Shineco, Inc. Reports Net Loss of $13.9 Million for the Year Ended June 30, 2023

SHINECO, INC. [SISI], a leading provider of XYZ products, has announced its financial results for the year ended June 30, 2023. The company reported a net loss of $13.9 million during the period, compared to a net loss of $27.1 million in the previous year. The company generated annual revenue of $550.5 million, reflecting a decline in sales compared to the previous year.

Financial Performance

In terms of financial performance, Shineco, Inc. faced several challenges throughout the year. The company experienced a decline in revenue, primarily due to the impact of market conditions. The cost of revenue amounted to $424.3 million, resulting in a gross profit of $126.2 million. Operating expenses increased to $8.9 million, primarily driven by higher general and administrative expenses. As a result, the company recorded a loss from operations of $8.8 million.