In the after-hours trading session, Tantech Holdings Ltd (TANH) stock had surged by 7.96% to $1.22 at last check. TANH stock previously closed the session at $1.13. The stock volume traded 0.76 million shares. In the past week, the TANH stock had moved up by 5.61%. In the past three and six months, the stock shed -36.16% and 67.99%. TANH stock is currently valued at $40.60 million and has 30.26 million outstanding shares.
What you need to know about Tantech Holdings Ltd.
Tantech Holdings Ltd. creates and makes bamboo-based charcoal items for modern energy, family cooking, warming, filtration, rural, and cleaning applications in the People’s Republic of China and universally. The organization works in three portions: Consumer Products, Trading, and Electric Vehicle. Further, the organization creates, makes, and sells electric transports and forte electric vehicles and sun-powered cells, lithium-particle batteries, automobile parts, and electric control frameworks. Tantech Holdings Ltd. was established in 2001 and is settled in Lishui, the People’s Republic of China.
How has Tantech performed in the financial year 2020?
Government limitations and terminations eased back the development of the organization’s business, including the deals of its electric vehicles. Since Supply Chains And Customer Base Had Been Disrupted In The Pandemic, the company spent its effort and investment on r&d to re-engage these segments and uplift them. Anyway since there has been an upward trend in using charcoal-activated products since 2020 for health, cosmetics, and hygiene purposes along with the increased demand of corona-triggered-sanitation, the TANH stock observed an income from exchanging portion increment because of greater levels of popularity for its bamboo charcoal utilized for dynamic charcoal veils, air purging, and sterilization items to battle COVID-19. Hence request was steady in 2020 for our bamboo-based charcoal items.
Tantech is zeroing in on speeding up its extension and hold of the assessed $30 billion size market in homegrown China bamboo creation, and bamboo’s situation as a column industry of financial turn of events.
The Company Has Also Realized The Upward Trend In The EV Market Especially In China And USA Therefore It Is Continuing To Build Momentum In The EV Market, with in excess of 20 center advancements and licenses about EV, including nanotechnology for crude materials for power lithium gadgets, bunch innovation of force lithium hardware and battery the board innovation.
The company reports in its financial year 2020’s managerial statement that its main agenda is to focus on spearheading the R&D efforts to foster new energy-proficient claim to fame utilize electric vehicles, including driverless road sweepers. Tantech accepts that the EV section of the market is extremely helpful and ideal for their plan of action and portfolio.
The financial report of Tantech’s balance sheet
Tantech reported that the total revenues in the financial year 202 had decreased by 14.1% to $42.3 million compared to $49.2 million in 2019. The reduction was predominantly owing to the huge abatement of the Company’s incomes from buyer items because of COVID-19. Be that as it may, the Company’s income from exchanging section expanded because of greater levels of popularity for its bamboo charcoal utilized for dynamic charcoal covers, air purging, and sterilization items to battle COVID-19. The Company additionally had higher income from EV fragment when contrasted with 2019.
Gross profit decreased 25% to $4.5 million in 2020 from $6.0 million in 2019, and gross margin decreased to 10.6% from 12.1%. Selling expenses increased due to expansion in digital marketing and electric vehicles’ sales effort which lead to $1.0 million in 2020 a gain of 205.3% from $0.3 million in 2019. The increased R&D efforts in 2020 lead to increased expenses of $0.9 million in 2020 from $0.3 million in 2019.
Lower interest rate in 2020 had allowed the other expenses to fall down from $0.4 million in 2019 to $0.3 million in 2020.
The company reported for its 2020 year, an increase in the Net loss attributable to common stockholders to $6.5 million compared to $6.3 million Net Loss in 2019.
By the end of the year 2020, the Company had a $37.1 million balance of cash and cash equivalents, with total shareholders’ equity of approximately $99.5 million.