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Jowell Global Ltd.

SIC 5960 · Retail-Nonstore Retailers

$JWEL

Jowell Global Ltd.

CIK:0001805594|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Net Revenues

Total Net Revenues

$ 165,001,079

$ 132,981,531

$ 160,009,293

Operating Expenses:

Cost of revenues

(153,466,193)

(131,718,522)

(156,738,018)

Fulfillment expenses

(8,075,338)

(2,002,101)

(3,022,120)

Marketing expenses

(5,112,335)

(4,634,649)

(7,770,819)

General and administrative expenses

(3,367,699)

(2,715,578)

(3,368,761)

Total operating expenses

(170,021,565)

(141,070,850)

(170,899,718)

Loss From Operations

(5,020,486)

(8,089,319)

(10,890,425)

Other Income (Expenses), net

Interest expense

(29,721)

(76,049)

Investment loss

(978,482)

(169,125)

(493,970)

Other income, net

199,023

313,597

75,627

Other (expense) income, net

(779,459)

114,751

(494,392)

Loss Before Income Taxes

(5,799,945)

7,974,568

(11,384,817)

Income Taxes Expense

478,481

28,076

135,116

(6,278,426)

(8,002,644)

(11,519,933)

Less: net income(loss) attributable to non-controlling interest

1,078

(38,485)

(52,791)

Net Loss Attributable to Ordinary Shareholders of Jowell Global Ltd.

$ (6,279,504)

$ (7,964,159)

$ (11,467,142)

Loss Per share – Basic (in Dollars per share)

^[1]

$ (2.87)

$ (3.69)

$ (5.38)

Weighted Average Shares Outstanding – Diluted (in Dollars per share)

^[1]

$ (2.87)

$ (3.69)

$ (5.38)

Weighted Average Shares Outstanding – Basic (in Shares)

^[1]

2,186,295

2,170,475

2,140,863

Weighted Average Shares Outstanding – Diluted (in Shares)

^[1]

2,186,295

2,170,475

2,140,863

$ (6,278,426)

$ (8,002,644)

$ (11,519,933)

Other Comprehensive loss, net of tax

Foreign currency translation loss

330,148

(319,474)

(897,642)

Total Comprehensive loss

(5,948,278)

(8,322,118)

(12,417,575)

Less: comprehensive income (loss) attributable to non-controlling interest

1,071

(34,565)

(57,183)

Comprehensive Loss Attributable to Ordinary Shareholders of Jowell Global Ltd.

(5,949,349)

(8,287,553)

(12,360,392)

Net Revenues

Total Net Revenues

$ 165,001,079

132,963,671

160,002,440

Net Revenues

Total Net Revenues

$ 17,860

$ 6,853

[1]	The shares and per share data are presented on a retroactive basis to reflect the Company’s Share Consolidation. (Note 12).

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Cash Flows [Abstract]
Net loss	$ (6,278,426)	$ (8,002,644)	$ (11,519,933)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	211,465	530,858	479,081
Loss from long-term investment	978,482	105,464	478,403
Allowance for credit losses	441,951	442,974	507,798
Reversal of credit losses		(778,768)	(338,660)
Loss form termination of right-of use assets	819,842	1,120,427
Amortization of right-of-use assets	642,258	1,443,556	1,305,386
(Reversal) allowance for inventory obsolescence	(117,089)	235,674	(438,949)
Deferred income taxes	478,412	30,583	129,760
Share-based compensation	489,461		129,690
Property and equipment written off		96,947	49,855
Changes in operating assets and liabilities:
Accounts receivables	1,685,051	438,115	3,184,915
Accounts receivable - related Parties		46,782	232,236
Inventories	2,659,803	(501,890)	5,197,234
Advance to suppliers	261,662	3,219,853	18,070,744
Advance to suppliers - related parties	(2,977,234)	7,025,939	(9,924,991)
Prepaid expenses and other current assets	533,134	(447,774)	241,799
Accounts payables	(245,413)	(1,630,249)	(2,413,634)
Accounts payables - related parties	(65,945)	(122,836)	(1,572,497)
Contract liabilities	170,943	50,145	(15,711,320)
Operating lease liabilities	(1,357,938)	(2,628,688)	(1,241,153)
Taxes payable	14,582	13,915	(41,673)
Accrued expenses and other liabilities	124,558	101,801	(295,922)
Net cash (used in) provided by operating activities	(1,530,441)	790,184	(13,491,831)
Cash flows from investing activities:
Long-term investment in an equity method investee			(25,473)
Purchase of intangible assets		(6,371)	(4,864)
Purchase of equipment	(12,413)	(117,590)	(12,046)
Net cash used in investing activities	(12,413)	(123,961)	(42,383)
Cash flows from financing activities:
Proceeds from short-term loans			425,731
Repayment of short-term loans		(421,248)	(2,412,477)
Proceeds from related party loans	2,560,500	403,249	353,761
Repayment of related party loans	(569,478)
Net cash provided by (used in) financing activities	1,991,022	(17,999)	(1,632,985)
Effect of exchange rate changes on cash	107,746	286,415	(300,622)
Net increase (decrease) in cash	555,914	934,639	(15,467,821)
Cash, beginning of year	2,184,920	1,250,281	16,718,102
Cash, end of year	2,740,834	2,184,920	1,250,281
Cash	2,740,834	2,184,920	1,250,281
Total cash	2,740,834	2,184,920	1,250,281
Supplemental disclosure information:
Cash paid for income tax		103	2,719
Cash paid for interest		29,721	76,049
Supplemental non-cash activities:
Cash paid in prior year for purchase of fixed assets		11,919	93,153
Long-term deferred expenses converted to intangible assets	627,408
Lease liabilities arising from obtaining right-of-use assets	$ 635,624	$ 2,907,612	$ 16,848

Consolidated Balance Sheets - USD ($)

Dec. 31, 2025

Dec. 31, 2024

Current Assets:

$ 2,740,834

$ 2,184,920

Accounts receivable

78,254

2,043,994

Advance to suppliers

81,014

485,282

Advance to suppliers - related parties

5,857,030

2,768,600

Inventories, net

5,947,014

8,341,596

Prepaid expenses and other current assets

1,307,281

1,808,015

Total current assets

16,011,427

17,632,407

Long-term investment

2,816,971

3,726,716

Property and equipment, net

172,827

286,329

Intangible assets, net

1,078,674

511,740

Right-of-use assets

1,543,063

2,330,048

Other non-current asset

265,052

882,604

Deferred tax assets

2,152

477,487

21,890,166

25,847,331

Current Liabilities:

Accounts payable

2,126,036

2,305,743

Accounts payable - related parties

4,838

70,258

Contract liabilities

2,312,347

2,332,037

Contract liabilities - related parties

40,000

Deferred revenue

239,983

Deferred revenue - related parties

47,287

Current portion of operating lease liabilities

657,891

702,457

Accrued expenses and other current liabilities

1,158,513

967,405

Due to related parties

2,920,330

925,100

87,597

71,162

Total current liabilities

9,554,822

7,414,162

Non-current portion of operating lease liabilities

881,051

1,520,059

Total liabilities

10,435,873

8,934,221

Commitments and contingencies (Note 17)

Stockholders’ Equity

Common stock, $0.0016 par value, 450,000,000 shares authorized, 2,376,131 and 2,170,475 issued and outstanding at December 31, 2025 and 2024, respectively*

^[1]

3,802

3,473

Preferred stock, $0.0016 par value, 50,000,000 shares authorized, 46,875 issued and outstanding at December 31, 2025 and 2024, respectively*

^[1]

75

75

Additional paid-in capital

53,176,314

52,687,182

Statutory reserves

394,541

394,541

Accumulated deficit

(40,283,230)

(34,003,726)

Accumulated other comprehensive loss

(1,837,209)

(2,167,364)

Total Jowell Global Ltd. Stockholders’ Equity

11,454,293

16,914,181

Non-controlling interest

(1,071)

Total Stockholders’ Equity

11,454,293

16,913,110

Total Liabilities and Stockholders’ Equity

$ 21,890,166

$ 25,847,331

[1]	The shares and per share data are presented on a retroactive basis to reflect the Company’s Share Consolidation. (Note 12).