EpicQuest Education Group International Limited announced its financial results for the six months ended March 31, 2024, on October 7, 2024. The company reported revenues of $4.16 million, marking a 21.7% increase compared to $3.42 million in the first half of fiscal year 2023, primarily driven by international foundational and collaborative programs.
Despite revenue growth, gross profit decreased by 9.3% to $2.40 million, with the gross margin falling to 57.7% from 77.5% in the prior year period. The company's operating loss widened to $4.14 million from $3.19 million, and net loss increased to $3.52 million from $3.00 million in the comparable period.
Liquidity metrics showed a decline, with cash and cash equivalents at $0.59 million as of March 31, 2024, down from $4.97 million as of September 30, 2023. Net cash used in operating activities significantly increased to $10.07 million. However, the company generated $4.49 million from investing activities, including $3.74 million from a joint venture related to soccer games and $0.76 million from property sales, and raised $1.21 million through financing activities.
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