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ATA Creativity Global (NASDAQ: AACG) reported a net revenue increase of 13.7% year-over-year for Q1 2024, reaching RMB48.1 million (US$6.7 million). Student enrollment grew by 24.9% to 1,370, and credit hours delivered rose by 21.3% to 33,527. However, the company posted a net loss of RMB17.9 million (US$2.5 million), consistent with the previous year's net loss. Gross profit increased by 16.8% to RMB21.9 million (US$3.0 million) with a gross margin of 45.5%. ACG maintained cash and cash equivalents of RMB57.6 million (US$8.0 million). Operating expenses increased to RMB43.6 million (US$6.0 million), attributed to hiring additional sales personnel. The company reaffirmed its 2024 revenue guidance of RMB233-255 million, predicting a 5-15% year-over-year growth.
ATA Creativity Global (AACG) announced the release of its financial results for the first quarter of 2024 on May 14, 2024. The conference call to discuss the results will be held on May 15, 2024. The Company will provide a webcast and slide presentation for investors, with a Q&A session following management's remarks.