PHOENIX, May 17, 2023
/PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren" or
the "Company"), which operates two US-based SaaS businesses, Chime
Technologies Inc.© and Trucker Path Inc.©, today reported its first
quarter 2023 financial results.
First Quarter 2023 Financial Highlights
- Revenue increased 18% over Q1 2022 to $12.1 million
- Gross profit increased 20% over Q1 2022 to $9.4 million; gross profit margin increased from
76% in Q1 2022 to 78%
- Loss from operations improved from a loss of $4.8 million in Q1 2022 to a loss of $3.4 million
- Net cash used by operating activities of $2.8 million the first quarter of 2023 compared
to $1.8 million used during the first
quarter of 2022
- Total cash & cash equivalents and short-term
investments of $49.9 million as of
the end of Q1 2023
"We remain focused on unlocking the full potential of both
our SaaS platforms, Chime and Trucker Path, while making prudent
investments in new initiatives such as our property management
software and services platform Rentancy. Our goal is to make
investments and operate businesses that generate long-term returns
for our investors," said Chris
Palmer, chief financial officer of Renren. "Moreover, we
remain financially strong, with nearly $50
million cash and short-term investments to support our
future growth and innovation."
About Renren Inc.
Renren Inc. (NYSE: RENN) operates several US-based SaaS
businesses including Chime, Inc. and Trucker Path. Renren's
American depositary shares, each of which currently represents
forty-five Class A ordinary shares, trade on NYSE under the symbol
"RENN".
Forward-Looking Statements
This announcement contains forward-looking statements.
These statements are made under the "safe harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Statements that are
not historical facts, including statements about Renren's beliefs
and expectations, including statements on making investments and
operating businesses that generate long-term returns for investors,
and expectations for future growth and innovation are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Renren's goals and strategies; Renren's future business
development, financial condition and results of operations;
Renren's expectations regarding demand for and market acceptance of
its services; Renren's plans to enhance user experience,
infrastructure and service offerings. Further information regarding
these and other risks is included in our annual report on Form 10-K
for the year ended December 31, 2022
and other documents filed with the SEC. All information provided in
this press release is as of the date of this press release, and
Renren does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
RENREN INC.
|
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
|
FOR THE THREE MONTHS
ENDED MARCH 31, 2022 and 2023
|
(In thousands of US
dollars, except share data and per share data)
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March
31,
|
|
|
2022
|
|
2023
|
Revenues:
|
|
|
|
|
|
|
SaaS
revenue
|
|
$
|
10,261
|
|
$
|
12,080
|
Other
services
|
|
|
60
|
|
|
69
|
Total
revenues
|
|
|
10,321
|
|
|
12,149
|
Cost of revenues:
|
|
|
|
|
|
|
SaaS
business
|
|
|
2,426
|
|
|
2,674
|
Other
services
|
|
|
21
|
|
|
49
|
Total cost of
revenues
|
|
|
2,447
|
|
|
2,723
|
|
|
|
|
|
|
|
Gross profit
|
|
|
7,874
|
|
|
9,426
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
Selling and
marketing
|
|
|
4,795
|
|
|
4,896
|
Research and
development
|
|
|
3,598
|
|
|
4,902
|
General and
administrative
|
|
|
4,272
|
|
|
3,047
|
Total operating
expenses
|
|
|
12,665
|
|
|
12,845
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(4,791)
|
|
|
(3,419)
|
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content:https://www.prnewswire.com/news-releases/renren-reports-first-quarter-2023-financial-results-301827698.html
SOURCE Renren Inc.