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Inno Holdings Inc. (INHD-0.19%) has filed its Form 10-K filing for the fiscal year ending September 30, 2024.
The filing outlines the company's financial performance, reporting total revenue of $885,495 for the year, an increase of 11% from the previous year. This includes $395,495 from product sales, $205,000 from consulting services, and $285,000 from licensing income.
Cost of materials and labor decreased to $409,169, down from $1,255,315 the previous year, reflecting a reduction in product sales volume.
Selling, general, and administrative expenses increased to $3,678,866, up from $2,191,043, driven by higher overhead costs to support consulting business growth and public company compliance.
The company reported a net loss of $3,251,127, compared to a net loss of $4,023,204 in the previous year, attributed to changes in revenue and expenses.
Inno Holdings Inc. raised $8 million from its initial public offering in December 2023, with cash and cash equivalents totaling $1,526,661 as of September 30, 2024.
The company acknowledges the need for additional capital to fund operations and capital expenditure requirements for the next twelve months, indicating substantial doubt about its ability to continue as a going concern.
Significant customer concentration was noted, with four customers accounting for 90% of total revenues in 2024, and two suppliers accounting for 58% of total purchases.
Inno Holdings Inc. outlines its growth strategy, focusing on expanding factory operations, developing new products like the Castor Cube, and pursuing potential acquisitions.
The company is subject to various regulatory requirements, including compliance with building codes and environmental laws, and has identified cybersecurity as an area for development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Inno Holdings Inc. annual 10-K report dated December 9, 2024. To report an error, please email earnings@qz.com.