Company: AGCC
Filing Date: 2025-08-19
Form Type: F-1/A
Source: 0001213900-25-078155
Chunk: 92

Company: Agencia Comercial Spirits Ltd.
Filing Date: 2025-08-19
Form: F-1/A
Chunk 92
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 capture a broader range of customer segments and meet the growing demand for unique and premium whisky experiences. By combining improved market penetration with targeted expansion efforts, we were able to capitalize on the growing demand for whisky products, driving significant revenue growth and solidifying our position as a prominent player in the industry. Cost of revenue The cost of revenue increased to US$1,272,440 in 2024, representing a 143% upward movement from US$523,377 in 2023. This increase was primarily due to the increased sales volumes. However, the rise in cost of revenue was proportionally lower than the growth in sales, resulting in improved gross margins for both our sales channels. For our raw cask whisky sales, the cost of revenue decreased from 35% of total revenue in 2023 to 28% in 2024. This implies that the gross margin for raw cask whisky sales improved from 43% in 2023 to 56% in 2024. Similarly, for our bottled whisky sales, the cost of revenue decreased from 76% of total revenue in 2023 to 54% in 2024. Consequently, the gross margin for bottled whisky sales improved from 24% in 2023 to 46% in 2024. The improvement in gross margins across both sales channels reflects our efficient procurement and inventory management strategies, enabling us to manage costs effectively while capitalizing on increased sales volumes. 59 Gross profit and gross margin Gross profit for 2024 was US$1,265,303, a 248% increase from US$363,933 in 2023. The overall gross profit margin improved from 41% in 2023 to 50% in 2024, driven by better procurement strategies, economies of scale, and favorable pricing conditions. Our domestic sales segment in Taiwan, which contributed 97% of total revenue in 2024, experienced a significant improvement in gross margin, increasing from 40% in 2023 to 49% in 2024. This improvement was primarily driven by our ability to leverage economies of scale within the Taiwan market, as well as the implementation of more efficient procurement and inventory management strategies. While our international sales segment accounted for only 3% of total revenue in 2024, it demonstrated a remarkable gross margin improvement, increasing from 45% in 2023 to 58% in 2024. This improvement can be attributed to our strategic efforts to optimize pricing and focus on higher -marginmarkets,