Revenues 12,204,385 8,997,506 Cost of revenues (6,748,376) (4,845,198) ------------- ------------- Gross profit 5,456,009 4,152,308 Operating expenses Selling and marketing expenses (1,291,521) (2,250,336) Research and development expenses (992,085) (1,178,086) General and administrative expenses (1,117,020) (1,646,991) ------------- ------------- Total operating expenses (3,400,626) (5,075,413) Government grants - 104 ------------- ------------- Operating income (loss) 2,055,383 (923,001) Changes in fair value of financial instruments (16,412) (256,771) Gain on extinguishment of convertible debt - 247,283 Interest expenses (37,316) (71,363) Interest income 31,268 52,693 ------------- ------------- Income (loss) before income taxes 2,032,923 (951,159) Income tax expense - - ------------- ------------- Net income (loss) 2,032,923 (951,159) ------------- ------------- Accretion of redeemable preference shares to redemption value (698,646) (368,607) ------------- ------------- Undistributed earnings attributable to redeemable preferred shareholders and Series Seed preferred shareholders of the Company (880,056) - ------------- ------------- Net income (loss) attributable to ordinary shareholders 454,221 (1,319,766) Net income (loss) 2,032,923 (951,159) Other comprehensive loss Foreign currency translation adjustment, net of nil income taxes 1,774,143 53,874 ------------- ------------- Total comprehensive income (loss) 3,807,066 (897,285) ============= ============= Earnings (loss) per ordinary share -- Basic and diluted 0.001 (0.002) Weighted average shares outstanding used in calculating basic and diluted earnings per share ordinary share -- Basic and diluted 656,200,500 806,200,500 XCHG LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS) For the Six Months Ended June 30, ---------------------------- 2023 2024 ------------ -------------- US$ US$ Revenues 19,589,628 20,149,953 Cost of revenues (11,038,743) (10,332,829) ------------ ------------ Gross profit 8,550,885 9,817,124 Operating expenses Selling and marketing expenses (2,460,884) (4,379,024) Research and development expenses (1,734,157) (2,165,705) General and administrative expenses (2,088,247) (3,307,565) ------------ ------------ Total operating expenses (6,283,288) (9,852,294) Government grants 2,367 31,206 ------------ ------------ Operating income (loss) 2,269,964 (3,964) Changes in fair value of financial instruments (16,819) (416,109) Gain on extinguishment of convertible debt - 247,283 Interest expenses (73,810) (115,156) Interest income 52,028 81,003 ------------ ------------ Income (loss) before income taxes 2,231,363 (206,943) ------------ ------------ Income tax expense - (11,298) ------------ ------------ Net income (loss) 2,231,363 (218,241) ------------ ------------ Accretion of redeemable preference shares to redemption value (1,019,628) (740,852) Undistributed earnings attributable to redeemable preferred shareholders and Series Seed preferred shareholders of the Company (799,231) - ------------ ------------ Net income (loss) attributable to ordinary shareholders 412,504 (959,093) Net income (loss) 2,231,363 (218,241) Other comprehensive loss Foreign currency translation adjustments 956,545 33,689 ------------ ------------ Total comprehensive income (loss) 3,187,908 (184,552) ============ ============ Earnings (loss) per ordinary share -- Basic and diluted 0.001 (0.001) Weighted average shares outstanding used in calculating basic and diluted earnings per share ordinary shares -- Basic and diluted 656,200,500 806,200,500 XCHG LIMITED UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS For the Three Months Ended June 30, ------------------------------ 2023 2024 ------------- --------------- US$ US$ Net income (loss) 2,032,923 (951,159) Add: Changes in fair value of financial instruments 16,412 256,771 Gain on extinguishment of convertible debt - (247,283) ------------- ------------- Non-GAAP net income (loss) 2,049,335 (941,671) Earnings (loss) per ordinary share -- Basic and diluted 0.001 (0.002) Add: Changes in fair value of financial instruments - - Gain on extinguishment of convertible debt - - Non-GAAP earnings (loss) per ordinary share -- basic and diluted 0.001 (0.002) ------------- ------------- XCHG LIMITED UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS For the Six Months Ended June 30, ---------------------------- 2023 2024 ------------ -------------- US$ US$ Net income (loss) 2,231,363 (218,241) Add: Changes in fair value of financial instruments 16,819 416,109 Gain on extinguishment of convertible debt - (247,283) ------------ ------------ Non-GAAP net income (loss) 2,248,182 (49,415) Earnings (loss) per ordinary share 0.001 (0.001) -- Basic and diluted Add: Changes in fair value of financial instruments - - Gain on extinguishment of convertible debt - - Non-GAAP earnings (loss) per ordinary share -- basic and diluted 0.001 (0.001) ------------ ---
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December 13, 2024 17:00 ET (22:00 GMT)
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