TIAN RUIXIANG Holdings Ltd Reports Financial Results for Fiscal Year Ended October 31, 2023

Core Viewpoint - TIAN RUIXIANG Holdings Ltd reported a revenue decline of 8.0% for the fiscal year ended October 31, 2023, primarily due to lower commissions from insurance products and loss of partners, but achieved a significant reduction in net loss by 47.6% compared to the previous year, indicating improved operational efficiency and a strategic focus on liability insurance products [1][3]. Financial Performance - Revenue for the fiscal year 2023 was approximately $1.2 million, down from $1.4 million in 2022, reflecting an 8.0% decrease [2][3]. - Total operating expenses decreased by 33.6% to $4.3 million in 2023 from $6.4 million in 2022 [2][3]. - Loss from operations narrowed by 40.5% to $3.0 million in 2023, compared to $5.1 million in 2022 [2][3]. - Net loss decreased by 47.6% to $2.5 million in 2023, down from $4.7 million in 2022 [2][3]. Business Segments - The company experienced a notable increase of approximately $612,000 in commissions from liability insurance products, highlighting growth in this segment despite overall revenue decline [1]. Shareholder Information - Loss per share improved to $3.87 in 2023 from $9.03 in 2022, indicating better financial performance for shareholders [2][3]. Assets and Liabilities - As of October 31, 2023, total current assets were $27.6 million, a decrease from $34.9 million in 2022 [7]. - Total current liabilities increased to $3.1 million in 2023 from $1.5 million in 2022, indicating a rise in financial obligations [8]. Cash Flow - The company reported net cash provided by operating activities of $994,304 in 2023, a significant improvement compared to a cash outflow of $198,760 in 2022 [12].