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Scienjoy Holding Corporation Reports Fiscal Year 2023 Financial Results

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Scienjoy Holding , a leading interactive entertainment company in China, reported its fiscal year 2023 financial results. Total revenues decreased to RMB1,464.9 million, gross profit declined to RMB192.7 million, and income from operations decreased to RMB22.8 million. The net loss attributable to shareholders was RMB30.8 million. The company had cash and cash equivalents of RMB205.5 million and total paying users were 557,692 in 2023. The company's strategic initiatives in the metaverse and AI technologies aim for long-term growth.

Scienjoy Holding, una società leader nel settore dell'intrattenimento interattivo in Cina, ha reso noti i risultati finanziari dell'anno fiscale 2023. I ricavi totali sono diminuiti a 1.464,9 milioni di RMB, il profitto lordo è sceso a 192,7 milioni di RMB, e il reddito operativo è diminuito a 22,8 milioni di RMB. La perdita netta attribuibile agli azionisti è stata di 30,8 milioni di RMB. La società aveva disponibilità liquide per 205,5 milioni di RMB e il numero totale di utenti paganti era di 557.692 nel 2023. Le iniziative strategiche dell'azienda nel metaverso e nelle tecnologie AI puntano a una crescita a lungo termine.
Scienjoy Holding, una compañía líder de entretenimiento interactivo en China, reportó los resultados financieros del año fiscal 2023. Los ingresos totales disminuyeron a 1.464,9 millones de RMB, el beneficio bruto se redujo a 192,7 millones de RMB y el ingreso de operaciones decreció a 22,8 millones de RMB. La pérdida neta atribuible a los accionistas fue de 30,8 millones de RMB. La compañía tenía efectivo y equivalentes de efectivo por 205,5 millones de RMB y el total de usuarios pagadores fue de 557.692 en 2023. Las iniciativas estratégicas de la empresa en el metaverso y tecnologías de IA apuntan a un crecimiento a largo plazo.
중국의 선도적인 상호작용 엔터테인먼트 회사인 Scienjoy Holding이 2023 회계년도의 재무 결과를 보고했습니다. 총 수익이 1,464.9백만 위안으로 감소하였고, 매출 총이익은 192.7백만 위안으로 줄었으며, 운영 소득은 22.8백만 위안으로 감소했습니다. 주주에게 귀속된 순손실은 30.8백만 위안이었습니다. 회사는 현금 및 현금 등가물이 205.5백만 위안이었고, 2023년에 총 유료 사용자 수는 557,692명이었습니다. 회사의 메타버스 및 AI 기술에 대한 전략적 이니셔티브는 장기 성장을 목표로 하고 있습니다.
Scienjoy Holding, une entreprise leader dans le domaine du divertissement interactif en Chine, a publié ses résultats financiers pour l'exercice fiscal 2023. Les revenus totaux ont diminué pour atteindre 1 464,9 millions de RMB, le bénéfice brut a baissé à 192,7 millions de RMB, et le revenu d'exploitation a chuté à 22,8 millions de RMB. La perte nette attribuable aux actionnaires s'élevait à 30,8 millions de RMB. L'entreprise disposait d'une trésorerie et d'équivalents de caisse de 205,5 millions de RMB et le total des utilisateurs payants s'élevait à 557 692 en 2023. Les initiatives stratégiques de la société dans le métavers et les technologies IA visent une croissance à long terme.
Scienjoy Holding, ein führendes Interaktionsunterhaltungsunternehmen in China, hat seine Finanzergebnisse für das Geschäftsjahr 2023 bekannt gegeben. Die Gesamteinnahmen verringerten sich auf 1.464,9 Millionen RMB, der Bruttogewinn sank auf 192,7 Millionen RMB und das Betriebseinkommen fiel auf 22,8 Millionen RMB. Der Nettoverlust, der den Aktionären zuzurechnen ist, betrug 30,8 Millionen RMB. Das Unternehmen verfügte über flüssige Mittel und geldwerte Papiere in Höhe von 205,5 Millionen RMB und die Gesamtzahl der zahlenden Nutzer belief sich 2023 auf 557.692. Die strategischen Initiativen des Unternehmens im Bereich Metaverse und KI-Technologien zielen auf langfristiges Wachstum ab.
Positive
  • Total revenues decreased to RMB1,464.9 million
  • Gross profit declined to RMB192.7 million
  • Income from operations decreased to RMB22.8 million
  • Net loss attributable to shareholders was RMB30.8 million
  • Cash and cash equivalents of RMB205.5 million
  • Total paying users were 557,692 in 2023
  • Strategic initiatives in metaverse and AI technologies for long-term growth
Negative
  • Decrease in revenue and profit margins
  • Net loss for the fiscal year
  • Decrease in total paying users compared to the previous year

Insights

Scienjoy reported a noteworthy 25% revenue decrease, driven by a reduction in both the number of paying users and the average revenue per user. This indicates a strong competitive pressure within China's mobile live streaming sector. The increased operating expenses, particularly in general and administrative costs, suggest an expansion in workforce and infrastructure, which aligns with the company's strategic pivot towards the metaverse. Meanwhile, a 17.2% increase in cash reserves points towards a healthy liquidity position, which is important for funding ongoing technological developments and market expansion efforts. However, the net loss and adjusted net loss figures raise concerns about the company's current profitability trajectory. This financial snapshot could signify a transitional phase as the company positions itself in the emerging metaverse market.

Scienjoy's strategic shift into the metaverse and AI technologies indicates foresight into future market trends. The collaboration with companies in Dubai to enter global markets is a strong move, potentially tapping into new revenue streams outside the saturated Chinese market. However, the tangible impact of these initiatives is yet to be seen on the bottom line. Investors should note that while the metaverse presents a burgeoning opportunity, it also carries significant execution risk. The decline in paying users suggests challenges in user retention and acquisition, which are essential for growth in the interactive entertainment sector.

The company's investment in AI and the metaverse reflects an attempt to ride the next wave of digital innovation. The focus on a 'personalized and intelligent metaverse lifestyle' could differentiate Scienjoy in the long term, potentially attracting a global audience seeking advanced interactive experiences. However, the one-time expenses and losses reported, some related to investment impairments, illuminate the inherent risks of early investment in new tech frontiers. The technology adoption curve and market acceptance of the metaverse are still uncertain, making Scienjoy's future returns speculative at this stage.

BEIJING, April 26, 2024 /PRNewswire/ -- Scienjoy Holding Corporation ("Scienjoy", the "Company", or "we") (NASDAQ: SJ), an interactive entertainment leader in the Chinese market, today announced its financial results for the year ended December 31, 2023.

Fiscal Year 2023 Operating and Financial Summary

  • Total revenues decreased to RMB1,464.9 million (US$206.3 million) for the year ended December 31, 2023 from RMB1,953.3 million for the year ended December 31, 2022.
  • Gross profit decreased to RMB192.7 million (US$27.1 million) for the year ended December 31, 2023 from RMB283.2 million for the year ended December 31, 2022.
  • Income from operations decreased to RMB22.8 million (US$3.2 million) for the year ended December 31, 2023 from RMB149.8 million for the year ended December 31, 2022. Excluding one-time provision for credit loss of RMB16.3 million, income from operation would amount to RMB39.1 million (US$5.5 million) for the year ended December 31, 2023.
  • Net loss attributable to the Company's shareholders was RMB30.8 million (US$4.3 million) for the year ended December 31, 2023, as compared with a net income attributable to the Company's shareholders of RMB193.3 million for the year ended December 31, 2022. Excluding one-time expenses amounting to RMB58.8 million including investment impairment, share of unrealized loss, and provision for credit loss, the Company would have net income attributable to the Company's shareholders of RMB28.0 million (US$3.9 million) for the year ended December 31, 2023.
  • Adjusted net loss attributable to the Company's shareholders was RMB11.7 million (US$1.6 million) for the year ended December 31, 2023, as compared with a net income adjusted attributable to the Company's shareholders of RMB181.4 million for the year ended December 31, 2022.
  • As of December 31, 2023, the Company had cash and cash equivalent balance of RMB205.5 million (US$28.9million), increased by 17.2% from RMB175.3 million as of December 31, 2022.
  • Total paying users were 557,692 for the year ended December 31, 2023, compared to 702,372 for the year ended December 31, 2022.

Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, "It gives me great pleasure to look back on the past fiscal year 2023, a milestone year with remarkable progresses in our globalization and metaverse vision. We are steadily moving forward towards building a personalized and intelligent metaverse lifestyle through AI-powered technologies and strategic initiatives in Dubai. Our strategic investment in DVCC TECHNOLOGY L.L.C ushers in our business transformation journey to explore the frontier of metaverse lifestyle. Our newly established Dubai-based entity Scienjoy Verse Tech Ltd is positioned to serve global audience, with its products designed to encapsulate the opulence of Dubai's premium culture and world-class lifestyle. We also collaborated with NUJOOM ALMASHREQ MEDIA L.L.C to enrich our metaverse ecosystem with diversified content creation, effectively carrying us forwards in creating an innovative metaverse phenomenon with worldwide appeals. Moving forward, we will continue to improve our products by actively applying AI technologies. We firmly believe that we are at the forefront of creating a metaverse lifestyle, which resonates with global users and holds the promise for long-term returns."

Mr. Denny Tang, Chief Financial Officer of Scienjoy, added, "For the fiscal year 2023, our total net revenue witnessed a moderate decline in the face of business transition and market fluctuations. Nevertheless, our technological capacity and strategic initiatives have enabled us to maintain stable operation and financial fundamentals. Excluding the impact of one-time expenses and losses, we would see a net income in fiscal year 2023, contrary to the loss-making situation. Moreover, our cost structure is being optimized to maximize our investment and potential returns in the metaverse business and global expansion. Our cash and cash equivalents steadily rose by 17.2% from last year, forming a solid financial basis for strategic operational activities in the coming year. Besides, our commitment to technological innovation and business expansion are already bearing fruits, with our advanced AI-powered products launched to the market recently. As we move forward, we will continue to enhance the profitability of our business, focusing on technological innovation to expedite the product rollout. We're confident about the enormous potentials in our metaverse business, which is in the makings to bring significant returns to our shareholders."

Fiscal Year 2023 Financial Results

Total revenues decreased by 25.0% to RMB1,464.9 million (US$206.3 million) for the year ended December 31, 2023 from RMB1,953.3 million for the year ended December 31, 2022, primarily caused by decrease of paying users and average revenue per paying user ("ARPPU") due to competitive landscape of China's mobile live streaming market. 

Cost of revenues decreased by 23.8% to RMB1,272.1 million (US$179.2 million) for the year ended December 31, 2023 from RMB1,670.1 million for the year ended December 31, 2022. The decrease was primarily attributable to a 23.8%, or RMB362.1 million, year-over-year decrease in the Company's revenue sharing fees and content costs.  

Gross profit decreased by 31.9% to RMB192.7 million (US$27.1 million) for the year ended December 31, 2023 from RMB283.2 million for the year ended December 31, 2022.

Total operating expenses increased by 27.4% to RMB169.9 million (US$23.9 million) for the year ended December 31, 2023 from RMB133.4 million for the year ended December 31, 2022.

  • Sales and marketing expenses decreased by 36.3% to RMB1.4 million (US$0.2 million) for the year ended December 31, 2023 from RMB2.1 million for the year ended December 31, 2022, primarily due to fewer marketing activities as the Company tightened the budget based on current operating needs.
  • General and administrative expenses increased by23.9% to RMB75.6 million (US$10.6 million) for the year ended December 31, 2023 from RMB61.0 million for the year ended December 31, 2022. The increase was primarily due to an increase of RMB4.9 million in employee salary and welfare, an increase of RMB4.0 million in share base compensations and an increase of RMB2.5 million office renovation expenses.
  • Research and development expenses increased by 11.2% to RMB75.1 million (US$10.6 million) for the year ended December 31, 2023 from RMB67.5 million for the year ended December 31, 2022, due to an increase of RMB7.5 million in employee salary and welfare.
  • Provision for doubtful accounts increased by 552.2% to RMB17.9 million (US$2.5 million) for the year ended December 31, 2023 from RMB2.7 million for the year ended December 31, 2022, primary due to one-time credit loss provision of RMB16.3 million for the loan receivable.

Income from operations decreased by 84.8% to RMB22.8 million (US$3.2 million) for the year ended December 31, 2023 from RMB149.8 million for the year ended December 31, 2022. If excluded one-time provision for credit loss of RMB16.3 million, our income from operation would amount to RMB39.1 million (US$5.5 million) for the year ended December 31, 2023.

Change in fair value of contingent consideration amounted to a loss of RMB5.6 million (US$0.8 million) for the year ended December 31, 2023, as compared to a gain of RMB 13.1 million for the year ended December 31, 2022. Change in fair value of contingent consideration is derived from earn out liabilities resulted from historical acquisitions. The fair value of the contingent consideration is re-measured at each reporting period, and the change in fair value is recognized as either income or expense. 

Change in fair value of warrants liability decreased to a gain of RMB 0.2 million (US$0.02 million) for the year ended December 31, 2023 from a gain of RMB10.8 million for the year ended December 31, 2022. The fair value of the Company's warrants derivative liability assumed from the SPAC acquisition is re-measured to its fair value at the end of each reporting period, with the change being recorded as other expense or gain.

Change in fair value of investment in marketable security amounted to a loss of RMB9.0 million (US$1.3 million) for the year ended December 31, 2023, as compared with a gain of RMB1.8 million for year ended December 31, 2022. The change was primarily attributable to the fair value changes in investments in publicly traded company.

Investment loss amounted to RMB31.3 million (US$4.4 million) for the year ended December 31, 2023 as compared with an investment income of RMB25.4 million for the year ended December 31, 2022. The investment loss for the year ended December 31, 2023 was primarily attributable to one-time share of unrealized loss of RMB30.7 million in the long-term investments.

Impairment of long-term investments amounted to RMB11.8 million (US$1.7 million) for the year ended December 31, 2023, and no such impairment suffered for the year ended December 31, 2022.

Net loss amounted to RMB35.0 million (US$4.9 million) for the year ended December 31 2023, as compared to a net income of RMB195.2 million for the year ended December 31, 2022. 

Net loss attributable to the Company's shareholders amounted to RMB30.8 million (US$4.3 million) for the year ended December 31, 2023, as compared to a net income attributable to the Company's shareholders of RMB193.3 million for the year ended December 31, 2022. If excluded one-time expenses amounting to RMB58.8 million in investment impairment, share of unrealized loss, and provision for credit loss, the Company had net income attributable to the Company's shareholders of RMB28.0 million (US$3.9 million) for the year ended December 31, 2023.

Adjusted net loss attributable to the Company's shareholders amounted to RMB11.7 million (US$1.6 million) for the year ended December 31, 2023, as compared to a net income adjusted attributable to the Company's shareholders of RMB181.4 million for the year ended December 31, 2022.

Basic and diluted net loss attributable to the Company's shareholders per ordinary share were both RMB0.76 (US$0.11) for the year ended December 31, 2023. In comparison, basic and diluted net income attributable to the Company's shareholders per ordinary share were both RMB4.92 for the year ended December 31, 2022.

Adjusted basic and diluted net loss attributable to the Company's shareholders per ordinary share were both RMB0.29 (US$0.04) for the year ended December 31, 2023. In comparison, adjusted basic and diluted net income attributable to the Company's shareholders per ordinary share were both RMB4.62 for the year ended December 31, 2022.

As of December 31, 2023, the Company had cash and cash equivalents of RMB205.5 million (US$28.9 million), which represented an increase of 17.2% from RMB175.3 million as of December 31, 2022.

Business Outlook

The Company expects its total revenues to be in the range of RMB310 million to RMB320 million in the first quarter of 2024. This forecast reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.  

About Scienjoy Holding Corporation

Scienjoy is a pioneering Nasdaq-listed interactive entertainment leader. Driven by the vision of shaping a metaverse lifestyle, Scienjoy leverages AI-powered technology to create immersive experiences that resonate with global audiences, fostering meaningful connections and redefining entertainment. For more information, please visit http://ir.scienjoy.com/

Use of Non-GAAP Financial Measures

Adjusted net income is calculated as net income adjusted for change in fair value of contingent consideration, change in fair value of warrant liability and share based compensation. Adjusted basic and diluted net income per ordinary share is non-GAAP net income (loss) attributable to ordinary shareholders divided by weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ordinary share. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to its most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with US GAAP.

For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Results" near the end of this release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.0999 to US$1.00, the noon buying rate in effect on December 31, 2023, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized or settled in U.S. dollars at that rate on December 31, 2023, or at any other rate.

Safe Harbor Statement

Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting our profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission ("SEC") from time to time. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.

For investor and media inquiries, please contact:

Investor Relations Contacts

Denny Tang
Chief Financial Officer
Scienjoy Holding Corporation
+86-10-64428188
ir@scienjoy.com 

Ascent Investor Relations LLC

Tina Xiao
+1-646-932-7242
investors@ascent-ir.com 

 

 

CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share and per share data or otherwise stated)




As of December 31,




2022



2023



2023




RMB



RMB



US$


ASSETS










Current assets










Cash and cash equivalents



175,292




205,465




28,939


Accounts receivable, net



316,657




260,979




36,758


Prepaid expenses and other current assets



115,170




78,653




11,078


Amounts due from related parties



1,115




355




50


Investment in marketable security



40,548




31,525




4,440


Total current assets



648,782




576,977




81,265















Property and equipment, net



2,735




2,193




309


Intangible assets, net



419,055




412,154




58,051


Goodwill



172,781




182,467




25,700


Long term investment



234,176




254,411




35,833


Long term deposits and other assets



953




726




102


Right-of-use assets-operating lease



19,209




12,157




1,712


Deferred tax assets



4,337




7,379




1,039


Total non-current assets



853,246




871,487




122,746


TOTAL ASSETS



1,502,028




1,448,464




204,011















LIABILITIES AND SHAREHOLDERS' EQUITY













Current liabilities













Bank loan



5,000




-




-


Accounts payable



116,251




73,183




10,306


Accrued salary and employee benefits



12,428




14,763




2,079


Accrued expenses and other current liabilities



13,264




27,610




3,889


Contingent consideration – earn-out liability



4,336




-




-


Warrant liabilities



166




-




-


Income tax payable



13,531




13,005




1,832


Lease liabilities-operating lease -current



7,174




7,974




1,123


Deferred revenue



93,383




97,586




13,745


Total current liabilities



265,533




234,121




32,974















Non-current liabilities













Deferred tax liabilities



61,236




59,818




8,425


Lease liabilities-operating lease -non-current



12,773




4,798




676


Total non-current liabilities



74,009




64,616




9,101


TOTAL LIABILITIES



339,542




298,737




42,075















Commitments and contingencies


























EQUITY













Ordinary share, no par value, unlimited Class A ordinary shares
   and Class B ordinary shares authorized, 36,684,668 Class A
   ordinary shares and 2,925,058 Class B ordinary shares issued
   and outstanding as of December 31, 2022, respectively.
   38,113,879 Class A ordinary shares and 2,925,058 Class B
   ordinary shares issued and outstanding as of
December 31,
   2023, respectively
.













Class A ordinary shares



396,880




423,623




59,666


Class B ordinary shares



23,896




23,896




3,366


Shares to be issued



33,923




30,777




4,335


Treasury stocks



(16,482)




(19,216)




(2,707)


Statutory reserves



39,208




44,698




6,296


Retained earnings



665,099




628,821




88,568


Accumulated other comprehensive income



18,070




17,965




2,530


Total shareholders' equity



1,160,594




1,150,564




162,054


Non-controlling interests



1,892




(837)




(118)


Total equity



1,162,486




1,149,727




161,936


TOTAL LIABILITIES AND EQUITY



1,502,028




1,448,464




204,011


 

 

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(All amounts in thousands, except share and per share data or otherwise stated)






For the years ended December 31






2022



2023



2023






RMB



RMB



US$


Live streaming - consumable virtual items revenue





1,886,179




1,420,258




200,040


Live streaming - time based virtual item revenue





27,683




25,004




3,522


Technical services and others





39,395




19,609




2,761


Total revenue





1,953,257




1,464,871




206,323


Cost of revenues





(1,670,068)




(1,272,145)




(179,178)


Gross profit





283,189




192,726




27,145


Sales and marketing expenses





(2,127)




(1,355)




(191)


General and administrative expenses





(61,005)




(75,582)




(10,646)


Research and development expenses





(67,538)




(75,116)




(10,580)


Recovery of (provision for) doubtful accounts





(2,739)




(17,865)




(2,516)


Income from operations





149,780




22,808




3,212


Change in fair value of contingent consideration





13,071




(5,624)




(792)


Change in fair value of warrant liabilities





10,776




170




24


Change in fair value of investment





1,760




(9,023)




(1,271)


Investments income (loss)





25,449




(31,328)




(4,412)


Impairment of long-term investments





-




(11,800)




(1,662)


Interest income, net





2,506




2,739




386


Other income (loss), net





11,443




7,449




1,049


Foreign exchange gain (loss), net





(1,493)




(1,887)




(266)


Income (loss) before income taxes





213,292




(26,496)




(3,732)


Income tax expense





(18,067)




(8,480)




(1,194)


Net income (loss)





195,225




(34,976)




(4,926)


Less: net income (loss) attributable to noncontrolling
   interest





1,892




(4,188)




(590)


Net income (loss) attributable to the Company's
   shareholders





193,333




(30,788)




(4,336)

















Other comprehensive income (loss):















Other comprehensive income (loss) - foreign currency
   translation adjustment





955




(105)




(15)


Comprehensive income (loss)





196,180




(35,081)




(4,941)


Less: comprehensive income (loss) attributable to non-
   controlling interests





1,892




(4,188)




(590)


Comprehensive income (loss) attributable to the
   Company's shareholders





194,288




(30,893)




(4,351)

















Weighted average number of shares*















Basic





39,263,147




40,649,414




40,649,414


Diluted





39,263,147




40,649,414




40,649,414

















Earnings (loss) per share















Basic





4.92




(0.76)




(0.11)


Diluted





4.92




(0.76)




(0.11)


 

 

Reconciliations of Non-GAAP Results

(All amounts in thousands, except share and per share data or otherwise stated)




For the years ended December 31,




2022



2023



2023




RMB



RMB



US$


Net income (loss) attributable to the Company's
   shareholders



193,333




(30,788)




(4,336)


Less:













Change in fair value of contingent consideration



13,071




(5,624)




(792)


Change in fair value of warrants liability



10,776




170




24


Share based compensation



(11,954)




(13,637)




(1,921)


Adjusted net income (loss) attributable to the Company's
   shareholders*



181,440




(11,697)




(1,647)















Adjusted net income (loss) per ordinary share













Basic



4.62




(0.29)




(0.04)


Diluted



4.62




(0.29)




(0.04)


"Adjusted net income (loss) attributable to the Company's shareholders" is defined as net income (loss) attributable to the Company's shareholders excluding change in fair value of contingent consideration, change in fair value of warrant liability and share based compensation. For more information, refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Results" at the end of this press release.

 

 

 

Cision View original content:https://www.prnewswire.com/news-releases/scienjoy-holding-corporation-reports-fiscal-year-2023-financial-results-302128825.html

SOURCE Scienjoy Holding Corporation

FAQ

What were Scienjoy's total revenues for fiscal year 2023?

Total revenues decreased to RMB1,464.9 million for the year ended December 31, 2023.

What was the net loss attributable to the Company's shareholders in 2023?

The net loss attributable to the Company's shareholders was RMB30.8 million for the year ended December 31, 2023.

How many total paying users did Scienjoy have in 2023?

Total paying users were 557,692 for the year ended December 31, 2023.

What strategic initiatives is Scienjoy focusing on for long-term growth?

The company is focusing on strategic initiatives in the metaverse and AI technologies for long-term growth.

Scienjoy Holding Corporation

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