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Smart Share Global Limited (EM) investor relations material
Smart Share Global Limited Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Completed transition to network partner model, with 96.8% of POIs under this model as of September 30, 2024, up from 89.2% at June 30, 2024.
Cumulative registered users reached 430.2 million, with 13.1 million new users in Q3 2024.
Mobile device charging orders declined to 148.1 million in Q3 2024 from 176.5 million in Q3 2023.
Services available at 1,274,000 POIs and 9.5 million power banks in circulation as of quarter end.
Financial highlights
Q3 2024 revenue was RMB490.8 million ($69.9 million), down 20.0% year-over-year, mainly due to the shift away from the direct model.
Mobile device charging revenue fell 34.8% year-over-year to RMB367.9 million.
Network partner model revenue rose 10.7% year-over-year to RMB309.8 million, while direct model revenue dropped 79.6% to RMB58.0 million.
Other revenues, mainly from new business and advertising, surged 149.4% to RMB122.9 million.
Cost of revenues increased 38.5% year-over-year to RMB298.4 million, driven by new business initiatives and cabinet costs.
Net income for Q3 2024 was RMB4.2 million ($0.6 million), down from RMB49.0 million a year ago.
Non-GAAP adjusted net income was RMB9.2 million, compared to RMB54.2 million in Q3 2023.
Outlook and guidance
Management highlights ongoing strategic focus on the network partner model and new business initiatives.
Forward-looking statements note risks from competition, regulatory changes, and macroeconomic conditions.
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