Verde Resources, Inc. Releases Q1 2024 10-Q Report Highlighting Financial and Operational Challenges
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Verde Resources, Inc., a company engaged in the distribution of THC-free cannabinoid (CBD) products, production and distribution of renewable commodities, holding of real property, and licensing of proprietary pyrolysis technology, has released its Form 10-Q report for the quarter ended March 31, 2024. The report provides a detailed overview of the company's financial performance and operational activities during the period.
Financial Highlights
- Revenue: $7,853. The company experienced a significant decrease in revenue compared to the previous year, reflecting challenges in market demand.
- Gross (loss)/profit: $841. Despite a positive gross profit, the company faced difficulties in maintaining profitability due to high cost of revenue.
- Loss from Operation: $(1,866,577). Operating losses were substantial, indicating inefficiencies in managing operating expenses.
- Net Loss: $(1,941,571). The net loss highlights ongoing financial challenges and the need for strategic adjustments.
- Net Loss Per Share - Basic: $0.00. The basic net loss per share remained unchanged, reflecting the company's consistent financial performance issues.
Business Highlights
- Revenue Segments: The company operates in four reportable segments: Distribution of THC-free cannabinoid (CBD) products, Production and distribution of renewable commodities, Holding of real property, and Licensor of proprietary pyrolysis technology. Revenue for the three months ended March 31, 2024, was primarily generated from the production and distribution of renewable commodities.
- Geographical Performance: The company's operations are primarily conducted in the United States and Malaysia. For the nine months ended March 31, 2024, revenue was generated from Malaysia, with no significant revenue reported from the United States.
- Sales Units: The company reported sales of renewable commodities.
- Future Outlook: The company is undergoing a restructuring exercise to shift its focus towards renewable energy and sustainability development, with an emphasis on addressing climate change and environmental dehydration challenges.