Lucas Announces Fiscal Year 2023 Financial Results with 92.3% Growth, Reaching Revenue at $208M

Conference call will be held today, Monday, April 29 at 4:30pm ET

NEW YORK, April 29, 2024 (GLOBE NEWSWIRE) -- Lucas GC Limited (NASDAQ: LGCL) (“Lucas” or the “Company”), an artificial intelligence (the “AI”) technology-driven Platform-as-a-Service (the “PaaS”) company currently focusing on offering human capital management services, today announced its financial results for fiscal year of 2023.

Full Year 2023 Financial Highlights

• Revenues of RMB1,474 million (US$208 million), representing a 92.3% increase versus 2022.
• Gross margin of 28.4%, representing a 32bps increase versus 2022.
• Net income of RMB78 million (US$11 million), representing a 115% increase versus 2022.
  

Recent Operational Highlights

• Active registered users increased by 48% to 638,020 in 2023 as compared to 2022.
• Grew corporate customers to 582 in 2023, versus 391 in 2022.
• Pioneered a transformative approach in recruitment services by integrating Large Language Models (LLMs) with proprietary data to create Generative AI contents.
• Obtained two additional AI related patents in 2023 and one in 2024, bringing the total number of granted patents to 17.
• In March 2024, successfully closed the IPO with an offering size of $6.0 million and began trading on the NASDAQ.
• Announced Professor Wang-chan Wong and Dr. Michael Carter as members of the board of directors.

Management Commentary

Howard Lee, Chief Executive Officer of Lucas, said “We are excited to begin our journey as a public company following the successful completion of our initial public offering in March 2024. We are the largest technology-driven online agent-centric human capital management provider targeting professionals based on PaaS in China. As a company empowered by artificial intelligence, data analytics, and blockchain technologies, Lucas is currently focused on digitalizing and intellectualizing the entire human capital management process. We provide an industry disrupting platform to leverage trusted private social networks of professionals, through which we provide services consisting of recruitment, outsourcing, and other services such as information technology and training.”