Results of Operations
Highlights for the year ended December 31, 2021 include:
? Revenues were $40.8 million, an increase of 30.0% from $31.3 million for the year ended December 31, 2020
? Gross profit was $18.4 million, an increase of 17.9% from $15.6 million for the year ended December 31, 2020
? Net income was $17.4 million, an increase of 95.5% from $8.9 million for the year ended December 31, 2020
? Total volume shipped was 1,922,353 units, an increase of 16.1% from 1,656,050 units for the year ended December 31, 2020
Results of Operations
The following table sets forth, for the periods indicated, statements of income data:
(in US Dollar millions,
except percentage) For the Years Ended December 31, Change
2021 2020 %
Revenues $ 40.8 $ 31.3 30.0 %
Cost of revenues (22.4 ) (15.7 ) 42.7 %
Gross profit 18.4 15.6 17.9 %
Total operating expenses (5.8 ) (3.7 ) 56.8 %
Operating income 12.6 11.9 5.9 %
Total other income (expenses) 9.2 (1.4 ) 757.1 %
Income before income taxes 21.8 10.4 107.6 %
Income tax benefit (expense) (4.4 ) (1.5 ) 193.3 %
Net income $ 17.4 $ 8.9 95.5 %
For the Years Ended December 31, 2021 and 2020
Revenues
Revenues were $40.8 million in the year ended December 31, 2021, an increase of $9.4 million, or 30.0%, compared with $31.3 million in the year ended December 31, 2020. This increase was due to the increase of 16.1% in sales volume, an increase of 12.1% in the average selling price of our products, and 6.6% positive impact from exchange rate due to appreciation of RMB against US dollars, as compared with those of the same period of last year.
