Besides the changes on the financial statements, Ms. Liu also stated that the company’s development is closely linked to the growth of China’s automotive electronics industry.

Ms. Duanrong Liu, the Co-Founder and Chief Operating Officer of ICZOOM, highlighted that ICZOOM’s positive performance during the six months ended December 31, 2024 is primarily attributable to the increased stock-keeping unit (“SKUs”) and new customers, which increased by 7.3% from 8,373 different products for the six months ended December 31, 2023 to 8,986 different products for the six months ended December 31, 2024, as well as the number of new customers rose by 16 or 15.1% from 106 as of December 31, 2023 to 122 as of December 31, 2024.

Amidst a continuously evolving market environment, ICZOOM executed effectively in line with its initial expectation. ICZOOM achieved positive revenue growth with total revenue increased by 3.0% from $87,720,553 for the six months ended December 31, 2023 to $90,340,640 for the six months ended December 31, 2024. ICZOOM successfully turned a profit, with diluted earnings per share (EPS) reaching USD $0.07 for the six months ended December 31, 2024, increased from a loss of USD 0.07 per share for the six months ended December 31, 2023.

HONG KONG, June 20, 2025 /PRNewswire/ — ICZOOM Group Inc. (Nasdaq: IZM) (the “Company” or “ICZOOM”), a B2B electronic component products e-commerce platform, announced its unaudited financial results for the six months ended December 31, 2024, on June 18, 2025.

Story Continues

According to the 2025-2030 Development Status and Investment Strategy Research Report on China’s Automotive Electronics Industry released by the CCID Industry Research Institute, the size of China’s automotive electronics market reached approximately RMB 1.22 trillion (approximately $ 171.83 billion) in 2024, representing a growth of 10.95% compared to the previous year.

Please refer to the Company’s unaudited interim financial results, that can be found at http://ir.iczoomex.com/index.html. The company uses its website as a tool to disclose important information about the Company and to comply with its disclosure obligations under Regulation Fair Disclosure.

About ICZOOM Group Inc.

ICZOOM Group Inc. (Nasdaq: IZM) is primarily engaged in sales of electronic component products to customers in Hong Kong and mainland China through its B2B e-commerce platform. These products are primarily used by China based small and medium-sized enterprises (“SMEs”) in the consumer electronic industry, Internet of Things (“IoT”), automotive electronics and industry control segments. By utilizing latest technologies, the Company’s platform collects, optimizes and presents product offering information from suppliers of all sizes, all transparent and available to its SME customers to compare and select. In addition to the sales of electronic component products, the Company also provides services to customers such as temporary warehousing, logistic and shipping, and customs clearance. For more information, please visit the Company’s website:

http://ir.iczoomex.com/index.html.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “we believe,” “we intend,” “may,” “should,” “will,” “could” and similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.

ICZOOM GROUP INC. AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

December 31,

June 30,

2024

2024

Note

(Unaudited)

(Audited) ASSETS

CURRENT ASSETS:

Cash

$ 1,143,940

$ 2,453,728 Restricted cash

4,531,918

3,031,232 Notes receivable

6,595

3,071 Accounts receivable 3

33,649,619

28,297,491 Inventories, net 4

1,093,582

339,286 Advances to suppliers 5

982,134

4,022,696 Prepaid expenses and other current assets 7

3,186,205

984,563 TOTAL CURRENT ASSETS

44,593,993

39,132,067

Property and equipment, net 8

76,357

123,295 Right-of-use assets, net 10

77,523

379,101 Intangible assets, net 9

146,473

204,033 Other non-current assets

7,097

1,448 Deferred tax assets 13

37,802

135,098 TOTAL NON-CURRENT ASSETS

345,252

842,975 TOTAL ASSETS

$ 44,939,245

$ 39,975,042

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Short-term bank loans, net 11

$ 10,681,158

$ 10,211,264 Notes payable 11

–

1,543,465 Accounts payable 12

10,627,849

5,263,945 Contract liabilities

2,700,821

3,037,609 Due to related parties 14

1,662,294

474,544 Taxes payable 13

3,147,148

3,251,484 Lease liabilities 10

96,690

408,001 Accrued expenses and other current liabilities

510,823

404,016 TOTAL CURRENT LIABILITIES

29,426,783

24,594,328

TOTAL LIABILITIES

29,426,783

24,594,328

COMMITMENTS AND CONTINGENCIES 18

SHAREHOLDERS’ EQUITY

Class A shares, 30,000,000 shares authorized US$0.16 par value, 7,902,495 shares issued and

outstanding and 7,171,858 shares issued and outstanding as of December 31, 2024 and June 30,

2024, respectively; 16

1,264,399

1,147,497 Class B shares, 5,000,000 shares authorized US$0.16 par value, 3,829,500 shares issued and

outstanding as of December 31, 2024 and June 30, 2024 16

612,720

612,720 Additional paid-in capital

19,956,956

19,956,956 Statutory reserve 16

624,097

624,097 Accumulated deficit

(6,825,655)

(7,606,597) Accumulated other comprehensive (loss)/ income

(120,055)

646,041 TOTAL SHAREHOLDERS’ EQUITY

15,512,462

15,380,714 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 44,939,245

$ 39,975,042

ICZOOM GROUP INC. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE

INCOME/(LOSS) (UNAUDITED)

For the six months ended

December 31,

Note

2024

2023

Revenue, net

Sales of electronic components

$ 89,068,580

$ 86,329,512

Service commission fees

1,272,060

1,391,041

Total revenue, net

90,340,640

87,720,553

Cost of revenue

87,381,979

85,533,907

Gross profit

2,958,661

2,186,646

OPERATING EXPENSES

Selling expenses

799,330

776,007

General and administrative expenses

1,634,197

1,523,002

Total operating expenses

2,433,527

2,299,009

INCOME/(LOSS) FROM OPERATIONS

525,134

(112,363)

OTHER INCOME (EXPENSES)

Foreign exchange transaction gain/(loss)

480,084

(559,655)

Interest expense

(210,574)

(351,806)

Short-term investment income

7,062

59,174

Subsidy income

36,346

11,409

Other expenses, net

(90,027)

(93,481)

Total other income/(expenses), net

222,891

(934,359)

INCOME/(LOSS) BEFORE INCOME TAX PROVISION

748,025

(1,046,722)

INCOME TAX BENEFIT 13

32,917

324,977

NET INCOME/(LOSS)

780,942

(721,745)

Foreign currency translation adjustments

(766,096)

836,583

TOTAL COMPREHENSIVE INCOME

$ 14,846

$ 114,838

EARNINGS/(LOSS) PER ORDINARY SHARE:

– BASIC

$ 0.07

$ (0.07)

– DILUTED

$ 0.07

$ (0.07)

WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES*:

– BASIC

10,828,967

10,362,861

– DILUTED

10,828,967

11,094,229

ICZOOM GROUP INC. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE SIX MONTHS ENDED DECEMBER 31, 2024 AND 2023 (UNAUDITED)

Accumulated

Ordinary Shares, $0.16 par*

Additional

Other

Total

Class A

Class B

Paid-in

Statutory

Accumulated

Comprehensive

Shareholders’

Shares

Amount

Shares

Amount

Capital

Reserve

Deficit

Income/ (Loss)

Equity

Balance, June 30, 2023

6,496,874

$ 1,039,499

3,829,500

$ 612,720

$18,795,548

$ 624,097

$ (5,334,300)

$ (193,368)

$ 15,544,196

Share issuance

43,784

7,005

—

—

—

—

—

—

7,005

Net income for the period

—

—

—

—

—

—

(721,745)

—

(721,745)

Foreign currency

translation adjustment

—

—

—

—

—

—

—

836,583

836,583

Balance, December 31,

2023

6,540,658

$ 1,046,504

3,829,500

$ 612,720

$18,795,548

$ 624,097

$ (6,056,045)

$ 643,215

$ 15,666,039

Balance, June 30, 2024

7,171,858

$ 1,147,497

3,829,500

$ 612,720

$19,956,956

$ 624,097

$ (7,606,597)

$ 646,041

$ 15,380,714

Share issuance

730,637

116,902

—

—

—

—

—

—

116,902

Net loss for the period

—

—

—

—

—

—

780,942

—

780,942

Foreign currency

translation adjustment

—

—

—

—

—

—

—

(766,096)

(766,096)

Balance, December 31,

2024

7,902,495

$ 1,264,399

3,829,500

$ 612,720

$19,956,956

$ 624,097

$ (6,825,655)

$ (120,055)

$ 15,512,462

ICZOOM GROUP INC. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITTED)

For the six months ended

December 31,

2024

2023

Cash flows from operating activities:

Net income /(loss) $ 780,942

$ (721,745) Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

119,175

121,588 Property and equipment written off

–

1220 Amortization of right-of-use assets

299,809

297,672 Reversal of provision for inventory impairment

–

(1,851) Amortization of debt issuance costs

90,288

92,491 Deferred income tax provision

96,989

(345,389) Unrealized exchange loss

265,606

560,321 Changes in operating assets and liabilities:

Notes receivable

(3,581)

– Accounts receivable

(5,641,073)

28,931,833 Inventories

(764,667)

393,526 Advances to suppliers

3,040,273

(279,267) Prepaid expenses and other current assets

(2,234,932)

220,639 Accounts payable

5,374,423

(27,737,233) Contract liabilities

(318,381)

264,015 Taxes payable

(81,442)

297,112 Lease liabilities

302,913

(186,791) Accrued expenses and other current liabilities

137,798

(2,934,362) Net cash provided by (used in) operating activities

1,464,140

(1,026,221)

Cash flows from investing activities:

Purchase of property and equipment

(16,371)

(70,490) Purchase of intangible assets

(5,908)

(57,398) Purchase of short-term investments

–

(1,129,600) Proceeds upon maturity of short-term investments

–

1,129,600 Net cash used in investing activities

(22,279)

(127,888)

Cash flows from financing activities:

Proceeds from short-term bank loans

9,961,479

14,666,970 Repayments of short-term bank loans

(9,399,183)

(14,638,095) Proceeds from loans payable to third-parties

–

746,000 Repayments from loans payable to third-parties

–

(746,000) Proceeds from banker’s acceptance notes payable

–

2,965,200 Repayment of banker’s acceptance notes payable

(1,543,465)

(1,425,200) Proceeds from borrowings from related parties

3,176,805

6,299,295 Repayment of related party borrowings

(1,978,854)

(4,568,244) Payment for deferred IPO costs

–

(312,527) Proceeds from sale of common stock

116,902

– Net cash provided by financing activities

333,684

2,987,399

ICZOOM GROUP INC. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued) For the six months ended December 31,

2024

2023

Effect of exchange rate fluctuation on cash and restricted cash

(1,584,647)

(1,568,816)

Net increase in cash and restricted cash

190,898

264,474

Cash and restricted cash at beginning of period

5,484,960

6,413,367

Cash and restricted cash at end of period

$ 5,675,858

$ 6,677,841

Supplemental cash flow information

Cash paid for income taxes $ (5,006)

$ (98,451)

Cash paid for interest

$ (696,908)

$ (351,806)

Supplemental disclosure of non-cash information

Right-of-use assets obtained in exchange for operating lease obligations $ –

$ 105,613

Cision

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SOURCE ICZOOM Group Inc.