This strategic shift reflects the company’s decision to move away from the rental service model – which involves a long return on investment – in favor of direct machine sales, with ongoing maintenance supported by third-party operators. For the Fiscal Year Ended December 31 2024 2023 Change USD USD % Revenue from services6,857,639 3,093,276 122%Revenue from tangible products4,774,291 3,192,013 50%Revenue from rentals- 146 -100%Others- 264,459 -100%Total Revenue11,631,930 6,549,894 78% Other income for fiscal year 2024 was zero, showing a significant decrease of 100% compared to US$264 thousand in fiscal year 2023.EBITDA stood at US$2.1 million in fiscal year 2024, reflecting a 17.7% margin of revenue, with a significant increase of 60%, compared to US$1.3 million in fiscal year 2023.
The slight increase was mainly due to the expansion of rental spaces to support operations and accommodate growing client demand. 2024 2023 Change USD USD % Cost of Sales - Services5,943,246 2,477,397 140%Cost of Sales – Tangible Products2,895,333 2,118,865 37%Cost of Sales - Rental73,695 73,002 1%Total8,912,274 4,722,794 89% The expenses for the director compensation increased by 26% from US$0.12 million for fiscal year 2023 to US$0.15 million for the fiscal year 2024.
CASH POSITION AND CAPITAL ALLOCATION Net cash generated from operating activities was US$1.3 million in fiscal year 2024, a significant increase of 134% from US$0.5 million in fiscal year 2023.
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