ABQQ Reports FY 2024 Audited Financial Results, Introduces FY 2025 Outlook, Announces to Repurchase $5 Million of Shares by Year-End 2025
- FY 2024 REVENUE INCREASED 125% TO A RECORD $3.3 MILLION
- FY 2024 REACH OPERATIONAL PROFITABILITY NET INCOME TO A RECORD $0.54 MILLION
- GUIDES FY 2025 REVENUE GROWTH OF APPROX. 150%; EPS RANGE OF $0.001 TO $0.002
- ANNOUNCES INCREASE TO PREVIOUSLY COMMUNICATED SHARE REPURCHASE GOAL, TO REPURCHASE $5 MILLION OF SHARES BY YEAR END 2025
NEW YORK, Nov. 26, 2024 (GLOBE NEWSWIRE) -- AB International Group Corp. (OTC: ABQQ), an intellectual property (IP) and movie investment and licensing firm, announces financial and operating results for the year ended August 31, 2024. The audited financial results have been filed in a 10-K with the U.S. Securities and Exchange Commission (the "SEC"). The Company also provided its financial outlook for the fiscal year ending August 31, 2025.
“ABQQ achieved record results during fiscal year 2024, as we delivered revenue growth of 125% and reached profit net income $542,331, reflecting a continued dedication to maintain exceptional levels of profitability as our business scale,” said Chiyuan Deng, President and Chief Executive Officer. “Movie License and NFT MMM IP License built up two of the most admired and well-positioned business in the marketplace, each with a robust innovation product pipeline designed to win with global consumers. Looking forward, our talented teams are highly motivated to continue driving towards the long-term opportunities of these iconic businesses.”
Key Financial Highlights:
Revenues for the year ended August 31, 2024, increased 125% to $3,300,467, as compared to $1,473,222 for fiscal 2023.
Operating expenses were $2,813,563 for the year ended August 31, 2024, compared to $5,030,354 for fiscal 2023. We experienced a decrease in theatre operating costs in fiscal 2024 compared to fiscal 2023, mainly due to the decrease in admission revenues and the decrease in movie exhibition costs as a percentage of admission revenue.
We incurred a net income of $542,331 for the year ended August 31, 2024, as compared with a net loss of $3,566,710 for fiscal 2023.
As of August 31, 2024.Total Stockholders’ Equity $1,459,902, as compared to $890,988 in Fiscal 2023.
During fiscal year 2024, the Company repurchased approximately 285 million shares of its common stock for a total of $50,699 at a weighted average price paid per share of $0.00018.
Full Fiscal Year 2025 Outlook for the Twelve-Month Period Ending August 31, 2025
The Company's full fiscal year 2025 outlook is forward-looking in nature, reflecting our expectations as of November 26, 2024, and is subject to significant risks and uncertainties that limit our ability to accurately forecast results. This outlook assumes no meaningful changes to the Company's business prospects or risks and uncertainties identified by management that could impact future results, which include but are not limited to changes in economic conditions, including consumer confidence and discretionary spending, inflationary pressures, and foreign currency fluctuation; geopolitical tensions; and supply chain disruptions, constraints and related expenses.
Revenues are expected to increase approximately 150% to $8.25 million.
Gross margin is expected to be approximately 60.5%.
Diluted earnings per share are expected to be in the range of $0.001 to $0.002.
About AB International Group Corp.
AB International Group Corp. is an intellectual property (IP) and movie investment and licensing firm, focused on acquisitions and development of various intellectual property. We are engaged in acquisition and distribution of movies. The company owns the IP of the NFT movie and music marketplace (NFT MMM) as the unique entertainment industry Non-Fungible Token. The Company operates AB Cinemas, physical movie theaters currently in NY with plans to expand nationwide (www.abcinemasny.com). The company also owns ABQQ.TV which is a movie and TV show online streaming platform. ABQQ TV generates revenue through a hybrid subscription model and advertising model like other online streaming platforms.
For additional information, visit www.abqqs.com, www.abcinemasny.com, https://stareastnet.io/ and www.ABQQ.tv.
Forward-Looking Statements
This press release contains “forward-looking statements” that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements relating to changes to the Company’s management team and statements relating to the Company’s transformation, financial and operational performance including the acceleration of revenue and margins, and the Company’s overall strategy. Because forward-looking statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the possibility of business disruption, competitive uncertainties, and general economic and business conditions in AB International Group markets as well as the other risks detailed in company filings with the Securities and Exchange Commission. AB International Group undertakes no obligation to update any statements in this press release for changes that happen after the date of this release.
Investor Relations Contact:
Charles Tang
(852) 2622 2891
corp@abqqs.com
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