Technology
Youxin Technology Ltd Reports Financial Results for Fiscal Year 2024
Published
1 year agoon
By
GUANGZHOU, China, Jan. 30, 2025 /PRNewswire/ — Youxin Technology Ltd (Nasdaq: YAAS) (the “Company” or “Youxin Technology”), a software as a service (“SaaS”) and platform as a service (“PaaS”) provider committed to helping retail enterprises digitally transform their businesses, today announced its financial results for the fiscal year ended September 30, 2024.
Mr. Shaozhang Lin, Chief Executive Officer of Youxin Technology Ltd, commented, “The past year underscores our diligent strategic adjustments and significant efforts to enhance operational efficiency amid macroeconomic headwinds and challenges in China. We successfully improved our gross margins by 5% to 66% overall in fiscal year 2024 from 61% in fiscal year 2023, despite a decline in revenue due to our strategic shift from developing the customized CRM systems toward developing and marketing our third-generation PaaS platform. As PaaS products generally feature more functionalities in contrast to the more hands-on personnel efforts required for customized CRM development services, we managed to reduce operating expenses and increase efficiency. This improvement reflects better cost control, reduced focus on less profitable service lines, and a pivot toward an upgraded portfolio of solutions. Overall, we reduced our net loss by 45.3%, from $2.34 million in fiscal year 2023 to $1.28 million in fiscal year 2024, while maintaining adequate cash reserves to support product development and strategic execution. We remain optimistic about the growth potential and profitability outlook of our third-generation PaaS platform, which is poised for significant enhancements through AI integration in 2025.”
Mr. Lin continued, “Looking ahead, we are confident that our strategic shift, supported by substantial investment, positions us for a turnaround and long-term growth. Our prudent planning, disciplined management, and strict cost controls will further enhance our operational efficiency and financial stability, ultimately delivering long-term value for the Company and our shareholders.”
Fiscal Year 2024 Financial Overview
Revenue was $521,241 in fiscal year 2024, compared to $895,978 in fiscal year 2023.Gross profit was $341,593 in fiscal year 2024, compared to $543,302 in fiscal year 2023.Gross margin was 66% in fiscal year 2024, an increase from 61% in fiscal year 2023.Net loss was $1.3 million in fiscal year 2024, compared to $2.3 million in fiscal year 2023.
Fiscal Year 2024 Financial Results
Revenues
Total revenues were $521,241 in fiscal year 2024, or a decrease of 42% from $895,978 in fiscal year 2023. The decrease was mainly because the Company gradually reduced operating the customized CRM system development services.
For the years ended September 30,
2024
2023
($)
Revenue
Cost of
Revenue
Gross
Margin
Revenue
Cost of
Revenue
Gross
Margin
Professional
services
275,314
158,880
42
%
548,822
318,439
42
%
Payment channel
services
206,526
–
100
%
291,643
–
100
%
Others
39,401
20,768
47
%
55,513
34,237
38
%
Total
521,241
179,648
66
%
895,978
352,676
61
%
Revenue from professional services was $275,314 in fiscal year 2024, or a decrease of 50% from $548,822 in fiscal year 2023.
The Company did not generate revenue from customized CRM system development services in fiscal year 2024. Revenue from customized CRM system development services was $134,768 in fiscal year 2023. The decrease was mainly due to the Company gradually reducing operating Customized CRM system development service.Revenue from the additional function development services was $42,758 in fiscal year 2024, or a decrease of 73% from $155,904 in fiscal year 2023. The decrease was mainly due to the less new needs of the function development from the existing clients for fiscal year 2024.Revenue from subscription services was $232,556 in fiscal year 2024, or a decrease of 10% from $258,150 in fiscal year 2023. The decrease was mainly due to the decreasing customized CRM system development services from 2023, which led to the Company to provide less subscription service in the following periods.
Cost of Revenues
Cost of revenues was $179,648 in fiscal year 2024, a decrease of 49% from $352,676 in fiscal year 2023.
Gross Profit
Gross profit was $341,593 in fiscal year 2024, compared to $543,302 in fiscal year 2023.
Gross margin was 66% in fiscal year 2024, an increase from 61% in fiscal year 2023.
Operating Expenses
Operating expenses were $1.7 million in fiscal year 2024, compared to $3.0 million in fiscal year 2023.
Selling expenses were $94,481 in fiscal year 2024, a decrease of 58% from $225,926 in fiscal year 2023. The decrease was mainly due to the decrease in headcount and salaries and welfare. The decrease of salaries and welfare by 59% was primarily due to a decrease in headcount and pay cuts for fiscal year 2024, compared to fiscal year 2023.General and administrative expenses were $496,006 in fiscal year 2024, a decrease of 16% from $589,372 in fiscal year 2023. The decrease was primarily due to a decrease in salaries and welfare of 46% compared to fiscal year 2023 as decrease in headcount and pay cuts.Research and development expenses were $1.1 million in fiscal year 2024, a decrease of 47% from $2.2 million in fiscal year 2023. The decrease was primarily attributed to the decrease in labor related costs including salary and welfare by 47% for fiscal year 2024 compared to fiscal year 2023. Payment made to Cloud Service and other related research and development costs decreased by 43% for fiscal year 2024, which was in line with the operating of business of reducing of CRM development services.
Other Income, Net
Total net other income was $113,367 in fiscal year 2024, compared to $81,360 in fiscal year 2023.
Net Loss
Net loss was $1.3 million in fiscal year 2024, compared to a net loss of $2.3 million in fiscal year 2023.
Basic and Diluted Loss per Share
Basic and diluted loss per share was $0.04 in fiscal year 2024, compared to $0.09 in fiscal year 2023.
Financial Condition
As of September 30, 2024, the Company had cash of $18,372, compared to $399,050 as of September 30, 2023.
Net cash used in operating activities was $728,066 in fiscal year 2024, compared to $2,310,183 in fiscal year 2023.
Net cash provided by investing activities was $360 in fiscal year 2024, compared to $815 in fiscal year 2023.
Net cash provided by financing activities was $431,390 in fiscal year 2024, compared to $484,878 in fiscal year 2023.
Recent Development
The Company’s Class A ordinary shares began trading on the Nasdaq Capital Market on December 20, 2024 under the ticker symbol “YAAS.” On December 23, 2024, the Company completed its initial public offering (the “Offering”) of 2,300,000 Class A ordinary shares at a public offering price of US$4.50 per Class A ordinary share. The Company received aggregate gross proceeds of US$10.35 million from the Offering, before deducting underwriting discounts and other related expenses payable by the Company.
About Youxin Technology Ltd
Youxin Technology Ltd is a SaaS and PaaS provider committed to helping retail enterprises digitally transform their businesses using its cloud-based SaaS product and PaaS platform to develop, use and control business applications without the need to purchase complex IT infrastructure. Youxin Technology provides a customized, comprehensive, fast-deployment omnichannel digital solutions that unify all aspects of commerce with store innovations, distributed inventory management, cross-channel data integration, and a rich set of ecommerce capabilities that encompass mobile applications, social media, and web-based applications. The Company’s products allow mid-tier brand retailers to use offline direct distribution to connect the management team, distributors, salespersons, stores, and end customers across systems, apps, and devices. This provides retailers with a comprehensive suite of tools to instantly address issues using real-time sales data. For more information, please visit the Company’s website: https://ir.youxin.cloud.
Cautionary Note Regarding Forward-Looking Statements
The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation the Company’s statements regarding the Company’s product development and business prospects, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.
For investor and media inquiries, please contact:
Youxin Technology Ltd.
Investor Relations Department
Email: ir@youxin.cloud
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
YOUXIN TECHNOLOGY LTD
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2024 AND 2023
(Expressed in U.S. dollars, except for the number of shares)
September
30, 2024
September
30, 2023
ASSETS
CURRENT ASSETS
Cash
$
18,372
$
399,050
Restricted cash
24,649
–
Accounts receivable, net
176,607
233,481
Prepaid expenses and other current assets
122,676
140,696
Total current assets
342,304
773,227
NON-CURRENT ASSETS
Property and equipment, net
3,948
11,696
Deferred offering costs
478,108
117,215
Operating lease right-of-use assets
123,170
85,662
Other non-current assets
10,608
27,558
Total non-current assets
615,834
242,131
TOTAL ASSETS
$
958,138
$
1,015,358
LIABILITIES
CURRENT LIABILITIES
Short-term bank loan
$
323,472
$
311,129
Accounts payable
31,350
52,448
Contract liabilities
215,768
166,628
Amount due to related parties
1,067,119
274,836
Operating lease liabilities – current
42,277
85,082
Payroll payable
1,869,436
1,465,220
Accrued expenses and other current liabilities
40,299
21,192
Total current liabilities
3,589,721
2,376,535
Operating lease liabilities – non-current
82,674
363
Total non-current liabilities
82,674
363
TOTAL LIABILITIES
$
3,672,395
$
2,376,898
COMMITMENTS AND CONTINGENCIES
–
–
SHAREHOLDERS’ DEFICIT
Class A ordinary shares, ($0.0001 par value, 400,000,000 shares
authorized, 22,304,693 shares issued and outstanding as of September
30, 2024 and 2023, respectively)
2,230
2,230
Class B ordinary shares, ($0.0001 par value, 100,000,000 shares
authorized, 8,945,307 shares issued and outstanding as of September 30,
2024 and 2023, respectively)
895
895
Share subscription receivables
(3,125)
(3,125)
Additional paid-in capital
12,154,929
12,154,929
Accumulated deficit
(15,419,765)
(14,139,104)
Accumulated other comprehensive income
550,579
622,635
Total shareholders’ deficit
(2,714,257)
(1,361,540)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT
$
958,138
$
1,015,358
YOUXIN TECHNOLOGY LTD
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THE YEARS ENDED SEPTEMBER 30, 2024, 2023 AND 2022
(Expressed in U.S. dollars, except for the number of shares)
2024
2023
2022
Years Ended September 30,
2024
2023
2022
REVENUES
$
521,241
$
895,978
$
1,277,066
COST OF REVENUES
(179,648)
(352,676)
(581,339)
GROSS PROFIT
341,593
543,302
695,727
OPERATING EXPENSES
Selling expenses
(94,481)
(225,926)
(934,744)
General and administrative expenses
(496,006)
(589,372)
(1,276,127)
Research and development expenses
(1,139,922)
(2,152,602)
(5,257,256)
Total operating expenses
(1,730,409)
(2,967,900)
(7,468,127)
NET LOSS FROM OPERATIONS
(1,388,816)
(2,424,598)
(6,772,400)
OTHER INCOME, NET
Other income
134,802
99,053
349,797
Other expense
(21,435)
(17,693)
(34,280)
Total other income, net
113,367
81,360
315,517
NET LOSS BEFORE TAXES
(1,275,449)
(2,343,238)
(6,456,883)
Income tax expense
(5,212)
–
–
NET LOSS
(1,280,661)
(2,343,238)
(6,456,883)
Accretion to redeemable preferred equity
–
(326,837)
(605,659)
Net loss attributable to ordinary shareholders
(1,280,661)
(2,670,075)
(7,062,542)
NET LOSS
(1,280,661)
(2,343,238)
(6,456,883)
Other comprehensive loss
Foreign currency translation (loss) income
(72,056)
(212,292)
895,745
TOTAL COMPREHENSIVE LOSS
$
(1,352,717)
$
(2,555,530)
$
(5,561,138)
Basic and diluted loss per share
$
(0.04)
$
(0.09)
$
(0.27)
*Weighted average number of ordinary shares
outstanding – basic and diluted
31,335,616
28,204,585
25,931,452
* Giving retroactive effect to the issuance of shares effected on April 21, 2023.
YOUXIN TECHNOLOGY LTD
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED SEPTEMBER 30, 2024, 2023 AND 2022
(Expressed in U.S. dollars, except for the number of shares)
2024
2023
2022
Years Ended September 30
2024
2023
2022
Cash flows from operating activities
Net loss
$
(1,280,661)
$
(2,343,238)
$
(6,456,883)
Adjustments to reconcile net loss to cash used in
operating activities:
Loss (gain) on disposal of property and equipment
572
(357)
–
Amortization of right-of-use assets
101,888
204,715
481,504
Depreciation
6,816
12,293
14,717
Credit loss provision
4,664
–
–
Loss from termination of right-of-use assets
183
369
–
Changes in assets and liabilities
Accounts receivable
52,210
94,595
(16,181)
Prepaid expenses and other current assets
18,020
69,605
(87,583)
Deferred contract costs
–
30,192
(7,184)
Other non-current assets
16,950
28,368
24,131
Accounts payable
(21,098)
(14,007)
27,495
Operating lease liabilities
(100,073)
(207,881)
(507,521)
Payroll Payable
404,216
102,096
1,040,790
Accrued expenses and other current liabilities
19,107
(18,026)
(4,532)
Contract liabilities
49,140
(268,907)
217,491
Net cash used in operating activities
(728,066)
(2,310,183)
(5,273,756)
Cash flows from investing activities
Purchase of property and equipment
–
–
(1,618)
Proceeds from dispose of property and equipment
360
815
–
Repayment from a related party
–
–
768,380
Net cash provided by investing activities
360
815
766,762
Cash flows from financing activities
Loan from related parties
792,283
284,292
–
Proceeds from short-term bank loan
–
321,834
–
Payment of deferred offering cost
(360,893)
(121,248)
–
Net cash provided by financing activities
431,390
484,878
–
Effect of exchange rates on cash and cash equivalents
and restricted cash
(59,713)
5,194
(312,986)
Net decrease in cash and cash equivalents and
restricted cash
(356,029)
(1,819,296)
(4,819,980)
Cash and cash equivalents at beginning of year
399,050
2,218,346
7,038,326
Cash and cash equivalents and restricted cash at end
of year
$
43,021
$
399,050
$
2,218,346
Cash and cash equivalents
18,372
399,050
1,802,236
Restricted cash
24,649
–
416,110
Cash and cash equivalents and restricted cash at end
of year
43,021
399,050
$
2,218,346
Cash paid for interest expenses
$
10,237
$
257
$
–
Cash paid for income tax
$
–
$
–
$
–
Supplemental disclosure of non-cash financing
activities:
Accretion to redeemable preferred equity
$
–
$
326,837
$
605,659
Exchange redeemable preferred equity with Class A
ordinary shares
$
–
$
12,154,929
$
–
Operating lease right-of-use assets obtained in exchange
for operating lease liabilities
$
140,844
$
–
$
–
View original content:https://www.prnewswire.com/news-releases/youxin-technology-ltd-reports-financial-results-for-fiscal-year-2024-302364912.html
SOURCE Youxin Technology Ltd
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About ARIA
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About Meridial
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About Echo Labs
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Technology
ECRI Spins Out Healthcare Spend Management and Recall Management Solutions
Published
23 minutes agoon
April 21, 2026By
Staritas established with growth investment from Accel-KKR to transform healthcare supply chain through data-driven intelligence
WILLOW GROVE, Pa., April 21, 2026 /PRNewswire/ — ECRI, a global healthcare quality and safety nonprofit organization, today announced that it has spun out its Spend Management and Recall Management solutions as an independent company, Staritas. Powered by investments from Accel-KKR, a global technology-focused investment firm, Staritas will continue to build on its pioneering leadership in healthcare supply chain intelligence.
“For five decades, ECRI’s award-winning Spend Management solutions have helped healthcare supply chain leaders navigate supply disruptions with resiliency, save millions of dollars, and benchmark purchasing decisions using the industry’s most comprehensive, independent datasets,” said Marcus Schabacker, CEO, MD, president of ECRI. “Now, by spinning out Staritas, powered by Accel-KKR to supercharge the power behind the data, improve the user experience, and accelerate innovation, healthcare supply chain leaders can realize even greater value from the platform.”
The healthcare supply chain of the future will no longer be driven by reactive, event-driven decisions, but proactive, continuous strategies, powered by AI and real-time intelligence. As an independent company backed by Accel-KKR, Staritas will expand on the development and delivery of AI-powered solutions and insights that empower leaders to manage the growing complexity of supply chains with greater intelligence.
“We are excited to partner with ECRI and support the launch of Staritas, a new company with a 50- year track record of pioneering work in spend and recall management,” said Park Durrett, Managing Director at Accel-KKR. “Staritas’s unmatched independent datasets and domain expertise create a strong foundation for growth and customer impact. We’re proud to build on Staritas’s legacy and remain committed to the transparency, independence, and objectivity that define its work. We look forward to partnering with the talented Staritas team to keep building on a market-leading platform that delivers greater value to healthcare organizations and stakeholders worldwide.”
Staritas: Making Every Choice Clear
In today’s healthcare environment, leaders face rising costs, margin pressure, supply chain disruptions, and increasing complexity, often making decisions with fragmented information, such as supplier pricing without benchmarks, or investments without a clear view of total cost.
Staritas solves this problem by combining the largest independent source of healthcare supply and capital datasets with deep expertise and advanced analytics to help organizations in over 70 countries understand market trends and better manage their supply chains. Trusted by nearly 90% of the top U.S. hospitals and health systems, Staritas helps customers identify up to $13 billion annually in opportunity savings. With an independent, unbiased view, supply chain leaders can see all their options, seize opportunities through actionable insights, and make confident decisions.
“Staritas is committed to providing data-driven insights and services that help healthcare organizations optimize operations, save money and strengthen decision making,” said Emmet O’Gara, CEO of Staritas. “The data, solutions and people that now make up Staritas are among the best in the field of spend and recall management. We plan to continuously raise the bar in serving healthcare supply chain leaders with next-generation platform and technology advancements that help to protect margins, deliver quality care and boost resiliency.”
Customers will maintain continuity in day-to-day operations, with additional investments planned to enhance platform capabilities and deepen the value delivered across solutions. Users of Staritas products were notified with assurances of a smooth transition and continuity in the personnel and support systems available.
ECRI: Making Healthcare Safer, Stronger, More Resilient
“This move is not a departure, it is a commitment to deepening ECRI’s focus on patient safety, clinical evidence, and system-level change across healthcare,” added ECRI CEO Dr. Schabacker. “ECRI’s services and solutions are now focused exclusively on creating resilient and safe healthcare systems and assessing technologies used in those systems – backed by new investment and commitment to effect transformative change. With this strategic shift, ECRI is investing, at an unprecedented level, in the expert teams, proprietary data assets, and advanced capabilities that allow healthcare organizations to build safety into their culture, their operations, and their systems. Not as a one-time initiative, but as a permanent, self-reinforcing foundation.”
Despite decades of effort nationwide, patient safety in the U.S. is still marked by high rates of preventable harm.
“One in four patient admissions involve an adverse event, and nearly a quarter of those are preventable. That’s tragic and unacceptable,” said Dheerendra Kommala, MD, ECRI Chief Medical Officer. “Through this strategic move, ECRI is now singularly focused on improving patient safety. We plan to expand solutions that can transform healthcare organizations, building on our legacy of advancing evidence-based medicine.”
About ECRI
ECRI is an independent, nonprofit organization improving the safety, quality, and cost-effectiveness of healthcare. With a focus on patient safety, system design and technology evaluation, ECRI is respected and trusted by healthcare leaders and agencies worldwide. For nearly 60 years, ECRI has built its reputation on integrity and disciplined rigor, with an unwavering commitment to independence and evidence-based care. ECRI is the only organization worldwide to conduct independent medical device evaluations, with labs located in North America and Asia Pacific. ECRI is designated an Evidence-based Practice Center by the U.S. Agency for Healthcare Research and Quality and a federally certified Patient Safety Organization by the U.S. Department of Health and Human Services. ECRI acquired The Institute for Safe Medication Practices (ISMP) in 2020 to address one of the most prolific causes of preventable harm in healthcare, medication errors; then acquired The Just Culture Company in 2024 to transform healthcare workplace cultures – thus creating one of the largest healthcare quality and safety entities in the world. Visit ECRI.org to learn more.
About Staritas
Staritas helps healthcare supply chain leaders around the world make more informed decisions so they can understand market trends and better manage all aspects of their supply chain. With Staritas, they can see all the options with the largest independent source of supply and capital data, seize the opportunities with access to deep industry expertise, and achieve their organizational goals. That’s why nearly 90% of the top U.S. hospitals and health systems trust our five decades of expertise for their most important supply chain and recall management decisions. And it’s how our clients find up to $13B dollars in opportunity savings every year. Staritas. Make every choice clear. Learn more at Staritas.com.
About AKKR
Accel-KKR is a technology-focused investment firm with over $23 billion in cumulative capital commitments. The firm focuses on software and tech-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions, including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across various transaction types, including private company recapitalizations, divisional carve-outs, and going-private transactions. Accel-KKR’s headquarters is in Menlo Park, with offices in London, Atlanta and Chicago. Visit accel-kkr.com.
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