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

Benzinga2023-05-18

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."

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