Enjoy Infinity Announces FY2023 Financial Results

Revenue was RMB1,464.9 million (approximately US$206.3 million), compared to RMB1,953.3 billion in fiscal year 2022.

Gross profit was RMB192.7 million (approximately US$27.1 million) compared to RMB283.2 million for fiscal year 2022.

Operating profit was RMB 22.8 million (approximately US$3.2 million), compared to RMB149.8 million in fiscal year 2022. After excluding the one-time credit loss reserve of RMB 16.3 million, operating profit for fiscal year 2023 was RMB 39.1 million (approximately US$5.5 million).

Net loss attributable to shareholders was RMB 30.8 million (approximately US$4.3 million), while net profit attributable to shareholders for fiscal year 2022 was RMB 193.3 million. After excluding one-time expenses totaling RMB 58.8 million, including investment impairment, unrealized loss shares, and credit loss reserves, the company's net profit attributable to shareholders for fiscal year 2023 was RMB 28 million (approximately US$3.9 million).

Adjusted net loss attributable to shareholders was RMB 11.7 million (approximately US$1.6 million), while adjusted net profit attributable to shareholders for FY2022 was RMB 181.4 million.

The total number of paying users was 557,692, compared to 702,372 in FY2022.

As of December 31, 2023, cash and cash equivalents increased 17.2% year over year to RMB 205.5 million (approximately US$28.9 million), compared to RMB 175.3 million as of December 31, 2022.

He Xiaowu, Chairman and CEO of Smart Sharing Infinity, commented, “FY2023 is a very landmark year for the company. In this year, we have made tremendous progress in realizing our vision of globalization and the metaverse. Using artificial intelligence-related technology and a series of strategic initiatives launched in Dubai, we are steadily advancing and creating a personalized and intelligent metaverse lifestyle. We made a strategic investment in DVCC TECHNOLOGY L.L.C to begin our business transformation journey to the cutting edge of the metaverse lifestyle. We have established Scienjoy Verse Tech Ltd in Dubai to serve a global audience, with products designed to reflect Dubai's culture and its world-class lifestyle. We are also collaborating with NUJOOM ALMASHREQ MEDIA L.L.C to enrich our metaverse ecosystem through diverse content creation, effectively driving us to create an innovative metaverse lifestyle that leads the world. Looking ahead, we will continue to actively promote the application of artificial intelligence technology to improve our products. We believe we are pioneering the metaverse lifestyle, resonating with users around the world, and reaping long-term rewards from it.”

“In fiscal year 2023, due to business transformation and market fluctuations, our revenue declined slightly,” added Deng Bentong, CFO of Enjoy Infinity. Despite this, our technical strengths and strategic initiatives have maintained our stable operating and financial foundation. After deducting one-time financial expenses and losses, we achieved net revenue for the full year of fiscal year 2023. At the same time, we are optimizing our cost structure to maximize the return on investment in our metaverse business and global expansion. Furthermore, cash and cash equivalents increased steadily by 17.2% compared to last year, laying a solid financial foundation for the company's operations in the coming year. With the recent launch and launch of products driven by artificial intelligence, our investment in technological innovation and business expansion has begun to pay off. In the future, we will continue to enhance the profitability of our business, focus on technological innovation, and accelerate product launches. We are optimistic about the huge potential of the metaverse business and expect it to bring significant returns to our shareholders.”

Enjoy Infinity Holdings Limited (NASDAQ: SJ) is a pioneering NASDAQ listed interactive entertainment leader. Driven by a vision to shape a metaverse lifestyle, the company uses artificial intelligence technology to create engaging experiences, make meaningful connections with global audiences, and redefine entertainment.