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Hour Loop Inc. (HOUR-6.93%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $138,252,861, a 4.64% increase from $132,124,202 in 2023. This growth is attributed to an increase in order volume, despite a competitive pricing environment.
The cost of goods sold for 2024 was $66,242,153, compared to $65,606,947 in 2023. Operating expenses increased to $71,279,768 from $69,520,678, primarily due to higher platform fees and fees paid to Amazon.
Hour Loop reported a net income of $657,447 for 2024, compared to a net loss of $2,429,694 in 2023. The company attributes this improvement to increased gross revenues.
Cash provided by operating activities was $313,140, compared to cash used in operating activities of $2,063,375 in 2023. The company ended the year with $2,119,581 in cash.
The company continues to rely heavily on the Amazon Marketplace, with 99% of its 2024 revenue generated through this platform.
Hour Loop's inventory was valued at $14,640,632 as of December 31, 2024, with an allowance for obsolete and slow-moving inventory of $560,293.
The company has extended its line of credit with Taishin International Bank, with an outstanding balance of $610,967 as of December 31, 2024.
Hour Loop's executive officers, Sam Lai and Maggie Yu, continue to hold significant control over the company, owning approximately 94.9% of the voting power.
The filing outlines various risks, including intense competition, reliance on Amazon, and potential impacts from changes in economic conditions and regulations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hour Loop Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.