Renren Reports Q1 2023 Financial Results; Revenue Increased 18% 2022 To $12.1M

Author: Happy Mohamed | May 17, 2023 03:01pm

 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."

Posted In: RENN