Revenues for the three months ended May 31, 2024, increased 22% to $698,311, as compared to $573,389 for the three months ended May 31, 2023.
Net income for the three months ended May 31, 2024, to the amount of $133,034, as compared with a net loss of $647,743 for the three months ended May 31, 2023.
Revenues for the nine months ended May 31, 2024, increased 70% to $1,885,311, as compared to$1,108,640 for the nine months ended May 31, 2023.
Net loss for the nine months ended May 31, 2024, reduced 89% to the amount of $318,285, as compared with a net loss of $2,926,072 for the nine months ended May 31, 2023.
The Company wishes to inform the Shareholders and potential investors that based on the information currently available to the Management, it is expected that the Company may record an increase in the Revenue ranging from 80% to 120% and the Profit ranging from $200,000 to $250,000 for the fiscal year ending on August 31, 2024 which is a significant improvement compared to the results for the fiscal year ended August 31, 2023..
“We were successful in increasing revenues while lowering expenses and significantly improving our profit margins. We managed to reach net profitability in our latest quarter ending on May 31, 2024. I believe we will achieve the profitable target which I stated in December 2022 --we can reach operational profitability by the end of 2024,” Chiyuan Deng, ABQQ’s CEO, stated.
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