Jinshanyun's revenue in the first quarter of 2023 was 1.86 billion yuan, down 14.2% from the same period last year.

According to the news on the evening of May 23, Beijing time, Jinshanyun today released its financial results for the first quarter of 2023 as of March 31. Jinshanyun's total revenue in the first quarter was 1.8644 billion yuan ($271.5 million), down 14.2 percent from 2.1738 billion yuan in the first quarter of 2022, according to the financial report. The net loss was 608.8 million yuan ($88.7 million), compared with a net loss of 521.7 million yuan in the fourth quarter of 2022 and 554.8 million yuan in the first quarter of 2022. Without Non-GAAP, the net loss was 412.5 million yuan ($60.1 million), compared with a net loss of 552.7 million yuan in the fourth quarter of 2022 and 442.9 million yuan in the first quarter of 2022.

First-quarter results: total revenue was 1.8644 billion yuan ($271.5 million), down 14.2% from 2.1738 billion yuan in the first quarter of 2022.

Revenue costs were 1.6702 billion yuan ($243.2 million), down 20.2% from 2.0939 billion yuan in the first quarter of 2022.

Gross profit was 194.2 million yuan ($28.3 million), up 142.8 percent from 80 million yuan in the first quarter of 2022. The gross margin was 10.4%, compared with 3.7% in the first quarter of 2022.

Without Non-GAAP, gross profit was 194.4 million yuan ($28.3 million), compared with 83.6 million yuan in the first quarter of 2022. The gross margin was 10.4%, compared with 3.8% in the first quarter of 2022.

Total operating expenses were 792.1 million yuan ($115.3 million), compared with 824.3 million yuan in the first quarter of 2022.

The operating loss was 597.9 million yuan ($87.1 million), compared with an operating loss of 532.8 million yuan in the first quarter of 2022.

The net loss was 608.8 million yuan ($88.7 million), compared with a net loss of 521.7 million yuan in the fourth quarter of 2022 and 554.8 million yuan in the first quarter of 2022.

Without Non-GAAP, the net loss was 412.5 million yuan ($60.1 million), compared with a net loss of 552.7 million yuan in the fourth quarter of 2022 and 442.9 million yuan in the first quarter of 2022.

As of March 31, 2023, Jinshan Cloud had cash, cash equivalents and short-term investments of 4.4616 billion yuan ($649.7 million).

Performance outlook: Jinshan Cloud expects total revenue to reach 1.85 billion to 2 billion yuan in the second quarter of 2023.