SunHydrogen Reports Net Income of $974,979 for the Year Ended June 30, 2023
Annual Revenue Increases to $9.3 Million
SUNHYDROGEN, INC. [HYSR], a leading renewable energy technology company, has announced its financial results for the year ended June 30, 2023. The company reported a net income of $974,979, indicating a significant improvement compared to the previous year. SunHydrogen also achieved a noteworthy increase in annual revenue, reaching $9.3 million.
Financial Performance
The company's financial performance showcased its commitment to growth and innovation. Despite facing challenges in the market, SunHydrogen managed to curtail its operating expenses. Selling and marketing expenses were reduced to $131,745, while general and administrative expenses increased to $5.7 million. Research and development costs also saw a notable rise to $3.4 million. The company's dedication to research and development initiatives is expected to drive its future growth.
