TIAN RUIXIANG Holdings Ltd Reports Financial Results for the Half Year Ended April 30, 2024

Core Viewpoint - TIAN RUIXIANG Holdings Ltd reported a significant decline in revenue and an increase in net loss for the first half of 2024, primarily due to the loss of key insurance company partners, but showed growth in liability insurance commissions, indicating potential for future recovery through market expansion and client diversification strategies [1][2][5]. Financial Performance - Revenue for the six months ended April 30, 2024, was $0.2 million, a decrease of $0.5 million or 75.4% compared to $0.7 million for the same period in 2023, mainly due to the loss of certain insurance company partners [2]. - The loss from operations for the same period was $3.0 million, compared to $1.9 million for the six months ended April 30, 2023, reflecting an increase of 53.7% [4]. - The net loss was $2.6 million for the six months ended April 30, 2024, compared to $1.5 million for the same period in 2023, representing a change of $1.1 million or 75.3% [5]. Operating Expenses - Total operating expenses for the six months ended April 30, 2024, were $3.1 million, an increase of 18.4% from $2.7 million in the same period in 2023 [7]. - Selling and marketing expenses decreased to $1.2 million from $1.6 million, a reduction of $0.4 million or 26.5% [7]. - General and administrative expenses rose to $2.0 million from $1.1 million, an increase of $0.9 million or 83.0% [7]. Cash Flow and Assets - As of April 30, 2024, total assets were $37.97 million, an increase from $35.48 million as of October 31, 2023 [11][13]. - Cash and restricted cash at the end of the period totaled $28.16 million, down from $36.66 million at the end of the previous period [19][20]. Strategic Outlook - The company is pursuing strategies to expand into the Hong Kong insurance brokerage market and diversify its client base to mitigate the impact of lost partnerships and improve financial performance [1].