Wang and Lee Group Inc (WLGS) News

WLGS BREAKING 5 BUCKS...BEAST

WLGS HONG KONG BEAST READY TO BEAST

WLGS..........................https://stockcharts.com/h-sc/ui?s=WLGS&p=W&b=5&g=0&id=p86431144783

WLGS.........................................https://stockcharts.com/h-sc/ui?s=WLGS&p=W&b=5&g=0&id=p86431144783

WLGS...............................https://stockcharts.com/h-sc/ui?s=WLGS&p=W&b=5&g=0&id=p86431144783

WLGS................................https://stockcharts.com/h-sc/ui?s=WLGS&p=W&b=5&g=0&id=p86431144783

WLGS..............................https://stockcharts.com/h-sc/ui?s=WLGS&p=W&b=5&g=0&id=p86431144783

you should find another hobby...your one liner commentary is pathetic...so stfu clown....we all know what happens to china stocks after they run...stop pretending you have a clue

LOL

WLGS..................................https://stockcharts.com/h-sc/ui?s=WLGS&p=W&b=5&g=0&id=p86431144783

100k blocks too funny

Probably the next china one that see 50% in a day

This goes red shortly

Lol

WLGS NEXT CHINA BREAK OUT PLAY

Now now

WLGS...............................https://stockcharts.com/h-sc/ui?s=WLGS&p=W&b=5&g=0&id=p86431144783

Lol

WLGS HERE WE GO

WLGS....WANTS TO BREAK OUT

VOLITILITY HAS MERIT

WLGS MONSTER

WLGS HERE WE GO

Uh oh

WLGS...NEXT CHINA RUNNER

WLGS..................................https://stockcharts.com/h-sc/ui?s=WLGS&p=W&b=5&g=0&id=p86431144783

WLGS.........................https://stockcharts.com/h-sc/ui?s=WLGS&p=W&b=5&g=0&id=p86431144783

DUMPED right back down

Short

WLGS: And it's de ja vu, all over again. (Or, the 'China Syndrome'??)

BIG BOY MOVE!

Nice Earnings report = WANG & LEE GROUP, INC. Announces Fiscal Year 2023 Financial Results
HONG KONG, China, April 18, 2024 (GLOBE NEWSWIRE) -- WANG & LEE GROUP, Inc. (Nasdaq: WLGS) (“WLGS” or the “Company”), is a British Virgin Islands holding company with operations conducted by its subsidiaries in Hong Kong. The Company is a construction prime and subcontractor engaging in the installation of Electrical & Mechanical Systems (“E&M”), which include low voltage (220v/phase 1 or 380v/phase 3) electrical systems, mechanical ventilation and air-conditioning (“MVAC”) systems, fire service systems, water supply and sewage disposal system installation and fitting out for the public and private sectors. The Company today announced its unaudited operating results for the year ended December 31, 2023.

Financial Highlights for the Fiscal Year 2023:

? Revenue increased by 63.7% to $6.83 million for the fiscal year 2023 ended December 31, 2023, from $4.17 million for the fiscal year ended December 31, 2022

? Gross profit increased by 210.6% to $2.44 million for the fiscal year 2023 ended December 31, 2023, from $0.79 million for the fiscal year ended December 31, 2022, respectively.

? Total shareholders’ equity increased by 449.0% to $5.98 million for the fiscal year ended December 31, 2023, from deficit of $1.71 million for the year ended December 31, 2022

Mr. Pui Lung Ho, Chief Executive Officer of the Company, commented: “During the fiscal year 2023, we continue to enhance the diversity of our product and service line by introducing new products and services, expanding into target markets, and offering products with different features and offering products with different features and functionalities to meet a broader range of customer needs, which is demonstrated by the Company’s sales growth of over 63% in the fiscal year 2023.”

Below is the summary presenting the Company’s revenues disaggregated by products and services:

Fiscal Year 2023 Financial Results Overview

Other Key Performance Indicators

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA represents net income before interest expense, net, provision (benefit) for income taxes, and depreciation. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of revenues for each period. These metrics are supplemental measures of our operating performance that are neither required by, nor presented in accordance with, GAAP. These measures should not be considered as an alternative to net income, or any other performance measure derived in accordance with GAAP as an indicator of our operating performance. We present Adjusted EBITDA and Adjusted EBITDA Margin as management uses these measures as key performance indicators, and we believe they are measures frequently used by securities analysts, investors and other parties to evaluate companies in our industry. These measures have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP.

Our calculation of Adjusted EBITDA and Adjusted EBITDA Margin may not be comparable to similarly named measures reported by other companies. Potential differences between our measure of Adjusted EBITDA compared to other similar companies’ measures of Adjusted EBITDA may include differences in capital structures, tax positions and the age and book depreciation of tangible assets.

The following table presents a reconciliation of net income, the most directly comparable measure calculated in accordance with GAAP, to Adjusted EBITDA, and the calculation of Adjusted EBITDA Margin for each of the periods presented.

Reconciliation To GAAP Information:

2023 2H 2023 1H For the years ended December 31,
(Q3 & Q4) (Q1 & Q2) 2023 2022

Consolidated Net Income (Loss) (GAAP) $ 1,295,994 $ (1,624,099 ) $ (328,105 ) $ (596,881 )
Interest expenses 36,967 24,597 61,564 35,377
Income taxes - - - -
Depreciation 31,799 614 32,413 2,603

Adjusted EBITDA (Non-GAAP) $ 1,364,760 $ (1,598,888 ) $ (234,128 ) $ (558,901 )

Adjusted EBITDA Margin 25.32 % (111.29 )% (3.43 )% (13.40 )%

Results of Operations

For the second half and the first half for the fiscal Year 2023, the years ended December 31, 2023 and 2022,

The following table sets forth a summary of our consolidated results of operations for the second half and the first half for the fiscal Year 2023, the years ended December 31, 2023 and 2022. The historical results presented below are not necessarily indicative of the results that may be expected for any future period.

For the years ended
December 31,
2023 2H
(Q3 & Q4) 2023 1H
(Q1 & Q2) 2023 2022

Contract revenue $ 5,389,143 $ 1,436,736 $ 6,825,879 $ 4,169,931
Contract costs (3,201,025 ) (1,184,254 ) (4,385,279 ) (3,384,227 )
GROSS PROFIT $ 2,188,118 $ 252,482 $ 2,440,600 $ 785,704

Less: General and administrative expenses (997,080 ) (1,893,861 ) (2,890,941 ) (1,427,156 )
Add: Other income 104,956 17,280 122,236 44,571
Less: Provision for Income Taxes - - - -
NET PROFIT / (LOSS) $ 1,295,994 $ (1,624,099 ) $ (328,105 ) $ (596,881 )

Foreign Currency Translation Adjustment 24,971 (3,459 ) 21,512 (130 )
TOTAL COMPREHENSIVE INCOME / (LOSS) $ 1,320,965 $ (1,627,558 ) $ (306,593 ) $ (597,011 )

Revenue

Our sales were $5.39 million for the second half of the fiscal year 2023, which increased by $3.95 million, or 275.1% from $1.44 million for the first half of the fiscal year 2023.

Our sales were $6.83 million for the fiscal year 2023 ended December 31, 2023, which increased by $2.66 million, or 63.7% from $4.17 million for the same period of 2022. During the fiscal year 2023, one of our largest construction projects was suspended since the first quarter of 2023 until July 2023 due to work delays caused by a third party to our client. Since the revenue is recognized based on the stages of site work, we posted a relatively low revenue in the first half year of the fiscal year 2023 comparing to the second half year of the fiscal year 2023. We successfully charged the client for the loss and damage caused by the suspension while resume the site work.

Cost of revenues

Our cost of revenues were $3.20 million for the second half of the fiscal year 2023, which increased by $2.02 million, or 170.3% from $1.18 million for the first half of the fiscal year 2023.

Our cost of revenues were $4.39 million for the fiscal year 2023 ended December 31, 2023, which increased by $1.01 million, or 29.6% from $3.38 million for the same period of 2022. The increase of the cost of revenues is due to the growth of revenues in the second half year of the fiscal year 2023 and a termination of a sub-contractor due to delayed progress which created higher cost of new engagements for the replacement and caught up the delays in the first half year of the fiscal year 2023.

Gross profit

Our gross profit was $2.19 million for the second half of the fiscal year 2023, which increased by $1.94 million, or 766.6% from $0.25 million for the first half of the fiscal year 2023.

Our gross profit was $2.44 million for the fiscal year 2023 ended December 31, 2023, which increased by $1.65 million, or 210.6% from $0.79 million for the same period of 2022. The significant increase of gross profit margin was caused by the demand of charge to client for the unilaterally suspension.

General and administrative expenses

General and administrative expenses amounted to approximately $1.00 million for the second half of the fiscal year 2023, which decreased by $0.89 million, or 47.4% from $1.89 million for the first half of the fiscal year 2023.

General and administrative expenses amounted to approximately $2.89 million for the fiscal year 2023 ended December 31, 2023, which increased by $1.46 million or 102.6% from $1.43 million for the same period of 2022. This increase was mainly due to the increase of cost after listing, the related cost such as listing fee, legal and professional fees, and salary payment.

General and administrative expenses include rental expenses, staff salary and benefits, legal and professional fees, office expenses, travel expenses, entertainment, depreciation and listing fees.

Interest Expenses

Interest expenses amounted to $36,967 for the second half of the fiscal year 2023, which increased by $12,370, or 50.3% from $24,597 for the first half of the fiscal year 2023.

Interest expenses amounted to $61,564 for the fiscal year 2023 ended December 31, 2023, which increased by $26,187, or 74.0% from $35,377 for the same period of 2022. During the fiscal year of 2023, we engaged into an additional bank facility to allow the group to increase the utilization of debt equity ratio, while also allowed us to offset the interest rate risk by in-house interest rate hedged.

Other Income

Other income amounted to $141,923 for the second half of the fiscal year 2023, which increased by $100,046, or 238.9% from $41,877 for the first half of the fiscal year 2023.

Other income amounted to $183,800 for the fiscal year 2023 ended December 31, 2023, which increased by $103,852, or 129.9% from $79,948 for the same period of 2022.

Net loss

Net profit was $1.30 million for the second half of the fiscal year 2023, which increased by $2.92 million, or 179.8% from net loss of $1.62 million for the first half of the fiscal year 2023.

Net loss was $0.33 million for the fiscal year 2023 ended December 31, 2023, which increased by $0.27 million, or 45.0% as compared to $0.60 million for the same period of 2022.

Equity

Our Shareholders’ Equity increased by 28.4% and 449.0% to $5.98 million for the fiscal year 2023 ended December 31, 2023, from $4.66 million for six months ended June 30, 2023 and deficit of $1.71 million for the year ended December 31, 2022 respectively.

About WANG & LEE GROUP, Inc.

WLGS................................https://stockcharts.com/h-sc/ui?s=WLGS&p=W&b=5&g=0&id=p86431144783

Watch and learn. 93c precision call in AH.

Nice call here 555

WLGS...85C BREAK COING UP

WLGS...93C UP A HEAD

WLGS BIDDERS JUMPING IN

WLGS...THINNING OUT

WLGS READY FOR A DOLLA

WE GOT A MONSTER HERE

WLGS...2 MILLY FLOAT SHOLD MOVE QUICK

WLGS..monster coming up

That was fun

Hehe

Not you again

No news but ran 300% before hours now dropping.

No trading before now. What’s up?

Got some looking good Am

PUMP BABY

WLGS......................................https://stockcharts.com/h-sc/ui?s=WLGS&p=W&b=5&g=0&id=p86431144783