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Next Technology Holding Inc. (NXTT-4.52%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's dual corporate strategies: providing AI-enabled software development services and acquiring Bitcoin. The software development business focuses on developing SAAS solutions for various industries, while the Bitcoin acquisition strategy involves purchasing Bitcoin with excess liquid assets.
The company reported service revenue of $1.8 million for 2024, a decrease from $2.5 million in 2023. The decline in revenue is attributed to reduced demand for software development services.
The cost of revenue decreased to $730,000 in 2024 from $1,070,864 in 2023, resulting in a gross profit of $1,070,000 for the year.
General and administrative expenses were significantly reduced to $1,086,804 in 2024 from $2,666,238 in 2023, primarily due to lower compliance and professional service fees.
The company recognized a fair value gain of $43,184,854 on its Bitcoin holdings in 2024, compared to a gain of $10,147,576 in 2023. The total value of Bitcoin held by the company as of December 31, 2024, was $78,322,430.
An impairment loss of $13,396,000 was recorded on a long-term investment in an associate company.
Net income from continuing operations was reported at $21,543,250 for 2024, up from $3,020,459 in 2023. The increase was largely driven by the fair value gain on Bitcoin.
The company reported a net income of $21,549,546 for 2024, compared to a net loss of $9,925,416 in 2023, which included a loss from discontinued operations.
The filing details several legal proceedings involving disputes over company control and unauthorized actions by certain individuals, which were resolved in favor of the current board of directors.
The company does not anticipate declaring or paying any cash dividends in the foreseeable future, as it intends to retain earnings to finance business development and expansion.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Next Technology Holding Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.