Exhibit 99.1

Wah Fu Education Group Ltd. Announces Unaudited Financial Results for the First Half of Fiscal Year 2024

BEIJING, China, April 1, 2024 (GLOBE NEWSWIRE) -- Wah Fu Education Group Limited (“Wah Fu” or the “Company”) (Nasdaq:WAFU), a provider of online education and exam preparation services, as well as related training materials and technology solutions for both institutions and individuals, today announced its unaudited financial results for the six months ended September 30, 2023.

Financial Highlights for the Six Months Ended September 30, 2023

Unaudited Financial Results for the six months ended September 30, 2023

Revenue

For the six months ended September 30, 2023, revenue decreased by $1.81 million, or 33.1%, to $3.65 million from $5.45 million for the same period of the prior fiscal year. The decrease in revenue was primarily due to the decrease of revenue from one course offering from our online education services.

For the six months ended September 30, 2023, revenue from providing online education services decreased by $1.83 million for the same period of the prior fiscal year. The decrease was mainly due to a decrease in revenue from one course offering in our Business-to-Business-to-Customer (“B2B2C”) platforms. During the six months ended September 30, 2023, due to the implementation of local policies in Hunan province, some universities canceled the self-study examination, thus the courses provided to self-study examination decreased, the revenue from Business-to-Business-to-Customer (“B2B2C”) decrease gradually.

Cost of revenue

Cost of revenue decreased by $1.08 million, or 40.8%, to $1.57 million for the six months ended September 30, 2023 from $2.65 million for the same period of the prior fiscal year. The decrease of overall cost of revenue was mainly due to decrease of cost of revenue for online education services. Cost of revenue mainly comprised of salaries and related expenses for our teaching support, course and content development, website maintenance and information technology engineers and other employees, fees paid to our course lecturers, depreciation and amortization expenses, server relocation and bandwidth leasing fees paid to third-party providers and other miscellaneous expenses. As the decrease of online education service revenue, cost related to online education service deceased for the six months ended September 30, 2023 compared to the same period last year.

Gross profit

Gross profit decreased by $0.73 million, or 26.0%, to $2.06 million for the six months ended September 30, 2023 from $2.79 million for the same period of the prior fiscal year. Gross margin increased by 5.4 percent to 56.6% for the six months ended September 30, 2023 from 51.1% for the same period of the prior fiscal year. The decrease of gross profit was mainly due to the decrease of online education service revenue from one course offering. The minor increase in gross margin in the six months ended September 30, 2023 compared to the same period last year was due to the fact that our online education service has lower gross margin than technology development and other service revenue. The revenue of online education service decreased significantly in this period, thus the gross margin of total revenue increased for the six months ended September 30, 2023 compared to the same period last year.

Operating expenses

Selling expenses increased by $0.23 million, or 40.2%, to $0.80 million for the six months ended September 30, 2023 from $0.57 million for the same period of the prior fiscal year. The increase was mainly due to the fact that the Company increased the input in marketing promotion for this period.

General and administrative expenses decreased by $0.11 million, or 10.2%, to $0.99 million for the six months ended September 30, 2023 from $1.10 million for the same period of the prior fiscal year

Total operating expenses increased by $0.12 million, or 7.1%, to $1.79 million for the six months ended September 30, 2023 from $1.67 million for the same period of the prior fiscal year.

Income (loss) from operations

Incomes from operations were $0.27 million and $1.12 million for each of the six months ended September 30, 2023 and 2022. Please see above for a detailed description of such Income (loss) from operations.

Other income (expenses)

Total other expenses, including interest income, loss from investments in unconsolidated entity, net of other expenses, was $0.1 million for the six months ended September 30, 2023 when it was a net income of $0.1 million in the same period of the prior fiscal year.

Income before income taxes

Income before income taxes was $0.18 million for the six months ended September 30, 2023, compared to income before income taxes of $1.22 million for the same period of the prior fiscal year.

Net income and earnings per share

Net income was $0.12 million for the six months ended September 30, 2023, compared to net income of $1.06 million for the same period of the prior fiscal year. Net profit margin was 3.4% for the six months ended September 30, 2023, compared to net profit margin of 19.4% for the same period of the prior fiscal year.

After deducting non-controlling interests, net profit attributable to the Company was $0.23 million, or profit of $0.05 basic and diluted share, for the six months ended September 30, 2022. This compared to net profit of $0.86 million, or profit of $0.19 per basic and diluted share, for the same period of the prior fiscal year.

Weighted average number of shares outstanding was 4,440,085 for the six months ended September 30, 2023 and 2022.

Financial Condition

As of September 30, 2023, the Company had cash of $11.42 million, compared to $12.57 million as of March 31, 2023. Total working capital was $11.10 million as of September 30, 2023, compared to $11.69 million as of March 31, 2023.

Net cash used in operating activities was $0.10 million for the six months ended September 30, 2023 compared to net cash provided by operating activities $0.30 million for the same period last year. There was no cash used in or provided by investing activities for the six months ended September 30, 2023, compared to net cash used in investing activities $0.18 million for the same period last year. There was no cash used in or provided by financing activities for the six months ended September 30, 2023, compared to net cash provided by financing activities $0.04 million for the same period of last year.

Subsequent Events

Management has evaluated subsequent events through April 1, 2024, the date which the financial statements were available to be issued. All subsequent events requiring recognition as of September 30, 2023 have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.”

About Wah Fu Education Group Limited

Headquartered in Beijing, China, Wah Fu Education Group Limited provides online training and exam preparation services, as well as related training materials and technology solutions for both institutions, such as universities and training institutions, and students. For more information about Wah Fu, please visit www.edu-edu.cn.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are not statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the online training industry in China and the other markets the Company serves or plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the other markets the Company serves or plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission (the “SEC”).  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Raincy Du
ir@edu-edu.com.cn

WAH FU EDUCATION GROUP LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

WAH FU EDUCATION GROUP LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

WAH FU EDUCATION GROUP LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATION STATEMENTS OF CHANGES IN EQUITY

WAH FU EDUCATION GROUP LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

7