ICZOOM Group Inc. (Nasdaq: IZM) (the “Company” or “ICZOOM”), a B2B electronic component products e-commerce platform, announced its unaudited financial results for the six months ended December 31, 2024, on June 18, 2025.
Amidst a continuously evolving market environment, ICZOOM executed effectively in line with its initial expectation. ICZOOM achieved positive revenue growth with total revenue increased by 3.0% from $87,720,553 for the six months ended December 31, 2023 to $90,340,640 for the six months ended December 31, 2024. ICZOOM successfully turned a profit, with diluted earnings per share (EPS) reaching USD $0.07 for the six months ended December 31, 2024, increased from a loss of USD 0.07 per share for the six months ended December 31, 2023.
For the six months ended December 31, 2024 2023 (Unaudited) (Unaudited) Variances % of total % of total Amount revenue Amount revenue Amount %RevenuesSales of electronic components $ 89,068,580 98.6 % $ 86,329,512 98.4 % $ 2,739,068 3.2 %Service commission fee 1,272,060 1.4 % 1,391,041 1.6 % (118,981) (8.6) %Total revenue % % % $ 90,340,640 100.0 $ 87,720,553 100.0 $ 2,620,087 3.0
For the six months ended December 31, Note 2024 2023EARNINGS/(LOSS) PER ORDINARY SHARE:- BASIC $ 0.07 $ (0.07)- DILUTED $ 0.07 $ (0.07)
Ms. Duanrong Liu, the Co-Founder and Chief Operating Officer of ICZOOM, highlighted that ICZOOM's positive performance during the six months ended December 31, 2024 is primarily attributable to the increased stock-keeping unit (“SKUs”) and new customers, which increased by 7.3% from 8,373 different products for the six months ended December 31, 2023 to 8,986 different products for the six months ended December 31, 2024, as well as the number of new customers rose by 16 or 15.1% from 106 as of December 31, 2023 to 122 as of December 31, 2024.
For thesixmonths ended December31, 2024 2023 Variances % (Unaudited) (Unaudited)Stock-keeping unit (SKU) available for sale-Semiconductor 7,801 6,955 846 12.2 %Stock-keeping unit (SKU) available for sale-Equipment and tools 1,185 1,418 (233) (16.4) %Total SKUs 8,986 8,373 613 7.3 %
Besides the changes on the financial statements,Ms. Liu also statedthat the company's developmentis closely linked tothe growth of China's automotive electronics industry.
According to the 2025-2030 Development Status and Investment Strategy Research Report on China's Automotive Electronics Industry released by theCCID Industry Research Institute, the size of China's automotive electronics market reached approximately RMB 1.22 trillion (approximately $171.83 billion) in 2024, representing a growth of 10.95% compared to the previous year.
Please refer to the Company's unaudited interim financial results, that can be found athttp://ir.iczoomex.com/index.html. The company uses its website as a tool to disclose important information about the Company and to comply with its disclosure obligations under Regulation Fair Disclosure.
About ICZOOM Group Inc.
ICZOOM Group Inc. (Nasdaq: IZM) is primarily engaged in sales of electronic component products to customers in Hong Kong and mainland China through its B2B e-commerce platform. These products are primarily used by China based small and medium-sized enterprises (“SMEs”) in the consumer electronic industry, Internet of Things (“IoT”), automotive electronics and industry control segments. By utilizing latest technologies, the Company's platform collects, optimizes and presents product offering information from suppliers of all sizes, all transparent and available to its SME customers to compare and select. In addition to the sales of electronic component products, the Company also provides services to customers such as temporary warehousing, logistic and shipping, and customs clearance. For more information, please visit the Company's website:
http://ir.iczoomex.com/index.html.
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 identify these forward-looking statements by words or phrases such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “we believe,” “we intend,” “may,” “should,” “will,” “could” and 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. 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 U.S. Securities and Exchange Commission.
ICZOOMGROUP INC. AND ITS SUBSIDIARIESCONSOLIDATED BALANCE SHEETS December 31, June 30, 2024 2024 Note (Unaudited) (Audited)ASSETSCURRENT ASSETS:Cash $ 1,143,940 $ 2,453,728Restricted cash 4,531,918 3,031,232Notes receivable 6,595 3,071Accounts receivable 3 33,649,619 28,297,491Inventories, net 4 1,093,582 339,286Advances to suppliers 5 982,134 4,022,696Prepaid expenses and other current assets 7 3,186,205 984,563TOTAL CURRENT ASSETS 44,593,993 39,132,067Property and equipment, net 8 76,357 123,295Right-of-use assets, net 10 77,523 379,101Intangible assets, net 9 146,473 204,033Other non-current assets 7,097 1,448Deferred tax assets 13 37,802 135,098TOTAL NON-CURRENT ASSETS 345,252 842,975TOTAL ASSETS $ 44,939,245 $ 39,975,042LIABILITIES AND SHAREHOLDERS' EQUITYCURRENT LIABILITIES:Short-term bank loans, net 11 $ 10,681,158 $ 10,211,264Notes payable 11 – 1,543,465Accounts payable 12 10,627,849 5,263,945Contract liabilities 2,700,821 3,037,609Due to related parties 14 1,662,294 474,544Taxes payable 13 3,147,148 3,251,484Lease liabilities 10 96,690 408,001Accrued expenses and other current liabilities 510,823 404,016TOTAL CURRENT LIABILITIES 29,426,783 24,594,328TOTAL LIABILITIES 29,426,783 24,594,328COMMITMENTS AND CONTINGENCIES 18SHAREHOLDERS' EQUITYClass A shares, 30,000,000 shares authorized US$0.16 par value, 7,902,495 shares issued andoutstanding and 7,171,858 shares issued and outstanding as of December 31, 2024 and June 30,2024, respectively; 16 1,264,399 1,147,497Class B shares, 5,000,000 shares authorized US$0.16 par value, 3,829,500 shares issued andoutstanding as of December 31, 2024 and June 30, 2024 16 612,720 612,720Additional paid-in capital 19,956,956 19,956,956Statutory reserve 16 624,097 624,097Accumulated deficit (6,825,655) (7,606,597)Accumulated other comprehensive (loss)/ income (120,055) 646,041TOTAL SHAREHOLDERS' EQUITY 15,512,462 15,380,714TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 44,939,245 $ 39,975,042
ICZOOMGROUP INC. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVEINCOME/(LOSS) (UNAUDITED) For the six months ended December 31, Note 2024 2023Revenue, netSales of electronic components $ 89,068,580 $ 86,329,512Service commission fees 1,272,060 1,391,041Total revenue, net 90,340,640 87,720,553Cost of revenue 87,381,979 85,533,907Gross profit 2,958,661 2,186,646OPERATING EXPENSESSelling expenses 799,330 776,007General and administrative expenses 1,634,197 1,523,002Total operating expenses 2,433,527 2,299,009INCOME/(LOSS) FROM OPERATIONS 525,134 (112,363)OTHER INCOME (EXPENSES)Foreign exchange transaction gain/(loss) 480,084 (559,655)Interest expense (210,574) (351,806)Short-term investment income 7,062 59,174Subsidy income 36,346 11,409Other expenses, net (90,027) (93,481)Total other income/(expenses), net 222,891 (934,359)INCOME/(LOSS) BEFORE INCOME TAX PROVISION 748,025 (1,046,722)INCOME TAX BENEFIT 13 32,917 324,977NET INCOME/(LOSS) 780,942 (721,745)Foreign currency translation adjustments (766,096) 836,583TOTAL COMPREHENSIVE INCOME $ 14,846 $ 114,838EARNINGS/(LOSS) PER ORDINARY SHARE:- BASIC $ 0.07 $ (0.07)- DILUTED $ 0.07 $ (0.07)WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES*:- BASIC 10,828,967 10,362,861- DILUTED 10,828,967 11,094,229
ICZOOMGROUP INC. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OFCHANGES IN SHAREHOLDERS' EQUITY FOR THE SIX MONTHS ENDEDDECEMBER 31, 2024 AND 2023 (UNAUDITED) Accumulated Ordinary Shares, $0.16 par* Additional Other Total Class A Class B Paid-in Statutory Accumulated Comprehensive Shareholders' Shares Amount Shares Amount Capital Reserve Deficit Income/ (Loss) EquityBalance, June 30, 2023 6,496,874 $ 1,039,499 3,829,500 $ 612,720 $18,795,548 $ 624,097 $ (5,334,300) $ (193,368) $ 15,544,196Share issuance 43,784 7,005 – – – – – – 7,005Net income for the period – – – – – – (721,745) – (721,745)Foreign currency – – – – – – – 836,583 836,583translation adjustmentBalance, December 31, 6,540,658 $ 1,046,504 3,829,500 $ 612,720 $18,795,548 $ 624,097 $ (6,056,045) $ 643,215 $ 15,666,0392023Balance, June 30, 2024 7,171,858 $ 1,147,497 3,829,500 $ 612,720 $19,956,956 $ 624,097 $ (7,606,597) $ 646,041 $ 15,380,714Share issuance 730,637 116,902 – – – – – – 116,902Net loss for the period – – – – – – 780,942 – 780,942Foreign currency – – – – – – – (766,096) (766,096)translation adjustmentBalance, December 31, 7,902,495 $ 1,264,399 3,829,500 $ 612,720 $19,956,956 $ 624,097 $ (6,825,655) $ (120,055) $ 15,512,4622024
ICZOOMGROUP INC. AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITTED) For the six months ended December 31, 2024 2023Cash flows from operating activities:Net income /(loss) $ 780,942 $ (721,745)Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization 119,175 121,588Property and equipment written off – 1220Amortization of right-of-use assets 299,809 297,672Reversal of provision for inventory impairment – (1,851)Amortization of debt issuance costs 90,288 92,491Deferred income tax provision 96,989 (345,389)Unrealized exchange loss 265,606 560,321Changes in operating assets and liabilities:Notes receivable (3,581) -Accounts receivable (5,641,073) 28,931,833Inventories (764,667) 393,526Advances to suppliers 3,040,273 (279,267)Prepaid expenses and other current assets (2,234,932) 220,639Accounts payable 5,374,423 (27,737,233)Contract liabilities (318,381) 264,015Taxes payable (81,442) 297,112Lease liabilities 302,913 (186,791)Accrued expenses and other current liabilities 137,798 (2,934,362)Net cash provided by (used in) operating activities 1,464,140 (1,026,221)Cash flows from investing activities:Purchase of property and equipment (16,371) (70,490)Purchase of intangible assets (5,908) (57,398)Purchase of short-term investments – (1,129,600)Proceeds upon maturity of short-term investments – 1,129,600Net cash used in investing activities (22,279) (127,888)Cash flows from financing activities:Proceeds from short-term bank loans 9,961,479 14,666,970Repayments of short-term bank loans (9,399,183) (14,638,095)Proceeds from loans payable to third-parties – 746,000Repayments from loans payable to third-parties – (746,000)Proceeds from banker's acceptance notes payable – 2,965,200Repayment of banker's acceptance notes payable (1,543,465) (1,425,200)Proceeds from borrowings from related parties 3,176,805 6,299,295Repayment of related party borrowings (1,978,854) (4,568,244)Payment for deferred IPO costs – (312,527)Proceeds from sale of common stock 116,902 -Net cash provided by financing activities 333,684 2,987,399
ICZOOMGROUP INC. AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued)For the six months endedDecember 31, 2024 2023Effect of exchange rate fluctuation on cash and restricted cash (1,584,647) (1,568,816)Net increase in cash and restricted cash 190,898 264,474Cash and restricted cash at beginning of period 5,484,960 6,413,367Cash and restricted cash at end of period $ 5,675,858 $ 6,677,841Supplemental cash flow informationCash paid for income taxes $ (5,006) $ (98,451)Cash paid for interest $ (696,908) $ (351,806)Supplemental disclosure of non-cash informationRight-of-use assets obtained in exchange for operating lease obligations $ – $ 105,613
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