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SHANGHAI, CHINA / ACCESSWIRE / May 1, 2024 / Able View Global Inc. (NASDAQ:ABLV) ("Able View" or the "Company") is pleased to report its financial results for the fiscal year ending December 31, 2023. All amounts are stated in thousands of U.S. dollars.
"We are thrilled to announce that Able View Global Inc. has achieved a record revenue of $149 million and a net income of $10 million for the fiscal year ending December 31, 2023. These results reflect our steadfast commitment to growth and operational excellence and signify the strong execution of our strategic initiatives in the highly competitive beauty and personal care markets. As we continue to expand our portfolio and enhance our brand-management services, we remain optimistic about the future and expect to maintain this positive trajectory," stated Stephen Zhu, Chairman and CEO.
Full Year 2023 Financial Highlights
| | Twelve Months Ended December 31, 2023 | |||||||||||
| In thousands ($USD), except percentages & | 2023 | 2022 | % Change | |||||||||
| Revenue | 149,000 | 145,256 | 3 | % | ||||||||
| Costs and expenses | 111,991 | 112,719 | -1 | % | ||||||||
| Gross profit | 37,009 | 32,538 | 14 | % | ||||||||
| Gross margin | 25 | % | 22 | % | ||||||||
| Income from operations | 13,321 | 10,143 | 31 | % | ||||||||
| Operating margin | 9 | % | 7 | % | ||||||||
| Income before income taxes | 11,691 | 9,373 | 30 | % | ||||||||
| Income taxes | 1,941 | 1,469 | 32 | % | ||||||||
| Effective tax rate | 17 | % | 16 | % | ||||||||
| Net income | 9,750 | 7,904 | 23 | % | ||||||||
| Diluted earnings per share (EPS) | $ | 0.24 | $ | 0.20 | 25 | % | ||||||
Full Year 2023 Operational and Other Financial Highlights
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Able View completed its merger with Hainan Manaslu Acquisition Corp. (HMAC), becoming a subsidiary of Able View Global Inc. as of August 2, 2023. Starting August 18, Able View's Class B shares and warrants commenced trading on the Nasdaq stock exchange
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The company's total revenue for the fiscal year ending December 31, 2023, was $149,000, which is a 3% increase from the previous year's revenue of $145,256
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The gross profit for the same period was $37,009, an increase of 14% from $32,538 in the previous year
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The net income for the fiscal year ending December 31, 2023, was $9,750, which is a 23% increase from $7,904 in the previous year
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The cash flow from operating activities for the year increased to $23,573, which is a significant increase of $36,423 compared to the previous year's operating activities, which used $12,850
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Net cash provided by investing activities was $254, which is an increase of $1,361 from the $1,107 used in the previous year
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The net cash flows used in financing activities were $16,216, compared to the previous year's $12,944 provided by financing activities
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The shareholder's equity increased to $11,416, which is an increase of $9,020 from $2,396 at the end of the previous year