Helport AI Limited (NASDAQ: HPAI) (“Helport AI” or the “Company”),
an AI technology company serving enterprise clients with
intelligent software, services and solutions, today announced
financial results for its fiscal full year ended June 30, 2024.
Helport AI Highlights:
- A pioneering AI technology company
dedicated to empowering enterprises with intelligent software,
services and solutions, aimed at accelerating sales growth, driving
operational excellence and reducing cost in customer
engagement.
- Established global presence, with
offices in the United States, Singapore, and the Philippines.
supporting 30,000+ active users around the world.
- Helport AI's products and services
have been applied across various industries, including banking,
insurance, mortgage sales, wealth management, government services,
and real estate.
- Helport AI Assist – a SaaS software
launched in 2022, which has become a key business focus, and
provides AI-powered real-time speech guidance for customer
communications, dedicated to enhancing sales performance and
driving operational excellence, with functions including Agent
Assistant, Quality Assurance Assistant, Supervisor Assistant, and
Knowledge Base Assistant.
- Our AI+BPO service provides
worldwide 24/7 customer engagement with AI-driven monitoring,
compliance, and knowledge tools. Through global BPO partners,
clients could access flexible, multilingual support, boosting
performance and reducing costs.
- HDE (Helport AI Developer
Ecosystem) – An in-development ecosystem-based developer platform
that packages Helport AI's core underlying technologies and
algorithms for different industries through open APIs, allowing for
the rapid creation of industry-specific applications.
Fiscal 2024 Year & Subsequent
Operational Highlights:
- Helport AI Assist Software is
officially approved and available on Google Cloud Marketplace.
- On August 2, 2024, the Company
closed its business combination with Tristar Acquisition I Corp.
(“Tristar”) (NYSE: TRIS)
- Upon closing, an aggregate of $10.4
million in gross proceeds was raised to support its operations,
including $5.5 million private placement financing (“PIPE
Investment”) and the rest in the form of convertible notes.
- Revenue for the fiscal year ended
June 30, 2024 was $29.6 million, an increase of 132% from $12.7
million in the prior year.
- Gross profit for fiscal year 2024
was $18.6 million, an increase of 137% from $7.8 million in fiscal
year 2023.
- Net income was $7.4 million in
fiscal year 2024 compared to $4.8 million in fiscal year 2023, an
increase of 53%.
- Net cash provided by operating
activities was $5.0 million for the fiscal year ended June 30,
2024.
- Cash was $2.6 million as of June
30, 2024. Subsequently consummated the PIPE Investment referenced
above.
- As of August 8, 2024, there were
37,132,968 ordinary shares and 18,844,987 warrants issued and
outstanding.
Management Commentary
“Fiscal 2024 was highlighted by laying the
foundation for a global expansion, our Nasdaq listing in August,
and rising demand for our AI software and services for enterprise
clients,” said Guanghai Li, Chief Executive Officer of Helport AI.
“The transition from a private to public company was an incredibly
proud moment and milestone for our company, our employees and our
shareholders, one that we expect will catalyze our product
development and service improvements, enhance our brand awareness
in the U.S., and provide opportunities for growth outside of our
traditional organically funded operations.
“Helport AI aspires to be a global leader in
AI-enhanced customer contact software and services, dedicated to
empowering businesses with scalable and intelligent customer
engagement. Our mission is to empower everyone to work as an expert
through AI solutions. We believe that we are at the forefront of
transforming how businesses engage with their customers, enhancing
sales, optimizing operations and driving success across
industries.
“Our proprietary software, Helport AI Assist,
provides AI-powered real time speech guidance for customer contact.
Our self-developed AI technologies include real-time communication
assistance, real-time sales guidance, real-time quality assurance,
efficient knowledge base construction, voice cloning, and more. Our
fully independent architecture, where the AI engine is separated
from the knowledge base, allows for seamless flexibility, while
keeping knowledge bases straightforward. This simplicity allows for
faster deployment and adoption, and we intend that it would enable
our customers to exceed their goals, particularly in the areas of
sales, quality control, and compliance.
“Looking ahead, we will continue to strengthen
our capabilities in more industries, including insurance, mortgage,
wealth management, banking, government services,
telecommunications, real estate, e-commerce, and more. We believe
that we have made great strides in the financial services sector,
securing partnerships in mortgage, insurance, and wealth
management. These partnerships underscore our adaptability in
catering to complex industries, where accurate interpretation and
communication are critical.
“Our San Diego office will serve as our growth
engine for the U.S. market and innovation, while our Singapore
office will continue to be the center for global operations. This
is expected to strengthen our presence in North America, especially
as we see major breakthroughs with developing partnerships such as
Google and eWorld Enterprise Solutions in supporting U.S.
government sectors.
“We are pleased to announce Helport AI’s
official listing on Google Cloud Marketplace, a milestone that we
believe will enhance our global reach and strengthen our technology
and data security credibility. We trust that this presence will
enable us to deliver scalable, high-performance AI solutions across
industries, advancing operational efficiency and customer
engagement. Looking forward, we will focus on expanding U.S.
partnerships and strengthening our ecosystem to drive the next wave
of intelligent customer interactions.
“In the mid-term we plan to launch our Helport
AI Developer Ecosystem (HDE). Inspired by NVIDIA’s CUDA platform,
we are developing an open API interface that aims to enable
thirty-party developers to create their own applications using our
AI engine. This will allow any developers to innovate within our
ecosystem, making it increasingly easy for anyone to innovate on
our platform. By fostering this ecosystem, we aim to solidify our
position as the go-to platform for AI-driven solutions across
industries.
“Taken together, we expect our revenue growth
will sustain in 2025, driven by the full impact of our new
partnerships and expanded U.S. presence. In addition, we will
continue to prioritize R&D investments, particularly in the
development of HDE, to support long-term innovation and expansion.
We look forward to providing updates in the months to come,
including those attending our Business Update Conference Call next
Wednesday, November 6th,” concluded Li.
2024 Fiscal Year Financial
Results
Revenue for the fiscal year ended June 30, 2024
increased by 132% to $29.6 million compared to $12.7 million in the
fiscal year ended June 30, 2023. The increase was primarily
attributable to an average monthly subscribed seats increase from
2,192 for the fiscal year ended June 30, 2023 to 5,475 for the
fiscal year ended June 30, 2024, which was driven by (i) efforts in
continuous optimization and development in service offerings and
platform, (ii) capabilities to increase overall cost performance
for customers in their business management process, and (iii) the
growing demands in professional technology services market.
Gross Profit for the fiscal year ended June 30,
2024 increased to $18.6 million compared to a gross profit of $7.8
million in the fiscal year ended June 30, 2023. Gross margin was
62.8% in the fiscal year ended June 30, 2024 as compared to 61.6%
in the fiscal year ended June 30, 2023. The increases indicate that
as sales increased, the Company was also able to optimize cost
structure and achieve economic scale effect in the improvement of
gross profit margin performance.
General and administrative expenses increased to
$5.0 million in the fiscal year ended June 30, 2024 from $1.6
million in the fiscal year ended June 30, 2023, primarily
attributable to an increase in withholding tax incurred from AI
service provided to customers in the PRC subject to a 10%
withholding tax rate.
Research and development expenses increased to
$4.3 million in the fiscal year ended June 30, 2024, compared to
$0.4 million in the fiscal year ended June 30, 2023, primarily due
to the addition of AI training service fees and product development
fees incurred during the year in order to enhance core competence
to differentiate and diversify in products and service offerings
with competitive technology, especially related to the development
of AI technology application scenarios.
Net income for the fiscal year ended June 30,
2024 was $7.4 million as compared with $4.8 million in the fiscal
year ended June 30, 2023, an increase of 53%.
Cash was $2.6 million as of June 30, 2024, as
compared to $0.1 million on June 30, 2023.
Net cash provided by operating activities was
$5.0 million in fiscal year ended June 30, 2024 compared to net
cash used of $0.5 million in fiscal year 2023.
Business Update Conference
Call
Guanghai Li, Chief Executive Officer, and Tao
Ke, Chief Financial Officer, will host the conference call,
followed by a question-and-answer session. The conference call will
be accompanied by a presentation, which can be viewed during the
webcast or accessed via the investor relations section of the
Company’s website here.
To access the call, please use the following
information:
Date: |
Wednesday, November 6, 2024 |
Time: |
5:30 p.m. Eastern Time, 2:30 p.m. Pacific Time |
Toll-free dial-in number: |
1-800-445-7795 |
International dial-in number: |
1-203-518-9848 |
Conference ID (Required for Entry): |
HELPORT |
|
|
Please call the conference telephone number 5-10
minutes prior to the start time. An operator will register your
name and organization. If you have any difficulty connecting with
the conference call, please contact MZ Group at 1-949-491-8235.
The conference call will be broadcast live and
available for replay at
https://viavid.webcasts.com/starthere.jsp?ei=1695608&tp_key=0c8510f685
and via the investor relations section of the Company's website
here.
A replay of the webcast will be available after
9:30 p.m. Eastern Time through February 6, 2025.
Toll-free replay number: |
1-844-512-2921 |
International replay number: |
1-412-317-6671 |
Replay ID: |
11157509 |
|
|
About Helport AI
Helport AI (NASDAQ: HPAI) is a provider of
AI-driven solutions, specializing in providing products and
services aimed at enhancing professional capabilities across
industries. Focused on delivering measurable outcomes, Helport AI
is set to transform the way businesses operate by ensuring that
professionals have the tools they need to succeed. The company
serves enterprise-level customer contact services through
intelligent products, solutions, and a digital platform, and is
dedicated to helping businesses optimize their operations and
improve customer engagement. Our mission is to empower everyone to
work as an expert. For more information, please visit Helport AI’s
website: https://ir.helport.ai/.
Forward-Looking Statements
Certain statements in this announcement are
forward-looking statements, including, but not limited to, Helport
AI's business plan and outlook. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
Helport AI’s current expectations and projections about future
events that Helport AI 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 “approximates,” “believes,” “hopes,” “expects,”
“anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,”
“would,” “should,” “could,” “may” or other similar expressions.
Helport AI 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 Helport AI 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 Helport AI 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 Helport AI’s registration statement and other
filings with the U.S. Securities and Exchange Commission.
Investor Relations Contact:
Chris Tyson Executive Vice President MZ
North America Direct: 949-491-8235 HPAI@mzgroup.us
www.mzgroup.us
|
|
|
HELPORT AI LIMITED COMBINED BALANCE
SHEETS (Amounts in and U.S. dollars (“US$"), except share
data) |
|
|
|
|
As of June 30, |
|
|
2024 |
|
|
2023 |
|
Cash |
$ |
2,581,086 |
|
|
$ |
142,401 |
|
Accounts receivable |
|
21,313,735 |
|
|
|
14,545,921 |
|
Deferred offering costs |
|
817,871 |
|
|
|
- |
|
Prepaid expenses and other receivables |
|
41,966 |
|
|
|
- |
|
Total current assets |
|
24,754,658 |
|
|
|
14,688,322 |
|
|
|
|
|
|
|
|
|
Intangible assets, net |
|
2,425,694 |
|
|
|
4,083,333 |
|
Total non-current asset |
|
2,425,694 |
|
|
|
4,083,333 |
|
Total assets |
$ |
27,180,352 |
|
|
$ |
18,771,655 |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
284,067 |
|
|
$ |
10,158,729 |
|
Income tax payable |
|
2,724,998 |
|
|
|
1,123,065 |
|
Amount due to related parties |
|
965,776 |
|
|
|
592,797 |
|
Convertible promissory notes |
|
4,889,074 |
|
|
|
- |
|
Accrued expenses and other liabilities |
|
5,263,239 |
|
|
|
1,212,985 |
|
Total current liabilities |
|
14,127,154 |
|
|
|
13,087,576 |
|
Total liabilities |
|
14,127,154 |
|
|
|
13,087,576 |
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares (US$1 par value per share; 50,000 authorized as of
June 30, 2024, and 2023; 156 issued and outstanding as of June 30,
2024 and 2023, respectively)* |
|
156 |
|
|
|
156 |
|
Additional paid-in capital |
|
7,556 |
|
|
|
7,556 |
|
Subscription receivables |
|
(156 |
) |
|
|
(156 |
) |
Retained earnings |
|
13,045,642 |
|
|
|
5,676,523 |
|
Shareholders’ equity |
|
13,053,198 |
|
|
|
5,684,079 |
|
Total liabilities and shareholders’ equity |
$ |
27,180,352 |
|
|
$ |
18,771,655 |
|
* |
The shares and per share information are presented on a retroactive
basis to reflect the shares reorganization (Note 10). |
|
|
HELPORT AI LIMITED COMBINED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Amounts
in and U.S. dollars (“US$"), except share data) |
|
|
|
|
For the years ended June 30, |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
Revenues |
$ |
29,575,625 |
|
|
$ |
12,728,313 |
|
|
$ |
2,667,914 |
|
Cost of revenues |
|
(10,998,011 |
) |
|
|
(4,882,792 |
) |
|
|
(1,246,701 |
) |
Gross profit |
|
18,577,614 |
|
|
|
7,845,521 |
|
|
|
1,421,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expenses |
|
(97,984 |
) |
|
|
(50,830 |
) |
|
|
(99,817 |
) |
General and administrative expenses |
|
(4,979,382 |
) |
|
|
(1,625,887 |
) |
|
|
(340,625 |
) |
Research and development expenses |
|
(4,303,490 |
) |
|
|
(375,410 |
) |
|
|
- |
|
Total operating expenses |
|
(9,380,856 |
) |
|
|
(2,052,127 |
) |
|
|
(440,442 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income from operation |
|
9,196,758 |
|
|
|
5,793,394 |
|
|
|
980,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses, net |
|
(226,713 |
) |
|
|
(7,936 |
) |
|
|
(5,894 |
) |
Other income, net |
|
1,007 |
|
|
|
- |
|
|
|
- |
|
Income before income tax expense |
|
8,971,052 |
|
|
|
5,785,458 |
|
|
|
974,877 |
|
Income tax expense |
|
(1,601,933 |
) |
|
|
(970,755 |
) |
|
|
(152,917 |
) |
Net income |
$ |
7,369,119 |
|
|
$ |
4,814,703 |
|
|
$ |
821,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income |
$ |
7,369,119 |
|
|
$ |
4,814,703 |
|
|
$ |
821,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
47,238 |
|
|
|
30,863 |
|
|
|
5,269 |
|
Diluted |
|
47,238 |
|
|
|
30,863 |
|
|
|
5,269 |
|
Weighted average number of ordinary shares
outstanding* |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
156 |
|
|
|
156 |
|
|
|
156 |
|
Diluted |
|
156 |
|
|
|
156 |
|
|
|
156 |
|
* |
The shares and per share information are presented on a retroactive
basis to reflect the shares reorganization (Note 10). |
|
|
HELPORT AI LIMITED COMBINED
STATEMENTS OF CASH FLOWS (Amounts in and U.S. dollars
(“US$"), except share data) |
|
|
|
|
For the years ended June 30, |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income |
$ |
7,369,119 |
|
|
$ |
4,814,703 |
|
|
$ |
821,960 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
2,352,639 |
|
|
|
2,333,334 |
|
|
|
583,333 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
(6,813,674 |
) |
|
|
(12,079,780 |
) |
|
|
(2,463,761 |
) |
Prepaid expenses and other receivables |
|
(41,966 |
) |
|
|
- |
|
|
|
- |
|
Accounts payable |
|
(3,158,729 |
) |
|
|
2,547,916 |
|
|
|
610,813 |
|
Amount due to related parties |
|
21,640 |
|
|
|
7,626 |
|
|
|
16,450 |
|
Accrued expenses and other liabilities |
|
3,702,668 |
|
|
|
951,932 |
|
|
|
194,508 |
|
Income tax payable |
|
1,601,933 |
|
|
|
970,148 |
|
|
|
152,917 |
|
Net cash provided by/(used in) operating
activities |
|
5,033,630 |
|
|
|
(454,121 |
) |
|
|
(83,780 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FORM INVESTING ACTIVITY |
|
|
|
|
|
|
|
|
|
|
|
Purchase of intangible assets |
|
(7,410,933 |
) |
|
|
- |
|
|
|
- |
|
Net cash used in investing activity |
|
(7,410,933 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FORM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Payment for listing costs |
|
(817,871 |
) |
|
|
- |
|
|
|
- |
|
Proceeds from convertible promissory notes |
|
4,889,074 |
|
|
|
- |
|
|
|
- |
|
Loan from a third party |
|
977,156 |
|
|
|
66,545 |
|
|
|
- |
|
Repayment of loan from a third party |
|
(629,570 |
) |
|
|
- |
|
|
|
- |
|
Loan from related parties |
|
354,977 |
|
|
|
569,059 |
|
|
|
196,388 |
|
Repayment of loan from related parties |
|
(3,638 |
) |
|
|
(45,102 |
) |
|
|
(114,465 |
) |
Net cash provided by financing activities |
|
4,770,128 |
|
|
|
590,502 |
|
|
|
81,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes |
|
45,860 |
|
|
|
(2,380 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash |
|
2,438,685 |
|
|
|
134,001 |
|
|
|
(1,857 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash at the beginning of the year |
|
142,401 |
|
|
|
8,400 |
|
|
|
10,257 |
|
Cash at the end of the year |
$ |
2,581,086 |
|
|
$ |
142,401 |
|
|
$ |
8,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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