First Quarter Fiscal Year 2024 Revenue Reaches $14.9 Million, Marking an 11.2% Increase from 1Q 2023 CHENGDU, China, June 17, 2024 /PRNewswire/ -- WeTouch Technology Inc., (NASDAQ:WETH) ("WeTouch" or the "Company"), a leading innovator in the global touch display industry, today announced its financial results for the first quarter ended March 31, 2024. "We achieved higher revenue in the first quarter of fiscal 2024 by aggressively promoting our high-end products. Although our cost of goods sold increased due to the export controls imposed by the U.S. Department of Commerce on advanced computing and semiconductor manufacturing to China, we expect the procurement costs of chips and other raw materials to stabilize after the second quarter of 2024 as our suppliers increase production volumes. We believe that the market demand for products with better materials and quality remains strong both in China and overseas, creating many exciting opportunities for WeTouch's long-term growth," concluded WeTouch Technology's CEO, Zongyi Lian. First Half Fiscal Year 2024 Financial Highlights - Cash Reserves: The company's cash reserves remain high at $94.8 million this quarter. - Total Revenue: Increased 11.2% to $14.9 million compared to $13.4 million for the first quarter of fiscal 2023. This growth is primarily related to an increase in sales volume ...