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CCSC Technology International Holdings Limited Reports Financial Results for Fiscal Year 2024

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HONG KONG, July 22, 2024 /PRNewswire/ — CCSC Technology International Holdings Limited (the “Company” or “CCSC”) (Nasdaq: CCTG), a Hong Kong-based company that engages in the sale, design and manufacturing of interconnect products, including connectors, cables and wire harnesses, today announced its financial results for the fiscal year ended March 31, 2024.

Mr. Kung Lok Chiu, Chief Executive Officer and Director of the Company, commented, “We believe we have demonstrated resilience and adaptability throughout a challenging fiscal year 2024. Despite market fluctuations, we remain dedicated to innovation and excellence. We have worked to enhance our operational efficiencies and invested strategically in research and development to advance our product developments. Additionally, our Nasdaq listing in January 2024 marks a significant milestone for the Company, providing us with a platform for future growth. Furthermore, we entered into a strategic cooperation framework agreement with Innogetic International Limited (“Innogetic”) in May 2024. In the future, we anticipate exploring and applying digital technology such as artificial intelligence (“AI”) in the field of manufacturing to further advancements in our business. As we explore AI applications in the manufacturing sector in partnership with Innogetic, we endeavor to further the innovation and efficiency in our manufacturing process and enhance our position in the industry. Moreover, CCSC is planning to commence construction of a new European supply chain management center in the Republic of Serbia in second half of 2024. We believe that this strategic expansion, if and when it is established, will support our business by driving long-term growth.”

“We are committed to adopting advanced technologies, developing replicable and scalable solutions, and fostering innovative ideas and products. Looking forward, we are excited about our strategic initiatives aimed at market expansion, product innovation, and enhancing client services. We believe that our commitment to quality and customer satisfaction can drive us forward and create long-term value for our shareholders,” concluded Mr. Kung Lok Chiu.

Fiscal Year 2024 Financial Highlights

Revenue was $14.7 million for fiscal year 2024, compared to $24.1 million for fiscal year 2023.

Gross profit was $3.9 million for fiscal year 2024, compared to $7.9 million for fiscal year 2023.

Loss from operations was $1.8 million for fiscal year 2024, compared to income from operations of $1.8 million for fiscal year 2023.

Net loss was $1.3 million for fiscal year 2024, compared to net income of $2.2 million for fiscal year 2023.

Basic and diluted loss per share was $0.13 for fiscal year 2024, compared to basic and diluted earnings per share of $0.22 for fiscal year 2023.

Fiscal Year 2024 Financial Results

Revenue

Total revenue was $14.7 million for fiscal year 2024, which decreased by 38.7% from $24.1 million for fiscal year 2023.

The following table sets forth revenue by interconnect products:

For the years ended March 31,

Change

($ millions)

2024

%

2023

%

Amount

%

Cables and wire harnesses

13.6

92.4

%

22.2

92.3

%

(8.6)

(38.7)

%

Connectors

1.1

7.6

%

1.8

7.7

%

(0.7)

(39.3)

%

Total

14.7

100.0

%

24.0

100.0

%

(9.3)

(38.7)

%

Revenue generated from cables and wire harnesses decreased by 38.7%, to $13.6 million for fiscal year 2024, from $22.2 million for fiscal year 2023. Revenue generated from connectors decreased by 39.3%, to $1.1 million for fiscal year 2024, from $1.8 million for fiscal year 2023.

The decrease was primarily attributable to the decrease in the total sales volume due to customers’ shift towards zero inventory instead of advanced procurement, and  the decrease of the average selling price of our products for fiscal year 2024.

The following table sets forth the disaggregation of revenue by regions:

For the years ended March 31,

Change

($ millions)

2024

%

2023

%

Amount

%

Europe

8.5

57.8

%

15.0

62.5

%

(6.5)

(43.3)

%

Asia

4.8

32.8

%

7.4

30.9

%

(2.6)

(34.9)

%

Americas

1.4

9.4

%

1.6

6.6

%

(0.2)

(12.4)

%

Total

14.7

100.0

%

24.0

100.0

%

(9.3)

(38.7)

%

Revenue generated from Europe decreased by 43.3%, to $8.5 million for fiscal year 2024, from $15.0 million for fiscal year 2023. The decrease was primarily due to the decrease of sales in Denmark, Hungary and Bulgaria, which was partially offset by the increase of sales in Italy.

Revenue generated from Asia decreased by 34.9%, to $4.8 million for fiscal year 2024, from $7.4 million for fiscal year 2023. The decrease was primarily due to sales decreases in China of $1.6 million, and sales decreases in the Association of Southeast Asian Nations, or ASEAN, of $1.0 million.

Revenue generated from the Americas decreased by 12.4%, to $1.4 million for fiscal year 2024, from $1.6 million for fiscal year 2023. The decrease was primarily due to the sales decrease in North America of $0.2 million.

Cost of Revenue

Cost of revenue decreased by 33.1%, to $10.8 million for fiscal year 2024, from $16.2 million for fiscal year 2023, which was in line with the decrease of total revenue.

Inventory costs amounted to $7.3 million for fiscal year 2024, compared to $12.1 million for fiscal year 2023. The decrease of inventory costs was primarily due to a 44.1% decrease in the total sales volume, which was partially offset by an 8.5% increase in the inventory cost per unit.

Labor costs amounted to $2.5 million for fiscal year 2024, compared to $2.9 million for fiscal year 2023. The decrease of labor costs was primarily because we reduced the number of manufacturing employees.

Gross Profit and Gross Margin

Gross profit decreased by 50.1%, to $3.9 million for fiscal year 2024, from $7.9 million for fiscal year 2023.

Gross profit margin decreased by 6.1%, to 26.6% for fiscal year 2024, from 32.7% for fiscal year 2023.

Operating Expenses

Operating expenses decreased by 5.1%, to $5.8 million for fiscal year 2024, from $6.1 million for fiscal year 2023. The expense reduction was mainly due to the decline in selling expenses and research and development expenses. The decrease was partially offset by the increase in the general and administrative expenses.

Other Income

Other income decreased to $0.5 million for fiscal year 2024, from $0.7 million for fiscal year 2023.

Net (Loss)/Income

Net income decreased by 158.7%, to net loss of $1.3 million for fiscal year 2024, from net income of $2.2 million for fiscal year 2023.

Basic and Diluted (Loss)/Earnings per Share

Basic and diluted loss per share was $0.13 for fiscal year 2024, compared to earnings per share of $0.22 for fiscal year 2023.

About CCSC Technology International Holdings Limited

CCSC Technology International Holdings Limited, is a Hong Kong-based company that engages in the sale, design and manufacturing of interconnect products. The Company specializes in customized interconnect products, including connectors, cables and wire harnesses that are used for a range of applications in a diversified set of industries, including industrial, automotive, robotics, medical equipment, computer, network and telecommunication, and consumer products. The Company produces both OEM (“original equipment manufacturer”) and ODM (“original design manufacture”) interconnect products for manufacturing companies that produce end products, as well as electronic manufacturing services (“EMS”) companies that procure and assemble products on behalf of such manufacturing companies. The Company has a diversified global customer base located in more than 25 countries throughout Asia, Europe and the Americas. For more information, please visit the Company’s website: http://ir.ccsc-interconnect.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company’s proposed Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue”, or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

CCSC Technology International Holdings Limited

Investor Relations Department
Email: ir@ccsc-interconnect.com

Ascent Investor Relations LLC

Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

 

 

 

CCSC TECHNOLOGY INTERNATIONAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

(Amount in U.S. dollars, except for number of shares)

As of March 31,

2024

2023

Assets

Current assets:

Cash

$

5,525,430

$

7,708,310

Restricted cash

209,317

9,305

Accounts receivable

2,750,214

2,260,222

Inventories, net

2,023,456

2,187,518

Deferred initial public offering costs

–

1,051,038

Prepaid expenses and other current assets

1,474,405

814,308

Total current assets

11,982,822

14,030,701

Non-current assets:

Property, plant and equipment, net

198,901

211,949

Intangible asset, net

38,183

88,319

Operating right-of-use assets

1,659,297

2,121,070

Finance lease right-of-use asset

17,788

–

Deferred tax assets, net

287,394

41,015

Other non-current assets

3,753,646

41,844

Total non-current assets

5,955,209

2,504,197

TOTAL ASSETS

$

17,938,031

$

16,534,898

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable

$

2,175,974

$

1,663,749

Advance from customers

207,293

186,874

Accrued expenses and other current liabilities

1,523,843

1,648,970

Taxes payable

24,974

365,851

Operating lease liabilities, current

506,061

485,051

Finance lease liabilities, current

4,454

–

Long-term bank loan, current portion

–

39,725

Total current liabilities

4,442,599

4,390,220

Non-current liabilities:

Operating lease liabilities, non-current

1,184,056

1,653,411

Finance lease liabilities, non-current

13,709

–

Total non-current liabilities

1,197,765

1,653,411

TOTAL LIABILITIES

5,640,364

6,043,631

Commitments and Contingencies

–

–

Shareholders’ equity

Ordinary Shares (par value of US$0.0005 per share; 100,000,000 shares
authorized, 11,581,250 and 10,000,000 shares issued and outstanding as of
March 31, 2024 and 2023)

5,791

5,000

Subscription receivable

–

(5,000)

Additional paid-in capital

4,855,795

1,236,773

Statutory reserve

813,235

813,235

Retained earnings

8,491,783

9,786,946

Accumulated other comprehensive loss

(1,868,937)

(1,345,687)

Total shareholders’ equity

12,297,667

10,491,267

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

17,938,031

$

16,534,898

 

CCSC TECHNOLOGY INTERNATIONAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME

(Amount in U.S. dollars, except for number of shares)

For the years ended March 31,

2024

2023

2022

Net revenue

$

14,748,551

$

24,059,556

$

27,169,935

Cost of revenue

(10,825,943)

(16,190,985)

(19,694,031)

Gross profit

3,922,608

7,868,571

7,475,904

Operating expenses:

Selling expenses

(1,039,882)

(1,097,150)

(866,136)

General and administrative expenses

(4,134,394)

(3,898,894)

(3,318,815)

Research and development expenses

(594,521)

(1,084,119)

(829,024)

Total operating expenses

(5,768,797)

(6,080,163)

(5,013,975)

(Loss)/income from operations

(1,846,189)

1,788,408

2,461,929

Other (expenses)/income:

Other non-operating (expenses)/income, net

(35,509)

49,873

415,934

Government subsidy

7,255

62,627

17,910

Foreign currency exchange income/(loss)

425,308

562,527

(199,759)

Financial and interest income/(expenses), net

67,636

22,455

(7,028)

Total other income

464,690

697,482

227,057

(Loss)/income before income tax expense

(1,381,499)

2,485,890

2,688,986

Income tax benefit/(expense)

86,336

(277,738)

(399,828)

Net (loss)/income

(1,295,163)

2,208,152

2,289,158

Other comprehensive (loss)/income

Foreign currency translation adjustment

(523,250)

(728,399)

368,037

Total comprehensive (loss)/income

$

(1,818,413)

$

1,479,753

$

2,657,195

(Loss)/earnings per share

Basic and Diluted

$

(0.13)

$

0.22

$

0.23

Weighted average number of ordinary shares

Basic and Diluted

10,288,525

10,000,000

10,000,000

 

 

CCSC TECHNOLOGY INTERNATIONAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amount in U.S. dollars, except for number of shares)

For the years ended March 31,

2024

2023

2022

CASH FLOWS FROM OPERATING ACTIVITIES:

Net (loss)/income

$

(1,295,163)

$

2,208,152

$

2,289,158

Adjustments to reconcile net (loss)/income to net cash (used in)/provided
by operating activities:

Inventory write-down

188,268

369,512

117,807

Depreciation and amortization

238,757

221,106

330,269

Amortization of right-of-use asset

509,086

526,546

330,812

Losses/(gains) from disposal of fixed assets

2,188

5,621

(61,205)

Deferred tax (benefit)/expense

(249,892)

51,780

(17,927)

Foreign currency exchange (gains)/losses

(227,691)

(562,527)

199,759

Changes in operating assets and liabilities:

Accounts receivable

(500,747)

586,559

286,662

Inventories

(101,220)

2,028,980

(1,272,692)

Amount due from related parties

–

478,285

(51,421)

Prepaid expenses and other current assets

(704,610)

179,619

16,666

Operating right-of-use assets

–

(2,240,092)

62,343

Other non-current assets

(77,220)

41,314

19,310

Accounts payable

563,226

(2,054,385)

757,114

Advance from customers

22,060

113,383

(92,699)

Taxes payable

(340,992)

112,295

220,736

Accrued expenses and other current liabilities

(64,258)

(91,373)

117,673

Operating lease liabilities

(490,319)

1,704,248

(409,019)

Financing Lease liabilities

24

–

–

Amount due to related parties

–

(215,388)

78,270

Net cash (used in)/provided by operating activities

(2,528,503)

3,463,635

2,921,616

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property and equipment

(156,999)

(153,409)

(376,785)

Prepayment of long-term equipment and mold model

(3,639,312)

–

–

Proceed from disposal of property and equipment

–

10,891

199,146

Purchase of intangible asset

(29,476)

(64,364)

–

Net cash used in investing activities

(3,825,787)

(206,882)

(177,639)

CASH FLOWS FORM FINANCING ACTIVITIES

Proceeds from short-term bank loans

–

136,784

107,076

Repayments of short-term bank loans

–

(136,784)

(107,076)

Repayments of long-term bank loans

(39,853)

(156,174)

(153,053)

Proceeds from issuance of ordinary shares, net of issuance cost
of US$1.65 million

4,665,444

–

–

Payment for deferred initial public offering costs

–

(596,446)

(459,265)

Capital contribution by shareholder

5,000

–

462,469

Payment made for principal portion of financing lease liabilities

(4,322)

–

(7,553)

Net cash provided by/(used in) financing activities

4,626,269

(752,620)

(157,402)

Effect of exchange rate changes on cash and restricted cash

(254,847)

(72,458)

46,415

Net change in cash and restricted cash

(1,982,868)

2,431,675

2,632,990

Cash and restricted cash, beginning of the year

7,717,615

5,285,940

2,652,950

Cash and restricted cash, end of the year

$

5,734,747

$

7,717,615

$

5,285,940

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid for income tax

$

(859,882)

$

(119,679)

$

(471,259)

Cash received from income tax refund

$

–

$

126,413

$

461,418

Cash paid for interest

$

(228)

$

(4,986)

$

(8,650)

Cash paid for operating lease

$

(575,014)

$

(601,953)

$

(635,499)

Supplemental disclosure of non-cash investing and financing activities:

Right-of-use assets obtained in exchange for operating lease obligations

$

137,617

$

2,263,898

$

138,450

 

View original content:https://www.prnewswire.com/news-releases/ccsc-technology-international-holdings-limited-reports-financial-results-for-fiscal-year-2024-302202911.html

SOURCE CCSC Technology International Holdings Limited

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Technology

Custom T-Shirt Printing Market to Grow by USD 2.01 Billion from 2024-2028, Driven by Customized T-Shirts as Branding Tools; AI Driving Market Transformation – Technavio

Published

47 mins ago

on

September 27, 2024

By

NEW YORK, Sept. 27, 2024 /PRNewswire/ — Report with the AI impact on market trends – The Global Custom T-Shirt Printing Market size is estimated to grow by USD 2.01 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 7.44% during the forecast period. Growing use of customized T-Shirts as branding tool is driving market growth, with a trend towards M and A, partnerships, and expansion of business by opening new offices However, fragmented nature of market and huge initial investment poses a challenge – Key market players include Bewakoof Brands Pvt. Ltd., Blue Gecko Printing, Blue Gecko UK Ltd., Cimpress Plc, Claranova SE, CustomInk LLC, Designhill Inc., Entripy, Ilogo, International Coatings Co. Inc., Print Safari, Printfly Corp., Printful Inc., Printo Document Services Pvt. Ltd., PT Reycom Printing Solusi, Spreadshirt Inc., THREADBIRD, TShirt Elephant, UberPrints Inc., and yourPrint.

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Type (Graphic designed shirt and Artwork), Technique (Screen printing, Digital printing, and Plot printing), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

Region Covered

APAC, Europe, North America, South America, and Middle East and Africa

Key companies profiled

Bewakoof Brands Pvt. Ltd., Blue Gecko Printing, Blue Gecko UK Ltd., Cimpress Plc, Claranova SE, CustomInk LLC, Designhill Inc., Entripy, Ilogo, International Coatings Co. Inc., Print Safari, Printfly Corp., Printful Inc., Printo Document Services Pvt. Ltd., PT Reycom Printing Solusi, Spreadshirt Inc., THREADBIRD, TShirt Elephant, UberPrints Inc., and yourPrint

 

Key Market Trends Fueling Growth

Vendors in the custom T-shirt printing market are implementing strategic moves to enhance their competitive positions. In November 2021, CustomInk LLC expanded its offerings by acquiring Swag.com, a corporate swag platform, to enter the gifting-as-a-service category. Simultaneously, Printful Inc. Formed a partnership with Vexels, a leading design platform, to integrate over 500 pre-selected designs into their Design Maker tool. This collaboration aims to provide Printful’s global customers with more high-quality design options. Additionally, Printful invested over USD5 million in the UK and Poland to expand its clothing segment in Europe. These strategic initiatives demonstrate the market’s dynamic nature and vendors’ commitment to growth and innovation. 

The custom T-shirt printing market is thriving, with trends leaning towards unique logos and designs for clubs, travel industry, and outdoor sports. Unique preferences among young people for clothing that expresses personality are driving demand. Printing techniques like screen printing and digital printing offer various advantages, with screen printing providing a more traditional look and digital printing offering vibrant colors and intricate designs. The apparel market continues to grow, making custom-designed T-shirts a popular branding tool for businesses in various industries, including sports, entertainment, and even households. Affordability and accessibility through e-commerce platforms expand potential customers. Procolored printing technology and artificial intelligence enhance design insights, while customized clothing with logos, slogans, and artwork boosts brand visibility. Customized T-shirts serve as a powerful advertising tool for fan bases and social awareness campaigns. 

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Market Challenges

The global custom T-shirt printing market is characterized by a high degree of fragmentation, with numerous vendors competing intensely based on pricing. This market fragmentation has resulted in price wars, causing revenue and profit challenges for market participants. Small and medium-sized vendors face additional hurdles, such as maintaining color consistency, managing quality, and marketing effectively. The screen printing technique, a common method for custom T-shirt production, involves expensive set-ups that are less cost-effective for small production runs. These factors, combined with the market’s fragmented nature and significant initial investments, pose moderate challenges to the growth of the custom T-shirt printing market during the forecast period.The custom T-shirt printing market faces several challenges in various industries. In clubs and organizations, unique logos and designs are essential for branding and member identification. The travel industry caters to young people with diverse clothing preferences, requiring affordable, custom-designed T-shirts. Outdoor sports and the sports industry demand high-quality printing techniques like Screen and Digital printing for durability and vibrant colors. Unique designs and artwork are crucial for apparel market success, with graphic design and printing technology playing significant roles. Procolored and Prospective customers in the entertainment industry seek personalized T-shirts as branding tools and advertising for their fan bases. Customized clothing, including logos and slogans, is a valuable branding strategy for businesses in various sectors. Printing techniques like Screen and Digital printing, Artificial intelligence, and E-commerce platforms offer customization opportunities. Custom-designed T-shirts cater to the needs of households and individuals, reflecting their personality and social awareness. The potential customers in the apparel market seek affordability and quality, making it essential for businesses to offer a range of normal T-shirts and customized clothing options. In conclusion, the custom T-shirt printing market faces challenges in various industries, including clubs, travel, sports, apparel, and entertainment. To succeed, businesses must focus on unique designs, affordable pricing, and high-quality printing techniques while catering to the diverse preferences and branding needs of their customers.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview

This custom t-shirt printing market report extensively covers market segmentation by

Type 1.1 Graphic designed shirt1.2 ArtworkTechnique 2.1 Screen printing2.2 Digital printing2.3 Plot printingGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Graphic designed shirt- The custom T-shirt printing market is primarily driven by the popularity of graphic-designed shirts. In 2023, graphic designs accounted for the largest market share, and this trend is anticipated to continue. Graphic-designed shirts are cost-effective due to their low production costs. Manufacturers create these shirts based on current fashion trends, increasing their appeal to consumers. Pre-printed graphic designs cater to customers seeking quick and affordable solutions, further fueling market growth. Consequently, the global custom T-shirt printing market is expected to thrive during the forecast period, with graphic-designed shirts leading the charge.

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Research Analysis

Custom-designed t-shirts have become a popular choice for individuals and businesses looking to make a statement or boost brand visibility. With the rise of printing technology, creating customized clothing has never been easier or more affordable. Prospective customers seek out custom-made t-shirts as a unique expression of their personality and preferences. The printing technique used can significantly impact the final product, with Procolored and artificial intelligence technology offering advanced customization options. Brands recognize the value of custom t-shirts as an effective branding tool, enabling them to reach consumers in a memorable and engaging way. Normal t-shirts can be transformed into eye-catching branding vehicles, enhancing consumer decision-making and loyalty. Customized t-shirts continue to be a powerful marketing tool, offering endless possibilities for creativity and self-expression.

Market Research Overview

Custom-designed t-shirts have become a popular trend in branding and marketing strategies, offering businesses and individuals a unique way to increase brand visibility among prospective customers. Customized t-shirts serve as effective branding tools, allowing the use of logos and slogans to promote businesses, causes, or personalities. The entertainment industry, with its vast fan base, has embraced customized clothing as a powerful advertising tool. The printing technique used, whether screen printing or digital printing, plays a crucial role in the final product’s quality. Customized clothing is not only for businesses; it is also a preferred choice for sports teams, clubs, and young people seeking unique designs that reflect their personality. Affordability and the wide range of printing techniques, including Procolored and artificial intelligence, make custom t-shirts an attractive option for households. The apparel market continues to evolve, with trends in outdoor sports, the sports industry, and e-commerce driving demand for customized clothing. Graphic design and artwork play a significant role in creating unique and eye-catching designs. Printing technology advancements, such as digital printing and screen printing, offer new possibilities for customization and personalization.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeGraphic Designed ShirtArtworkTechniqueScreen PrintingDigital PrintingPlot PrintingGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Technology

Ammunition Market to Grow by USD 3.9 Billion from 2024-2028, Driven by Geopolitical Conflicts and Tensions; AI Impact on Market Trends – Technavio

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September 27, 2024

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NEW YORK, Sept. 27, 2024 /PRNewswire/ — The Global Ammunition Market size is estimated to grow by USD 3.9 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  3.21%  during the forecast period. Prevalence of geopolitical conflicts, political tensions, and cross-border issues is driving market growth, with a trend towards growing asymmetric warfare worldwide. However, proliferation of illicit ammunition manufacturers  poses a challenge – Key market players include Adani Group, AMMO Inc., BAE Systems Plc, BERETTA HOLDING SA, CBC Ammunition, Denel SOC Ltd., Elbit Systems Ltd., Fabbrica dArmi Pietro Beretta S.p.A., General Dynamics Corp., Ordnance LLC, Hanwha Corp., Herstal SA, Industrias Tecnos S.A. De C.V., KNDS N.V., Lockheed Martin Corp., Mesko SA, Nammo AS, Northrop Grumman Corp., Olin Corp., Polska Grupa Zbrojeniowa SA, Poongsan Corp., Rheinmetall AG, Singapore Technologies Engineering Ltd., Thales Group, and Vista Outdoor Inc..

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Ammunition Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 3.21%

Market growth 2024-2028

USD 3.9 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

3.07

Regional analysis

North America, APAC, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 33%

Key countries

US, China, Russia, India, and UK

Key companies profiled

Adani Group, AMMO Inc., BAE Systems Plc, BERETTA HOLDING SA, CBC Global Ammunition, Denel SOC Ltd., Elbit Systems Ltd., Fabbrica dArmi Pietro Beretta S.p.A., General Dynamics Corp., Global Ordnance LLC, Hanwha Corp., Herstal SA, Industrias Tecnos S.A. De C.V., KNDS N.V., Lockheed Martin Corp., Mesko SA, Nammo AS, Northrop Grumman Corp., Olin Corp., Polska Grupa Zbrojeniowa SA, Poongsan Corp., Rheinmetall AG, Singapore Technologies Engineering Ltd., Thales Group, and Vista Outdoor Inc.

Market Driver

Asymmetric warfare, characterized by significant differences in military capabilities and strategies between opposing forces, has become prevalent in various global conflicts. Guerrilla warfare, a form of asymmetric warfare, is employed by militant groups who do not occupy large bases and instead use surprise attacks, ambushes, and terrorist tactics. Night combat is a common strategy in such conflicts, leading to an increased demand for advanced imaging systems and ammunition. The US military has utilized passive night vision devices and thermal imagers in weapons such as RPG-7 rocket launchers, M-72 66mm Light Anti-Tank Weapons, M-79 40mm grenade launchers, and M-67 90mm recoilless rifles. The Middle East’s economic and political instability over the last quarter-century has resulted in numerous instances of asymmetric warfare, increasing the demand for ammunition. Consequently, the global ammunition market is anticipated to grow during the forecast period. 

The Ammunition Market is experiencing significant growth due to the demand for newer generation ammunition by armed forces and militaries worldwide. Penetrating power and accuracy are key factors driving this trend. Training ammunition is also in high demand for peacekeeping missions and military personnel training. Companies like Rheinmetall and General Dynamics lead the market with innovative solutions, such as polymer-cased ammunition and advanced calibers. Militaries are modernizing their infantry weapons, leading to increased competition among munitions manufacturers. Military spending and geopolitical tensions continue to fuel demand for combat equipment, arms, and ammunition. Law enforcement agencies and reserve forces also contribute to the market’s gross volume. Expressions of Interest for artillery guns and the development of new calibers, like the Advanced 9mm Cartridge, further boost the industry. The area of impact and munition range are crucial considerations for military personnel, leading to the stockpiling of war reserves and inventory management. Terrorism and warfare equipment also contribute to the market’s growth. 

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Market Challenges

The global ammunition market faces significant challenges due to the illicit production and trade of ammunition. According to the United Nations Office of Disarmament Affairs (UNODA), over 80% of ammunition trade remains outside of reliable export data. The causes of weapons diversion are classified into six major categories by Conflict Armament Research (CAR): battlefield capture, loss from state custody, state-sponsored diversion, poorly managed national stockpiles, state collapse, and unknown causes. However, expert groups monitoring UN arms embargoes attribute the deviation of ammunition to the lack of basic accountability systems. The proliferation of illicit ammunition manufacturers poses a major threat to global security, as these manufacturers produce and transfer unmarked ammunition across international borders. This illegally manufactured ammunition is often used in terrorist activities and negatively impacts the demand for branded ammunition. Therefore, the rise of illicit ammunition manufacturers is expected to negatively impact the growth of the global ammunition market during the forecast period.The Ammunition Market faces numerous challenges in various sectors. In the military and law enforcement arenas, terrorism and warfare equipment requirements drive demand for ammunition and combat equipment. Defense budgets prioritize inventory for armed personnel, necessitating stockpiling of war reserves, artillery, and small-caliber ammunition. In civilian sectors, demand comes from sporting, hunting, self-defense, and territorial conflicts. Political instabilities, economic inequalities, and ceasefire violations fuel the need for military ordnance. The ammunition industry confronts regulatory hurdles, including restrictive legislation and compliance issues. The Gun Control bill and the Arms Trade Treaty, as multilateral treaties, impact international measures. Military modernization calls for infantry support programs and weaponry upgrades, often in specific calibers. Cross-border terrorism and drug trafficking activities further complicate the landscape. The ammunition market must adapt to these challenges while addressing civilian disarmament initiatives and firearms-related products.

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Segment Overview 

This ammunition market report extensively covers market segmentation by

Product 1.1 Small caliber1.2 Medium caliber1.3 Large caliberApplication 2.1 Defense2.2 Civil and commercialGeography 3.1 North America3.2 APAC3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Small caliber-  The ammunition market is a significant sector in the global defense industry. Companies manufacture and supply various types of ammunition, including small arms, artillery, and missile ammunition, to military forces and law enforcement agencies. Demand for ammunition is driven by military training and combat operations. Key players in the market include Rheinmetall, Nammo, and BAE Systems. Competition is fierce, and companies focus on innovation, quality, and cost-effectiveness to gain an edge. The market size is expected to grow due to ongoing military modernization programs and increasing defense budgets.

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Research Analysis

The Ammunition Market encompasses the production and sale of warfare equipment, including ammunition, combat equipment, and arms, for military and law enforcement agencies. Defense budgets play a significant role in driving demand for ammunition, as armed personnel rely on a constant supply of cartridges to maintain readiness. The industry continues to innovate, with newer generation ammunition offering increased penetrating power and improved performance for armed forces and militaries. Rifles come in various calibers, with the Advanced 9mm Cartridge gaining popularity due to its versatility and effectiveness. The ammunition industry caters to the unique needs of military and law enforcement agencies, ensuring they have access to reliable and effective equipment for training and combat situations.

Market Research Overview

The Ammunition Market encompasses a wide range of products used in warfare equipment and combat situations. These include bullets, artillery shells, and other firearms-related products. Factors driving the market include terrorism, wars, cross-border terrorism, political instabilities, territorial conflicts, and economic inequalities. Military modernization, military spending, and geopolitical tensions are also significant factors. The market caters to armed personnel in military and law enforcement agencies, as well as civilian sectors for sporting, hunting, self-defense, and infantry support programs. The industry faces regulatory hurdles, compliance issues, and restrictive legislation such as the Arms Trade Treaty and Gun Control bill. Newer generation ammunition with increased penetrating power is in high demand, along with training ammunition for peacekeeping missions and rifles in various calibers. Companies produce artillery guns, munitions, and polymer-cased ammunition to meet the demands of militaries and military personnel, with competition among active military personnel, reserve forces, and civilian sectors driving expression of interest in advanced 9mm cartridges and other military ordnance.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductSmall CaliberMedium CaliberLarge CaliberApplicationDefenseCivil And CommercialGeographyNorth AmericaAPACEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Technology

PUDO Inc. reports FY 2025 second quarter end results

Published

47 mins ago

on

September 27, 2024

By

TORONTO, Sept. 27, 2024 /CNW/ – PUDO Inc. (“PUDO” or the “Company”) (CSE:  PDO) (OTCQB: PDPTF), today filed interim financial results (unaudited) and operational highlights for its second quarter that ended August 31, 2024 (“Q2 FY 2025”).

Year over Year

Q1-Q2 FY 2025

Q1-Q2 FY 2024

% Change

Revenue from Operations

$1,737,073

$1,593,295

9.0 %

Gross Profit

$522,967

$666,242

-21.5 %

Comprehensive loss for the period

($257,238)

($332,606)

      – 22.7%*

* Net Loss position declined by net 22.7%

“It is encouraging to note that revenue growth continues to be driven by our returns business” commented Elliott Etheredge, CEO.  “The Canadian business in particular has benefited from our recent partnerships.  Strong interest in PUDO’s Canadian nationwide network continues to bring strategic opportunities to PUDO.”

In Q2 FY 2025, returns accounted for 52.6% of revenue vs. 43.7% in Q2 FY 2024. 

PUDO continues to expand the availability and volume of its PUDO Label Return services.  By increasing the number of retailers using the solution and partnering with additional SAAS and 3PL providers, the PUDO network is becoming an important part of the e-commerce returns solution. 

The Company is currently working with its partners to develop the U.S. network expansion this year. 

A complete copy of the interim consolidated financial statements and the Management’s Discussion and Analysis Report for the three and six month periods ended August 31, 2024, can be found on the CSE website at https://thecse.com/listings/pudo-inc/ and on SEDAR at www.sedar+.com.

About PUDO Inc.
PUDO Inc. is North America’s only independent parcel pick-up and drop-off counter network. 

PUDO has created a Network of more than 1,200 storefront partners known as PUDOpoint Counters, strategically located very near to where people live, work and play.

PUDO partners with retailers and logistics providers to offer a last-mile pick-up and returns network for ecommerce shoppers that reduces cost, increases convenience and provides package security to the last-mile of package logistics.  Visit: www.pudopoint.com.

To signup for the PUDO News Feed please subscribe at https://pudopoint.com/investors/ .

Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws, such as statements regarding estimated revenues from new contracts, increased parcel volume, activation and implementation of PUDO’s technology and possible future expansions of PUDO’s operations. This information is based on current expectations and assumptions of management, including assumptions concerning PUDO’s ability to integrate its new customers into its network and successfully execute on its new and existing contracts. The use of any of the words “anticipate”, “believe”, “expect”, “plan”, “intend”, “can”, “will”, “should”, and similar expressions are intended to identify forward-looking statements. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, without limitation, uncertainties with respect to service implementation, the economic results of the relationship on the operations of the Company, changes in general economic, market, or business conditions, and those risks set out in the Company’s public documents filed on SEDAR. This press release, in particular the information in respect of estimated revenues, may contain future-oriented financial information or financial outlook within the meaning of applicable securities laws. Such future-oriented financial information or financial outlook has been prepared for the purpose of providing information about management’s reasonable expectations as to the anticipated results of its proposed business activities. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by law.

SOURCE Pudo Inc.

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