Galaxycore Inc. Posted 129.2 Million Yuan Net Loss in First Quarter of 2023

Galaxycore Inc. (格科微有限公司) (688728.SH) reported a net loss of 129.2 million yuan in the first quarter of 2023, reversing a net profit of 241.5 million yuan for the same period in the previous year.

Meanwhile, the company posted 853.2 million yuan in revenue, down 50.8% year-on-year.

At the end of the reporting period, it had 18.7 billion yuan in total assets and 10.9 billion yuan in total liabilities, with a liability-to-asset ratio of 58.4%.