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BEIJING, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Leishen Energy Holding Co., Ltd. ("Leishen Energy"), a leading provider of clean-energy equipment and integrated solutions for the oil and gas industry, today announced its fiscal year 2024 financial results, showcasing robust performance driven by effective cost management, strategic market expansion, and growing demand for the Company's innovative product offerings.
Fiscal Year 2024 Financial Highlights
- Operating Cash Flow Grows 243%, rising to USD $15.07 million in fiscal year 2024, up from USD $4.39 million in fiscal year 2023, marking a more than 243% year-over-year increase. This sharp rise was driven by robust accounts receivable collections, efficiency gains, and disciplined costs.
- Total Revenues were USD $69.07 million, compared to USD $73.08 million in fiscal year 2023, representing a 5.5% decrease year-over-year. The decline was primarily attributable to lower sales of clean-energy equipment in the domestic market, partially offset by growth in the Company's new energy business.
- Gross Profit totaled USD $16.03 million, down from USD $18.38 million in the prior year, reflecting a gross margin of 23.2% (25.1% in fiscal year 2023). The margin decrease was primarily driven by lower margins in oil and gas engineering technical services.
- Net Income was USD $7.99 million, compared to USD $11.63 million in fiscal year 2023, reflecting a 31.3% decrease.
- Operating Expenses rose from USD $6.49 million in fiscal year 2023 to USD $8.48 million in fiscal year 2024, largely due to higher selling and marketing costs associated with international market expansion, as well as increased research and development.
- Net Income Attributable to Leishen Energy was USD $8.10 million, reflecting a decrease of USD $3.76 million year-over-year.
Segment Performance
- Clean-Energy Equipment
- Revenue declined by 14.6% year-over-year, to USD $33.82 million, mainly due to reduced domestic orders amid tighter market competition and lower selling prices for certain common products. The segment contributed 49.0% of total revenues.
- Digitalization and Integration Equipment
- Revenue was USD $3.08 million, reflecting a modest year-over-year decline. Gross margin improved to 18.2% as the Company continued to streamline costs and enhance efficiency.
- New Energy Sales
- Revenue grew 11.3%, reaching USD $25.82 million, driven by increased demand for natural gas. The Company added a major new client in fiscal year 2024, contributing over USD $1.5 million in revenue.
- Oil and Gas Engineering Technical Services
- Revenue was USD $6.35 million, representing a decrease of 8.4% from the prior year, due to intensified pricing pressure and customers adopting lower-cost operating models. Despite increased competition, the Company continues to develop new projects at home and abroad.
Management Commentary
"We are pleased to report that while Leishen Energy experienced year-over-year declines in revenue and profitability in fiscal 2024, we have strengthened our position in new energy sales and increased our presence in international markets,” said Hongliang Li, Chief Executive Officer of Leishen Energy. "The successful expansion of our customer base-particularly in overseas regions-and ongoing investments in research and development underscore our commitment to delivering innovative, high-performance energy solutions.”
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Zhiping Yu, Chief Financial Officer, added: "As we navigate near-term market pressures, we remain focused on cost optimization and strategic capital allocation. We believe our prudent balance sheet management, coupled with targeted investments in key growth areas, will help us enhance our financial performance and maintain sustainable returns for our shareholders in the years to come.”
Business Outlook
The Company aims to capitalize on the following growth drivers and strategic initiatives in fiscal year 2025 and beyond:
- International Expansion: Continued pursuit of overseas projects in Central Asia, Southeast Asia, and the Middle East, including joint reserve warehouses of spare parts with major oilfields and new power plant operation and maintenance projects in Africa.
- Technology and Innovation: Further investment in research and development to strengthen patented technologies, with 72 patents now held across clean-energy equipment, oil and gas engineering technical services, and new energy production and operation.
- Customer Diversification: Ongoing efforts to deepen relationships with long-standing domestic clients while expanding the Company's international customer pipeline, particularly in digitalization and integration equipment sales.
- Operational Efficiencies: Enhancement of cost-control measures, rigorous supply chain management, and new supplier partnerships to mitigate inflationary pressures and disruptions.
| LEISHEN ENERGY HOLDING CO., LTD. AND SUBSIDIARIES | ||||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
| 2024 | 2023 | Variance | ||||||||||||||||||||||
| Amount | % of
revenue | Amount | % of
revenue | Amount | % | |||||||||||||||||||
| Revenues | $ | 69,073,374 | 100.0 | % | $ | 73,084,448 | 100.0 | % | $ | (4,011,074 | ) | (5.5 | )% | |||||||||||
| Cost of revenues | (53,038,855 | ) | (76.8 | )% | (54,705,407 | ) | (74.9 | )% | 1,666,552 | (3.0 | )% | |||||||||||||
| Gross profit | 16,034,519 | 23.2 | % | 18,379,041 | 25.1 | % | (2,344,522 | ) | (12.8 | )% | ||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||
| Selling and marketing | 2,053,194 | 3.0 | % | 775,957 | 1.1 | % | 1,277,237 | 164.6 | % | |||||||||||||||
| General and administrative | 5,979,890 | 8.7 | % | 5,553,912 | 7.6 | % | 425,978 | 7.7 | % | |||||||||||||||
| Research and development | 449,542 | 0.7 | % | 158,657 | 0.2 | % | 290,885 | 183.3 | % | |||||||||||||||
| Total operating expenses | 8,482,626 | 12.4 | % | 6,488,526 | 8.9 | % | 1,994,100 | 30.7 | % | |||||||||||||||
| Income from operations | 7,551,893 | 10.8 | % | 11,890,515 | 16.2 | % | (4,338,622 | ) | (36.5 | )% | ||||||||||||||
| Other income (loss): | ||||||||||||||||||||||||
| Interest expense | (57,018 | ) | (0.1 | )% | (67,964 | ) | (0.1 | )% | 10,946 | (16.1 | )% | |||||||||||||
| Exchange (loss) gains | (18,107 | ) | 0.0 | % | 280,538 | 0.4 | % | (298,645 | ) | (106.5 | )% | |||||||||||||
| Gain from equity investment | 81,150 | 0.1 | % | 80,616 | 0.10 | % | 534 | 0.7 | % | |||||||||||||||
| Net investment income | 445,271 | 0.6 | % | 108,671 | 0.1 | % | 336,600 | 309.7 | % | |||||||||||||||
| Other expenses, net | 171,845 | 0.2 | % | 71,850 | 0.0 | % | 99,995 | 139.2 | % | |||||||||||||||
| Total other income, net | 623,141 | 0.8 | % | 473,711 | 0.6 | % | 149,430 | 31.5 | % | |||||||||||||||
| Income before income taxes | 8,175,034 | 11.6 | % | 12,364,226 | 16.8 | % | (4,189,192 | ) | (33.9 | )% | ||||||||||||||
| Provision for income taxes | 184,818 | 0.3 | % | 729,506 | 1.0 | % | (544,688 | ) | (74.7 | )% | ||||||||||||||
| Net income | 7,990,216 | 11.3 | % | 11,634,720 | 15.8 | % | (3,644,504 | ) | (31.3 | )% | ||||||||||||||
| Net loss attributable to non-controlling interests | (105,655 | ) | (0.2 | )% | (223,870 | ) | (0.3 | )% | 118,215 | (52.8 | )% | |||||||||||||
| Net income attributable to Leishen Energy Holding Co., Ltd. | $ | 8,095,871 | 11.5 | % | $ | 11,858,590 | 16.1 | % | $ | (3,762,719 | ) | (31.7 | )% | |||||||||||
| LEISHEN ENERGY HOLDING CO., LTD. AND SUBSIDIARIES | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| As of September 30, | |||||||
| 2024 | 2023 | ||||||
| US$ | US$ | ||||||
| ASSETS | |||||||
| Current Assets: | |||||||
| Cash | $ | 5,811,798 | $ | 4,567,608 | |||
| Restricted cash | 1,489,216 | - | |||||
| Short-term investments | 17,850,648 | 7,234,607 | |||||
| Accounts receivable, net | 21,826,297 | 30,742,914 | |||||
| Notes receivable | 1,054,528 | 1,304,004 | |||||
| Advance to suppliers, net | 5,896,595 | 5,637,829 | |||||
| Inventories | 5,396,634 | 7,877,202 | |||||
| Due from related parties | 31,535 | 44,848 | |||||
| Loan receivable - related party | 822,878 | - | |||||
| Prepaid expenses and other current assets, net | 1,567,060 | 1,351,049 | |||||
| Total current assets | 61,747,189 | 58,760,061 | |||||
| Non-current assets: | |||||||
| Long-term investments | 1,758,515 | 1,670,461 | |||||
| Defe
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