Our Non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of Non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.
Reconciliations of our Non-GAAP results to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the Non-GAAP financial measures.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.0176 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 September 30, 2024.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company'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. In some cases, these forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
Investor Relations Contact
In China:
BingEx Limited
Investor Relations
E-mail: ir@ishansong.com
Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: FlashEx@thepiacentegroup.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FlashEx@thepiacentegroup.com
BINGEX LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except for number of shares
and per share data)
December 31, September 30,
2023 2024
------------- ---------------------
RMB RMB USD
ASSETS
Current assets
Cash and cash
equivalents 699,391 517,406 73,730
Short-term investments 150,699 -- --
Accounts receivable 12,115 17,199 2,451
Prepayments and other
current assets 58,119 65,677 9,361
------------ ---------- --------
Total current assets 920,324 600,282 85,542
------------ ---------- --------
Non-current assets
Long-term investments -- 259,819 37,024
Property and equipment,
net 5,544 3,867 551
Operating lease
right-of-use assets 59,852 47,814 6,813
Other non-current
assets 14,950 15,056 2,145
------------ ---------- --------
Total non-current
assets 80,346 326,556 46,533
------------ ---------- --------
Total assets 1,000,670 926,838 132,075
============ ========== ========
LIABILITIES
Current liabilities
Accounts payable 339,832 216,119 30,797
Deferred revenue 51,945 60,388 8,605
Operating lease
liabilities, current 12,346 13,509 1,925
Accrued expenses and
other current
liabilities 249,329 163,383 23,282
------------ ---------- --------
Total current
liabilities 653,452 453,399 64,609
------------ ---------- --------
Non-current
liabilities
Operating lease
liabilities,
non-current 45,360 32,355 4,611
------------ ---------- --------
Total non-current
liabilities 45,360 32,355 4,611
------------ ---------- --------
Total liabilities 698,812 485,754 69,220
------------ ---------- --------
Mezzanine equity 2,733,560 2,815,884 401,261
------------ ---------- --------
Shareholders' deficit (2,431,702) (2,374,800) (338,406)
------------ ---------- --------
Total liabilities,
mezzanine equity and
shareholders' deficit 1,000,670 926,838 132,075
============ ========== ========
BINGEX LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except for number of shares
and per share data)
Three months ended September 30, Nine months ended September 30,
------------------------------------ ------------------------------------
2023 2024 2024 2023 2024 2024
---------- ---------- ---------- ----------
RMB RMB USD RMB RMB USD
Revenues 1,194,276 1,154,788 164,556 3,316,495 3,439,284 490,094
Cost of revenues (1,086,434) (1,024,457) (145,984) (3,025,814) (3,051,636) (434,855)
Gross Profit 107,842 130,331 18,572 290,681 387,648 55,239
Operating
expenses:
Selling and
marketing
expenses (43,518) (43,931) (6,260) (141,568) (133,669) (19,048)
General and
administrative
expenses (26,969) (18,058) (2,573) (79,399) (63,563) (9,058)
Research and
development
expenses (20,750) (22,171) (3,159) (71,480) (63,477) (9,045)
---------- ---------- ---------- ---------- ---------- ----------
Total operating
expenses (91,237) (84,160) (11,992) (292,447) (260,709) (37,151)
---------- ---------- ---------- ---------- ---------- ----------
Income (loss)
from
operations 16,605 46,171 6,580 (1,766) 126,939 18,088
---------- ---------- ---------- ---------- ---------- ----------
Interest income 5,060 4,636 661 15,048 16,535 2,356
Changes in fair
value of
long-term
investments -- (33,805) (4,817) -- (33,686) (4,800)
Investment
income 1,448 1,004 143 3,661 3,441 490
Other income 11,849 5,823 830 60,076 34,351 4,895
---------- ---------- ---------- ---------- ---------- ----------
Income before
income taxes 34,962 23,829 3,397 77,019 147,580 21,029
Income tax
expense -- -- -- -- (68) (10)
---------- ---------- ---------- ---------- ---------- ----------
Net income 34,962 23,829 3,397 77,019 147,512 21,019
Accretion of
redeemable
convertible
preferred
shares to
redemption
value (37,601) (37,253) (5,309) (108,959) (110,827) (15,793)
---------- ---------- ---------- ---------- ---------- ----------
Net income
(loss)
attributable to
ordinary
shareholders (2,639) (13,424) (1,912) (31,940) 36,685 5,226
========== ========== ========== ========== ========== ==========
Net earnings
(loss) per
ordinary share
-- Basic and
diluted --
Class A and B (0.04) (0.19) (0.03) (0.44) 0.19 0.03
Weighted
average number
of shares
outstanding
used in
computing net
earnings (loss)
per ordinary
share
-- Basic and
diluted --
Class A 26,422,222 26,422,222 26,422,222 26,422,222 26,422,222 26,422,222
-- Basic and
diluted --
Class B 45,577,778 45,577,778 45,577,778 45,577,778 45,577,778 45,577,778
BINGEX LIMITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands, except for number of shares
and per share data)
Three months ended Nine months ended
September 30, September 30,
------------------------- --------------------------
2023 2024 2024 2023 2024 2024
------ --------- ------- ---------
RMB RMB USD RMB RMB USD
(MORE TO FOLLOW) Dow Jones Newswires
November 27, 2024 04:40 ET (09:40 GMT)
Comments