Dada Nexus (DADA) Q4 2024 earnings summary

Executive summary

• Q4 2024 net revenues declined 11.6% year-over-year to RMB2,432.7 million, with full-year 2024 revenues down 8.0% to RMB9,663.8 million.

• Dada NOW segment saw strong growth, offsetting declines in JD NOW, which faced lower advertising and fulfillment revenues.

• Significant impairment loss of intangible assets (RMB1,058.7 million) recorded in Q4 2024, impacting annual results.

• Non-GAAP net loss narrowed both in Q4 and for the full year, reflecting improved cost control.

Financial highlights

• Q4 2024 net loss was RMB1,227.0 million, compared to RMB1,282.4 million in Q4 2023; non-GAAP net loss was RMB29.0 million, down from RMB159.1 million.

• FY 2024 net loss was RMB2,038.5 million, up from RMB1,957.5 million in 2023; non-GAAP net loss was RMB425.5 million, up from RMB341.8 million.

• Q4 2024 basic and diluted net loss per share was RMB1.18; non-GAAP per share loss was RMB0.03.

• FY 2024 basic and diluted net loss per share was RMB1.95; non-GAAP per share loss was RMB0.41.

• Gross billings for on-demand delivery services rose to RMB12,142.1 million in 2024 from RMB9,883.2 million in 2023.

Segment performance

• JD NOW revenues fell 52.4% year-over-year in Q4 2024 and 40.6% for the full year, mainly due to declines in advertising and fulfillment.

• Dada NOW revenues grew 40.8% in Q4 2024 and 44.6% for the year, driven by higher intra-city delivery order volumes.