Gulf Resources posts restated 2024 net loss of $59.9 million after audit
GURE•Restated audited 2024 results
Gulf Resources posted restated, audited 2024 results showing net revenue of $7.66 million, down 75% from $30.04 million.
Net loss narrowed to $59.9 million from $61.8 million, despite a $29.17 million loss on disposal of property, plant and equipment.
Gross loss was $7.09 million versus gross profit of $1.95 million, reflecting a sharp drop in bromine pricing and volume.
Cash decline and accounting restatement
Cash fell to $10.08 million at year-end from $72.22 million, driven by $28.95 million in investing outflows and $31.85 million in financing outflows.
The restatement reclassified certain buildings and salt pans as leases under ASC 842, citing a material weakness in lease accounting controls.
