Ascent Bridge (AWG) H1 2024 earnings summary

Executive summary

• H1 FY2024 revenue rose 331.3% YoY to $2.221m, while net loss narrowed 37.2% to $2.899m.

• Revenue growth came from new travel-retail listings, Cambodia shipments and stronger Hong Kong & Macau sales; gross margin eased to 64% from 74%.

Financial highlights

• Gross profit increased 273.2% to $1.422m; operating loss narrowed 36.6% to $2.919m.

• Net loss was $2.899m versus $4.616m in H1 FY2023; basic and diluted loss per share improved to 3.33 cents from 5.30 cents.

• Selling and distribution costs fell 32.8% to $642k; general and administrative expenses fell 9.3% to $3.708m.

Outlook and guidance

• Results were in line with profit guidance announced on 31 October 2023.

• Product rollout is being pursued in additional markets; the target is to extend coverage beyond the ~20 countries already served.

• A further application was submitted to SGX-ST on 10 November 2023 for a 12-month extension to the Cure Period.