Core Viewpoint - Youxin Technology Ltd has reported a significant strategic shift towards its third-generation PaaS platform, resulting in improved gross margins despite a decline in overall revenue. The company aims for long-term growth and operational efficiency through this transition [2][3]. Financial Performance - Total revenues for fiscal year 2024 were $521,241, a decrease of 42% from $895,978 in fiscal year 2023, primarily due to the reduction in customized CRM system development services [3][5]. - Gross profit was $341,593 in fiscal year 2024, compared to $543,302 in fiscal year 2023, with a gross margin increase to 66% from 61% [5][9]. - The net loss for fiscal year 2024 was $1.28 million, a reduction of 45.3% from a net loss of $2.34 million in fiscal year 2023 [2][12]. Revenue Breakdown - Revenue from professional services was $275,314 in fiscal year 2024, a decrease of 50% from $548,822 in fiscal year 2023 [4]. - Revenue from subscription services was $232,556 in fiscal year 2024, down 10% from $258,150 in fiscal year 2023 [7]. - The company did not generate revenue from customized CRM system development services in fiscal year 2024, which had previously contributed $134,768 in fiscal year 2023 [6]. Cost Management - Cost of revenues decreased to $179,648 in fiscal year 2024, down 49% from $352,676 in fiscal year 2023 [8]. - Operating expenses were reduced to $1.7 million in fiscal year 2024, compared to $3.0 million in fiscal year 2023, reflecting a decrease in headcount and salary costs [10][15]. Cash Flow and Financial Condition - As of September 30, 2024, the company had cash of $18,372, a significant decrease from $399,050 as of September 30, 2023 [14]. - Net cash used in operating activities was $728,066 in fiscal year 2024, down from $2,310,183 in fiscal year 2023 [14][22]. Recent Developments - The company's Class A ordinary shares began trading on the Nasdaq Capital Market on December 20, 2024, under the ticker symbol "YAAS," following an initial public offering that raised $10.35 million [15][16].
Youxin Technology Ltd Reports Financial Results for Fiscal Year 2024