XCHG Limited filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the Securities and Exchange Commission on April 23, 2025. The report detailed that revenue escalated to $42.20 million in 2024, up from $38.51 million in 2023, demonstrating consistent top-line growth. The gross profit margin for 2024 stood at 50.28%.
Despite the revenue expansion, the company reported a net loss of $11.94 million in 2024, an increase from the $8.08 million net loss in 2023. Operating income also reflected this trend, moving to a loss of $12.03 million in 2024 from a loss of $6.52 million in 2023. These figures highlight significant investments in research and development, which grew to $12.16 million, and selling, general, and administrative expenses, which rose to $21.13 million.
The company's balance sheet showed improvement, with total stockholders' equity turning positive to $29.51 million in 2024 from a negative $30.04 million in 2023. This shift was supported by $19.09 million in equity issuance activities during 2024. Cash and cash equivalents increased to $26.77 million, and the current ratio stood at 2.08, indicating a stronger liquidity position.
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