Summary by Futu AI
Agape ATP Corporation reported Q3 2024 revenue of $331,289, down 6.8% from $355,314 in Q3 2023, with complementary health therapies contributing 85.7% of total revenue. Gross profit decreased to $184,185 with a margin of 55.6%, compared to $234,728 and 66.1% in the prior year period, primarily due to lower margins in network marketing and varying health therapy services.Operating expenses increased 32.7% to $732,295, mainly driven by higher general and administrative expenses of $683,819, which included new director compensation and Nasdaq listing fees. The company's selling expenses decreased 15.6% to $41,582, while commission expenses declined to $6,894 from $14,002 year-over-year.Net loss widened to $524,039 from $324,735 in Q3 2023. As of September 30, 2024, the company maintained working capital of $2.45 million, including cash and deposits of $2.72 million. Management plans to strengthen internal controls by establishing an internal audit function and implementing comprehensive training programs by mid-2025.