Summary by Moomoo AI
Cloopen reported FY2023 revenue of RMB571.0 million (US$80.4 million), representing a 3.8% YoY decline. The company's net loss significantly improved by 57.7% YoY to RMB412.4 million (US$58.1 million), while operating loss decreased by 55.2% to RMB436.5 million. Gross margin contracted to 35.8% from 38.1% in the previous year.The company's revenue mix showed Cloud-based CC contributing 45.0% at RMB257.0 million, followed by CPaaS at 34.2% (RMB195.4 million) and Cloud-based UC&C at 20.6% (RMB117.6 million). The active customer base stood at 8,703, with the company maintaining a strong financial position including cash and equivalents of RMB377.9 million and term deposits of RMB545.4 million.Notable developments included the settlement of class action lawsuits for US$12 million in October 2023, with final court approval received in January 2024. The company was delisted from NYSE in October 2023 and now trades OTC, while maintaining its strategic focus on high-margin cloud solutions. Total assets at year-end stood at RMB1,784.1 million (US$251.3 million).
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