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CDT Environmental Technology Investment Holdings Limited Files Annual Report on Form 20-F

Reports Second Consecutive Year of Revenue Growth and Profitability

SHENZHEN, China, May 20, 2024 (GLOBE NEWSWIRE) -- CDT Environmental Technology Investment Holdings Limited (NASDAQ: CDTG) (“CDT”), a leading provider of waste treatment systems and services throughout China, today announces that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the U.S. Securities and Exchange Commission (the “SEC”) on May 15, 2024. The annual report on Form 20-F, which contains CDT’s audited consolidated financial statements, can be accessed through the SEC’s website at www.sec.gov or CDT’s website at https://www.cdthb.cn.

CDT will provide a hard copy of its annual report on Form 20-F, containing CDT’s audited consolidated financial statements, free of charge, to its shareholders upon request. To request a hard copy, shareholders should email a written request to investors@cdthb.cn.

Full Year 2023 Financial Highlights (comparisons are with the 2022 year, unless otherwise noted):

  • Revenues increased to $34.2 million, representing a year-over-year increase of 18.6%

  • Gross profit rose to $11.4 million, or 33.3% of sales, representing a year-over-year increase of 11.0%

  • Operating expenses were $2.8 million, or 8.2% of sales, representing a year-over-year decrease of $1.1 million, or 28.9%

  • Net income of $7.0 million, or $0.81 per share, compared to $5.2 million, or $0.63 per share, representing a year-over-year increase of 34.6%

  • Working capital of $24.2 million compared to $12.9 million

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Subsequent to 2023 year-end:

  • Announced three new patents that feature new AI-powered intelligent waste-sorting technologies

“Following our IPO just a few weeks ago, we are pleased to report our third consecutive year of growth at both the top- and bottom-lines, with fundamentals continuing to trend well for our shareholders,” remarked Yunwu Li, Chief Executive Officer of CDT.    “The market demand continues to support the growth of our business, and indeed, we are proud of the consistent progress we have made since the lifting of COVID-19 related operating restrictions throughout our key markets. Sales, gross profit, and net profit, our key performance indicators all were higher, and reflect excellent execution from our team, as we complete existing projects and add on new projects. Sewage treatment systems revenue was up over 20% for the year, and our two largest projects, in Lianjiang and Wuyishan are progressing through Phase 2, collectively with approximately $23.2 million in contract revenue to be recognized in coming quarters. With new projects coming on-line, including the $11.7 million contract with a partner in the Jianyang District of Nanping City, China, and new technological advancements we’re introducing to the waste treatment market, we are excited about the future for our company,” concluded Mr. Li.

Based on current visibility, management currently expects revenues for the full year 2024 to be in the range of $42.5 to $47.0 million, with net income in the range of $8.7 to $10.2 million. The midpoint of these ranges would represent growth of 30% for revenue and 35% for net income.

About CDT Environmental Technology Investment Holdings Limited

CDT, headquartered in Shenzhen, China, is a leading national player in China's waste treatment sector that designs, develops, manufactures, sells, installs, operates and maintains sewage treatment systems and provides sewage treatment services in China, and is dedicated to promoting sustainable development through innovative solutions. Founded by pioneers in waste treatment, CDT aims to advance next-generation technologies that directly address environmental challenges and promote sustainable solutions. CDT is a recognized brand in China and is committed to innovation and customer satisfaction.

CDT’s mission is to help its customers achieve their critical infrastructure objectives while enabling positive change in technological environmental protection. It collaborates with industry leaders, environmental experts, and stakeholders to develop and implement advanced waste treatment solutions. Recently listed on the Nasdaq Capital Market, CDT is a prominent player in the waste treatment market, capable of providing comprehensive solutions to diverse customer needs, and has completed more than 150 plants across China.

For more information, visit CDT’s website at https://www.cdthb.cn.

Forward Looking Statements

This press release contains forward-looking statements that are based on the beliefs and assumptions of the management of CDT and on information currently available to such management. These forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond CDT’s control. Words such as “will,” “future,” “expects,” “believes,” and “intends,” or similar expressions, are intended to identify forward-looking statements. All statements, other than statements of historical fact, contained in this press release, including statements regarding future events, future financial performance, business strategy and plans, and objectives of CDT for future operations, are forward-looking statements. Although CDT does not make forward-looking statements unless it believes it has a reasonable basis for doing so, CDT cannot guarantee their accuracy. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause the actual results, levels of activity, performance or achievements of CDT and its markets to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on any forward-looking statement. CDT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Investor and Media Contact

United States

Core IR
Peter Seltzberg, SVP Investor Relations and Corporate Advisory
investors@cdthb.cn
212-655-0924
www.CoreIR.com

 

CDT ENVIRONMENTAL TECHNOLOGY INVESTMENT HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended

 

 

December 31,

 

 

2023

 

2022

 

2021

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

Sewage treatment systems

 

$

32,267,593

 

 

$

26,552,481

 

 

$

20,272,996

 

Sewage treatment services and others

 

 

1,942,326

 

 

 

2,296,881

 

 

 

3,283,824

 

Total revenues

 

 

34,209,919

 

 

 

28,849,362

 

 

 

23,556,820

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COST OF REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

Sewage treatment systems

 

 

21,630,216

 

 

 

17,170,669

 

 

 

12,816,882

 

Sewage treatment services and others

 

 

1,194,817

 

 

 

1,425,538

 

 

 

2,245,608

 

Total cost of revenues

 

 

22,825,033

 

 

 

18,596,207

 

 

 

15,062,490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

11,384,886

 

 

 

10,253,155

 

 

 

8,494,330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

Selling

 

 

106,147

 

 

 

164,583

 

 

 

177,147

 

General and administrative

 

 

2,674,519

 

 

 

3,150,512

 

 

 

2,400,318

 

Research and development

 

 

80,948

 

 

 

112,668

 

 

 

136,690

 

(Recovery from) Provision for credit loss, net

 

 

(88,221

)

 

 

471,454

 

 

 

(1,865,622

)

Total operating expenses

 

 

2,773,393

 

 

 

3,899,217

 

 

 

848,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

 

8,611,493

 

 

 

6,353,938

 

 

 

7,645,797

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

15,510

 

 

 

13,437

 

 

 

89,510

 

Interest expense

 

 

(106,130

)

 

 

(64,658

)

 

 

(68,656

)

Other (expense) income, net

 

 

(92,939

)

 

 

93,035

 

 

 

119,419

 

Total other (expense) income, net

 

 

(183,559

)

 

 

41,814

 

 

 

140,273

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

 

8,427,934

 

 

 

6,395,752

 

 

 

7,786,070

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME TAXES EXPENSE

 

 

1,403,880

 

 

 

1,152,963

 

 

 

1,207,810

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

 

7,024,054

 

 

 

5,242,789

 

 

 

6,578,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: net loss attributable to noncontrolling interest

 

 

(393,652

)

 

 

(539,229

)

 

 

(197,479

)

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME ATTRIBUTABLE TO CDT ENVIRONMENTAL TECHNOLOGY INVESTMENT HOLDINGS LIMITED

 

$

7,417,706

 

 

$

5,782,018

 

 

$

6,775,739

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

 

7,024,054

 

 

 

5,242,789

 

 

 

6,578,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN CURRENCY TRANSLATION ADJUSTMENT

 

 

(497,722

)

 

 

(2,110,311

)

 

 

428,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMPREHENSIVE INCOME

 

 

6,526,332

 

 

 

3,132,478

 

 

 

7,006,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Comprehensive loss attributable to noncontrolling interest

 

 

(372,574

)

 

 

(599,166

)

 

 

(116,532

)

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME ATTRIBUTABLE TO CDT ENVIRONMENTAL TECHNOLOGY INVESTMENT HOLDINGS LIMITED

 

$

6,898,906

 

 

$

3,731,644

 

 

$

7,122,988

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

9,200,000

 

 

 

9,200,000

 

 

 

9,200,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.81

 

 

$

0.63

 

 

$

0.74