On November 13th, RELX Technology Inc. (NYSE: RELX) released its unaudited financial report for the third quarter of 2023.
The financial report reveals that in the third quarter of 2023, RELX Technology recorded a net revenue of RMB 430 million (USD 58.67 million), with a quarterly growth of 13.2% and an annual decrease of 59.0%. Adjusted net profit for the third quarter, based on non-GAAP accounting standards, amounted to RMB 200 million (USD 27.07 million), showing a quarterly increase of 129.0% and an annual decrease of 39.9%.
Financial Performance Summary of the Third Quarter of 2023:
The net income for the third quarter of 2023 was RMB 428.1 million ($58.7 million), compared to RMB 1.044 billion in the same period of 2022. The gross profit margin for the third quarter of 2023 was 24.7%, while it was 50.0% in the same period of 2022. In the third quarter of 2023, the net profit under US Generally Accepted Accounting Principles was RMB 172.7 million, compared to RMB 505.2 million in the same period of 2022. The non-GAAP net profit for the third quarter of 2023 was RMB 197.5 million ($27.1 million), compared to RMB 328.6 million in the same period of 2022.
Founder, Chairman, and CEO of RELX, Wang Ying, stated, "Since the implementation of the national standard for e-cigarettes one year ago, we have continuously optimized our product portfolio based on regulatory requirements, aiming to provide high-quality national standard products for adult smokers. However, the existence of an illegal fruit-flavored product gray market and consumers' lack of knowledge about national standard products has resulted in a slower-than-expected transition to these products. We believe that these challenges are temporary, and as awareness of the harmful nature of illegal products and regulatory crackdowns strengthen, the industry is expected to develop in a healthier and more organized manner. This will lead to more users trusting national standard products and gradually completing the transition."
Lu Chao, CFO of Fogcore Technology, stated that the company's operating cash flow has been positive for two consecutive quarters, reflecting the resilience of the company's business in the face of new regulatory environment.
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