Half Year 2024 Antelope Enterprise Holdings Ltd Earnings Call Transcript
Key Points
- Antelope Enterprise Holdings Ltd (AEHL) reported revenue of $43.4 million for the first half of 2024, engaging with over 70 clients, an increase of nearly 20 clients compared to the same period in 2023.
- The company is strategically shifting its business model to focus on securing a larger number of mid-tier clients to mitigate the risk of over-reliance on major clients.
- Antelope Enterprise Holdings Ltd (AEHL) plans to enter the energy supply sector in Texas, aiming to meet the growing demand for energy in the computing power industry.
- The company has increased its cash and cash equivalents to $2.3 million as of June 30, 2024, a significant rise from $0.6 million as of December 31, 2023.
- Antelope Enterprise Holdings Ltd (AEHL) has a strong market opportunity in the livestreaming e-commerce sector, leveraging advanced analytics to match hosts and influencers with consumer brand products for higher conversion rates.
- Revenue for the first half of 2024 decreased by $1.1 million or 2.6% compared to the same period in 2023, primarily due to the loss of a few major clients.
- Gross profit for the first half of 2024 was $3.5 million, a decrease of $3.3 million or 48.7% compared to the same period in 2023.
- Gross profit margin for the livestreaming e-commerce business dropped to 8% in the first half of 2024 from 15.3% in the same period of 2023.
- Administrative expenses increased by $1.3 million or 22.8% to $6.9 million for the first half of 2024, driven by higher stock compensation and professional service expenses.
- Loss from continuing operations before taxation increased by $1.1 million or 19.3% to $6.5 million for the first half of 2024, compared to the same period in 2023.
Good morning and good day. Welcome to the Antelope Enterprise Holdings First Half 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to David Rudnick of Precept Investor Relations. Please go ahead.
Thank you, Drew. Good morning ladies and gentlemen and good evening to those of you who are joining us from China. Welcome to Antelope Enterprise Holdings first half 2024 earnings conference call. With us today are Antelope Enterprise's Chairman and Chief Executive Officer, Mr. Will Zhang; and his Chief Financial Officer, Mr. Edmund Hen.
Before I turn the call over to Mr. Zhang, I would like to address forward-looking statements that may be discussed on the call. Forward-looking statements involve risks and uncertainties and include, among others those regarding revenue, operating expenses, other income and expense, taxes and future business outlook.
Actual future performance, outcomes and
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