AGM Group Holdings (AGMH) has released an update.
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AGM Group Holdings experienced a significant downturn in revenues, plummeting by 88% for the first half of 2024 compared to the same period in 2023, primarily due to fewer sales contracts and postponed deliveries. Despite this revenue drop, the company managed to increase its gross profits through a substantial reduction in cost of revenues and discontinuing a product with negative gross margins. However, the company reported a net loss of $14.9 million for the period, contrasting sharply with the $16.1 million net income from the previous year.
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