Antelope Enterprise (AEHL) H2 2024 earnings summary

Executive summary

• Revenue grew 37% year-over-year to $98.7 million for fiscal 2024, driven by expansion in livestreaming ecommerce services.

• Net loss widened to $10.6 million from $2.0 million in 2023, with prior year including a $10.4 million gain from discontinued operations.

• KylinCloud subsidiary accounted for nearly all revenue, with client base expanding by 140 to 256 clients year-over-year.

• Strategic focus on mid-tier customer acquisition to diversify revenue and reduce client concentration risk.

Financial highlights

• Second half 2024 revenue doubled year-over-year to $55.3 million.

• Gross loss for 2024 was $0.1 million, compared to a gross profit of $7.5 million in 2023; gross margin dropped to -0.1% from 10.4%.

• Other income increased to $2.1 million from $0.5 million year-over-year.

• Administrative expenses decreased to $10.8 million from $12.6 million in 2023.

• Loss per share from continuing operations was $31.81, improved from $220.80 in 2023 (reflecting share splits).

Outlook and guidance

• Management anticipates sustainable growth through mid-tier client strategy and value-added services.

• Plans to deepen customer relationships and enhance service offerings amid intensified competition.

• Power generation business progressed slower than expected due to delays in equipment procurement and installation.

• Business outlook subject to risks and uncertainties, including macroeconomic and sector-specific factors.