Company: LICN
Filing Date: 2025-04-29
Form Type: 20-F
Source: 0001213900-25-036244
Chunk: 22

Company: Lichen International Ltd
Filing Date: 2025-04-29
Form: 20-F
Item: Item 4A
Chunk 22
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 amounts, other than percentages, in thousands
of U. S. dollars)

                                         Years Ended December 31,                                                   
                                         2024                                                    2022               
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Revenues                               $                              41,477       39,759      $          33,805  
  Cost of revenues                                                     (15,803      (15,439                (13,613  
  Gross profit                                                          25,674       24,320                 20,192  
  Operating expenses:                                                                                               
  Selling and marketing                                                (12,529       (3,124                 (2,111  
  General and administrative                                           (17,696       (8,937                 (7,433  
  Total operating expenses                                             (30,225      (12,061                 (9,544  
  (Loss) Income from operations                                         (4,551       12,259                 10,648  
  Other income (expenses):                                                                                          
  Interest income                                                          163           38                     60  
  Other income (expense), net                                              216         (709                     34  
  (Loss) Income before income taxes      $                              (4,172       11,588      $          10,742  
  Provision for tax expenses                                            (1,948       (3,250                 (2,924  
  Net (loss) income                      $                              (6,120        8,338      $           7,818  

Year Ended December 31, 2024 Compared
to Year Ended December 31, 2023

Revenues

We generate revenue from the
provision of financial and taxation solution services, education support services and software and maintenance services. Our total revenue
was approximately $41.48 million for the year ended December 31, 2024, compared to approximately $39.76 million for the year ended December
31, 2023, an increase of approximately $1.72 million, or 4.32%. Such increase was due to an approximately $2.52 million increase in revenue
from financial and taxation solution services, an approximately $0.83 million decrease in revenue from our education support services,
and an approximately $0.03 million increase in revenue from our software and maintenance services, which we began providing in the year
ended December 31, 2019.

Revenue from financial and
taxation solution services amounted to approximately $