from
operating
activities:
Net income 1,606,489 1,352,511 537,555
Adjustments to
reconcile net income
(loss) to net cash
used in operating
activities:
Depreciation and
amortization 347,977 367,029 388,233
Allowance for (reversal
of) credit losses (154) (19,930) 15,975
Loss on disposal of
property, plant, and
equipment -- 5,432 --
Deferred tax assets -- -- (423)
Changes in operating
assets and
liabilities:
Accounts receivable (50,752) (1,552,991) (716,876)
Intangible assets -- (53,086) --
Inventories (807,416) (2,025,725) 1,093,218
Prepayments and other
current assets (17,474) 94,160 170,093
Accounts payable, trade 586,195 2,057,775 (103,240)
Contract liabilities (63,361) 65,073 (137,699)
Other payables and
accrued liabilities (37,401) 98,485 (7,507)
Tax payable 15,279 11,505 (301)
----------- ----------- -----------
Net cash provided by
operating activities 1,579,382 400,238 1,239,028
----------- ----------- -----------
Cash flows from
investing
activities:
Purchase of property,
plant, and equipment (25,759) (219,121) (18,165)
Disposal of property,
plant, and equipment -- 989 --
Amount loan to
related parties (1,025) -- --
Proceeds from
repayment by related
parties 347,428 -- --
----------- ----------- -----------
Net cash provided by
(used in) investing
activities 320,644 (218,132) (18,165)
----------- ----------- -----------
Cash flows from
financing
activities:
Capital Contributions -- -- 6,760,538
Proceeds from
short-term loans 7,143,130 3,671,841 2,526,378
Repayment of short-term
loans (6,059,153) (2,400,819) (1,486,105)
Deferred offering costs (522,318) (919,207) (42,060)
Amount financed from
related parties 181,116 977,418 515,678
Amount repaid to
related parties (518,379) (865,770) (9,993,772)
----------- ----------- -----------
Net cash provided by
(used in) financing
activities 224,396 463,463 (1,719,343)
----------- ----------- -----------
Effect of exchange rate
changes (255,717) (131,597) 397,892
----------- ----------- -----------
Net increase (decrease)
in cash 1,868,705 513,972 (100,588)
Cash and cash
equivalents at
beginning of the year 598,933 84,961 185,549
----------- ----------- -----------
Cash and cash
equivalents at end of
the year 2,467,638 598,933 84,961
=========== =========== ===========
Supplemental
disclosures of cash
flows information:
Cash paid for income
taxes 1,707 475 303
Cash paid for interest
expense 191,859 143,727 82,672
View original content:https://www.prnewswire.com/news-releases/inlif-limited-reports-fiscal-year-2024-financial-results-302441939.html
SOURCE INLIF LIMITED
(END) Dow Jones Newswires
April 29, 2025 20:30 ET (00:30 GMT)
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