Dada Nexus (DADA) Q4 2023 earnings summary

Executive summary

• FY2023 revenue rose 12.2% YoY to RMB10,506.3 million; adjusted non-GAAP net loss narrowed to RMB341.8 million from RMB1,326.2 million.

• Q4 revenue grew 2.7% YoY to RMB2,752.2 million, while the RMB957.6 million goodwill impairment contributed to a wider GAAP net loss.

Financial highlights

• Q4 total costs and expenses increased to RMB4,077.9 million from RMB3,114.9 million; FY costs and expenses rose to RMB12,678.6 million from RMB11,608.0 million.

• FY operating loss was RMB2,108.5 million versus RMB2,119.5 million; net loss was RMB1,957.5 million versus RMB2,008.0 million.

• Q4 operating loss was RMB1,314.7 million versus RMB399.6 million; net loss was RMB1,282.4 million versus RMB370.6 million.

Segment performance

• FY JDDJ revenue increased 4.5% YoY to RMB6,491.8 million, as fulfillment services and commission fees grew, partly offset by lower online advertising and marketing revenue.

• FY Dada Now revenue grew 27.1% YoY to RMB4,014.5 million, driven mainly by higher intra-city delivery order volume from chain merchants.

• Q4 JDDJ revenue fell 13.9% YoY to RMB1,548.5 million, mainly reflecting lower online advertising and marketing services revenue.

• Q4 Dada Now revenue rose 36.3% YoY to RMB1,203.7 million, mainly on higher intra-city delivery volume from chain merchants.