LISHUI, China,
Dec. 28,
2022 /PRNewswire/ -- Tantech Holdings Ltd
(NASDAQ: TANH) ("Tantech" or the "Company") today reported its
unaudited financial results for the six months ended June 30, 2022.
As compared with the same period of 2021, Tantech had increased
its total revenues by approximately $6.4
million, or 31.0%, to approximately $27.0 million in the first six months of 2022
while reduced its total operating expenses by approximately
$7.8 million, or 80.3%, to
approximately $1.9 million, attaining
a decent gross profit margin of 19.0% and leaving its total cash on
hand stocked at approximately $10.8
million. Tantech's net income attributable to common
stockholders was approximately $2.1
million in the six months ended June
30, 2022, a remarkable increase of approximately
$8.7 million from a net loss of
approximately 6.6 million in the same period of 2021. In addition,
The Company had a robust balance sheet as of June 30, 2022, holding total assets of
approximately $136.2 million with a
healthy debt-equity ratio of 13:87. Its current assets and current
liabilities were approximately $107.7
million and approximately $136.2
million, respectively, resulting in a current ratio of
6.6:1.
Mr. Wangfeng Yan, Chief Executive Officer of Tantech, commented,
"We are pleased to share our positive outcomes achieved during the
first half of 2022, when challenges of COVID-19, macroeconomic
uncertainties and interruptions of global supply chains have
remained entwined. With strong support from shareholders, our
company has made great efforts to focus on overcoming such hefty
difficulties through strategic transformation and competitiveness
enhancement. We have steadily diversified our business
operationsinto three segments (i.e., consumer products for
purification and deodorization, electric and specialty vehicles and
commercial factoring) and expanded our sales endeavors from the
China domestic into the
international markets. Our bamboo charcoal products, customized
midibuses and biodegradable packaging materials have been well
accepted not only in Asia, but
also in North America,
South America and Africa. Meanwhile, we have continued to invest
in R&D to optimize the design, production processes and overall
quality of our products in order to gain better satisfaction from
our customers. Based on what we have accomplished so far, we are
confident of our competitiveness in both domestic and international
markets and our ability to deliver improved financial performance
in the near future."
About Tantech Holdings Ltd
For the last two decades, Tantech has been a leading high-tech
enterprise pioneering and specializing in producing, researching
and developing products based on bamboo charcoals with a
well-established domestic and international sales and distribution
network. Tantech expanded into the clean vehicle industry in 2017
through acquiring 70% shares of Shangchi Automobile. In
November 2020, Tantech established
two additional subsidiaries, Lishui Smart New Energy Automobile
Co., Ltd. and Zhejiang Shangchi New Energy Automobile Co., Ltd., to
produce and market electric vehicles, including automatic
high-speed street sweepers and others. The Company's subsidiary,
First International Commercial Factoring (Shenzhen) Co., LTD, is engaged in commercial
factoring for businesses in and related to its supply chain.
Tantech has recently expanded its operation into international
markets. In May and July 2022, the
Company established wholly-owned subsidiaries, EPakia Inc. and
EPakia Canada Inc., in the United
States and Canada to
develop biodegradable packaging business in the North American and
other international markets. The Company is fully ISO 90000 and ISO
14000 certified and has received numerous national, provincial and
local honors, awards and certifications for its products and
scientific research efforts. For more information, please visit:
http://ir.tantech.cn.
Forward-Looking Statements
This news release contains forward-looking statements as defined
by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning the sales,
plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulations, and other risks contained in reports filed by the
Company with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the Company, are expressly qualified by
this cautionary statement and any other cautionary statements which
may accompany the forward-looking statements. In addition, the
Company disclaims any obligation to update any forward-looking
statements to reflect events or circumstances after the date
hereof, except as expressly required by applicable laws.
For more information, please contact:
Tantech Holdings Ltd
Investor Relations
Tel: +86 (578) 226-2305
ir@tantech.cn
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SOURCE Tantech Holdings Ltd.