Summary by Moomoo AI
Agape ATP Corporation reported revenue of $1.3 million for fiscal year 2024, down 7.6% from $1.4 million in 2023, primarily due to strategic shift from network marketing to new business initiatives. The company's network marketing revenue declined 65.4% to $137,050, while complementary health therapies revenue grew 8.5% to $1.1 million. Gross margin decreased to 57.4% from 65.4% in the prior year.Net loss widened to $2.5 million from $2.1 million in 2023, mainly attributed to increased general and administrative expenses of $3.1 million, up 32.4% year-over-year. The company maintained a strong balance sheet with $2.0 million in cash and cash equivalents, though down from $4.8 million at the end of 2023. Operating expenses included $162,712 in selling expenses and $34,905 in commission expenses.The company expanded into new business segments including renewable energy through ATPC Green Energy and digital wellness platforms via ATPC Technology. Post period-end, Agape ATP raised $23 million through a private placement of 46 million shares at $0.50 per share in February 2025, demonstrating continued investor confidence in its growth strategy and business transformation initiatives.
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