Summary by Futu AI
Cloopen Group reported a significant revenue decline of 21.1% YoY to RMB593.6M ($86.1M) for fiscal year 2022. The company's net loss expanded to RMB975.9M ($141.5M) from RMB904.5M in 2021, while gross profit decreased by 16.5% YoY to RMB226.3M. Despite challenges, the gross profit margin improved to 38.1% from 36.1% in the previous year.Cloud-based Contact Center solutions remained the largest revenue contributor, accounting for 52.3% of total revenue at RMB310.8M, followed by CPaaS at RMB192.2M (32.4%) and Cloud-based UC&C at RMB89.4M (15.1%). The company maintained a strong financial position with cash reserves and term deposits totaling RMB778.2M at year-end.The company faced significant corporate developments in 2023, including delisting from NYSE on October 25 and transitioning to OTC trading under symbol "RAASY". A class action lawsuit was settled with a $12.0M payment in October 2023, receiving final court approval in January 2024. The company acknowledged ongoing COVID-19 impacts on customer payments and operations.
