Summary by Futu AI
Beisen Holdings Limited (“Beisen Holdings”) issued a profit warning announcing its financial performance for fiscal year 2024. According to preliminary estimates, the Company expects revenue for the year ended March 31, 2024 to be in the range of approximately RMB837.3 million to $878.6 million, up 11.5% to 17.0% year-on-year, and revenue of RMB750.9 million for fiscal 2023. Year-to-date recurring revenue is forecast to grow 15.0% to 18.0% and subscription revenue retention is expected to reach 105.0% to 107.0%. However, the Company expects owners' loss to increase to approximately RMB3,043.3 million to RMB3,363.7 million, mainly due to changes in the fair value of redeemable convertible preferred shares and increased share-based payments. Adjusted net loss may narrow by approximately 59.9% to 71.6%, while adjusted gross profit is expected to grow by approximately 24.9% to 35.2% year-over-year. The company emphasizes that these data have not yet been audited and may need to be adjusted. Shareholders and potential investors should exercise caution and detailed annual results will be announced at the end of June 2024.