Press Release: Uxin Reports Unaudited Financial Results for the Quarter Ended March 31, 2026

Dow Jones06-16

BEIJING, June 16, 2026 /PRNewswire/ -- Uxin Limited ("Uxin" or the "Company") (Nasdaq: UXIN), China's leading used car retailer, today announced its unaudited financial results for the quarter ended March 31, 2026.

Highlights for the Quarter Ended March 31, 2026

   -- Transaction volume was 18,211 units for the three months ended March 31, 
      2026, representing a decrease of 15.8% from 21,634 units in the last 
      quarter and an increase of 120.4% from 8,264 units in the same period 
      last year. 
 
   -- Retail transaction volume was 16,530 units, representing a decrease of 
      13.7% from 19,160 units in the last quarter and an increase of 119.1% 
      from 7,545 units in the same period last year. 
 
   -- Total revenues were RMB1,073.7 million (US$155.6 million) for the three 
      months ended March 31, 2026, representing a decrease of 10.4% from 
      RMB1,197.9 million in the last quarter and an increase of 112.9% from 
      RMB504.2 million in the same period last year. 
 
   -- Gross margin was 7.0% for the three months ended March 31, 2026, compared 
      with 6.8% in the last quarter and 7.0% in the same period last year. 
 
   -- Loss from operations was RMB66.6 million (US$9.7 million) for the three 
      months ended March 31, 2026, compared with RMB58.7 million in the last 
      quarter and RMB35.3 million in the same period last year. 
 
   -- Non-GAAP adjusted EBITDA[1] was a loss of RMB34.3 million (US$5.0 
      million), compared with a loss of RMB27.2 million in the last quarter and 
      a loss of RMB8.9 million in the same period last year. 
 
[1] This is a non-GAAP measure. We believe non-GAAP measures help investors 
and users of our financial information understand the effect of adjusting 
items on our selected reported results and provide alternate measurements of 
our performance, both in the current period and across periods. See our 
Financial Supplement, furnished as Exhibit 99.1 to our Current Report on Form 
6-K on June 16, 2026 with the SEC, "Unaudited Reconciliations of GAAP And 
Non-GAAP Results" for a reconciliation and additional information on non-GAAP 
measures. 
 

Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, commented, "In the first quarter of 2026, despite the seasonal impact of the Chinese New Year holiday, our retail transaction volume still reached 16,530 units, up 119% year over year, marking the eighth consecutive quarter of year-over-year growth above 110%. We also maintained a high quality of growth across our business. Our inventory turnover days for vehicles available for sale remained stable at approximately 30 days, gross margin stayed stable, and our net promoter score (NPS) further improved to 68, and customer satisfaction and brand reputation remain at industry-leading levels."

Mr. Dai continued, "In March, our Tianjin Superstore commenced operations, bringing the number of superstores in operation to six. With the continued ramp-up of our existing superstores and the planned opening of additional superstores, we remain confident in achieving retail transaction volume growth of more than 100% year over year for full-year 2026."

Mr. Feng Lin, Chief Financial Officer of Uxin, stated, "In the first quarter of 2026, retail transaction volume and revenue experienced a normal sequential decline due to the Chinese New Year holiday season, while our overall business achieved a strong year-over-year growth. Total revenue reached RMB1.07 billion, up 113% year over year. In particular, our retail vehicle sales revenue was RMB1.01 billion, representing a 118% increase year over year. Gross margin was 7.0%, an improvement of 0.2% from the prior quarter. The non-GAAP adjusted EBITDA loss was RMB34.3 million for the first quarter, primarily reflecting the upfront investments associated with the ramp-up of new superstores and the continued build-out of our superstore teams. As our existing superstores continue to mature, we expect the operating leverage to improve over time, supporting continued growth in both revenue and profitability."

Financial Results for the Quarter Ended March 31, 2026

Total revenues were RMB1,073.7 million (US$155.6 million) for the three months ended March 31, 2026, representing a decrease of 10.4% from RMB1,197.9 million in the last quarter and an increase of 112.9% from RMB504.2 million in the same period last year. The quarter-over-quarter decrease was mainly due to the decrease in retail vehicle sales revenue. The year-over-year increase was mainly due to the increase in retail vehicle sales revenue.

Retail vehicle sales revenue was RMB1,015.0 million (US$147.1 million) for the three months ended March 31, 2026, representing a decrease of 10.1% from RMB1,129.0 million in the last quarter and an increase of 118.0% from RMB465.5 million in the same period last year. For the three months ended March 31, 2026, retail transaction volume was 16,530 units, representing a decrease of 13.7% from 19,160 units last quarter and an increase of 119.1% from 7,545 units in the same period last year. The quarter-over-quarter decrease in retail vehicle sales revenue was mainly due to the decrease in retail transaction volume resulting from seasonality. The Chinese New Year holiday lasted from February 15 to 23 in 2026, which is the traditional used car off-season. The year-over-year increase was mainly due to the increase in retail transaction volume by 119.1%, the rapid growth in sales volume was primarily driven by the Company's new superstores in Wuhan, Zhengzhou and Jinan, which commenced trial operations in February, September and December 2025, respectively. Additionally, our established superstores in Xi'an and Hefei continued to deliver robust growth.

Wholesale vehicle sales revenue was RMB27.9 million (US$4.0 million) for the three months ended March 31, 2026, compared with RMB38.2 million in the last quarter and RMB22.5 million in the same period last year. For the three months ended March 31, 2026, wholesale transaction volume was 1,681 units, representing a decrease of 32.1% from 2,474 units last quarter and an increase of 133.8% from 719 units in the same period last year. Wholesale vehicle sales represent vehicles purchased by the Company from individuals that do not meet the Company's retail standards and are subsequently sold through online and offline channels.

Other revenue was RMB30.8 million (US$4.5 million) for the three months ended March 31, 2026, compared with RMB30.7 million in the last quarter and RMB16.2 million in the same period last year.

Cost of revenues was RMB998.6 million (US$144.8 million) for the three months ended March 31, 2026, compared with RMB1,117.0 million in the last quarter and RMB468.9 million in the same period last year.

Gross margin was 7.0% for the three months ended March 31, 2026, compared with 6.8% in the last quarter and 7.0% in the same period last year. The Company's gross margin remained relatively stable.

Total operating expenses were RMB142.1 million (US$20.6 million) for the three months ended March 31, 2026. Total operating expenses excluding the impact of share-based compensation were RMB132.6 million.

   -- Sales and marketing expenses were RMB115.8 million (US$16.8 million) for 
      the three months ended March 31, 2026, representing a decrease of 5.3% 
      from RMB122.3 million in the last quarter and an increase of 87.6% from 
      RMB61.7 million in the same period last year. The quarter-over-quarter 
      decrease was mainly due to the decreased salaries for the sales teams. 
      The year-over-year increase was mainly due to the increased employee 
      compensation for the sales teams as a result of the increase in 
      headcount. 
 
   -- General and administrative expenses were RMB23.4 million (US$3.4 million) 
      for the three months ended March 31, 2026, representing an increase of 
      2.7% from RMB22.8 million in the last quarter and an increase of 27.5% 
      from RMB18.3 million in the same period last year. The year-over-year 
      increase was mainly due to the increased employee compensation as a 
      result of the increase in superstores. 
 
   -- Research and development expenses were RMB2.9 million (US$0.4 million) 
      for the three months ended March 31, 2026, representing a decrease of 
      12.2% from RMB3.3 million in the last quarter and an increase of 1.0% 
      from RMB2.9 million in the same period last year. The 
      quarter-over-quarter decrease was mainly due to the impact of share-based 
      compensation expenses. 

Other operating income, net was RMB0.5 million (US$0.1 million) for the three months ended March 31, 2026, compared with RMB8.8 million for the last quarter and RMB11.9 million in the same period last year. The decrease was mainly due to the decline of gains from derecognition of certain long-aged liabilities.

Loss from operations was RMB66.6 million (US$9.7 million) for the three months ended March 31, 2026, compared with RMB58.7 million in the last quarter and RMB35.3 million in the same period last year.

Interest expenses were RMB23.9 million (US$3.5 million) for the three months ended March 31, 2026, compared with RMB24.7 million in the last quarter and RMB22.5 million in the same period last year.

Net loss from operations was net loss of RMB91.6 million (US$13.3 million) for the three months ended March 31, 2026, compared with net loss of RMB82.8 million in the last quarter and net loss of RMB51.4 million in the same period last year.

Non-GAAP adjusted EBITDA was a loss of RMB34.3 million (US$5.0 million) for the three months ended March 31, 2026, compared with a loss of RMB27.2 million in the last quarter and a loss of RMB8.9 million in the same period last year.

Liquidity

The Company has incurred net losses since inception. For the quarter ended March 31, 2026, the Company incurred net loss of RMB91.6 million. As of March 31, 2026, the Company had accumulated deficit in the amount of RMB20.0 billion, its current liabilities exceeded current assets by approximately RMB156.1 million, the Company's cash balance was RMB47.4 million. Based on the Company's liquidity assessment, which considers the plans to address these adverse conditions and events, including raising funds from planned equity and loan financings, growing vehicle sales volume and revenue by increasing the scale of vehicle purchase while maintaining vehicle inventory and working capital turnover by managing reasonable vehicle sale prices, improving gross profit margin by promoting value-added services offered to customers, and also adjusting its operation scale if and when necessary, the Company believes that its current cash and cash equivalents and the cash flows from operating and financing activities are sufficient for the Company to meet its anticipated working capital requirements, other capital commitments and the Company will be able to meet its payment obligations when liabilities fall due within the next twelve months from the date of this release.

Recent Development

Strategic Partnership with Shijiazhuang State-Owned Enterprise

The Company has entered into an equity investment agreement with Hebei Chengying Investment Promotion Operation Co., Ltd. ("Hebei Chengying") to establish a subsidiary of the Company. Pursuant to the equity agreement, Uxin (Anhui) Industrial Investment Group Co., Ltd., a wholly owned subsidiary of the Company, will contribute RMB30.0 million, and Hebei Chengying will contribute RMB10.0 million, representing approximately 75% and 25% of the subsidiary's total registered capital, respectively.

Chongqing Used Car Superstore Project

On May 21, 2026, Uxin announced the launch of a new used car superstore project in Chongqing. The project will integrate a large-scale used car reconditioning facility with a one-stop retail experience, featuring a total capacity of more than 5,000 vehicles for display and sale. The superstore is expected to begin operations in 2026 and further strengthen Uxin's strategic presence in southwestern China.

Business Outlook

For the three months ended June 30, 2026, the Company expects its retail transaction volume to range between 18,000 units and 19,000 units. The Company estimates that its total revenues including retail vehicle sales revenue, wholesale vehicle sales revenue and other revenue to range between RMB1,050 million and RMB1,100 million. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to changes.

Conference Call

Uxin's management team will host a conference call Tuesday, June 16, 2026, at 8:00 A.M. U.S. Eastern Time (8:00 P.M. Beijing/Hong Kong time on the same day) to discuss the financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this conference including an event passcode, a unique access PIN, dial-in numbers, and an e-mail with detailed instructions to join the conference call.

Conference Call Preregistration https://dpregister.com/sreg/10209737/1042ec49cec

A telephone replay of the call will be available after the conclusion of the conference call until June 23, 2026. The dial-in details for the replay are as follows:

 
U.S.:            +1 855 669 9658 
International:   +1 412 317 0088 
Replay PIN:      3285335 
 

A live webcast and archive of the conference call will be available on the Investor Relations section of Uxin's website at http://ir.xin.com.

About Uxin

Uxin is China's leading used car retailer, pioneering industry transformation with advanced production, new retail experiences, and digital empowerment. We offer high-quality and value-for-money vehicles as well as superior after-sales services through a reliable, one-stop, and hassle-free transaction experience. Under our omni-channel strategy, we are able to leverage our pioneering online platform to serve customers nationwide and establish market leadership in selected regions through offline superstores with inventory capacities ranging from 2,000 to 8,000 vehicles. Leveraging our extensive industry data and continuous technology innovation throughout more than ten years of operation, we have established strong used car management and operation capabilities. We are committed to upholding our customer-centric approach and driving the healthy development of China's used car industry.

Use of Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses certain non-GAAP measures, including Adjusted EBITDA and adjusted net loss from operations per share -- basic and diluted, as supplemental measures to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines Adjusted EBITDA as EBITDA excluding share-based compensation, foreign exchange (losses)/gain, other income/(expenses), structure realignment cost which was mainly severance cost and equity in income of affiliates. The Company defines adjusted net loss attributable to ordinary shareholders per share -- basic and diluted as net loss attributable to ordinary shareholders per share excluding impact of share-based compensation, deemed dividend to preferred shareholders due to triggering of a down round feature and accretion on redeemable non-controlling interests. The Company presents the non-GAAP financial measures because they are used by the management to evaluate the operating performance and formulate business plans. The Company also believes that the use of the non-GAAP measures facilitate investors' assessment of its operating performance as this measure excludes certain finance or non-cash items that the Company does not believe directly reflect its core operations. The Company believe that excluding these items enables us to evaluate our performance period-over-period more effectively and relative to our competitors.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using Adjusted EBITDA is that it does not reflect all items of income and expenses that affect the Company's operations. Share-based compensation, other income/(expenses) and foreign exchange (losses)/gain have been and may continue to be incurred in the business. Further, the non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

Reconciliations of Uxin's non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader, except for those transaction amounts that were actually settled in U.S. dollars. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.8980 to US$1.00, representing the index rate as of March 31, 2026 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Uxin's strategic and operational plans, contain forward-looking statements. Uxin may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Uxin's beliefs 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, including but not limited to the following: Uxin's goal and strategies; its expansion plans; its future business development, financial condition and results of operations; Uxin's expectations regarding demand for, and market acceptance of, its products and services; its ability to provide differentiated and superior customer experience, maintain and enhance customer trust in its platform, and assess and mitigate various risks, including credit; its expectations regarding maintaining and expanding its relationships with business partners, including financing partners; trends and competition in China's used car e-commerce industry and other related industries; the laws and regulations

relating to Uxin's industry; the general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Uxin's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Uxin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media enquiries, please contact:

Uxin Limited Investor Relations

Uxin Limited

Email: ir@xin.com

The Blueshirt Group

Mr. Jack Wang

Phone: +86 166-0115-0429

Email: Jack@blueshirtgroup.co

 
                                        Uxin Limited 
                     Unaudited Consolidated Statements of Comprehensive 
                                            Loss 
                     (In thousands except for number of shares and per 
                                        share data) 
 
                            For the three months ended March 31, 
                    ---------------------------------------------------- 
                          2025                       2026 
                    ----------------  ---------------------------------- 
                          RMB               RMB               US$ 
Revenues 
Retail vehicle 
 sales                       465,518         1,014,958           147,138 
Wholesale vehicle             22,547            27,885             4,042 
sales   Others                16,164            30,811             4,467 
                    ----------------  ----------------  ---------------- 
Total revenues               504,229         1,073,654           155,647 
                    ----------------  ----------------  ---------------- 
 
Cost of revenues           (468,888)         (998,609)         (144,768) 
                    ----------------  ----------------  ---------------- 
Gross profit                  35,341            75,045            10,879 
                    ----------------  ----------------  ---------------- 
 
Operating 
expenses 
Sales and 
 marketing                  (61,703)         (115,784)          (16,785) 
General and 
 administrative             (18,334)          (23,383)           (3,390) 
Research and 
 development                 (2,899)           (2,928)             (424) 
Reversal of credit 
 losses, net                     395                 -                 - 
                                      ----------------  ---------------- 
Total operating 
 expenses                   (82,541)         (142,095)          (20,599) 
                    ----------------  ----------------  ---------------- 
 
Other operating 
 income, net                  11,948               456                66 
 
Loss from 
 operations                 (35,252)          (66,594)           (9,654) 
                    ----------------  ----------------  ---------------- 
 
Interest income                    7                11                 2 
Interest expenses           (22,542)          (23,923)           (3,468) 
Other income                   6,285               457                66 
Other expenses                 (655)           (1,288)             (187) 
Foreign exchange 
 gains/(losses)                  776             (280)              (41) 
                    ----------------  ----------------  ---------------- 
Loss before income 
 tax expense                (51,381)          (91,617)          (13,282) 
Income tax 
expense                            -                 -                 - 
Equity in loss of 
affiliates, net 
of tax                             -                 -                 - 
Net loss, net of 
 tax                        (51,381)          (91,617)          (13,282) 
Add: net profit 
 attribute to 
 redeemable non- 
 controlling 
 interests and 
 non-controlling 
 interests 
 shareholders                (1,690)           (6,409)             (929) 
                    ----------------  ----------------  ---------------- 
Net loss 
 attributable to 
 UXIN LIMITED               (53,071)          (98,026)          (14,211) 
Deemed dividend 
to preferred 
shareholders due 
to triggering of 
a down round 
feature                            -                 -                 - 
                    ----------------  ----------------  ---------------- 
Net loss 
 attributable to 
 ordinary 
 shareholders               (53,071)          (98,026)          (14,211) 
                    ================  ================  ================ 
 
Net loss                    (51,381)          (91,617)          (13,282) 
Foreign currency 
 translation, net 
 of tax nil                       75               597                87 
 
Total 
 comprehensive 
 loss                       (51,306)          (91,020)          (13,195) 
                    ----------------  ----------------  ---------------- 
Add: net profit 
 attribute to 
 redeemable non- 
 controlling 
 interests and 
 non-controlling 
 interests 
 shareholders                (1,690)           (6,409)             (929) 
Total 
 comprehensive 
 loss attributable 
 to UXIN LIMITED            (52,996)          (97,429)          (14,124) 
                    ================  ================  ================ 
 
Net loss 
 attributable to 
 ordinary 
 shareholders               (53,071)          (98,026)          (14,211) 
Weighted average 
 shares 
 outstanding - 
 basic                58,275,586,722    66,443,917,277    66,443,917,277 
Weighted average 
 shares 
 outstanding - 
 diluted              58,275,586,722    66,443,917,277    66,443,917,277 
 
Net loss per share 
 for ordinary 
 shareholders, 
 basic                        (0.00)            (0.00)            (0.00) 
Net loss per share 
 for ordinary 
 shareholders, 
 diluted                      (0.00)            (0.00)            (0.00) 
 
 
                              Uxin Limited 
                 Unaudited Consolidated Balance Sheets 
     (In thousands except for number of shares and per share data) 
 
                           As of December 31,       As of March 31, 
                           ------------------ 
                                  2025                   2026 
                           ------------------  ------------------------- 
                                  RMB              RMB           US$ 
ASSETS 
Current assets 
Cash and cash equivalents              83,006        47,359        6,866 
Restricted cash                            71            71           10 
Accounts receivable, net                4,613         3,326          482 
Other receivables, net of 
 provision for credit 
 losses of RMB14,105 and 
 RMB14,082 as of December 
 31, 2025 and March 31, 
 2026, respectively                    23,186        24,882        3,607 
Inventory, net                        545,554       422,137       61,197 
Prepaid expenses and 
 other current assets                  87,466        91,450       13,257 
Total current assets                  743,896       589,225       85,419 
                           ------------------  ------------  ----------- 
 
Non-current assets 
Property, equipment and 
 software, net                         85,447        86,119       12,485 
Finance lease 
 right-of-use assets, 
 net                                1,319,087     1,312,177      190,226 
Operating lease 
 right-of-use assets, 
 net                                  270,325       240,899       34,923 
Total non-current assets            1,674,859     1,639,195      237,634 
                           ------------------  ------------  ----------- 
 
Total assets                        2,418,755     2,228,420      323,053 
                           ==================  ============  =========== 
 
LIABILITIES, MEZZANINE 
EQUITY AND SHAREHOLDERS' 
DEFICIT 
Current liabilities 
Accounts payable                       65,009        60,479        8,768 
Other payables and other 
 current liabilities                  291,338       275,943       40,002 
Current portion of 
 operating lease 
 liabilities                           35,842        33,323        4,831 
Current portion of 
 finance lease 
 liabilities                          187,541        60,755        8,808 
Short-term borrowings 
 from third parties                   397,161       314,831       45,641 
Total current liabilities             976,891       745,331      108,050 
                           ------------------  ------------  ----------- 
 
Non-current liabilities 
Long-term borrowings from 
 third parties                         10,000        10,000        1,450 
Finance lease liabilities           1,081,322     1,098,678      159,275 
Operating lease 
 liabilities                          245,373       223,004       32,329 
Total non-current 
 liabilities                        1,336,695     1,331,682      193,054 
                           ------------------  ------------  ----------- 
 
Total liabilities                   2,313,586     2,077,013      301,104 
                           ==================  ============  =========== 
 
Mezzanine equity 
Redeemable 
 non-controlling 
 interests (i)                        336,057       470,211       68,166 
Total Mezzanine equity                336,057       470,211       68,166 
                           ------------------  ------------  ----------- 
 
Shareholders' deficit 
Ordinary shares (ii)                   45,922        45,929        6,658 
Additional paid-in 
 capital (ii)                      19,370,282    19,379,788    2,809,479 
Subscription receivable 
 from shareholders (ii)              (21,165)      (21,165)      (3,068) 
Accumulated other 
 comprehensive income                 234,630       235,227       34,101 
Accumulated deficit              (19,860,557)  (19,958,583)  (2,893,387) 
Total Uxin's 
 shareholders' deficit              (230,888)     (318,804)     (46,217) 
                           ------------------  ------------  ----------- 
Non-controlling 
interests                                   -             -            - 
                           ------------------  ------------  ----------- 
Total shareholders' 
 deficit                            (230,888)     (318,804)     (46,217) 
                           ==================  ============  =========== 
 
Total liabilities, 
 mezzanine equity and 
 shareholders' deficit              2,418,755     2,228,420      323,053 
                           ==================  ============  =========== 
 
 
 
 
* Share-based compensation charges included are as follows: 
 
                                  For the three months ended March 31, 
                                ---------------------------------------- 
                                     2025                 2026 
                                --------------  ------------------------ 
                                     RMB             RMB          US$ 
Sales and marketing                      1,166           1,279       185 
General and administrative               8,025           7,872     1,141 
Research and development                   617             361        52 
 
 
                                        Uxin Limited 
                       Unaudited Reconciliations of GAAP And Non-GAAP 
                                          Results 
                     (In thousands except for number of shares and per 
                                        share data) 
 
 
                            For the three months ended March 31, 
                    ---------------------------------------------------- 
                          2025                       2026 
                    ----------------  ---------------------------------- 
                          RMB               RMB               US$ 
Net loss, net of 
 tax                        (51,381)          (91,617)          (13,282) 
 
Add: Income tax 
expense                            -                 -                 - 
Interest income                  (7)              (11)               (2) 
Interest expenses             22,542            23,923             3,468 
Depreciation                  16,593            22,780             3,302 
EBITDA                      (12,253)          (44,925)           (6,514) 
                    ----------------  ----------------  ---------------- 
 
Add: Share-based 
 compensation 
 expenses                      9,808             9,512             1,378 
- Sales and 
 marketing                     1,166             1,279               185 
- General and 
 administrative                8,025             7,872             1,141 
- Research and 
 development                     617               361                52 
Other income                 (6,285)             (457)              (66) 
Other expenses                   655             1,288               187 
Foreign exchange 
 (gains)/losses                (776)               280                41 
 
Non-GAAP adjusted 
 EBITDA                      (8,851)          (34,302)           (4,974) 
                    ================  ================  ================ 
 
                            For the three months ended March 31, 
                    ---------------------------------------------------- 
                          2025                       2026 
                    ----------------  ---------------------------------- 
                          RMB               RMB               US$ 
Net loss 
 attributable to 
 ordinary 
 shareholders               (53,071)          (98,026)          (14,211) 
Add: Share-based 
 compensation 
 expenses                      9,808             9,512             1,378 
- Sales and 
 marketing                     1,166             1,279               185 
- General and 
 administrative                8,025             7,872             1,141 
- Research and 
 development                     617               361                52 
Add: accretion on 
 redeemable 
 non-controlling 
 interests                     1,688             6,409               929 
Deemed dividend 
to preferred 
shareholders due 
to triggering of 
a down round 
feature                            -                 -                 - 
                    ----------------  ----------------  ---------------- 
 
Non-GAAP adjusted 
 net loss 
 attributable to 
 ordinary 
 shareholders               (41,575)          (82,105)          (11,904) 
                    ================  ================  ================ 
 
Net loss per share 
 for ordinary 
 shareholders - 
 basic                        (0.00)            (0.00)            (0.00) 
Net loss per share 
 for ordinary 
 shareholders - 
 diluted                      (0.00)            (0.00)            (0.00) 
Non-GAAP adjusted 
 net loss to 
 ordinary 
 shareholders per 
 share - basic and 
 diluted                      (0.00)            (0.00)            (0.00) 
Weighted average 
 shares 
 outstanding - 
 basic                58,275,586,722    66,443,917,277    66,443,917,277 
Weighted average 
 shares 
 outstanding - 
 diluted              58,275,586,722    66,443,917,277    66,443,917,277 
 
Note: The conversion of Renminbi (RMB) into U.S. dollars $(USD)$ is based 
on the certified exchange rate of USD1.00 = RMB6.8980 as of March 31, 
2026 set forth in the H.10 statistical release of the Board of Governors 
of the Federal Reserve System. 
 

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June 16, 2026 03:00 ET (07:00 GMT)

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