Cloopen Group Holding Ltd. (RAAS), a company providing cloud-based communication solutions through its subsidiaries, is seeing a rise in share price. On Thursday’s trading session, RAAS stock rose some 21.84% and closed the day at $5.69. Currently, in a normal trading session, RAAS stock is changing hands at $5.86, an increase of 3.08%.
Q2 2021 financial results
RAAS stock declined 11.14% on the 19th of August after the company announced the financial results for the second quarter of the fiscal year 2021, which ended on 30th June. According to the details, the company generated revenue of $42.42 million during the quarter, as compared to $28.72 million during the equivalent period of 2020. The cost of revenue during the quarter stood at $24.13 million, as compared to $17.65 million during the same time of 2020. The gross profit during the quarter stood at $18.29 million, as compared to $11.07 million during the equivalent period of 2020. The total operating expenses during the quarter stood at $33.21 million, as compared to $20.08 million. The operating loss stood at $14.92 million, as compared to $9.01 million during the equivalent period of 2020. The net loss for the quarter stood at $16.36 million, as compared to $9.63 million during the equivalent period of 2020.
Q1 2021 financial results
On the 10th of June, RAAS released the unaudited financial results for the first quarter of the fiscal year 2021, which ended on 31st March. According to the details, the company said that it had total assets of $530.07 million as of 31st March. It had total liabilities of $101.24 million. The company reported revenue of $31.21 million during the quarter. The cost of revenues stood at $17.80 million. The gross profit earned during the quarter stood at $13.41 million. The company had total operating expenses of $36.31 million during the quarter. The company bore an operating loss of $22.90 million. The company bore a net loss of $26.10 million during the quarter. The net loss per ordinary share was $1.95. Mr. Steven Yipeng Li, Chief Financial Officer of Cloopen, praised the company’s performance and said that the company would continue to grow its customer base while providing top-notch and multi-dimensional services to our existing customers.
RAAS fiscal 2020 annual results
In late March, RAAS announces annual financial results for fiscal 2021. According to those, the company had total assets of $148.42 million on 31st December, the last day of fiscal, while it had total liabilities of $122.02 million. The company generated revenue of $39.64 million during 2020, while the cost of revenue stood at $24.21 million. The gross profit that the company generated during the year was $15.42 million. The company bore an operating loss of $12.21 million during the fiscal, while it bore a net loss of $46.80 million. The net loss per ordinary share was $5.77.
What’s next for RAAS?
Analyses predict a very positive picture of RAAS in near future. The company is expected to generate revenue of $1.06 billion during the current fiscal, while during the next fiscal, i.e. 2022, it is expected to generate $1.39 billion in terms of revenue. The analysts expect that the EPS of the company could grow by 62% during the current year. So, based upon these statistics, RAAS stock could see positive times ahead.
