WeTouch Technology Inc. reports revenue surge in Q1 2024

WeTouch Technology Inc., a leading player in the touch display industry, has announced a notable increase in revenue for the first quarter of fiscal year 2024. The company's revenue surged to $14.9 million, representing an 11.2% rise from the same period in 2023. This growth can be attributed to the successful promotion of high-end products, despite facing challenges such as increased costs due to export controls on advanced computing and semiconductor manufacturing.

Looking ahead, WeTouch Technology expects procurement costs for essential materials to stabilize in the coming quarters as suppliers boost their production capacities. CEO Zongyi Lian emphasized the robust market demand for quality products in both domestic and international markets, signaling promising growth prospects for the company.

Key financial highlights of the report include the company's cash reserves of $94.8 million, a revenue increase of 11.2% to $14.9 million, and overseas market revenue reaching $5.5 million, reflecting a significant 34.1% growth. The total volume of units shipped also saw a 7.3% increase to 681,370 units.

However, the net income experienced a decline to $0.6 million, with a lower gross margin of 22.4% compared to the previous year. Operating expenses decreased to $1.0 million, primarily due to reduced professional fees. Shareholders' equity, on the other hand, rose to $120.5 million.

WeTouch Technology Inc. remains at the forefront of providing top-notch touch display solutions, with a strong focus on innovation and customer satisfaction across various industries. The company's dedication to cutting-edge technology and superior performance underscores its global leadership in touch display solutions.