INLIF LIMITED Reports First Half of Fiscal Year 2025 Financial Results

INLIF LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. Dollars, except for the number of shares)

As of 
June 30,
2025

As of
 December 31,
2024

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

1,715,784

$

2,467,638

Accounts receivable, net

7,141,688

3,840,120

Inventories

3,662,699

5,300,458

Deferred offering costs

—

1,482,558

Prepayments and other current assets

4,638,000

159,570

Amounts due from related parties

2,089

1,030

TOTAL CURRENT ASSETS

$

17,160,260

$

13,251,374

NON-CURRENT ASSETS:

Property, plant, and equipment, net

$

3,487,572

$

3,037,312

Land-use rights, net

2,146,880

2,130,164

Intangible assets, net

41,979

43,773

Finance lease assets

111,202

—

Deferred tax assets

6,991

5,169

TOTAL NON-CURRENT ASSETS

$

5,794,624

$

5,216,418

TOTAL ASSETS

$

22,954,884

$

18,467,792

LIABILITIES

CURRENT LIABILITIES:

Accounts payable

$

1,726,132

$

3,132,613

Bank loans

4,578,703

4,630,581

Contract liabilities

—

1,712

Accrued expenses and other payables

471,883

190,645

Warranty liabilities

46,080

31,602

Income taxes payable

8,906

27,337

Amounts due to related parties

169,812

186,768

Current finance lease liabilities

58,925

—

TOTAL CURRENT LIABILITIES

$

7,060,441

$

8,201,258

NON-CURRENT LIABILIT:

Finance lease liabilities

$

42,946

$

—

TOTAL NON-CURRENT LIABILITY

$

42,946

$

TOTAL LIABILITIES

$

7,103,387

$

8,201,258

COMMITMENTS AND CONTINGENCIES (NOTE 19)

SHAREHOLDERS' EQUITY

Class A Ordinary Share, $0.0001 par value, 350,000,000 shares authorized;
   3,400,000 shares issued and outstanding*

$

340

$

—

Class B Ordinary Share, $0.0001 par value, 150,000,000 shares authorized;
   12,500,000 shares issued and outstanding*

1,250

1,250

Additional paid-in capital

14,378,738

7,037,503

Statutory reserve

361,083

361,083

Retained earnings

1,226,398

3,201,818

Accumulated other comprehensive loss

(116,312)

(335,120)

TOTAL SHAREHOLDERS' EQUITY

$

15,851,497

$

10,266,534

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

22,954,884

$

18,467,792

INLIF LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(Expressed in U.S. Dollars, except for the number of shares)

For the six months
ended 
June 30,

2025

2024

Revenue

$

10,270,988

$

6,735,689

Cost of revenue

(8,473,079)

(5,021,704)

Gross profit

1,797,909

1,713,985

Operating expenses:

Selling expenses

(412,056)

(481,822)

General and administrative expenses

(2,682,433)

(458,358)

Research and development expenses

(770,713)

(618,137)

Total operating expenses

(3,865,202)

(1,558,317)

Operating (loss) income

(2,067,293)

155,668

Other income (expenses):

Interest income

135,574

1,186

Interest expenses

(94,780)

(91,740)

Other income, net

19,810

344,341

Other expenses, net

(4,272)

(1,831)

Exchange gain

33,838

280

Total other expenses, net

90,170

252,236

(Loss) Income before income tax

(1,977,123)

407,904

Income tax benefits (expenses)

1,703

(17,823)

Net (loss) income

$

(1,975,420)

$

390,081

Comprehensive income (loss)

Net (loss) income

$

(1,975,420)

$

390,081

218,808

(218,837)

Comprehensive (loss) income

$

(1,756,612)

$

171,244

Earnings per share, basic and diluted

$

(0.13)

$

0.03

Weighted average number of shares

14,787,293

12,500,000

For the six months
ended 
June 30,

2025

2024

Cash flows from operating activities:

Net (loss) income

$

(1,975,420)

$

390,081

Adjustments to reconcile net (loss) income to net cash used in operating activities:

—

—

Share-based compensation

1,764,000

—

Depreciation and amortization

141,432

184,531

Bad debt reversal

(2,333)

(2,767)

Amortization of finance lease right of use assets

868

—

Deferred tax assets

(1,822)

415

Changes in operating assets and liabilities:

Accounts receivable

(3,299,235)

131,004

Inventories

1,637,759

392,025

Prepayments and other current assets

(78,431)

8,224

Accounts payable

(1,406,480)

(1,219,751)

Interest expense on finance lease liabilities

541

—

Contract liabilities

(1,712)

(58,344)

Accrued expenses and other payables

281,237

(134,076)

Warranty liabilities

14,478

—

Income taxes payable

(18,430)

14,599

Net cash used in operating activities

(2,943,548)

(294,059)

Cash flows from investing activities:

Purchase of property, plant, and equipment

(618,796)

(5,743)

Loans to related parties

(1,070)

—

Loan to a third party

(4,400,000)

—

Net cash used in investing activities

(5,019,866)

(5,743)

Cash flows from financing activities:

Issuance of ordinary shares, net of offering costs

7,060,133

—

Principal payments on finance lease liabilities

(10,741)

—

Proceeds from short-term loans

3,196,717

3,548,186

Repayment of short-term loans

(3,336,311)

(2,217,616)

Deferred offering costs

(202,380)

Amount financed from related parties

—

572,422

Amount repaid to related parties

—

(226,943)

Net cash provided by financing activities

6,909,798

1,473,669

Effect of exchange rate changes

301,762

(176,010)

Net (decrease) increase in cash

(751,854)

997,857

Cash and cash equivalents at beginning of the period

2,467,638

598,933

Cash and cash equivalents at end of the period

$

1,715,784

$

1,596,790

Supplemental disclosures of cash flows information:

Cash paid for income taxes

15,326

340

Cash paid for interest expense

94,780

95,869

Supplementary disclosure of non-cash information:

Right of use assets obtained in exchange for finance lease liabilities

112,071

—