BEIJING, July 17, 2024 (GLOBE NEWSWIRE) -- TIAN RUIXIANG Holdings Ltd (NASDAQ:TIRX) (the "Company"), a China-based insurance broker conducting business through its variable interest entity in China, today announced its financial results for the fiscal year ended October 31, 2023. Ms. Sheng Xu, the Chief Executive Officer of the Company, commented, "For the year ended October 31, 2023, the Company generated revenue of about $1.2 million, representing an 8.0% decrease compared to the prior year's revenue. This decline was primarily attributable to the lower commissions from several insurance products and loss of certain insurance company partners amid an increasingly competitive market and challenging macroeconomic environment in China." "However, we achieved a significant increase of approximately $612,000 in the commissions from our liability insurance products, driven by our efforts to expand our liability insurance business." "Despite the revenue decline, we were able to reduce the net loss by 47.6% to $2.5 million, down from $4.7 million in the prior year. Overall, while we faced headwinds in certain insurance products, we were able to drive substantial growth in the liability insurance commissions, which is a positive indicator for the Company's strategic focus. Additionally, the reduction in the net loss demonstrates improved financial performance and operational efficiency compared to the prior year." Selected Fiscal Year 2023 Financial Metrics     Years Ended October 31,   Changes in   ($ in millions, except per share data, differences due to rounding.)   2023   2022   Percentage   Revenues   $ 1.2   $ 1.4   (8.0) % Total operating expenses     4.3     6.4   (33.6) % Loss from operations     (3.0)     (5.1)   (40.5) % Net loss     (2.5)     (4.7)   (47.6) % Loss per share     (3.87)     (9.03)   (55.4) % Revenue decreased by 8.0% to $1.2 million for the year ended October 31, 2023, compared with $1.4 million for the same period in 2022. Total operating expenses were $4.3 million for the year ended October 31, 2023, decreased from $6.4 million for the same period in 2022. Loss from operations narrowed by 40.5% to $3.0 million for the year ended October 31, 2023, from $5.1 million for the same period in 2022. Net loss also decreased by 47.6% to $2.5 million for the year ended October 31, 2023, from $4.7 million for the same period in 2022. About TIAN RUIXIANG Holdings Ltd TIAN RUIXIANG Holdings Ltd, headquartered in Beijing, China, is an insurance broker operating in China through its China-based variable interest entity. It distributes a wide range of insurance products, which are categorized into two major groups: (1) property and casualty insurance, such as commercial property insurance, liability insurance, accidental insurance, and automobile insurance; and (2) other types of insurance, such as health insurance, life insurance, and other miscellaneous insurance. For more information, visit the company's website at http://ir.tianrx.com/. Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review risk factors that may affect its future results in the Company's registration statement and in its other filings with the U.S. Securities and Exchange Commission. For investor and media enquiries, please contact: TIAN RUIXIANG Holdings LtdInvestor Relations DepartmentEmail: Wealth Financial Services LLCConnie KangPartnerEmail: +86 1381 185 7742 (CN) TIAN RUIXIANG HOLDINGS LTD AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(IN U.S. DOLLARS)                     As of October 31,     2023     2022   ASSETS                           CURRENT ASSETS:             Cash   $ 2,383     $ 2,508   Restricted cash     692,692       692,734   Short-term investments     26,797,081       26,179,662   Accounts receivable     18,960       51,202   Note receivable     —       7,500,000   Interest receivable     —       262,192   Due from related party     —       1,369   Other current assets     107,508       168,957                 Total Current Assets     27,618,624       34,858,624                 NON-CURRENT ASSETS:             Note receivable     7,800,000       —   Property and equipment, net     6,280       8,688   Right-of-use assets, operating leases, net     54,870       143,438   Other non-current assets     —       20,078                 Total Non-current Assets     7,861,150       172,204                 Total Assets   $ 35,479,774     $ 35,030,828                 LIABILITIES AND EQUITY                           CURRENT LIABILITIES:             Taxes payable   $ 623,825     $ 466,878   Salary payable     726,330       424,987   Accrued liabilities and other payables     481,801       384,893   Due to related parties     1,173,510       126,530   Operating lease liabilities     57,402       90,800                 Total Current Liabilities     3,062,868       1,494,088                 NON-CURRENT LIABILITIES:             Operating lease liabilities - noncurrent portion     —       54,718                 Total Non-current Liabilities     —       54,718                 Total Liabilities     3,062,868       1,548,806                               EQUITY:             TIAN RUIXIANG Holdings Ltd Shareholders' Equity:             Ordinary shares: $0.025 par value; 40,000,000 shares authorized;             Class A ordinary shares: $0.025 par value; 36,000,000 shares authorized; 674,949 shares issued and outstanding at October 31, 2023; 507,440 shares issued and 505,440 shares outstanding at October 31, 2022     16,874       12,636   Class B ordinary shares: $0.025 par value; 4,000,000 shares authorized; 50,000 shares issued and outstanding at October 31, 2023 and 2022     1,250