In This Story
Treasure Global Inc. (TGL-5.03%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a significant decrease in total revenues to $301,898 from $6,713,805 in the same quarter the previous year. This decrease is attributed to a strategic decision to streamline the product line and reduce spending on customer rewards and marketing campaigns.
Cost of revenues for the quarter was $77,947, representing a 98.8% decrease from $6,368,202 in the same quarter of the previous year. The decrease aligns with the reduction in sales.
The company reported a gross profit of $223,951 for the quarter, compared to $345,603 in the previous year. The gross margin improved to 74.2% from 5.1% due to strategic measures to enhance profitability.
Selling expenses decreased to $39,670 from $510,640, primarily due to reduced marketing and promotion expenses.
General and administrative expenses slightly decreased to $774,151 from $786,043, with reductions in salary expenses offset by increases in professional fees.
Research and development expenses were reduced to $33,136 from $138,236, reflecting less spending on mobile application development.
The company recognized an unrealized gain of $460,172 on marketable securities, contributing to a total other income of $470,114.
Net loss for the quarter was $232,332, compared to $1,183,039 in the previous year, reflecting the impact of strategic cost management.
Cash used in operating activities was $1,582,518, while cash used in investing activities was $2,193,461, primarily due to collaboration deposits.
Cash provided by financing activities was $3,944,684, driven by proceeds from market offerings and share purchase agreements.
The company continues to focus on enhancing its e-commerce platform and has entered into several strategic partnerships for software development and credit services integration.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Treasure Global Inc. quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.