BingEx (FLX) Q3 2024 earnings summary

Executive summary

• Achieved strong Q3 2024 results as a newly public company, marking a decade of growth and innovation since 2014.

• Revenues reached RMB1,154.8 million ($164.6 million) in Q3 2024; nine-month revenues up 3.7% year-over-year to RMB3,439.3 million ($490.1 million).

• Expanded to 295 cities with a unique one-to-one delivery model, serving over 90 million registered users, up 27% year-over-year.

• Fulfilled 73.3 million orders in Q3 and 211.4 million for the nine months, up 7.1% year-over-year.

• Completed a successful NASDAQ IPO in October 2024, raising over $60 million.

Financial highlights

• Q3 2024 total revenue was RMB1,154.8 million, down from RMB1,194.3 million year-over-year due to lower ASP and expansion into lower-tier cities.

• Gross profit rose 20.9% year-over-year to RMB130.3 million ($18.6 million), with gross margin improving to 11.3% from 9.0%.

• Non-GAAP net income surged 64.8% year-over-year to RMB57.6 million ($8.2 million), with non-GAAP net margin up to 5%.

• Operating income reached RMB46.2 million (operating margin 4.0%), up 178% year-over-year.

• Cash and cash equivalents totaled RMB517.4 million ($73.7 million) as of September 30, 2024.

Outlook and guidance

• Plans to optimize cost efficiency, expand city penetration, invest in technology, and enhance personalized service.

• Management remains confident in capturing new growth opportunities and delivering greater value through innovation and network expansion.