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DUBAI, UAE, March 12, 2025 /PRNewswire/ -- Bybit, the world's second-largest cryptocurrency, celebrates financial innovation with the Bybit USDT Festival in a series of events catering to diverse users. From Bybit Card holders to trading pros, Bybit users and community members are sharing over 1.5 million USDT in prizes through various rewards programs. Festival Highlights USDT Derivatives Trading Challenge Half a million USDT await qualified traders in USDT options and futures at the 500K USDT Derivatives Trading Challenge from now to Mar. 31, 2025. Participants will receive USDT bonuses based on their contributions to the total trading volume, regardless of profit and loss percentage. This inclusive structure allows both individual and institutional traders to earn additional rewards from the 500K USDT prize pool alongside their trading profits. Spending Smart with the Bybit Card As part of the USDT Festival, the Bybit Card will activate a limited-time offer for eligible new users. In addition to the 10% cashback exclusive offer for newcomers, successful new applicants will also gain an instant 10 USDT cashback by simply signing up and spending at least 200 USDT or its equivalent. Between Mar. 10 and Mar. 31, 2025, users can maximize their rewards by setting USDT as the default cashback option for future transactions. Bybit Learn: Read-to-Earn USDT Festival Special Bybit users will be able to take advantage of Bybit Learn's Read-to-Earn program and enroll in USDT-themed courses for Bybit Earn and Bybit P2P for extra rewards. Starting this March, Bybit Learn will set aside an additional 20,000 USDT for eligible participants. Bybit Kicks off USDT Festival with 1.5 Million USDT in Prizes Social and Community Giveaway Bybit fans on official social media and Telegram channels are in for surprises in mini interactive giveaways with 40,000 USDT in prizes throughout March. All-Things USDT at Bybit: USDT Festival Livestream To find out all about the USDT-related benefits and programs at Bybit this spring, users may watch the replay of the USDT Festival livestream featuring speakers from Bybit's product team, wealth management unit, VIP team, and Bybit Card. Designed to empower traders with expert insights and exclusive opportunities, the livestream was a deep dive into advanced USDT trading strategies, market trends, and an overview of the exclusive perks and competition mechanisms of the USDT Festival. TradeMasters Grand Prix 2025 Series 1 High-stake traders have concluded the USDT-themed March TradeMasters Grand Prix in its first instalment of 2025, dividing up a 1 million USDT prize pool. "The USDT Festival represents our commitment to educating and empowering traders in the dynamic cryptocurrency market," says Joan Han, Sales and Marketing Director at Bybit. "Stablecoins are facilitating financial opportunities for millions of people and businesses around the world, achieving instant finality and unparalleled cost efficiency. USDT's utility is its strength, and we are supporting our users in seeking opportunities in the stablecoin ecosystem through Bybit's powerful platform and offerings," she said. USDT is a leading stablecoin that has maintained a $1 peg to the US dollar since its launch in 2014. With a market capitalization exceeding $140 billion at the time of writing, USDT is the most widely traded stablecoin and plays a critical role in the cryptocurrency ecosystem. USDT's deep liquidity makes it a bridge between fiat currencies and digital assets, enabling seamless transactions and trading within the decentralized finance (DeFi) space. #Bybit / #TheCryptoArk About Bybit Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com. For more details about Bybit, please visit Bybit PressFor media inquiries, please contact: media@bybit.comFor updates, please follow: Bybit's Communities and Social Media Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
SHANGRAO, China, March 12, 2025 /PRNewswire/ -- JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that it plans to release its unaudited financial results for the fourth quarter and full year ended December 31, 2024 before the open of U.S. markets on Wednesday, March 26, 2025. JinkoSolar's management will host an earnings conference call on Wednesday, March 26, 2025 at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong the same day). Please register in advance of the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, passcode and unique access PIN by a calendar invite. Participant Online Registration: https://s1.c-conf.com/diamondpass/10046117-jh7y6t.html It will automatically direct you to the registration page of "JinkoSolar Fourth Quarter and Fiscal Year 2024 Earnings Conference Call", where you may fill in your details for RSVP. In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration. A telephone replay of the call will be available 2 hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, April 2, 2025. The dial-in details for the replay are as follows: International: +61 7 3107 6325 U.S.: +1 855 883 1031 Passcode: 10046117 Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of JinkoSolar's website at http://www.jinkosolar.com. About JinkoSolar Holding Co., Ltd. JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions. JinkoSolar had over 10 productions facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, Brazil, Chile, Australia, Canada, Malaysia, the United Arab Emirates, Denmark, Indonesia, Nigeria and Saudi Arabia, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of September 30, 2024. To find out more, please see: www.jinkosolar.com Safe Harbor Statement This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends, "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. For investor and media inquiries, please contact: In China: Ms. Stella WangJinkoSolar Holding Co., Ltd.Tel: +86 21-5180-8777 ext.7806Email: ir@jinkosolar.com Mr. Rene VanguestaineChristensenTel: + 86 178 1749 0483Email: rene.vanguestaine@christensencomms.com In the U.S.: Ms. Linda BergkampChristensen, Scottsdale, ArizonaTel: +1-480-614-3004Email: linda.bergkamp@christensencomms.com
SHANGHAI, March 11, 2025 /PRNewswire/ -- ATRenew Inc. ("ATRenew" or the "Company") (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. Fourth Quarter 2024 Highlights Total net revenues grew by 25.2% to RMB4,849.3 million (US$664.4 million) from RMB3,873.6 million in the fourth quarter of 2023. Income from operations was RMB53.1 million (US$7.3 million), compared to a loss from operations of RMB16.7 million in the fourth quarter of 2023. Adjusted income from operations (non-GAAP)[1] was RMB131.4 million (US$18.0 million), compared to RMB81.6 million in the fourth quarter of 2023. Number of consumer products transacted[2] was 9.4 million compared to 8.5 million in the fourth quarter of 2023. Full Year 2024 Highlights Total net revenues grew by 25.9% to RMB16,328.4 million (US$2,237.0 million) from RMB12,965.8 million in the full year of 2023. Income from operations was RMB29.0 million (US$4.0 million), compared to a loss from operations of RMB173.3 million in the full year of 2023. Adjusted income from operations (non-GAAP)[1] was RMB409.7 million (US$56.1 million) compared to RMB251.7 million in the full year of 2023. Number of consumer products transacted[2] was 35.3 million, compared to 32.3 million in the full year of 2023. [1]. See "Reconciliations of GAAP and Non-GAAP Results" for more information. [2]. "Number of consumer products transacted" represents the number of consumer products distributed to merchants and consumers through transactions on the Company's PJT Marketplace, Paipai Marketplace and other channels the Company operates in a given period, prior to returns and cancellations, excluding the number of consumer products collected through AHS Recycle; a single consumer product may be counted more than once according to the number of times it is transacted on PJT Marketplace, Paipai Marketplace and other channels the Company operates through the distribution process to end consumer. Mr. Kerry Xuefeng Chen, Founder, Chairman, and Chief Executive Officer of ATRenew, commented, "Our strong fourth-quarter performance, marked by a 25.2% year-over-year revenue increase to RMB4,849.3 million, exceeded the upper end of our guidance and capped a record year. By expanding our network to 1,861 AHS stores, we have enhanced our ability to meet the growing consumer demand for trade-in and recycling services. As trade-ins gain popularity, our expertise in capturing recycling scenarios and advanced supply chain capabilities enable us to efficiently source, refurbish, and distribute pre-owned mobile devices at scale. This enhances end-to-end value creation throughout the industry chain. As we look ahead to 2025, we are optimistic about the expanding trend of trade-ins for smartphones and other electronic devices. Building on this momentum, we will continue to enhance our service capabilities and advance hassle-free trade-in experience, positioning ourselves to deliver long-term value as consumer behaviors evolve." Mr. Rex Chen, Chief Financial Officer of ATRenew, added, "Our fourth-quarter results demonstrate sustained momentum in profitability, with adjusted income from operations increasing 61.0% year-over-year to RMB131.4 million. Our retail channels, including Paipai Selection, AHS Selection and new media platforms, rapidly grew with an expanded product offering. This contributed to the healthy development of our profitability. As we look ahead to 2025, we are committed to seizing emerging opportunities in the circular economy by enhancing our fulfillment capabilities and strengthening brand awareness. In addition, we remain dedicated to strategically executing our share repurchase program, with a steadfast commitment to creating long-term value for our users and shareholders." Fourth Quarter 2024 Financial Results REVENUE Total net revenues increased by 25.2% to RMB4,849.3 million (US$664.4 million) from RMB3,873.6 million in the same period of 2023. Net product revenues increased by 26.6% to RMB4,460.6 million (US$611.1 million) from RMB3,522.5 million in the same period of 2023. The increase was primarily attributable to an increase in the sales of pre-owned consumer electronics through the Company's online channels. Net service revenues increased by 10.7% to RMB388.7 million (US$53.3 million), compared to RMB351.1 million in the same period of 2023. This increase was primarily due to an increase in the service revenue generated from multi-category recycling business and PJT Marketplace. OPERATING COSTS AND EXPENSES Operating costs and expenses were RMB4,826.6 million (US$661.2 million), compared to RMB3,894.0 million in the same period of 2023, representing an increase of 23.9%. Merchandise costs were RMB3,905.1 million (US$535.0 million), compared to RMB3,150.0 million in the same period of 2023, representing an increase of 24.0%. This was primarily due to the growth in product sales. Fulfillment expenses were RMB396.9 million (US$54.4 million), compared to RMB301.1 million in the same period of 2023, representing an increase of 31.8%. The increase was primarily due to (i) an increase in personnel costs and logistics expenses as the Company conducted more recycling and transaction activities compared with the same period of 2023, and (ii) an increase in operation related expenses as the Company expanded its store networks and operation center capacity in the fourth quarter of 2024. Selling and marketing expenses were RMB376.4 million (US$51.6 million), compared to RMB317.0 million in the same period of 2023, representing an increase of 18.7%. The increase was primarily due to (i) an increase in advertising expenses and promotional campaign related expenses, (ii) an increase in commission expenses in relation to channel service fees, and (iii) an increase in share-based compensation expenses. The increase was partially offset by a decrease in amortization of intangible assets resulting from assets and business acquisitions as well as the maturity of some intangible assets in the second quarter of 2024. General and administrative expenses were RMB91.1 million (US$12.5 million), compared to RMB62.2 million in the same period of 2023, representing an increase of 46.5%, primarily due to (i) an increase in personnel cost, and (ii) an increase in expected credit loss. Technology and content expenses were RMB57.0 million (US$7.8 million), compared to RMB63.8 million in the same period of 2023, representing a decrease of 10.7%. The decrease was primarily due to a decrease in personnel costs. INCOME (LOSS) FROM OPERATIONS Income from operations was RMB53.1 million (US$7.3 million), compared to a loss from operations of RMB16.7 million in the same period of 2023. Adjusted income from operations (non-GAAP) was RMB131.4 million (US$18.0 million), representing an increase of 61.0% from RMB81.6 million in the same period of 2023. NET INCOME Net income was RMB77.4 million (US$10.6 million), representing an increase of 2,664.3% from RMB2.8 million in the same period of 2023. Adjusted net income (non-GAAP) was RMB122.9 million (US$16.8 million), representing an increase of 35.1% from RMB91.0 million in the same period of 2023. BASIC AND DILUTED NET INCOME PER ORDINARY SHARE Basic and diluted net income per ordinary share were RMB0.48 (US$0.07), compared to RMB0.02 in the same period of 2023. Adjusted basic and diluted net income per ordinary share (non-GAAP) were RMB0.77 (US$0.10) and RMB0.76 (US$0.10), compared to RMB0.57 and RMB0.57 in the same period of 2023. Full Year 2024 Financial Results REVENUE Total net revenues increased by 25.9% to RMB16,328.4 million (US$2,237.0 million) from RMB12,965.8 million in the full year of 2023. Net product revenues increased by 27.3% to RMB14,844.4 million (US$2,033.7 million) from RMB11,658.3 million in the full year of 2023. The increase was primarily attributable to an increase in the sales of pre-owned consumer electronics through the Company's online channels. Net service revenues increased by 13.5% to RMB1,484.0 million (US$203.3 million) from RMB1,307.5 million in the full year of 2023. The increase was primarily due to an increase in the service revenue generated from PJT Marketplace and multi-category recycling business. OPERATING COSTS AND EXPENSES Operating costs and expenses increased by 24.1% to RMB16,352.9 million (US$2,240.3 million) from RMB13,175.4 million in the full year of 2023. Merchandise costs were RMB13,086.4 million (US$1,792.8 million), compared to RMB10,338.9 million in the full year of 2023, representing an increase of 26.6%. The increase was primarily due to the growth in product sales. Fulfillment expenses were RMB1,382.3 million (US$189.4 million), compared to RMB1,124.0 million in the full year of 2023, representing an increase of 23.0%. The increase was primarily due to (i) an increase in personnel costs and logistics expenses as the Company conducted more recycling and transaction activities compared with 2023, and (ii) an increase in operation center related expenses as the Company expanded its store networks and operation center capacity in 2024. Selling and marketing expenses were RMB1,367.0 million (US$187.3 million), compared to RMB1,250.9 million in the full year of 2023, representing an increase of 9.3%. The increase was primarily due to (i) an increase in advertising expenses and promotional campaign related expenses, (ii) an increase in share-based compensation expenses, and (iii) an increase in commission expenses in relation to channel service fees. The increase was partially offset by a decrease in amortization of intangible assets and deferred cost resulting from assets and business acquisitions as well as the maturity of some intangible assets and deferred cost since the second quarter of 2023. General and administrative expenses were RMB306.8 million (US$42.0 million), compared to RMB266.0 million in the full year of 2023, representing an increase of 15.3%. The increase was primarily due to (i) an increase in personnel cost, and (ii) an increase in office related expenses. The increase was partially offset by a decrease in share-based compensation expense. Technology and content expenses were RMB210.4 million (US$28.8 million), compared to RMB195.7 million in the full year of 2023, representing an increase of 7.5%. The increase was primarily due to an increase in personnel costs in connection with the ongoing upgrade of the Company's operation centers and system. INCOME (LOSS) FROM OPERATIONS Income from operations was RMB29.0 million (US$4.0 million), compared to a loss from operations of RMB173.3 million in the full year of 2023. Adjusted income from operations (non-GAAP) was RMB409.7 million (US$56.1 million), compared to RMB251.7 million in the full year of 2023, representing an increase of 62.8%. NET LOSS Net loss was RMB8.2 million (US$1.1 million), compared to RMB156.3 million in the full year of 2023. Adjusted net income (non-GAAP) was RMB314.1 million (US$43.0 million), compared to RMB225.2 million in the full year of 2023, representing an increase of 39.5%. BASIC AND DILUTED NET INCOME (LOSS) PER ORDINARY SHARE Basic and diluted net loss per ordinary share were RMB0.05 (US$0.01), compared to RMB0.96 in the same period of 2023. Adjusted basic and diluted net income per ordinary share (non-GAAP) were RMB1.94 (US$0.27) and RMB1.91 (US$0.26), compared to RMB1.39 and RMB1.39 in the same period of 2023. CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM INVESTMENTS AND FUNDS RECEIVABLE FROM THIRD PARTY PAYMENT SERVICE PROVIDERS Cash and cash equivalents, restricted cash, short-term investments and funds receivable from third party payment service providers were RMB2,919.6 million (US$400.0 million) as of December 31, 2024, as compared to RMB2,854.4 million as of December 31, 2023. Business Outlook For the first quarter of 2025, the Company currently expects its total revenues to be between RMB4,550.0 million and RMB4,650.0 million, representing an increase of 24.6% to 27.4% year-over-year. This forecast only reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change. Recent Development On December 3, 2024, ATRenew announced its recognition by the United Nations Global Compact's "Forward Faster: 20 Examples of Private Sector's Sustainable Development in China" campaign. This acknowledgment underscores ATRenew's commitment to environmental, social, and governance practices, and reaffirms the Company's role as a transformative force in the development of China's circular economy. During the fourth quarter of 2024, ATRenew repurchased a total of approximately 2.1 million ADSs for approximately US$5.8 million under its current share repurchase program which authorizes the Company to repurchase up to US$50 million worth of its shares (including ADSs) through June 27, 2025. As of December 31, 2024, the Company had repurchased a total of approximately 10.3 million ADSs for approximately US$25.9 million under this share repurchase program. Conference Call Information The Company's management will hold a conference call on Tuesday, March 11, 2025 at 08:00 A.M. Eastern Time (or 08:00 P.M. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers: International: 1-412-317-6061 United States Toll Free: 1-888-317-6003 Mainland China Toll Free: 4001-206115 Hong Kong Toll Free: 800-963976 Access Code: 9144093 The replay will be accessible through March 18, 2025 by dialing the following numbers: International: 1-412-317-0088 United States Toll Free: 1-877-344-7529 Access Code: 8983077 A live and archived webcast of the conference call will also be available at the Company's investor relations website at ir.atrenew.com. About ATRenew Inc. Headquartered in Shanghai, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew's open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China's pre-owned consumer electronics industry. ATRenew is a participant in the United Nations Global Compact, and adheres to its principles-based approach to responsible business. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2993 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2024. Use of Non-GAAP Financial Measures The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses adjusted income from operations, adjusted net income and adjusted net income per ordinary share as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted income from operations is loss from operations excluding the share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net income is net loss excluding the share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net income per ordinary share is adjusted net income attributable to ordinary shareholders divided by weighted average number of shares used in calculating net loss per ordinary share. The Company presents non-GAAP financial measures because they are used by the Company's management to evaluate the Company's financial and operating performance and formulate business plans. The Company believes that adjusted income from operations and adjusted net income help identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that are included in loss from operations and net loss. The Company also believes that the use of non-GAAP financial measures facilitates investors' assessment of the Company's operating performance. The Company believes that adjusted income from operations and adjusted net income provide useful information about the Company's operating results, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company's operations. The share-based compensation expenses, amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions have been and may continue to be incurred in the Company's business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company's. In light of the foregoing limitations, the non-GAAP financial measures for the period should not be considered in isolation from or as an alternative to income from operations, net income, and net income attributable to ordinary shareholders per share, or other financial measures prepared in accordance with U.S. GAAP. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company's performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "Reconciliations of GAAP and Non-GAAP Results." Safe Harbor Statement This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ATRenew's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ATRenew's strategies; ATRenew's future business development, financial condition and results of operations; ATRenew's ability to maintain its relationship with major strategic investors; its ability to facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew's filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Investor Relations Contact In China:ATRenew Inc.Investor RelationsEmail: ir@atrenew.com In the United States:ICR LLC.Email: atrenew@icrinc.comTel: +1-212-537-0461 ATRENEW INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share and otherwise noted) As of December 31, As of December 31, 2023 2024 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 1,978,696 1,970,183 269,914 Restricted cash 210,000 132,000 18,084 Short-term investments 410,547 583,764 79,975 Amount due from related parties, net 89,592 117,161 16,051 Inventories 1,017,155 535,070 73,304 Funds receivable from third party payment service providers 253,107 233,133 31,939 Prepayments and other receivables, net 567,622 598,045 81,932 Total current assets 4,526,719 4,169,356 571,199 Non-current assets: Long-term investments 467,095 556,136 76,190 Property and equipment, net 148,223 156,532 21,445 Intangible assets, net 270,631 56,603 7,755 Other non-current assets 80,411 152,094 20,837 Total non-current assets 966,360 921,365 126,227 TOTAL ASSETS 5,493,079 5,090,721 697,426 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term borrowings 349,931 225,000 30,825 Accounts payable 532,293 171,356 23,476 Contract liabilities 119,715 98,834 13,540 Accrued expenses and other current liabilities 465,123 522,378 71,565 Accrued payroll and welfare 146,371 179,693 24,618 Amount due to related parties 78,032 109,730 15,033 Total current liabilities 1,691,465 1,306,991 179,057 Non-current liabilities: Operating lease liabilities, non-current 22,495 79,934 10,951 Deferred tax liabilities 67,658 9,244 1,266 Total non-current liabilities 90,153 89,178 12,217 TOTAL LIABILITIES 1,781,618 1,396,169 191,274 TOTAL SHAREHOLDERS' EQUITY 3,711,461 3,694,552 506,152 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 5,493,079 5,090,721 697,426 ATRENEW INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Amounts in thousands, except share and per share and otherwise noted) Three months ended December 31, Years ended December 31, 2023 2024 2023 2024 RMB RMB US$ RMB RMB US$ Net revenues Net product revenues 3,522,474 4,460,603 611,100 11,658,298 14,844,416 2,033,677 Net service revenues 351,098 388,720 53,254 1,307,484 1,483,984 203,305 Operating (expenses) income (1)(2) Merchandise costs (3,149,968) (3,905,118) (534,999) (10,338,870) (13,086,418) (1,792,832) Fulfillment expenses (301,081) (396,948) (54,382) (1,123,994) (1,382,273) (189,371) Selling and marketing expenses (317,025) (376,421) (51,569) (1,250,860) (1,367,028) (187,282) General and administrative expenses (62,187) (91,111) (12,482) (265,981) (306,782) (42,029) Technology and content expenses (63,774) (56,973) (7,805) (195,679) (210,364) (28,820) Other operating income, net 3,752 30,352 4,158 36,264 53,434 7,320 Income (loss) from operations (16,711) 53,104 7,275 (173,338) 28,969 3,968 Interest expense (1,558) (2,684) (368) (7,056) (15,016) (2,057) Interest income 13,217 6,250 856 37,875 26,861 3,680 Other income (loss), net 832 49 7 (5,887) (41,256) (5,652) Income (loss) before income taxes and share of loss in equity method investments (4,220) 56,719 7,770 (148,406) (442) (61) Income tax benefits 8,923 32,341 4,431 42,530 56,877 7,792 Share of loss in equity method investments (1,925) (11,636) (1,594) (50,374) (64,664) (8,859) Net income (loss) 2,778 77,424 10,607 (156,250) (8,229) (1,128) Net income (loss) per ordinary share: Basic 0.02 0.48 0.07 (0.96) (0.05) (0.01) Diluted 0.02 0.48 0.07 (0.96) (0.05) (0.01) Weighted average number of shares used in calculating net income (loss) per ordinary share Basic 160,765,588 160,450,396 160,450,396 162,160,835 161,618,799 161,618,799 Diluted 160,765,588 162,384,444 162,384,444 162,160,835 161,618,799 161,618,799 Net income (loss) 2,778 77,424 10,607 (156,250) (8,229) (1,128) Foreign currency translation adjustments (7,014) 14,539 1,992 8,883 7,356 1,008 Total comprehensive (loss) income (4,236) 91,963 12,599 (147,367) (873) (120) ATRENEW INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (CONTINUED) (Amounts in thousands, except share and per share and otherwise noted) Three months ended December 31, Years ended December 31, 2023 2024 2023 2024 RMB RMB US$ RMB RMB US$ (1) Includes share-based compensation expenses as follows: Fulfillment expenses (5,480) (4,657) (638) (23,390) (20,649) (2,829) Selling and marketing expenses (3,974) (12,066) (1,653) (17,240) (68,858) (9,434) General and administrative expenses (16,974) (13,706) (1,878) (73,156) (59,630) (8,169) Technology and content expenses (4,967) (3,993) (547) (20,616) (17,604) (2,412) (2) Includes amortization of intangible assets and deferred cost resulting from assets and business acquisitions as follows: Selling and marketing expenses (66,412) (43,850) (6,007) (288,749) (213,004) (29,181) Technology and content expenses (482) (43) (6) (1,928) (1,024) (140) Reconciliations of GAAP and Non-GAAP Results (Amounts in thousands, except share and per share and otherwise noted) Three months ended December 31, Years ended December 31, 2023 2024 2023 2024 RMB RMB US$ RMB RMB US$ Income (loss) from operations (16,711) 53,104 7,275 (173,338) 28,969 3,968 Add: Share-based compensation expenses 31,395 34,422 4,716 134,402 166,741 22,844 Amortization of intangible assets and deferred cost resulting from assets and business acquisitions 66,894 43,893 6,013 290,677 214,028 29,321 Adjusted income from operations (non-GAAP) 81,578 131,419 18,004 251,741 409,738 56,133 Net income (loss) 2,778 77,424 10,607 (156,250) (8,229) (1,128) Add: Share-based compensation expenses 31,395 34,422 4,716 134,402 166,741 22,844 Amortization of intangible assets and deferred cost resulting from assets and business acquisitions 66,894 43,893 6,013 290,677 214,028 29,321 Less: Tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions (10,047) (32,855) (4,501) (43,654) (58,414) (8,003) Adjusted net income (non-GAAP) 91,020 122,884 16,835 225,175 314,126 43,034 Adjusted net income per ordinary share (non-GAAP): Basic 0.57 0.77 0.10 1.39 1.94 0.27 Diluted 0.57 0.76 0.10 1.39 1.91 0.26 Weighted average number of shares used in calculating net income per ordinary share Basic 160,765,588 160,450,396 160,450,396 162,160,835 161,618,799 161,618,799 Diluted 160,765,588 162,384,444 162,384,444 162,160,835 164,374,271 164,374,271
DUBAI, UAE, March 11, 2025 /PRNewswire/ -- Yalla Group Limited ("Yalla" or the "Company") (NYSE: YALA), the largest Middle East and North Africa (MENA)-based online social networking and gaming company, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. Fourth Quarter 2024 Financial and Operating Highlights Revenues were US$90.8 million in the fourth quarter of 2024, representing an increase of 12.2% from the fourth quarter of 2023. Revenues generated from chatting services in the fourth quarter of 2024 were US$59.8 million. Revenues generated from games services in the fourth quarter of 2024 were US$30.8 million. Net income was US$32.5 million in the fourth quarter of 2024, a 9.7% increase from US$29.7 million in the fourth quarter of 2023. Net margin[1] was 35.8% in the fourth quarter of 2024. Non-GAAP net income[2] was US$35.7 million in the fourth quarter of 2024, a 6.8% increase from US$33.4 million in the fourth quarter of 2023. Non-GAAP net margin[3] was 39.3% in the fourth quarter of 2024. Average MAUs[4] increased by 14.4% to 41.4 million in the fourth quarter of 2024 from 36.2 million in the fourth quarter of 2023. The number of paying users[5] on our platform increased by 3.2% to 12.3 million in the fourth quarter of 2024 from 11.9 million in the fourth quarter of 2023. Key Operating Data For the three months ended December 31, 2023 December 31, 2024 Average MAUs (in thousands) 36,237 41,445 Paying users (in thousands) 11,930 12,309 [1] Net margin is net income as a percentage of revenues. [2] Non-GAAP net income represents net income excluding share-based compensation. Non-GAAP net income is a non-GAAP financial measure. See the sections entitled "Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" for more information about the non-GAAP measures referred to in this press release. [3] Non-GAAP net margin is non-GAAP net income as a percentage of revenues. [4] "Average MAUs" refers to the average monthly active users in a given period calculated by dividing (i) the sum of active users for each month of such period, by (ii) the number of months in such period. "Active users" refers to registered users who accessed any of our main mobile applications at least once during a given period. Yalla, Yalla Ludo, Yalla Parchis, YallaChat, 101 Okey Yalla, WeMuslim and Ludo Royal have been our main mobile applications for the periods presented herein. [5] "Paying users" refers to registered users who played a game or purchased our virtual items or upgrade services using virtual currencies on our main mobile applications at least once in a given period, except for users who received all of their virtual currencies directly or indirectly from us for free; YallaChat does not involve the usage of virtual currencies, and the metrics of "paying users" and "ARPPU" do not reflect user activities on YallaChat. "Registered users" refers to users who have registered accounts on our main mobile applications as of a given time; a registered user is not necessarily a unique user, as an individual may register multiple accounts on our main mobile applications. Full Year 2024 Financial Highlights Revenues were US$339.7 million in 2024, representing an increase of 6.5% from 2023. Revenues generated from chatting services in 2024 were US$225.4 million. Revenues generated from games services in 2024 were US$113.6 million. Net income was US$134.2 million in 2024, an 18.7% increase from US$113.1 million in 2023. Net margin was 39.5% in 2024. Non-GAAP net income was US$148.8 million in 2024, a 13.6% increase from US$131.0 million in 2023. Non-GAAP net margin was 43.8% in 2024. "We delivered robust 2024 results thanks to our unwavering commitment to driving high-quality growth in a rapidly evolving market. Our revenues rose to US$90.8 million for the fourth quarter, reaching a new record high for the second consecutive quarter and once again beating the upper end of our guidance, while bringing our annual revenue to US$339.7 million," said Mr. Yang Tao, Founder, Chairman and CEO of Yalla. "We also achieved a 14.4% year-over-year increase in average MAUs to 41.4 million and a 3.2% year-over-year increase in our group's paying users to 12.3 million in the fourth quarter of 2024 by consistently enhancing our user experience and boosting user engagement with content tailored to local culture. Additionally, we have made significant strides in improving our efficiency, evidenced by a 26.0% year-over-year increase in operating income for full year 2024. "Our ongoing efforts to upgrade our flagship applications and sustain their enduring popularity generated strong results this year. Meanwhile, we continued to invest in Yalla Game and now have two self-developed mid-core games in the testing phase. With our expertise in casual gaming and dedication to gaming innovation and product excellence, we are well positioned to deliver high-quality games and expand our presence in this thriving market. Furthermore, we continued to develop AI algorithm models tailored to local culture, enabling us to serve MENA users more efficiently and providing us with a competitive edge in the region. 2025 marks Yalla Group's 10th anniversary, a milestone year in which we anticipate seeing the results of our long-term product development efforts. We are excited to embrace new market opportunities and continue driving digital transformation across MENA," Mr. Yang concluded. Ms. Karen Hu, CFO of Yalla, commented, "We concluded 2024 with a robust fourth quarter, marked by another record high in revenues and accelerated year-over-year growth of 12.2%, underscoring the ongoing success of our user acquisition and monetization strategies. We also remained focused on enhancing our operational efficiency and optimizing costs, driving significant improvement in our overall operating profitability. Our operating income increased by 29.4% year-over-year to US$30.1 million for the fourth quarter and 26.0% year-over-year to US$121.4 million for the full year. This boosted our full year net income by 18.7% to US$134.2 million. As we move into 2025, we will continue to prioritize high-quality development, focusing on both product innovation and refined operational processes. Supported by our strong financial fundamentals and deep regional expertise, we are poised to drive success and invest in our future development, delivering sustainable growth and value to our stakeholders." Fourth Quarter 2024 Financial Results Revenues Our revenues were US$90.8 million in the fourth quarter of 2024, a 12.2% increase from US$80.9 million in the fourth quarter of 2023. The increase was primarily driven by our broadening user base and enhanced monetization capability. Our average MAUs increased by 14.4% to 41.4 million in the fourth quarter of 2024 from 36.2 million in the fourth quarter of 2023. Our solid revenue growth was also partially attributable to the substantial increase in the number of paying users, which grew to 12.3 million in the fourth quarter of 2024 from 11.9 million in the fourth quarter of 2023. In the fourth quarter of 2024, our revenues generated from chatting services were US$59.8 million, and revenues from games services were US$30.8 million. Costs and expenses Our total costs and expenses were US$60.7 million in the fourth quarter of 2024, a 5.3% increase from US$57.6 million in the fourth quarter of 2023. Our cost of revenues was US$31.0 million in the fourth quarter of 2024, a 1.5% increase from US$30.6 million in the same period last year, primarily due to higher commission fees paid to third-party payment platforms as a result of increasing revenues generated, partially offset by a decrease in game art design service fees. Cost of revenues as a percentage of our total revenues decreased to 34.2% in the fourth quarter of 2024 from 37.8% in the fourth quarter of 2023. Our selling and marketing expenses were US$7.4 million in the fourth quarter of 2024, a 28.5% decrease from US$10.4 million in the same period last year, primarily driven by our more disciplined advertising and promotion approach. Selling and marketing expenses as a percentage of our total revenues decreased to 8.2% in the fourth quarter of 2024 from 12.8% in the fourth quarter of 2023. Our general and administrative expenses were US$13.1 million in the fourth quarter of 2024, a 15.6% increase from US$11.3 million in the same period last year, primarily due to an increase in incentive compensation. General and administrative expenses as a percentage of our total revenues increased to 14.4% in the fourth quarter of 2024 from 14.0% in the fourth quarter of 2023. Our technology and product development expenses were US$9.2 million in the fourth quarter of 2024, a 69.6% increase from US$5.4 million in the same period of last year, primarily due to an increase in salaries and benefits for our technology and product development staff, driven by an increase in the headcount of our technology and product development staff to support the development of new businesses and expansion of our product portfolio. Technology and product development expenses as a percentage of our total revenues increased to 10.1% in the fourth quarter of 2024 from 6.7% in the fourth quarter of 2023. Operating income Operating income was US$30.1 million in the fourth quarter of 2024, a 29.4% increase from US$23.3 million in the same period last year. Non-GAAP operating income[6] Non-GAAP operating income in the fourth quarter of 2024 was US$33.3 million, a 23.0% increase from US$27.1 million in the same period last year. Interest income Interest income was US$7.1 million in the fourth quarter of 2024, compared with US$6.5 million in the fourth quarter of 2023. Income tax expense Income tax expense was US$3.4 million in the fourth quarter of 2024, compared with US$0.5 million in the fourth quarter of 2023. The increase was primarily due to an increase in income tax expenses recognized for recognition of deferred tax liabilities for the undistributed retained earnings of consolidated subsidiaries. Net income As a result of the foregoing, our net income was US$32.5 million in the fourth quarter of 2024, a 9.7% increase from US$29.7 million in the fourth quarter of 2023. Non-GAAP net income Non-GAAP net income in the fourth quarter of 2024 was US$35.7 million, a 6.8% increase from US$33.4 million in the same period last year. Earnings per ordinary share Basic and diluted earnings per ordinary share were US$0.20 and US$0.18, respectively, in the fourth quarter of 2024, while basic and diluted earnings per ordinary share were US$0.20 and US$0.17, respectively, in the same period of 2023. Non-GAAP earnings per ordinary share[7] Non-GAAP basic and diluted earnings per ordinary share were US$0.22 and US$0.20, respectively, in the fourth quarter of 2024, compared with US$0.22 and US$0.19, respectively, in the same period of 2023. Cash and cash equivalents, restricted cash, term deposits and short-term investments As of December 31, 2024, we had cash and cash equivalents, restricted cash, term deposits and short-term investments of US$656.3 million, compared with US$535.7 million as of December 31, 2023. Full Year 2024 Financial Results Revenues Our revenues were US$339.7 million in 2024, a 6.5% increase from US$318.9 million in 2023. The increase was primarily driven by the broadening of our user base and our enhanced monetization capability. Our revenues generated from chatting services were US$225.4 million in 2024, and our revenues generated from games services were US$113.6 million in 2024. Costs and expenses Our total costs and expenses were US$218.3 million in 2024, compared with US$222.5 million in 2023. Our cost of revenues was US$120.5 million in 2024, a 5.2% increase from US$114.5 million last year, primarily due to higher commission fees paid to third-party payment platforms as a result of increasing revenues generated. Cost of revenues as a percentage of our total revenues decreased to 35.5% in 2024 from 35.9% in 2023. Our selling and marketing expenses were US$31.3 million in 2024, a 30.9% decrease from US$45.4 million in 2023, primarily driven by our more disciplined advertising and promotion approach. Selling and marketing expenses as a percentage of our total revenues decreased to 9.2% in 2024 from 14.2% in 2023. Our general and administrative expenses were US$37.4 million in 2024, a 1.7% increase from US$36.8 million in 2023. General and administrative expenses as a percentage of our total revenues decreased to 11.0% in 2024 from 11.5% in 2023. Our technology and product development expenses were US$29.0 million in 2024, a 12.5% increase from US$25.8 million in 2023, primarily due to an increase in salaries and benefits for our technology and product development staff, driven by an increase in the headcount of our technology and product development staff to support the development of new businesses and expansion of our product portfolio. Technology and product development expenses as a percentage of our total revenues increased to 8.5% in 2024 from 8.1% in 2023. Operating income Operating income was US$121.4 million in 2024, a 26.0% increase from US$96.4 million in 2023. Non-GAAP operating income Non-GAAP operating income in 2024 was US$136.1 million, a 19.1% increase from US$114.3 million in 2023. Interest income Our interest income was US$28.7 million in 2024, compared with US$19.8 million in 2023, primarily due to the increased position of cash and cash equivalents and increased investments in wealth management products. Income tax expense Our income tax expense was US$13.9 million in 2024, compared with US$2.7 million in 2023. The increase was primarily due to the introduction and implementation of the UAE Corporate Tax Law, which is effective for the financial years starting on or after June 1, 2023. Net income Our net income was US$134.2 million in 2024, an 18.7% increase from US$113.1 million in 2023. Non-GAAP net income Non-GAAP net income in 2024 was US$148.8 million, a 13.6% increase from US$131.0 million in 2023. Earnings per ordinary share Basic and diluted earnings per ordinary share were US$0.85 and US$0.74, respectively, in 2024, compared with US$0.74 and US$0.65, respectively, in 2023. Non-GAAP earnings per ordinary share Non-GAAP basic and diluted earnings per ordinary share were US$0.94 and US$0.82, respectively, in 2024, compared with US$0.85 and US$0.74, respectively, in 2023. Extension of the share repurchase program Our board of directors has approved an extension of the expiration date of the share repurchase program to May 21, 2026 for the Company's share repurchase program beginning on May 21, 2021. Pursuant to the Company's share repurchase program, in the fourth quarter of 2024, the Company repurchased 1,595,879 American depositary shares ("ADSs"), representing 1,595,879 Class A ordinary shares from the open market with cash for an aggregate amount of approximately US$6.9 million. Cumulatively, the Company had completed cash repurchases in the open market of 7,305,138 ADSs, representing 7,305,138 Class A ordinary shares, for an aggregate amount of approximately US$49.4 million, as of December 31, 2024. The aggregate value of ADSs and/or Class A ordinary shares that remain available for purchase under the current share repurchase program was US$100.6 million as of December 31, 2024. Outlook For the first quarter of 2025, Yalla currently expects revenues to be between US$75.0 million and US$82.0 million. The above outlook is based on current market conditions and reflects the Company management's current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change. [6] Non-GAAP operating income represents operating income excluding share-based compensation. Non-GAAP operating income is a non-GAAP financial measure. See the sections entitled "Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" for more information about the non-GAAP measures referred to in this press release. [7] Non-GAAP earnings per ordinary share is non-GAAP net income attributable to Yalla Group Limited's shareholders, divided by weighted average number of basic and diluted shares outstanding. Non-GAAP net income attributable to Yalla Group Limited's shareholders represents net income attributable to Yalla Group Limited's shareholders, excluding share-based compensation. Non-GAAP earnings per ordinary share and non-GAAP net income attributable to Yalla Group Limited's shareholders are non-GAAP financial measures. See the sections entitled "Non-GAAP Financial Measures" and "Reconciliations of GAAP and Non-GAAP Results" for more information about the non-GAAP measures referred to in this press release. Conference Call The Company's management will host an earnings conference call on Monday, March 10, 2025, at 8:00 PM U.S. Eastern Time, which is Tuesday, March 11, 2025, at 4:00 AM Dubai Time, or Tuesday, March 11, 2025, at 8:00 AM Beijing/Hong Kong time. Dial-in details for the earnings conference call are as follows: United States Toll Free: +1-888-317-6003 International: +1-412-317-6061 United Arab Emirates Toll Free: 80-003-570-3589 Mainland China Toll Free: 400-120-6115 Hong Kong, China Toll Free: 800-963-976 Access Code: 6915264 Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.yalla.com. A replay of the conference call will be accessible until March 17, 2025, by dialing the following telephone numbers: United States Toll Free: +1-877-344-7529 International: +1-412-317-0088 Access Code: 9444173 Non-GAAP Financial Measures To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP financial measures, namely non-GAAP operating income, non-GAAP net income, non-GAAP net margin and non-GAAP basic and diluted earnings per ordinary share, as supplemental measures to review and assess the Company's operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define non-GAAP operating income as operating income excluding share-based compensation. We define non-GAAP net income as net income excluding share-based compensation. We define non-GAAP net margin as non-GAAP net income as a percentage of revenues. We define non-GAAP net income attributable to Yalla Group Limited's shareholders as net income attributable to Yalla Group Limited's shareholders, excluding share-based compensation. We define non-GAAP earnings per ordinary share as non-GAAP net income attributable to Yalla Group Limited's shareholders, divided by the weighted average number of basic and diluted shares outstanding. By excluding the impact of share-based compensation expenses, which are non-cash charges, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. Investors can better understand the Company's operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess its core operating results, as they exclude share-based compensation expenses, which are not expected to result in cash payments. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using the non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company's operations. Share-based compensation has been and may continue to be incurred in the Company's business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP financial measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by providing the relevant disclosure of its non-GAAP financial measures in the reconciliations to the nearest U.S. GAAP performance measures, all of which should be considered when evaluating its performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of GAAP and non-GAAP results are set forth at the end of this press release. About Yalla Group Limited Yalla Group Limited is the largest MENA-based online social networking and gaming company, in terms of revenues in 2022. The Company operates two flagship mobile applications, Yalla, a voice-centric group chat platform, and Yalla Ludo, a casual gaming application featuring online versions of board games, popular in MENA, with in-game voice chat and localized Majlis functionality. Building on the success of Yalla and Yalla Ludo, the Company continues to add engaging new content, creating a regionally-focused, integrated ecosystem dedicated to fulfilling MENA users' evolving online social networking and gaming needs. Through its holding subsidiary, Yalla Game Limited, the Company has expanded its capabilities in mid-core and hard-core games in the MENA region, leveraging its local expertise to bring innovative gaming content to its users. In addition, the growing Yalla ecosystem includes YallaChat, an IM product tailored for Arabic users, WeMuslim, a product that supports Arabic users in observing their customs, and casual games such as Yalla Baloot and 101 Okey Yalla, developed to sustain vibrant local gaming communities in MENA. Yalla is also actively exploring outside of MENA with Yalla Parchis, a Ludo game designed for the South American markets. Yalla's mobile applications deliver a seamless experience that fosters a sense of loyalty and belonging, establishing highly devoted and engaged user communities through close attention to detail and localized appeal that profoundly resonates with users. For more information, please visit: https://ir.yalla.com. Safe Harbor Statement This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Statements that are not historical facts, including statements about Yalla Group Limited's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Yalla Group Limited's filings with the SEC. All information provided in this press release is as of the date of this press release, and Yalla Group Limited does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: Yalla Group LimitedInvestor RelationsKerry Gao - IR DirectorTel: +86-571-8980-7962Email: ir@yalla.com Piacente Financial CommunicationsJenny CaiTel: +86-10-6508-0677Email: yalla@tpg-ir.com In the United States: Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050Email: yalla@tpg-ir.com YALLA GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS As of December 31,2023 December 31,2024 US$ US$ ASSETS Current assets Cash and cash equivalents 311,883,463 488,379,894 Restricted cash 423,567 1,975,616 Term deposits 213,105,501 94,983,813 Short-term investments 10,282,329 70,932,713 Amounts due from a related party 109,507 — Prepayments and other current assets 33,340,602 35,429,988 Total current assets 569,144,969 691,702,024 Non-current assets Property and equipment, net 1,583,604 13,962,393 Intangible asset, net 1,133,715 896,005 Operating lease right-of-use assets 2,382,026 1,370,914 Long-term investments 51,692,218 93,698,924 Other assets 13,015,729 — Total non-current assets 69,807,292 109,928,236 Total assets 638,952,261 801,630,260 LIABILITIES Current liabilities Accounts payable 928,055 957,717 Deferred revenue 46,558,571 58,081,649 Operating lease liabilities, current 1,153,691 1,012,481 Amounts due to a related party — 87,156 Income taxes payable 929,661 9,117,261 Accrued expenses and other current liabilities 25,765,338 32,404,872 Total current liabilities 75,335,316 101,661,136 Non-current liabilities Operating lease liabilities, non-current 949,970 13,495 Deferred tax liabilities — 2,148,022 Total non-current liabilities 949,970 2,161,517 Total liabilities 76,285,286 103,822,653 EQUITY Shareholders' equity of Yalla Group Limited Class A Ordinary Shares 13,778 14,064 Class B Ordinary Shares 2,473 2,473 Additional paid-in capital 313,306,523 328,883,061 Treasury stock (35,527,305) (49,438,661) Accumulated other comprehensive loss (2,341,740) (3,016,579) Retained earnings 292,223,525 427,907,766 Total shareholders' equity of Yalla Group Limited 567,677,254 704,352,124 Non-controlling interests (5,010,279) (6,544,517) Total equity 562,666,975 697,807,607 Total liabilities and equity 638,952,261 801,630,260 YALLA GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Year Ended December 31,2023 September 30,2024 December 31,2024 December 31,2023 December 31,2024 US$ US$ US$ US$ US$ Revenues 80,925,228 88,922,031 90,827,754 318,877,564 339,675,845 Costs and expenses Cost of revenues (30,571,656) (31,830,126) (31,044,004) (114,527,174) (120,471,064) Selling and marketing expenses (10,356,555) (7,352,820) (7,403,643) (45,382,752) (31,347,919) General and administrative expenses (11,300,036) (10,133,394) (13,066,301) (36,808,454) (37,424,491) Technology and product development expenses (5,411,303) (7,108,024) (9,178,864) (25,804,995) (29,030,758) Total costs and expenses (57,639,550) (56,424,364) (60,692,812) (222,523,375) (218,274,232) Operating income 23,285,678 32,497,667 30,134,942 96,354,189 121,401,613 Interest income 6,479,095 7,829,223 7,101,823 19,833,520 28,673,905 Government grants 154,908 7,603 360,194 337,355 800,160 Investment income (loss) 271,566 133,606 (1,711,657) 1,728,308 (2,805,945) Impairment loss of investments — — — (2,509,480) — Income before income taxes 30,191,247 40,468,099 35,885,302 115,743,892 148,069,733 Income tax expense (539,276) (1,287,156) (3,354,580) (2,685,456) (13,918,526) Net income 29,651,971 39,180,943 32,530,722 113,058,436 134,151,207 Net loss attributable to non-controlling interests 1,533,491 673,856 60,763 4,284,341 1,533,034 Net income attributable to Yalla Group Limited's shareholders 31,185,462 39,854,799 32,591,485 117,342,777 135,684,241 Earnings per ordinary share ——Basic 0.20 0.25 0.20 0.74 0.85 ——Diluted 0.17 0.22 0.18 0.65 0.74 Weighted average number of shares outstanding used in computing earnings per ordinary share ——Basic 159,656,332 160,944,036 159,672,548 159,264,843 160,429,693 ——Diluted 182,819,044 183,354,110 182,474,460 181,800,240 183,156,324 Share-based compensation was allocated in cost of revenues, selling and marketing expenses, general and administrative expenses andtechnology and product development expenses as follows: Three Months Ended Year Ended December 31,2023 September 30,2024 December 31,2024 December 31,2023 December 31,2024 US$ US$ US$ US$ US$ Cost of revenues 1,479,600 1,867,294 1,582,874 4,061,122 7,220,748 Selling and marketing expenses 692,727 261,825 179,964 3,210,434 1,822,939 General and administrative expenses 1,417,835 1,114,753 1,236,586 9,539,356 5,005,853 Technology and product development expenses 198,803 187,205 173,063 1,118,930 642,197 Total share-based compensation expenses 3,788,965 3,431,077 3,172,487 17,929,842 14,691,737 YALLA GROUP LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS Three Months Ended Year Ended December 31,2023 September 30,2024 December 31,2024 December 31,2023 December 31,2024 US$ US$ US$ US$ US$ Operating income 23,285,678 32,497,667 30,134,942 96,354,189 121,401,613 Share-based compensation expenses 3,788,965 3,431,077 3,172,487 17,929,842 14,691,737 Non-GAAP operating income 27,074,643 35,928,744 33,307,429 114,284,031 136,093,350 Net income 29,651,971 39,180,943 32,530,722 113,058,436 134,151,207 Share-based compensation expenses, net of tax effect of nil 3,788,965 3,431,077 3,172,487 17,929,842 14,691,737 Non-GAAP net income 33,440,936 42,612,020 35,703,209 130,988,278 148,842,944 Net income attributable to Yalla Group Limited's shareholders 31,185,462 39,854,799 32,591,485 117,342,777 135,684,241 Share-based compensation expenses, net of tax effect of nil 3,788,965 3,431,077 3,172,487 17,929,842 14,691,737 Non-GAAP net income attributable to Yalla Group Limited's shareholders 34,974,427 43,285,876 35,763,972 135,272,619 150,375,978 Non-GAAP earnings per ordinary share ——Basic 0.22 0.27 0.22 0.85 0.94 ——Diluted 0.19 0.24 0.20 0.74 0.82 Weighted average number of shares outstanding used in computing earnings per ordinary share ——Basic 159,656,332 160,944,036 159,672,548 159,264,843 160,429,693 ——Diluted 182,819,044 183,354,110 182,474,460 181,800,240 183,156,324
DALIAN, China, March 10, 2025 /PRNewswire/ -- CBAK Energy Technology, Inc. (NASDAQ: CBAT) ("CBAK Energy", or the "Company"), a leading lithium-ion battery manufacturer and electric energy solution provider in China, today announced that it will report its unaudited financial results for the fourth quarter and full year ended December 31, 2024 on Monday, March 17, 2025, before the U.S. market opens. The earnings results will be available on the Company's Investor Relations website, and will be filed with the Securities and Exchange Commission on a Form 8-K. CBAK Energy's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Monday, March 17, 2025 (8:00 PM Beijing/Hong Kong Time on March 17, 2025). For participants who wish to join our call online, please visit:https://edge.media-server.com/mmc/p/wwi4b3cb Participants who plan to ask questions at the call will need to register at least 15 minutes prior to the scheduled call start time using the link provided below. Upon registration, participants will receive the conference call access information, including dial-in numbers, a unique pin and an email with detailed instructions. Participant Online Registration: https://register.vevent.com/register/BI71c592a6d5ad484abebbdb4a1710f229 Once completing the registration, please dial-in at least 10 minutes before the scheduled start time of the conference call and enter the personal pin as instructed to connect to the call. A replay of the conference call may be accessed within seven days after the conclusion of the live call at the following website: https://edge.media-server.com/mmc/p/wwi4b3cb About CBAK EnergyCBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy high power lithium batteries and raw materials for use in manufacturing high power lithium batteries. The applications of the Company's products and solutions include electric vehicles, light electric vehicles, electric tools, energy storage, uninterruptible power supply (UPS), and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian, Nanjing and Shaoxing, as well as a large-scale R&D and production base in Dalian. For more information, please visit ir.cbak.com.cn. Safe Harbor StatementThis press release contains "forward-looking statements" that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements. Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management's current beliefs about the potential outcome of future events. Whether these future events will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results, or financial condition will improve in future periods are subject to numerous risks. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: significant legal and operational risks associated with having substantially all of our business operations in China, that the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our securities or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless, the effects of the global Covid-19 pandemic or other health epidemics, changes in domestic and foreign laws, regulations and taxes, the volatility of the securities markets; and other risks including, but not limited to, the ability of the Company to meet its contractual obligations, the uncertain markets for the Company's products and business, macroeconomic, technological, regulatory, or other factors affecting the profitability of our products and solutions that we discussed or referred to in the Company's disclosure documents filed with the U.S. Securities and Exchange Commission (the "SEC") available on the SEC's website at www.sec.gov, including the Company's most recent Annual Report on Form 10-K as well as in our other reports filed or furnished from time to time with the SEC. You should read these factors and the other cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law. For further inquiries, please contact: In China:CBAK Energy Technology, Inc.Investor Relations DepartmentEmail: ir@cbak.com.cn
STUART, Fla., March 8, 2025 /PRNewswire/ -- Health In Tech (NASDAQ: HIT), an Insurtech platform company backed by third-party AI technology, today announced that it will release financial results for the fourth quarter and full year ended December 31, 2024, following the close of market on Monday, March 17, 2025. Health In Tech will host a conference call and live webcast to discuss the Company's financial results, recent development and business outlook. Event: Health In Tech's 2024 Fourth Quarter and Full Year Earnings Conference Call When: Monday, March 17, 2025, at 5:00 p.m. ET Live Call: PARTICIPANT DIAL IN (TOLL FREE): 1-888-346-8982PARTICIPANT INTERNATIONAL DIAL IN: 1-412-902-4272Hong Kong Toll Free: 800-905945Hong Kong-Local Toll: 852-301-84992 Webcast Link:https://event.choruscall.com/mediaframe/webcast.html?webcastid=D0BJw8tJ Replay: A webcast replay will be available on Health In Tech's investor relations website at https://healthintech.investorroom.com/ shortly after the completion of the call, and will remain available for approximately 90 day. About Health In Tech Health In Tech (Nasdaq: HIT) is an Insurtech platform company backed by third-party AI technology, which offers a marketplace that aims to improve processes in the healthcare industry through vertical integration, process simplification, and automation. By removing friction and complexities, we streamline the underwriting, sales and service process for insurance companies, licensed brokers, and TPAs. Learn more at healthintech.com. Forward-Looking Statements Certain statements in this press release are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may include estimates or expectations about Health In Tech's possible or assumed operational results, financial condition, business strategies and plans, market opportunities, competitive position, industry environment, and potential growth opportunities. In some cases, forward-looking statements can be identified by terms such as "may," "will," "should," "design," "target," "aim," "hope," "expect," "could," "intend," "plan," "anticipate," "estimate," "believe," "continue," "predict," "project," "potential," "goal," or other words that convey the uncertainty of future events or outcomes. These statements relate to future events or to Health In Tech's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause Health In Tech's actual results, levels of activity, performance, or achievements to be different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Health In Tech's control and which could, and likely will, affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects Health In Tech's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to Health In Tech's operations, results of operations, growth strategy and liquidity. Investor Contact Investor Relations:ir@healthintech.com
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