Yuanyu Enterprise Management Co., Limited, Reports 1Q2024 Unaudited Financial Results
Yuanyu Enterprise Management Co., (YYEM), a company 20% owned by Connexa Sports Technologies Inc. (Nasdaq: YYAI), reported strong unaudited financial results for Q1 FY2024. YYEM's revenue surged to $3.3 million, up from $481,000 in the same period last year, driven by payments from new licensees. Net income rose to $2.2 million, compared to $278,000 a year ago. The company's growth is attributed to its AI-powered matchmaking platform and proprietary technologies in the 'love & marriage' industry. YYEM is set to become a 70%-owned subsidiary of Connexa, pending Nasdaq approval, which is expected to deliver shareholder value. The company's revenue was geographically diverse, with $1.4 million from Southeast Asia, $1.1 million from the US, and $818,000 from Europe.
Yuanyu Enterprise Management Co. (YYEM), una società detenuta al 20% da Connexa Sports Technologies Inc. (Nasdaq: YYAI), ha riportato solidi risultati finanziari non certificati per il primo trimestre dell'anno fiscale 2024. I ricavi di YYEM sono aumentati a 3,3 milioni di dollari, rispetto ai 481.000 dollari dello stesso periodo dello scorso anno, grazie ai pagamenti da nuovi licenziatari. L'utile netto è salito a 2,2 milioni di dollari, rispetto ai 278.000 dollari di un anno fa. La crescita dell'azienda è attribuita alla sua piattaforma di matchmaking alimentata dall'IA e alle tecnologie proprietarie nel settore 'amore e matrimonio'. YYEM è destinata a diventare una controllata al 70% di Connexa, in attesa dell'approvazione da parte del Nasdaq, che si prevede porterà valore agli azionisti. I ricavi dell'azienda erano geograficamente diversificati, con 1,4 milioni di dollari provenienti dal Sud-est asiatico, 1,1 milioni di dollari dagli Stati Uniti e 818.000 dollari dall'Europa.
Yuanyu Enterprise Management Co. (YYEM), una empresa de propiedad del 20% de Connexa Sports Technologies Inc. (Nasdaq: YYAI), reportó sólidos resultados financieros no auditados para el primer trimestre del año fiscal 2024. Los ingresos de YYEM se dispararon a 3.3 millones de dólares, en comparación con los 481,000 dólares en el mismo período del año pasado, impulsados por los pagos de nuevos licenciatarios. Las ganancias netas aumentaron a 2.2 millones de dólares, frente a los 278,000 dólares de hace un año. El crecimiento de la empresa se atribuye a su plataforma de emparejamiento impulsada por IA y tecnologías propietarias en la industria de 'amor y matrimonio'. YYEM está lista para convertirse en una subsidiaria del 70% de Connexa, pendiente de la aprobación del Nasdaq, que se espera que genere valor para los accionistas. Los ingresos de la empresa fueron geográficamente diversos, con 1.4 millones de dólares provenientes de Asia Sudoriental, 1.1 millones de dólares de EE. UU. y 818,000 dólares de Europa.
유안위 엔터프라이즈 매니지먼트 회사 (YYEM)는 Connexa Sports Technologies Inc. (Nasdaq: YYAI)가 20% 소유하고 있는 회사로, 2024 회계연도 1분기 감사되지 않은 재무 결과를 발표했습니다. YYEM의 매출은 330만 달러로 급증했으며, 이는 작년 같은 기간의 48만 1천 달러에서 증가한 수치입니다. 이는 새로운 라이센스를 보유한 회사들로부터의 지불이 주요 원인입니다. 순익은 작년 27만 8천 달러에 비해 220만 달러로 증가했습니다. 회사의 성장은 '사랑과 결혼' 산업에서의 AI 기반의 매칭 플랫폼과 독점 기술 덕분입니다. YYEM은 Nasdaq의 승인을 기다리고 있으며, 승인이 완료되면 Connexa의 70% 자회사로 전환될 예정이며, 이는 주주 가치를 증대시킬 것으로 기대됩니다. 회사의 수익은 아시아 남동부에서 140만 달러, 미국에서 110만 달러, 유럽에서 81만 8천 달러 등 지리적으로 다양했습니다.
Yuanyu Enterprise Management Co. (YYEM), une entreprise détenue à 20 % par Connexa Sports Technologies Inc. (Nasdaq: YYAI), a annoncé de solides résultats financiers non audités pour le premier trimestre de l'exercice 2024. Les revenus de YYEM ont grimpé à 3,3 millions de dollars, contre 481 000 dollars durant la même période l'année dernière, grâce aux paiements de nouveaux licenciés. Le bénéfice net a augmenté à 2,2 millions de dollars, par rapport à 278 000 dollars l'année précédente. La croissance de l'entreprise est attribuée à sa plateforme de mise en relation propulsée par l'IA et aux technologies propriétaires dans le secteur de 'l'amour et du mariage'. YYEM devrait devenir une filiale à 70 % de Connexa, sous réserve de l'approbation de la Nasdaq, ce qui devrait apporter de la valeur aux actionnaires. Les revenus de l'entreprise étaient géographiquement diversifiés, avec 1,4 million de dollars d'Asie du Sud-Est, 1,1 million de dollars des États-Unis et 818 000 dollars d'Europe.
Yuanyu Enterprise Management Co. (YYEM), ein zu 20% im Besitz von Connexa Sports Technologies Inc. (Nasdaq: YYAI), berichtete über starke nicht geprüfte Finanzergebnisse für das erste Quartal des Geschäftsjahres 2024. Der Umsatz von YYEM stieg auf 3,3 Millionen Dollar, im Vergleich zu 481.000 Dollar im gleichen Zeitraum des Vorjahres, was auf Zahlungen von neuen Lizenznehmern zurückzuführen ist. Der Nettogewinn stieg auf 2,2 Millionen Dollar, verglichen mit 278.000 Dollar vor einem Jahr. Das Wachstum des Unternehmens wird seiner KI-gestützten Matching-Plattform und proprietären Technologien in der 'Liebes- und Ehe'-Branche zugeschrieben. YYEM wird voraussichtlich eine zu 70 % im Besitz befindliche Tochtergesellschaft von Connexa, abhängig von der Genehmigung durch die Nasdaq, die voraussichtlich den Aktionärswert steigern wird. Die Einnahmen des Unternehmens waren geografisch vielfältig, wobei 1,4 Millionen Dollar aus Südostasien, 1,1 Millionen Dollar aus den USA und 818.000 Dollar aus Europa stammten.
- Revenue increased significantly from $481,000 to $3.3 million year-over-year
- Net income grew from $278,000 to $2.2 million year-over-year
- Gross profit margin improved from 70% to 77.3%
- Geographic revenue diversification across Southeast Asia, US, and Europe
- Ownership of six metaverse-related technologies and five AI matchmaking patents
- Operating expenses increased from $4,169 to $34,120 year-over-year
Insights
YYEM's Q1 2024 results show remarkable growth, with revenue surging to
The geographic revenue breakdown (
YYEM's technological portfolio is impressive, with six metaverse-related technologies and five AI matchmaking patents. This IP suite, integrating AR, XR and AI capabilities, positions YYEM at the forefront of the love & marriage tech sector. The ability to integrate with established Big Data models and AI systems like Huawei Pangu 3 enhances YYEM's competitive edge.
However, the tech landscape is rapidly evolving. While YYEM's current IP is strong, maintaining this advantage will require continuous innovation and adaptation. The real test will be in effectively operationalizing these technologies to create tangible value for licensees and end-users in the matchmaking process.
The love & marriage market is an emerging sector with significant growth potential. YYEM's strong Q1 performance suggests its business model is gaining traction. The company's expansion across Southeast Asia, the US and Europe indicates a global market opportunity.
However, this market is likely to attract more competitors as it grows. YYEM's success will depend on its ability to maintain technological leadership and build strong brand recognition. The planned increase in Connexa's ownership to
YYEM posts significant license revenue and net income increases
over prior year
Company, which is
a subsidiary pending Nasdaq approval
Windsor Mills, MD, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Connexa Sports Technologies Inc. (Nasdaq: YYAI) reports unaudited operating results for the first quarter of FY24 from Yuanyu Enterprise Management Co., Ltd. (“YYEM”). Yuanyu is
“The strong financial results of YYEM for the first quarter of its financial year support the Board’s decision to acquire a majority stake in the company, which the Board expects will deliver shareholder value and provide all Connexa shareholders with an opportunity to share in YYEM’s success as it grows its operations in the ‘love & marriage’ industry,” commented Mike Ballardie, Connexa CEO.
For the first quarter of YYEM’s fiscal year, ended April 30, 2024, the Company reported revenue of
These financial results reflect the continuing development of YYEM as the Company works to redefine the future of matchmaking. They suggest that the YYEM business model and AI platform are resonating with the company’s licensees and that the various businesses of YYEM are maturing and improving while gradually opening up the love & marriage market around the world. YYEM expects this growth to continue over the next few years as it becomes a leading brand within this sector.
YYEM operates in the emerging love & marriage market sector, where it owns significant proprietary intellectual property unique to this business sector, covering its licensees’ online presence and underpinning their matchmaker operations. It owns six technologies related to the metaverse and five AI matchmaking patents, which together enable access to both Augmented Reality (AR) and Extended Reality (XR), enhancing its future revenue growth potential. YYEM’s AI technology can also integrate with existing Big Data models and other larger AI models, such as Huawei Pangu 3, a feature designed to operationalize its AI and hone its technologies to create significant business value by helping its licensees deliver effective matchmaking services and helping their clients find successful life partnerships.
YUANYU ENTERPRISE MANAGEMENT CO., LIMITED
STATEMENTS OF OPERATIONS (IN USD)
THREE-MONTH PERIOD ENDED APRIL 30, 2024 AND 2023
| For the three-month period ended April 30, | ||||||||
| 2024 | 2023 | |||||||
| Revenue | $ | 3,272,727 | $ | 480,769 | ||||
| Cost of revenue | 744,231 | 144,231 | ||||||
| Gross profit | 2,528,496 | 336,538 | ||||||
| Operating expenses | ||||||||
| General and Administrative | 34,120 | 4,169 | ||||||
| Total operating expenses | 34,120 | 4,169 | ||||||
| Profit from Operations | 2,494,376 | 332,369 | ||||||
| Other Income / (Expense) | - | - | ||||||
| Total Other Income / (Expense) | - | - | ||||||
| Provisions for income taxes | 321,572 | 54,841 | ||||||
| Net income | $ | 2,172,804 | $ | 277,528 | ||||
About Connexa Sports Technologies:
Connexa Sports is a leading connected sports company delivering products, technologies, and Sport-as-a-Service across a range of sport verticals. Connexa’s mission is to reinvent sports through technological innovation driven by an unwavering focus on today’s sports consumer.
About Yuanyu Enterprise Management Co., Limited
Yuanyu Enterprise Management Co., Limited (YYEM) operates across the rapidly emerging love & marriage sector. YYEM owns numerous patents, technologies, and algorithms that drive its big data and matchmaking analyses, deriving its current revenues from royalties. YYEM has multiple licensing agreements in place covering distinct regions around the world.
Contact Information:
investors@connexasports.com
www.connexasports.com
Forward-Looking Statements
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements.
Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors described in “Item 1A. Risk Factors” in our 10-K filing as of July 27, 2024 and our ability to continue as a going concern. Accordingly, you should not rely on these forward-looking statements, which speak only as of the date of this press release. You should, however, review the factors and risks we describe in the reports we will file from time to time with the SEC after the date of this press release.
In addition, statements such as “pending”, “we believe”, “expected” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release. And while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and you are cautioned not to rely unduly on these statements.
Although we believe the expectations reflected in the forward-looking statements were reasonable at the time made, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should carefully consider the cautionary statements contained or referred to in this section in connection with the forward-looking statements contained in this press release and any subsequent written or oral forward-looking statements that may be issued by us or persons acting on our behalf.
FAQ
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