Baijiayun Group Ltd (RTCJF) reported US$4.5 million in net income for fiscal 2026, compared with a US$18.7 million net loss in fiscal 2025. Net cash provided by operating activities was US$2,835,745 in fiscal 2026, versus US$8,078,703 used in fiscal 2025. Cash and cash equivalents were US$5.9 million at June 30, 2026, compared with US$8.7 million at June 30, 2025.
Revenue at the VIE and its subsidiaries was US$32,015,721 in fiscal 2026, versus US$41,903,631 in fiscal 2025; these entities accounted for substantially all company revenue in fiscal 2024, 2025 and 2026. On December 31, 2025, Zhejiang WFOE entered into agreements to terminate the VIE arrangements and was no longer recognized as beneficial owner of BaiJiaYun VIE. Baijiayun recorded a US$3.9 million gain on deconsolidation. Short-term borrowings were US$4.1 million at June 30, 2026.
Baijiayun describes itself as a Cayman Islands holding company without substantive operations and identifies risks tied to its PRC VIE contractual structure. Its Class A ordinary shares were delisted from Nasdaq and have been quoted on OTCID Basic Market as RTCJF since trading was suspended on May 15, 2025. Management believes existing cash and anticipated operating and investing cash flows will be sufficient for ordinary-course working capital and capital expenditures over the next 12 months.
Baijiayun Group Ltd (RTCJF) filed its annual Form 20-F, outlining a China-based video cloud business operated through VIE contracts and detailing regulatory, operational, and financial dynamics. The company emphasizes that shareholders own the Cayman holding company, not the PRC operating entities, and highlights risks inherent in the VIE structure.
Results trended lower: revenue was US$42.5 million in fiscal 2025, compared with US$59.8 million in 2024 and US$82.2 million in 2023. Net loss from continuing operations was US$18.7 million in 2025, following US$83.1 million in 2024 and US$7.2 million in 2023. Gross margin was 21.1% in 2025 versus 21.7% in 2024. Operating cash flow remained negative at US$8.1 million in 2025.
Capital markets and compliance: Class A ordinary shares were delisted from Nasdaq and quoted on the OTC Basic Market under “RTCJF.” The filing discusses PRC permissions (including value‑added telecommunications licenses), data and cybersecurity frameworks, CSRC overseas listing filing requirements for future offerings, and HFCAA-related risks. As of June 30, 2025, there were 1,647,683 ordinary shares outstanding and 179,649 warrants to purchase Class A ordinary shares. The company has not paid dividends and does not expect to do so in the foreseeable future.
Baijiayun Group Ltd reported changes to its board of directors and board committees. Ms. Xin Zhang resigned as a director for personal reasons, effective September 10, 2025, and the company states her resignation was not due to any disagreement over operations, policies, or practices. On the same date, Ms. Hui Xing was appointed as a new director.
After these moves, the Board consists of five directors: Mr. Yi Ma, Ms. Qiong Ni, Ms. Hui Xing, and two independent directors, Ms. Beiwen Zhu and Mr. Mingjun Cai. The compensation committee now includes Ms. Qiong Ni (chairman) and Mr. Yi Ma, the nominating and corporate governance committee includes Mr. Yi Ma (chairman) and Ms. Hui Xing, and the audit committee includes Ms. Beiwen Zhu (chairman) and Mr. Mingjun Cai.
The filing also notes that Baijiayun is a one-stop AI video solution provider and includes a forward-looking statement section highlighting risks related to maintaining compliance with Nasdaq listing standards.