Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
On May 21, 2026, Scienjoy Holding Corporation
(the “Company”) issued a press release announcing its unaudited financial results for the three months ended March 31, 2026.
A copy of the press release is attached as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K and is incorporated by reference
herein.
This Form 6-K is hereby
incorporated by reference into the registration statement of the Company on Form
S-8 (Registration Number 333-256373) and the registration statement of the Company on Form
F-3 (Registration Number 333-280628), to the extent not superseded by documents or reports subsequently filed or furnished by the
Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Exhibit 99.1
Scienjoy Holding Corporation
Reports Unaudited First Quarter 2026 Financial Results
Net Income up to RMB7.6 Million
BEIJING, May 21, 2026
/PRNewswire/ — Scienjoy Holding Corporation (“Scienjoy”, the “Company”, or “we”) (NASDAQ: SJ),
a leader in interactive entertainment in China, today announced its financial results for the first quarter ended March 31, 2026.
First Quarter 2026
Operating and Financial Summaries
| ● | Total revenues decreased to RMB282.6 million (US$41.0 million)
in the first quarter of 2026 from RMB307.3 million as compared to the same period in 2025. |
| ● | Gross profit decreased to RMB50.2 million (US$7.3 million)
in the first quarter of 2026 from RMB59.5 million as compared to the same period in 2025. Gross margin decreased to 17.7% in the first
quarter of 2026 from 19.4% as compared to the same period in 2025. |
| ● | Income from operations decreased to RMB11.3 million (US$1.6
million) in the first quarter of 2026 from RMB13.7 million as compared to the same period in 2025. |
| ● | Net income was RMB7.6 million (US$1.1 million) in the first
quarter of 2026, as compared to a net loss of RMB13.0 million in the same period of 2025. |
| ● | Net income attributable to the Company’s shareholders
was RMB8.9 million (US$1.3 million) in the first quarter of 2026, as compared to a net loss attributable to the Company’s shareholders
of RMB9.1 million in the same period of 2025. |
| ● | Adjusted net income attributable to the Company’s shareholders
was RMB9.4 million (US$1.4 million) in the first quarter of 2026, as compared to a net loss adjusted attributable to the Company’s
shareholders of RMB5.5 million in the same period of 2025. |
| ● | As of March 31, 2026, the Company had RMB326.3 million (US$47.3
million) in cash and cash equivalents, which represented an increase of RMB18.7 million from RMB307.7 million as of December 31, 2025. |
Mr. Victor He, Chairman and Chief Executive Officer
of Scienjoy, commented:“The first quarter of fiscal year 2026 marked
a meaningful return to profitability, demonstrating the resilience of our core live streaming business and the effectiveness of our disciplined
operating strategy. Our live streaming platform remains a key cash-generating unit, providing Scienjoy a stable stream of cash flow and
a user engagement base to support investment in future growth.
At the same time, we are accelerating our AI strategy
across both consumer and enterprise markets. Through AI Vista Live!, which was upgraded from AI Vista, and our broader AI initiatives,
Scienjoy is positioning itself as an AI enabler, transforming advanced technologies into practical, interactive, and commercially scalable
applications. We remain focused on optimizing our current cash-generating businesses while building AI-driven growth engines with the
potential to expand our addressable market and create long-term shareholder value.”
Mr. Denny Tang, Chief Financial Officer of Scienjoy,
added:“We are pleased to report a return to net income in the first
quarter of 2026, with net income at RMB7.6 million from a net loss of RMB13.0 million as compared to the same period in 2025. This turnaround
reflects disciplined cost management and continued operational optimization.
We maintained prudent expense controls while continually
invested in R&D, which reflects our balanced approach to preserving profitability in our core live streaming business and investing
in AI capabilities for future growth. With cash and cash equivalents increasing to RMB326.3 million as of March 31, 2026, we believe Scienjoy
is well positioned to support AI commercialization, enterprise solutions, and sustainable long-term value creation.”
First Quarter 2026
Financial Results
Total revenues decreased
to RMB282.6 million (US$41.0 million) in the first quarter of 2026 from RMB307.3 million in the same period of 2025, primarily caused
by a decrease in paying users due to competitive landscape of China’s mobile live streaming market. Total paying users were 123,266
in the first quarter of 2026, as compared to 151,971 in the same period of 2025.
Cost of revenues decreased
to RMB232.5 million (US$33.7 million) in the first quarter of 2026 from RMB247.8 million as compared to the same period in 2025. The decrease
was primarily attributable to a decrease of RMB10.1 million in revenue sharing fees and a decrease of RMB6.4 million in user acquisition
costs, offset by an increase of RMB1.0 million in other costs.
Gross profit decreased
to RMB50.2 million (US$7.3 million) in the first quarter of 2026 from RMB59.5 million as compared to the same period in 2025. The gross
margin decreased to 17.7% in the first quarter of 2026 from 19.4% as compared to the same period in 2025 due to decreased revenue coupled
with certain fixed costs that did not decrease proportionally.
Total operating expenses decreased
to RMB38.8 million (US$5.6 million) in the first quarter of 2026 from RMB45.8 million as compared to the same period in 2025.
| ● | Sales and marketing expenses decreased to RMB0.9 million
(US$0.1 million) in the first quarter of 2026 from RMB2.1 million as compared to the same period in 2025, primarily attributable to less
marketing activities. |
| ● | General and administrative expenses decreased to RMB18.3
million (US$2.7 million) in the first quarter of 2026 from RMB23.4 million as compared to the same period in 2025. The decrease was primarily
due to a decrease of RMB3.1 million in professional consultant fee and a decrease of RMB1.7 million in amortization of intangible assets. |
| ● | Research and development expenses were approximately the
same at RMB19.6 million (US$2.8 million) in the first quarter of 2026 and 2025. |
| ● | Provision for credit losses decreased to RMB0.01 million
(US$0.001 million) in the first quarter of 2026 from RMB0.8 million as compared to the same period in 2025, due to improved collection. |
Income from operations decreased
to RMB11.3 million (US$1.6 million) in the first quarter of 2026 from RMB13.7 million as compared to the same period in 2025.
Change in fair value
of investment in marketable security decreased to loss of RMB1.5 million (US$0.2 million) in the first quarter of 2026 from a
loss of RMB24.3 million as compared to the same period in 2025. The change was primarily attributable to the fair value changes in investments
in a publicly traded company.
Investments income
amounted to RMB0.1 million (US$0.02 million) in the first quarter of 2026, as compared to an investment loss of RMB0.4 million as compared
to the same period in 2025. The increase investment income was primarily attributable to more income distributed by long-term investments.
Interest income, net increased by 22.4%
to RMB0.7 million (US$0.1 million) in the first quarter of 2026 from RMB0.5 million as compared to the same period in 2025. The increase
was primarily due to higher average bank deposits held.
Other income, net
decreased to RMB0.1 million (US$0.02 million) in the first quarter of 2026 from RMB1.4 million as compared to the same period in 2025.
The decrease was primarily due to decreased one-time compensation income.
Foreign exchange loss was RMB0.3 million
(US$0.04 million) in the first quarter of 2026 from RMB1.0 million as compared to the same period in 2025.
Net income was
RMB7.6 million (US$1.1 million) in the first quarter of 2026, as compared to a net loss of RMB13.0 million in the same period of
2025.
Net income attributable
to the Company’s shareholders was RMB8.9 million (US$1.3 million) in the first quarter of 2026, as compared to a net loss
attributable to the Company’s shareholders of RMB9.1 million in the same period of 2025.
Adjusted net income
attributable to the Company’s shareholders was RMB9.4 million (US$1.4 million) in the first quarter of 2026, as compared
to a net loss adjusted attributable to the Company’s shareholders of RMB5.5 million in the same period of 2025.
Basic and diluted
net income attributable to the Company’s shareholders per ordinary share were both RMB0.21 (US$0.03) in the first quarter
of 2026. In comparison, basic and diluted net loss attributable to the Company’s shareholders per ordinary share were both RMB0.22
in the same period of 2025.
Adjusted basic and
diluted net income attributable to the Company’s shareholders per ordinary share were both RMB0.22 (US$0.03) in the first quarter
of 2026. In comparison, adjusted basic and diluted net loss attributable to the Company’s shareholders per ordinary share were both
RMB0.13 in the same period of 2025.
As of March 31, 2026,
the Company had cash and cash equivalent balance of RMB326.3 million (US$47.3 million), which represented an increase of RMB18.7 million
from RMB307.7 million as of December 31, 2025.
Use of Non-GAAP Financial
Measures
Adjusted net income attributable
to the Company’s shareholders is calculated as net income attributable to the Company’s shareholders adjusted for share-based
compensation. Adjusted basic and diluted net income per ordinary share is non-GAAP net income (loss) attributable to ordinary shareholders
divided by weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ordinary share.
The non-GAAP financial measures are presented to enhance investors’ overall understanding of the Company’s financial performance
and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S.
GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to its most directly comparable
GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the
same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing
limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with
US GAAP.
For more information
on these non-GAAP financial measures, please see the table captioned “Reconciliations of Non-GAAP Results” near the end of
this release.
Exchange Rate Information
This announcement contains
translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted,
all translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026,
in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been,
or could be, converted, realized or settled in U.S. dollars at that rate on March 31, 2026, or at any other rate.
About Scienjoy Holding Corporation
Scienjoy is a pioneering
Nasdaq-listed interactive entertainment leader. Driven by the vision of shaping a metaverse lifestyle, Scienjoy leverages AI-powered technology
to create immersive experiences that resonate with global audiences, fostering meaningful connections and redefining entertainment. For
more information, please visit http://ir.scienjoy.com/.
Safe Harbor Statement
Certain statements made
in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United
States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,”
“expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,”
“seeks,” “may,” “will,” “should,” “future,” “propose” and variations
of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking
statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of
known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control,
that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors,
among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional
financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors
adversely affecting our profitability; litigation involving patents, intellectual property, and other matters; potential changes in the
legislative and regulatory environment; a pandemic or epidemic. The forward-looking statements contained in this release are also subject
to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange
Commission (“SEC”) from time to time. The Company undertakes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only
as of the date of this release.
For investor and media
inquiries, please contact:
Investor Relations
Contacts
Denny Tang
Chief Financial Officer
Scienjoy Holding Corporation
+86-10-64428188
ir@scienjoy.com
Ascent Investor Relations LLC
Tina Xiao
+1-646-932-7242
investors@ascent-ir.com
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
(All amounts in thousands,
except share and per share data or otherwise stated)
| |
|
As of
December 31, |
|
|
As of
March 31, |
|
| |
|
2025 |
|
|
2026 |
|
|
2026 |
|
| |
|
RMB |
|
|
RMB |
|
|
US$ |
|
| ASSETS |
|
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
307,650 |
|
|
|
326,328 |
|
|
|
47,308 |
|
| Accounts receivable, net |
|
|
43,290 |
|
|
|
42,956 |
|
|
|
6,227 |
|
| Due from a related party |
|
|
100 |
|
|
|
200 |
|
|
|
29 |
|
| Investment in marketable security |
|
|
8,561 |
|
|
|
7,107 |
|
|
|
1,030 |
|
| Prepaid expenses and other current assets |
|
|
23,607 |
|
|
|
22,541 |
|
|
|
3,268 |
|
| Total current assets |
|
|
383,208 |
|
|
|
399,132 |
|
|
|
57,862 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-current assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Property and equipment, net |
|
|
2,244 |
|
|
|
2,133 |
|
|
|
309 |
|
| Intangible assets, net |
|
|
- |
|
|
|
3 |
|
|
|
- |
|
| Long term investments |
|
|
271,261 |
|
|
|
270,669 |
|
|
|
39,239 |
|
| Long term deposits and other assets |
|
|
1,741 |
|
|
|
2,112 |
|
|
|
306 |
|
| Right-of-use assets-operating lease |
|
|
14,695 |
|
|
|
13,263 |
|
|
|
1,923 |
|
| Deferred tax assets |
|
|
37,288 |
|
|
|
37,311 |
|
|
|
5,409 |
|
| Total non-current assets |
|
|
327,229 |
|
|
|
325,491 |
|
|
|
47,186 |
|
| TOTAL ASSETS |
|
|
710,437 |
|
|
|
724,623 |
|
|
|
105,048 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts payable |
|
|
16,665 |
|
|
|
23,902 |
|
|
|
3,464 |
|
| Deferred revenue |
|
|
50,464 |
|
|
|
49,693 |
|
|
|
7,204 |
|
| Accrued salary and employee benefits |
|
|
15,184 |
|
|
|
18,015 |
|
|
|
2,612 |
|
| Income tax payable |
|
|
10,899 |
|
|
|
12,600 |
|
|
|
1,827 |
|
| Lease liabilities-operating lease -current |
|
|
3,641 |
|
|
|
3,132 |
|
|
|
454 |
|
| Accrued expenses and other current liabilities |
|
|
9,728 |
|
|
|
8,465 |
|
|
|
1,227 |
|
| Total current liabilities |
|
|
106,581 |
|
|
|
115,807 |
|
|
|
16,788 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Lease liabilities-operating lease -non-current |
|
|
10,399 |
|
|
|
9,592 |
|
|
|
1,391 |
|
| Total non-current liabilities |
|
|
10,399 |
|
|
|
9,592 |
|
|
|
1,391 |
|
| TOTAL LIABILITIES |
|
|
116,980 |
|
|
|
125,399 |
|
|
|
18,179 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
| Ordinary share, no par value, unlimited Class A ordinary shares and Class B ordinary shares authorized, 39,537,710 Class A ordinary shares and 2,925,058 Class B ordinary shares issued and outstanding as of December 31, 2025, respectively; 39,537,710 Class A ordinary shares and 2,925,058 Class B ordinary shares issued and outstanding as of March 31, 2026, respectively. |
|
|
|
|
|
|
|
|
|
|
|
|
| Class A ordinary shares |
|
|
451,666 |
|
|
|
452,204 |
|
|
|
65,556 |
|
| Class B ordinary shares |
|
|
23,896 |
|
|
|
23,896 |
|
|
|
3,464 |
|
| Shares to be issued |
|
|
20,817 |
|
|
|
20,817 |
|
|
|
3,018 |
|
| Treasury stocks |
|
|
(19,952 |
) |
|
|
(20,411 |
) |
|
|
(2,959 |
) |
| Statutory reserves |
|
|
34,091 |
|
|
|
34,276 |
|
|
|
4,969 |
|
| Retained earnings |
|
|
92,024 |
|
|
|
100,714 |
|
|
|
14,600 |
|
| Accumulated other comprehensive income |
|
|
12,867 |
|
|
|
10,960 |
|
|
|
1,589 |
|
| Total shareholders’ equity |
|
|
615,409 |
|
|
|
622,456 |
|
|
|
90,237 |
|
| Non-controlling interests |
|
|
(21,952 |
) |
|
|
(23,232 |
) |
|
|
(3,368 |
) |
| Total equity |
|
|
593,457 |
|
|
|
599,224 |
|
|
|
86,869 |
|
| TOTAL LIABILITIES AND EQUITY |
|
|
710,437 |
|
|
|
724,623 |
|
|
|
105,048 |
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(All amounts in thousands,
except share and per share data or otherwise stated)
| | |
For three months ended | |
| | |
March 31, | | |
March 31, | | |
March 31, | |
| | |
2025 | | |
2026 | | |
2026 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Live streaming - consumable virtual items revenue | |
| 294,474 | | |
| 273,609 | | |
| 39,665 | |
| Live streaming - time based virtual item revenue | |
| 4,858 | | |
| 3,223 | | |
| 467 | |
| Technical services and others | |
| 8,003 | | |
| 5,791 | | |
| 840 | |
| Total revenues | |
| 307,335 | | |
| 282,623 | | |
| 40,972 | |
| Cost of revenues | |
| (247,842 | ) | |
| (232,469 | ) | |
| (33,701 | ) |
| Gross profit | |
| 59,493 | | |
| 50,154 | | |
| 7,271 | |
| Sales and marketing expenses | |
| (2,113 | ) | |
| (866 | ) | |
| (126 | ) |
| General and administrative expenses | |
| (23,352 | ) | |
| (18,328 | ) | |
| (2,657 | ) |
| Research and development expenses | |
| (19,562 | ) | |
| (19,637 | ) | |
| (2,847 | ) |
| Provision for credit losses | |
| (754 | ) | |
| (9 | ) | |
| (1 | ) |
| Income from operations | |
| 13,712 | | |
| 11,314 | | |
| 1,640 | |
| Change in fair value of investment in marketable security | |
| (24,334 | ) | |
| (1,454 | ) | |
| (211 | ) |
| Investment (loss) income | |
| (412 | ) | |
| 139 | | |
| 20 | |
| Interest income, net | |
| 539 | | |
| 660 | | |
| 96 | |
| Other income, net | |
| 1,433 | | |
| 119 | | |
| 17 | |
| Foreign exchange loss, net | |
| (1,016 | ) | |
| (287 | ) | |
| (42 | ) |
| (Loss) income before income taxes | |
| (10,078 | ) | |
| 10,491 | | |
| 1,520 | |
| Income tax expense | |
| (2,880 | ) | |
| (2,934 | ) | |
| (425 | ) |
| Net (loss) income | |
| (12,958 | ) | |
| 7,557 | | |
| 1,095 | |
| Less: net loss attributable to noncontrolling interest | |
| (3,868 | ) | |
| (1,318 | ) | |
| (191 | ) |
| Net (loss) income attributable to the Company’s shareholders | |
| (9,090 | ) | |
| 8,875 | | |
| 1,286 | |
| | |
| | | |
| | | |
| | |
| Other comprehensive income(loss): | |
| | | |
| | | |
| | |
| Other comprehensive income (loss) - foreign currency translation adjustment | |
| 323 | | |
| (1,869 | ) | |
| (271 | ) |
| Comprehensive (loss) income | |
| (12,635 | ) | |
| 5,688 | | |
| 824 | |
| Less: comprehensive loss attributable to non-controlling interests | |
| (3,917 | ) | |
| (1,280 | ) | |
| (186 | ) |
| Comprehensive (loss) income attributable to the Company’s shareholders | |
| (8,718 | ) | |
| 6,968 | | |
| 1,010 | |
| | |
| | | |
| | | |
| | |
| Weighted average number of shares | |
| | | |
| | | |
| | |
| Basic | |
| 41,563,935 | | |
| 41,966,382 | | |
| 41,966,382 | |
| Diluted | |
| 41,563,935 | | |
| 41,966,382 | | |
| 41,966,382 | |
| | |
| | | |
| | | |
| | |
| (Loss) earnings per share | |
| | | |
| | | |
| | |
| Basic | |
| (0.22 | ) | |
| 0.21 | | |
| 0.03 | |
| Diluted | |
| (0.22 | ) | |
| 0.21 | | |
| 0.03 | |
Reconciliations of
Non-GAAP Results
(All amounts in thousands,
except share and per share data or otherwise stated)
| | |
For the three months ended | |
| | |
March 31, | | |
March 31, | | |
March 31, | |
| | |
2025 | | |
2026 | | |
2026 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Net (loss) income attributable to the Company’s shareholders | |
| (9,090 | ) | |
| 8,875 | | |
| 1,286 | |
| Less: | |
| | | |
| | | |
| | |
| Share based compensation | |
| (3,575 | ) | |
| (538 | ) | |
| (78 | ) |
| Adjusted net (loss) income attributable to the Company’s shareholders* | |
| (5,515 | ) | |
| 9,413 | | |
| 1,364 | |
| | |
| | | |
| | | |
| | |
| Adjusted net (loss) earnings per share | |
| | | |
| | | |
| | |
| Basic | |
| (0.13 | ) | |
| 0.22 | | |
| 0.03 | |
| Diluted | |
| (0.13 | ) | |
| 0.22 | | |
| 0.03 | |
“Adjusted net income attributable to
the Company’s shareholders” is defined as net income attributable to the Company’s shareholders excluding share-based
compensation.
