ICZOOM Group Inc. Announces Unaudited Financial Results for First Half of Fiscal Year 2025

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    HONG KONG, June 20, 2025 /PRNewswire/ — ICZOOM Group Inc. (Nasdaq: IZM) (the “Company” or “ICZOOM”), a B2B electronic component products e-commerce platform, announced its unaudited financial results for the six months ended December 31, 2024, on June 18, 2025.

    Amidst a continuously evolving market environment, ICZOOM executed effectively in line with its initial expectation. ICZOOM achieved positive revenue growth with total revenue increased by 3.0% from $87,720,553 for the six months ended December 31, 2023 to $90,340,640 for the six months ended December 31, 2024. ICZOOM successfully turned a profit, with diluted earnings per share (EPS) reaching USD $0.07 for the six months ended December 31, 2024, increased from a loss of USD 0.07 per share for the six months ended December 31, 2023.

    For the six months ended December 31,

    2024

    2023

    (Unaudited)

    (Unaudited)

    Variances

    % of total

    % of total

    Amount

    revenue

    Amount

    revenue

    Amount

    %

    Revenues

    Sales of electronic components

    $

    89,068,580

    98.6

    %

    $

    86,329,512

    98.4

    %

    $

    2,739,068

    3.2

    %

    Service commission fee

    1,272,060

    1.4

    %

    1,391,041

    1.6

    %

    (118,981)

    (8.6)

    %

    Total revenue

    %

    %

    %

    $

    90,340,640

    100.0

    $

    87,720,553

    100.0

    $

    2,620,087

    3.0

    For the six months ended

    December 31,

    Note

    2024

    2023

    EARNINGS/(LOSS) PER ORDINARY SHARE:

    – BASIC

    $

    0.07

    $

    (0.07)

    – DILUTED

    $

    0.07

    $

    (0.07)

    Ms. Duanrong Liu, the Co-Founder and Chief Operating Officer of ICZOOM, highlighted that ICZOOM’s positive performance during the six months ended December 31, 2024 is primarily attributable to the increased stock-keeping unit (“SKUs”) and new customers, which increased by 7.3% from 8,373 different products for the six months ended December 31, 2023 to 8,986 different products for the six months ended December 31, 2024, as well as the number of new customers rose by 16 or 15.1% from 106 as of December 31, 2023 to 122 as of December 31, 2024.

    For the six months ended December 31,

    2024
    (Unaudited)

    2023
    (Unaudited)

    Variances

    %

    Stock-keeping unit (SKU) available for sale-Semiconductor

    7,801

    6,955

    846

    12.2

    %

    Stock-keeping unit (SKU) available for sale-Equipment and tools

    1,185

    1,418

    (233)

    (16.4)

    %

    Total SKUs

    8,986

    8,373

    613

    7.3

    %

    Besides the changes on the financial statements, Ms. Liu also stated that the company’s development is closely linked to the growth of China’s automotive electronics industry.

    According to the 2025-2030 Development Status and Investment Strategy Research Report on China’s Automotive Electronics Industry released by the CCID Industry Research Institute, the size of China’s automotive electronics market reached approximately RMB 1.22 trillion (approximately $ 171.83 billion) in 2024, representing a growth of 10.95% compared to the previous year.

    Please refer to the Company’s unaudited interim financial results, that can be found at http://ir.iczoomex.com/index.html. The company uses its website as a tool to disclose important information about the Company and to comply with its disclosure obligations under Regulation Fair Disclosure.

    About ICZOOM Group Inc.

    ICZOOM Group Inc. (Nasdaq: IZM) is primarily engaged in sales of electronic component products to customers in Hong Kong and mainland China through its B2B e-commerce platform. These products are primarily used by China based small and medium-sized enterprises (“SMEs”) in the consumer electronic industry, Internet of Things (“IoT”), automotive electronics and industry control segments. By utilizing latest technologies, the Company’s platform collects, optimizes and presents product offering information from suppliers of all sizes, all transparent and available to its SME customers to compare and select. In addition to the sales of electronic component products, the Company also provides services to customers such as temporary warehousing, logistic and shipping, and customs clearance. For more information, please visit the Company’s website:

    http://ir.iczoomex.com/index.html. 

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “we believe,” “we intend,” “may,” “should,” “will,” “could” and similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.

    ICZOOM GROUP INC. AND ITS SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS

    December 31,

    June 30,

    2024

    2024

    Note

    (Unaudited)

    (Audited)

    ASSETS

    CURRENT ASSETS:

    Cash

    $

    1,143,940

    $

    2,453,728

    Restricted cash

    4,531,918

    3,031,232

    Notes receivable

    6,595

    3,071

    Accounts receivable

    3

    33,649,619

    28,297,491

    Inventories, net

    4

    1,093,582

    339,286

    Advances to suppliers

    5

    982,134

    4,022,696

    Prepaid expenses and other current assets

    7

    3,186,205

    984,563

    TOTAL CURRENT ASSETS

    44,593,993

    39,132,067

    Property and equipment, net

    8

    76,357

    123,295

    Right-of-use assets, net

    10

    77,523

    379,101

    Intangible assets, net

    9

    146,473

    204,033

    Other non-current assets

    7,097

    1,448

    Deferred tax assets

    13

    37,802

    135,098

    TOTAL NON-CURRENT ASSETS

    345,252

    842,975

    TOTAL ASSETS

    $

    44,939,245

    $

    39,975,042

    LIABILITIES AND SHAREHOLDERS’ EQUITY

    CURRENT LIABILITIES:

    Short-term bank loans, net

    11

    $

    10,681,158

    $

    10,211,264

    Notes payable

    11

    –

    1,543,465

    Accounts payable

    12

    10,627,849

    5,263,945

    Contract liabilities

    2,700,821

    3,037,609

    Due to related parties

    14

    1,662,294

    474,544

    Taxes payable

    13

    3,147,148

    3,251,484

    Lease liabilities

    10

    96,690

    408,001

    Accrued expenses and other current liabilities

    510,823

    404,016

    TOTAL CURRENT LIABILITIES

    29,426,783

    24,594,328

    TOTAL LIABILITIES

    29,426,783

    24,594,328

    COMMITMENTS AND CONTINGENCIES

    18

    SHAREHOLDERS’ EQUITY

    Class A shares, 30,000,000 shares authorized US$0.16 par value, 7,902,495 shares issued and

    outstanding and 7,171,858 shares issued and outstanding as of December 31, 2024 and June 30,

    2024, respectively;

    16

    1,264,399

    1,147,497

    Class B shares, 5,000,000 shares authorized US$0.16 par value, 3,829,500 shares issued and

    outstanding as of December 31, 2024 and June 30, 2024

    16

    612,720

    612,720

    Additional paid-in capital

    19,956,956

    19,956,956

    Statutory reserve

    16

    624,097

    624,097

    Accumulated deficit

    (6,825,655)

    (7,606,597)

    Accumulated other comprehensive (loss)/ income

    (120,055)

    646,041

    TOTAL SHAREHOLDERS’ EQUITY

    15,512,462

    15,380,714

    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

    $

    44,939,245

    $

    39,975,042

    ICZOOM GROUP INC. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
    INCOME/(LOSS) (UNAUDITED)

    For the six months ended

    December 31,

    Note

    2024

    2023

    Revenue, net

    Sales of electronic components

    $

    89,068,580

    $

    86,329,512

    Service commission fees

    1,272,060

    1,391,041

    Total revenue, net

    90,340,640

    87,720,553

    Cost of revenue

    87,381,979

    85,533,907

    Gross profit

    2,958,661

    2,186,646

    OPERATING EXPENSES

    Selling expenses

    799,330

    776,007

    General and administrative expenses

    1,634,197

    1,523,002

    Total operating expenses

    2,433,527

    2,299,009

    INCOME/(LOSS) FROM OPERATIONS

    525,134

    (112,363)

    OTHER INCOME (EXPENSES)

    Foreign exchange transaction gain/(loss)

    480,084

    (559,655)

    Interest expense

    (210,574)

    (351,806)

    Short-term investment income

    7,062

    59,174

    Subsidy income

    36,346

    11,409

    Other expenses, net

    (90,027)

    (93,481)

    Total other income/(expenses), net

    222,891

    (934,359)

    INCOME/(LOSS) BEFORE INCOME TAX PROVISION

    748,025

    (1,046,722)

    INCOME TAX BENEFIT

    13

    32,917

    324,977

    NET INCOME/(LOSS)

    780,942

    (721,745)

    Foreign currency translation adjustments

    (766,096)

    836,583

    TOTAL COMPREHENSIVE INCOME

    $

    14,846

    $

    114,838

    EARNINGS/(LOSS) PER ORDINARY SHARE:

    – BASIC

    $

    0.07

    $

    (0.07)

    – DILUTED

    $

    0.07

    $

    (0.07)

    WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES*:

    – BASIC

    10,828,967

    10,362,861

    – DILUTED

    10,828,967

    11,094,229

    ICZOOM GROUP INC. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF

    CHANGES IN SHAREHOLDERS’ EQUITY FOR THE SIX MONTHS ENDED

    DECEMBER 31, 2024 AND 2023 (UNAUDITED)

    Accumulated

    Ordinary Shares, $0.16 par*

    Additional

    Other

    Total

    Class A

    Class B

    Paid-in

    Statutory

    Accumulated

    Comprehensive

    Shareholders’

    Shares

    Amount

    Shares

    Amount

    Capital

    Reserve

    Deficit

    Income/ (Loss)

    Equity

    Balance, June 30, 2023

    6,496,874

    $ 1,039,499

    3,829,500

    $ 612,720

    $18,795,548

    $

    624,097

    $

    (5,334,300)

    $

    (193,368)

    $

    15,544,196

    Share issuance

    43,784

    7,005

    —

    —

    —

    —

    —

    —

    7,005

    Net income for the period

    —

    —

    —

    —

    —

    —

    (721,745)

    —

    (721,745)

    Foreign currency
    translation adjustment

    —

    —

    —

    —

    —

    —

    —

    836,583

    836,583

    Balance, December 31,
    2023

    6,540,658

    $ 1,046,504

    3,829,500

    $ 612,720

    $18,795,548

    $

    624,097

    $

    (6,056,045)

    $

    643,215

    $

    15,666,039

    Balance, June 30, 2024

    7,171,858

    $ 1,147,497

    3,829,500

    $ 612,720

    $19,956,956

    $

    624,097

    $

    (7,606,597)

    $

    646,041

    $

    15,380,714

    Share issuance

    730,637

    116,902

    —

    —

    —

    —

    —

    —

    116,902

    Net loss for the period 

    —

    —

    —

    —

    —

    —

    780,942

    —

    780,942

    Foreign currency
    translation adjustment

    —

    —

    —

    —

    —

    —

    —

    (766,096)

    (766,096)

    Balance, December 31,
    2024

    7,902,495

    $ 1,264,399

    3,829,500

    $ 612,720

    $19,956,956

    $

    624,097

    $

    (6,825,655)

    $

    (120,055)

    $

    15,512,462

    ICZOOM GROUP INC. AND ITS SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (UNAUDITTED)

    For the six months ended

    December 31,

    2024

    2023

    Cash flows from operating activities:

    Net income /(loss)

    $

    780,942

    $

    (721,745)

     Adjustments to reconcile net income to net cash provided by operating activities:

    Depreciation and amortization

    119,175

    121,588

    Property and equipment written off

    –

    1220

    Amortization of right-of-use assets

    299,809

    297,672

    Reversal of provision for inventory impairment

    –

    (1,851)

    Amortization of debt issuance costs

    90,288

    92,491

    Deferred income tax provision

    96,989

    (345,389)

    Unrealized exchange loss

    265,606

    560,321

    Changes in operating assets and liabilities:

    Notes receivable

    (3,581)

    –

    Accounts receivable

    (5,641,073)

    28,931,833

    Inventories

    (764,667)

    393,526

    Advances to suppliers

    3,040,273

    (279,267)

    Prepaid expenses and other current assets

    (2,234,932)

    220,639

    Accounts payable

    5,374,423

    (27,737,233)

    Contract liabilities

    (318,381)

    264,015

    Taxes payable

    (81,442)

    297,112

    Lease liabilities

    302,913

    (186,791)

    Accrued expenses and other current liabilities

    137,798

    (2,934,362)

    Net cash provided by (used in) operating activities

    1,464,140

    (1,026,221)

    Cash flows from investing activities:

    Purchase of property and equipment

    (16,371)

    (70,490)

    Purchase of intangible assets

    (5,908)

    (57,398)

    Purchase of short-term investments

    –

    (1,129,600)

    Proceeds upon maturity of short-term investments

    –

    1,129,600

    Net cash used in investing activities

    (22,279)

    (127,888)

    Cash flows from financing activities:

    Proceeds from short-term bank loans

    9,961,479

    14,666,970

    Repayments of short-term bank loans

    (9,399,183)

    (14,638,095)

    Proceeds from loans payable to third-parties

    –

    746,000

    Repayments from loans payable to third-parties

    –

    (746,000)

    Proceeds from banker’s acceptance notes payable

    –

    2,965,200

    Repayment of banker’s acceptance notes payable

    (1,543,465)

    (1,425,200)

    Proceeds from borrowings from related parties

    3,176,805

    6,299,295

    Repayment of related party borrowings

    (1,978,854)

    (4,568,244)

    Payment for deferred IPO costs

    –

    (312,527)

    Proceeds from sale of common stock

    116,902

    –

    Net cash provided by financing activities

    333,684

    2,987,399

    ICZOOM GROUP INC. AND ITS SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)

    For the six months ended

    December 31,

    2024

    2023

    Effect of exchange rate fluctuation on cash and restricted cash

    (1,584,647)

    (1,568,816)

    Net increase in cash and restricted cash

    190,898

    264,474

    Cash and restricted cash at beginning of period

    5,484,960

    6,413,367

    Cash and restricted cash at end of period

    $

    5,675,858

    $

    6,677,841

    Supplemental cash flow information

    Cash paid for income taxes

    $

    (5,006)

    $

    (98,451)

    Cash paid for interest

    $

    (696,908)

    $

    (351,806)

    Supplemental disclosure of non-cash information

    Right-of-use assets obtained in exchange for operating lease obligations

    $

    –

    $

    105,613

    Source: ICZOOM Group Inc.

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