Financial Performance - Net revenues for Q1 2024 were RMB25.5 million (US7.8 million) in Q1 2024, down from RMB92.5 million in Q1 2023[12] - Adjusted net loss (non-GAAP) for Q1 2024 was RMB42.7 million (US10.1 million) in Q1 2024[7] - Research and development expenses fell by 56.9% year-over-year to RMB19.1 million (US61.9 million) as of March 31, 2024[14] - Total current assets decreased from RMB 630,726 thousand as of December 31, 2023 to RMB 568,783 thousand as of March 31, 2024, a decline of approximately 9.8%[24] - Cash and cash equivalents decreased from RMB 306,929 thousand to RMB 274,549 thousand, representing a decrease of about 10.5%[24] - Total liabilities decreased from RMB 190,257 thousand as of December 31, 2023 to RMB 158,501 thousand as of March 31, 2024, a reduction of approximately 16.7%[26] - Total shareholders' equity decreased from RMB 494,269 thousand as of December 31, 2023 to RMB 458,154 thousand as of March 31, 2024, a decrease of approximately 7.3%[26] - Operating lease liabilities, current decreased from RMB 7,647 thousand to RMB 6,354 thousand, a decline of about 16.9%[24] - Accounts receivable significantly decreased from RMB 59,206 thousand to RMB 26,842 thousand, a reduction of approximately 54.7%[24] Business Strategy - The company continues to optimize business structures to enhance operational efficiency and expand its SaaS offerings[3] - The increase in net revenues was primarily driven by a higher number of teaching and learning SaaS contracts and recurring revenue from ongoing projects[4] - The company aims to strengthen its core SaaS teaching and learning business through high-quality product enhancements and service solutions[3] Share Information - The company reported a total of 486,558,988 Class A ordinary shares outstanding as of March 31, 2024[30] Profitability - Gross margin improved to 38.4% in Q1 2024, compared to 24.4% in Q1 2023[6]
17 Education & Technology(YQ) - 2024 Q2 - Quarterly Report