Latest News by Industry
MAKINGORG, INC. Reports Net Loss of $116.4 Million for the Year
Annual Revenue of $38.8 Million
MAKINGORG, INC. [CQCQ], a leading company in the industry, has released its financial report for the year ended December 31, 2022. The company reported a net loss of $116.4 million for the year, compared to a net loss of $0.6 million in the previous year. Despite the challenging market conditions, the company generated annual revenue of $38.8 million, demonstrating its resilience and ability to adapt.
During the year, MAKINGORG, INC. faced significant operating expenses, including selling, general and administrative expenses of $62.7 million and professional fees of $38.7 million. These expenses, combined with a decrease in gross profit to $7.5 million from $214.2 million in the previous year, resulted in a loss from operations of $94 million. Furthermore, the company experienced a total other expense of $21.6 million, primarily driven by interest expense of $24 million. These various factors contributed to the overall net loss for the year.