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Item 2.02 Results of Operations and Financial Condition.
On May 17, 2023, Renren Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended March 31, 2023. A copy of the release is furnished as Exhibit 99.1 to this report on Form 8-K.
The information in this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
|99.1||Press Release issued by Renren Inc. on May 17, 2023.|
|104||The cover page of this Current Report on Form 8-K is formatted in Inline XBRL|
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|By:||/s/ Joseph Chen|
|Date:||May 17, 2023||Joseph Chen|
|Chairman and Chief Executive Officer|
Renren Reports First Quarter 2023 Financial Results
Phoenix, Arizona, May 17, 2023 — 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
|Ø||Revenue increased 18% over Q1 2022 to $12.1 million|
|Ø||Gross profit increased 20% over Q1 2022 to $9.4 million; gross profit margin increased from 76% in Q1 2022 to 78%|
|Ø||Loss from operations improved from a loss of $4.8 million in Q1 2022 to a loss of $3.4 million|
|Ø||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|
|Ø||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.”
About Renren Inc.
Renren Inc. (NYSE: RENN) operates several US-based SaaS businesses including Chime, Inc. and Trucker Path. Renren’s American depositary shares, each of which currently represents forty-five Class A ordinary shares, trade on NYSE under the symbol “RENN”.
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about Renren’s beliefs and expectations, including statements on making investments and operating businesses that generate long-term returns for investors, and expectations for future growth and innovation are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Renren’s goals and strategies; Renren’s future business development, financial condition and results of operations; Renren’s expectations regarding demand for and market acceptance of its services; Renren’s plans to enhance user experience, infrastructure and service offerings. Further information regarding these and other risks is included in our annual report on Form 10-K for the year ended December 31, 2022 and other documents filed with the SEC. All information provided in this press release is as of the date of this press release, and Renren does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
Investor Relations Department
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2022 and 2023
(In thousands of US dollars, except share data and per share data)
|For the three months ended March 31,|
|Cost of revenues:|
|Total cost of revenues||2,447||2,723|
|Selling and marketing||4,795||4,896|
|Research and development||3,598||4,902|
|General and administrative||4,272||3,047|
|Total operating expenses||12,665||12,845|
|Loss from operations||(4,791||)||(3,419||)|