Wetouch Technology Inc. Preannounce Earnings for Fiscal Year 2023

CHENGDU, China, April 1, 2024 /PRNewswire/ -- Wetouch Technology Inc. (NASDAQ: WETH), a leading innovator in the global touch display industry, proudly announces its robust financial performance for the fiscal year 2023, showcasing remarkable growth and strong earnings.

In 2023, Wetouch achieved an continuous revenue growth, reaching $39.71 million USD, compared to the previous year's revenue of $37.92 million USD. Additionally, the company saw a slight decrease in net income, falling to $8.31 million USD in 2023, compared to the net income of $8.73 million USD reported in 2022. The slight decrease was due to certain non-cash expenses.

The solid growth in revenue for 2023 is attributed to Wetouch's strategic partnerships with prominent clients on a global scale. By fostering close relationships and collaborating with leading industry players, Wetouch has successfully capitalized on market opportunities, leveraging synergies to deliver innovative touch display solutions tailored to meet the evolving needs of its clients.

Mr. Tsungyi Lien, CEO of Wetouch, expressed confidence in the company's performance, stating, "Despite a temporary decline in our stock price recently, I maintain unwavering confidence in our continuous growth trajectory and the value we deliver to our shareholders. Looking ahead to 2024, Wetouch anticipates an amazing increase in revenue and net income, driven by larger orders from our global major clients."

Wetouch Technology Inc. remains steadfast in its dedication to advancing innovation in touch display solutions, committed to delivering superior results for our shareholders.

Wetouch Technology Inc. expects to announce the full year results of 2023 in mid-April.

About Wetouch Technology Inc.:

Wetouch is a leading provider of high-quality touch display solutions, committed to revolutionizing human-machine interaction across various industries. With a focus on innovation and customer satisfaction, Wetouch delivers cutting-edge technology and unmatched performance in touch display solutions worldwide.

Safe Harbor Statement:

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

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SOURCE Wetouch Technology Inc.