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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

/EIN News/ -- 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

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  
                         

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