Wetouch reports FY24 revenue $42.3M vs. $39.7M last year

Net Income: $6M, compared with $8.3M in 2023, representing a decrease of 27.7%, reflecting the impact of rising costs despite steady revenue growth. Shipment Volume: 2,060,870 units, up 4.8% from 1,967,316 units in 2023. Domestic vs. International Sales: Domestic sales accounted for 64.7% of total revenues, while international sales accounted for 35.3%. Overseas sales were $14.9M in 2024, compared with $12.1M in 2023. “WeTouch (WETH) delivered solid performance in fiscal year 2024, achieving record revenue of $42.3M, with continued shipment growth in core applications such as automotive and gaming. We further expanded our customer base in Japan, South Korea, Europe, and North America, fully validating the effectiveness of our technology advantages and market strategy. Despite external challenges, the Company demonstrated resilience and continued to strengthen its leadership position in the large-format touchscreen industry,” said Zongyi Lian, CEO. “We also made strategic investments in workforce expansion and new product production, which had a short-term impact on gross margin but will enhance the Company’s long-term competitiveness. As we continue to advance our internationalization strategy, deepen partnerships with globally renowned enterprise clients, and strengthen cost management, we are confident in our ability to gradually restore and improve profitability while meeting the growing demand for large-format touchscreens. While 2024 profitability was affected by raw material fluctuations, increased labor costs, and new product investments, we believe these pressures are temporary and expect conditions to gradually improve as supply chains stabilize and procurement costs normalize with scale. While gross margin temporarily declined in 2024 compared to 2023, we have already seen a significant improvement in 2025, driven by supply chain normalization, increased orders from major international customers, and enhanced operational efficiency. Looking ahead, the Company’s breakthroughs in curved and ultra-large-size touch display technologies continue to build differentiated competitive advantages in niche markets such as high-end automotive electronics, professional gaming equipment, and commercial display terminals, effectively expanding the boundaries of business growth. On the demand side, developed economies including Japan, South Korea, Europe, and North America are demonstrating resilient demand for high-end touch display products, creating broad incremental opportunities for the Company’s global expansion.”