On March 11, Gelonghui | Graffiti Smart-W (02391.HK) announced that for the year ended December 31, 2023, the company's total revenue was 230.0 million US dollars, up about 10.5% year on year. Among them, IoT Platform as a Service (PaaS) revenue was $167.7 million, up about 9.7% year over year. Software as a service (SaaS) and other revenue was $35.8 million, up approximately 20.0% year over year.
Overall gross margin rose to 46.4%, up 3.4 percentage points year over year (year ended December 31, 2022:43.0%). The gross margin of IoT PaaS rose to 43.7%, up 2.6 percentage points year over year (year ended December 31, 2022:41.1%). The non-GAAP net profit margin was 8.9%, an improvement of 46.0 percentage points over the previous year (year ended December 31, 2022: negative 37.1%), reaching annual balance for the first time.
For 12 consecutive months as of December 31, 2023, there were 265 high-quality IoT PaaS customers (for 12 consecutive months as of December 31, 2022:263). For the year ended December 31, 2023, the Group's premium IoT PaaS customers contributed approximately 83.4% (year ended December 31, 2022:81.7%) of IoT PaaS revenue.
The net revenue-based IoT PaaS expansion rate (DBNER) for 12 consecutive months ended December 31, 2023 was 103% (12 consecutive months ended December 31, 2022:51%).
As of December 31, 2023, there were approximately 993,000 registered IoT device and software developers, an increase of 40.3% over the approximately 708,000 developers as of December 31, 2022.
The company said that in order to cope with the changing market environment, the Group will continue to strive to continuously iterate and improve its products and services, further enhance its software and hardware capabilities, expand its high-quality customer base, invest in innovation and new opportunities, diversify revenue sources, and further optimize operating efficiency.