Foreign currency news, articles, and videos can be found in a variety of sources, including online news sites, financial publications, and other websites. For example, The Wall Street Journal and Reuters both regularly publish stories related to foreign currency markets. There are also numerous blogs and websites devoted to discussing foreign currency trading and the impact of international exchange rates. Additionally, many central banks and finance ministries provide their own websites and resources with up-to-date information and analysis. Finally, YouTube and other video streaming sites are good sources for informational videos, interviews, and tutorials related to foreign currency and forex trading.

ForexTV

17.03.2025

Niu Technologies Announces Unaudited Fourth Quarter and Full Year 2024 Financial Results - ForexTV

-- Fourth Quarter Revenues of RMB 819.2 million, increase 71.1% year over year -- Fourth Quarter Net Loss of RMB 72.5 million, compared to net loss of RMB 130.2 million in the same period of last year -- Full Year Revenues of RMB 3,288.3 million, increase 24.0% year over year -- Full Year Net loss of RMB 193.2 million, compared to net loss of RMB 271.8 million in 2023 BEIJING, March 17, 2025 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. Fourth Quarter 2024 Financial Highlights Revenues were RMB 819.2 million, an increase of 71.1% year over yearGross margin was 12.4%, compared with 19.0% in the fourth quarter of 2023Net loss was RMB 72.5 million, compared with net loss of RMB 130.2 million in the fourth quarter of 2023Adjusted net loss (non-GAAP)1 was RMB 66.7 million, compared with adjusted net loss of RMB 122.4 million in the fourth quarter of 2023 Fourth Quarter 2024 Operating Highlights The number of e-scooters sold was 226,634, up 64.9% year over yearThe number of e-scooters sold in China was 182,333, up 65.1% year over yearThe number of e-scooters sold in the international markets was 44,301, up 63.9% year over yearThe number of franchised stores in China was 3,735 as of December 31, 2024The number of distributors in our international sales network was 57, covering 53 countries as of December 31, 2024 Dr. Yan Li, Chief Executive Officer of the Company, remarked: “In 2024, we experienced significant volume growth in China, driven by strong consumer demand for our new models. By rapidly improving our design and technological capabilities, we have developed a diversified portfolio that addresses a broad range of market needs. Our store expansion has been a key growth driver, increasing the visibility of the NIU brand in previously underserved areas. Building on this momentum, we are confident in our ability to sustain the strong consumer appeal of our products in 2025.” Dr. Li continued, “Internationally, our micro-mobility segment expanded its retail presence in 2024 through strategic partnerships with major retailers such as Best Buy. The increased visibility of our electric motorcycles and mopeds has further strengthened our global footprint, solidifying our position in key markets.” Fourth Quarter 2024 Financial Results Revenues reached RMB 819.2 million, representing a 71.1% increase year-over-year. This growth was mainly driven by a 64.9% increase in sales volume, along with a 3.8% increase in revenues per e-scooter. The following table shows the revenue breakdown and revenues per e-scooter in the periods presented: Revenues (in RMB million) 2024Q4 2023Q4 % change YoYE-scooter sales from China market 646.2 355.2 +81.9%E-scooter sales from international markets 87.2 59.0 +47.8%E-scooter sales, sub-total 733.4 414.2 +77.0%Accessories, spare parts and services 85.8 64.5 +33.1%Total 819.2 478.7 +71.1% Revenues per e-scooter(in RMB) 2024Q4 2023Q4 % changeYoYE-scooter sales from China market2 3,544 3,216 +10.2%E-scooter sales from international markets2 1,968 2,183 -9.8%E-scooter sales 3,236 3,013 +7.4%Accessories, spare parts and services3 379 469 -19.2%Revenues per e-scooter 3,615 3,482 +3.8% E-scooter sales revenues from China market were RMB 646.2 million, an increase of 81.9% year-over-year, and represented 88.1% of total e-scooter revenues. The increase was mainly due to the increased sales volume and revenues per e-scooter in China market.E-scooter sales revenues from international markets were RMB 87.2 million, an increase of 47.8% year-over-year, and represented 11.9% of total e-scooter revenues. The increase was mainly due to the increased sales volume of kick-scooters with lower sales price in international markets.Accessories, spare parts sales and services revenues were RMB 85.8 million, an increase of 33.1% year-over-year, and represented 10.5% of total revenues. The increase was mainly due to an increase in accessories and spare parts sales in both China and international markets.Revenues per e-scooter was RMB 3,615, an increase of 3.8% year-over-year, mainly due to increased revenues per e-scooter in China market. Cost of revenues was RMB 717.2 million, an increase of 85.0% year-over-year, mainly due to the increase in sales volume. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specific period, was RMB 3,165, an increase of 12.2% from RMB 2,820 in the last quarter of 2023. This increase was mainly due to a higher proportion of premium series sales in China market with higher cost per e-scooter, the increased freight costs in international markets, and tariffs in U.S. market. Gross margin was 12.4%, compared with 19.0% in the same period of 2023. The decrease was mainly due to changes in the product mix of kick-scooters, sales incentives offered during the holiday season, increased freight costs in international markets, and tariffs in U.S. market. Operating expenses were RMB 193.0 million, a decrease of 21.6% from the same period of 2023. Operating expenses as a percentage of revenues was 23.6%, compared with 51.4% in the fourth quarter of 2023. Selling and marketing expenses were RMB 136.3 million (including RMB 1.4 million of share-based compensation), a decrease of 28.7% from RMB 191.2 million in the fourth quarter of 2023, mainly due to the decrease of RMB 34.2 million and RMB 22.3 million in rental expenses and advertising and promotion activities, respectively, primarily in international markets. Selling and marketing expenses as a percentage of revenues was 16.6%, compared with 39.9% in the fourth quarter of 2023.Research and development expenses were RMB 38.6 million (including RMB 2.1 million of share-based compensation), an increase of 8.4% from RMB 35.6 million in the fourth quarter of 2023, mainly due to an increase of RMB 2.6 million in staff cost and share-based compensation. Research and development expenses as a percentage of revenues was 4.7%, compared with 7.4% in the fourth quarter of 2023.General and administrative expenses were RMB 18.1million (including RMB 2.3 million of share-based compensation), a decrease of 6.8% from RMB 19.4 million in the fourth quarter of 2023, mainly due to the decrease in allowance for doubtful accounts of RMB 1.0 million, and the increase in foreign exchange gain of 2.5 million. General and administrative expenses as a percentage of revenues was 2.2%, compared with 4.1% in the fourth quarter of 2023. Operating expenses excluding share-based compensation were RMB 187.3 million, decreased by 21.5% year over year, and represented 22.9% of revenues, compared with 49.9% in the fourth quarter of 2023. Selling and marketing expenses excluding share-based compensation were RMB 135.0million, a decrease of 28.7% year over year, and represented 16.5% of revenues, compared with 39.6% in the fourth quarter of 2023.Research and development expenses excluding share-based compensation were RMB 36.6 million, an increase of 12.0% year over year, and represented 4.5% of revenues, compared with 6.8% in the fourth quarter of 2023.General and administrative expenses excluding share-based compensation were RMB 15.8 million, a decrease of 5.8% year over year, and represented 1.9% of revenues, compared with 3.5% in the fourth quarter of 2023. Share-based compensation was RMB 5.9 million, compared with RMB 7.7 million in the same period of 2023. Income tax benefit was RMB 9.8 million, compared with income tax benefit of RMB 14.4 million in the same period of 2023. Net loss was RMB 72.5 million, compared with net loss of RMB 130.2 million in the fourth quarter of 2023. The net loss margin was 8.9%, compared with net loss margin of 27.2% in the same period of 2023. Adjusted net loss (non-GAAP) was RMB 66.7 million, compared with an adjusted net loss of RMB 122.4 million in the fourth quarter of 2023. The adjusted net loss margin4 was 8.1%, compared with an adjusted net loss margin of 25.6% in the same period of 2023. Basic and diluted net loss per ADS were both RMB 0.91 (US$ 0.13). Full Year 2024 Financial Results Revenues were RMB 3,288.3 million, representing a 24.0% increase year over year. This growth was mainly attributable to a 30.2% increase in sales volume, partially offset by a 4.8% decrease in revenues per e-scooter. E-scooter sales revenues from China market and international markets represented 86.6% and 13.4% of our total revenues from e-scooter sales, respectively. The following table shows the revenue breakdown and revenues per e-scooter in the years presented: Revenues (in RMB million) 2024Full Year 2023Full Year % change YoYE-scooter sales from China market 2,563.6 2,010.0 +27.5%E-scooter sales from international markets 396.9 348.7 +13.8%E-scooter sales, sub-total 2,960.5 2,358.7 +25.5%Accessories, spare parts and services 327.8 293.1 +11.8%Total 3,288.3 2,651.8 +24.0% Revenues per e-scooter(in RMB) 2024Full Year 2023Full Year % changeYoYE-scooter sales from China market2 3,377 3,344 +1.0%E-scooter sales from international markets2 2,402 3,204 -25.0%E-scooter sales 3,203 3,323 -3.6%Accessories, spare parts and services3 354 413 -14.3%Revenues per e-scooter 3,557 3,736 -4.8% Cost of revenues were RMB 2,789.5 million, an increase of 34.0% year over year, mainly resulting from increased e-scooter sales volume. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specific period, was RMB 3,018, an increase of 2.9% from RMB 2,932 in 2023. Gross margin was 15.2%, compared with 21.5% in 2023. The decrease was mainly due to a higher proportion of kick-scooters sales with lower sales prices and margin in international markets, changes in product mix of e-scooters, and increased sales incentives to franchisees in China market. Operating expenses were RMB 750.3 million, a decrease of 15.8% from RMB 891.2 million in 2023. Operating expenses as a percentage of revenues was 22.8%, compared with 33.6% in 2023. Operating expenses excluding share-based compensation were RMB 726.8 million, a decrease of 14.0% year over year, and represented 22.1% of revenues, compared with 31.9% in 2023. Share-based compensation was RMB 24.2 million, a decrease of RMB 23.4 million from RMB 47.7 million in 2023. Income tax benefit was RMB 23.6 million, compared with income tax benefit of RMB 10.2 million in 2023. Net loss was RMB 193.2 million, compared with net loss of RMB 271.8 million in 2023. The net loss margin was 5.9%, compared with net loss margin of 10.3% in 2023. Adjusted net loss (non-GAAP) was RMB 169.0 million, compared with an adjusted net loss of RMB 224.2 million in 2023. The adjusted net loss margin4 was 5.1%, compared with an adjusted net loss margin of 8.5% in 2023. Basic and diluted net loss per ADS were both RMB 2.44 (US$ 0.33). Balance Sheet As of December 31, 2024, the Company had cash and cash equivalents and term deposits of RMB 904.4 million in aggregate. The Company had restricted cash of RMB 216.4 million and short-term bank borrowings of RMB 200.0 million. Business Outlook NIU expects revenues of the first quarter 2025 to be in the range of RMB 631 million to RMB 707 million, representing a year-over-year increase of 25% to 40%. NIU expects the sales volume for full year 2025 to be in the range of 1.3 million to 1.6 million units, representing a year-over-year increase of approximately 40% to 70%. The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary expectation and is subject to change. Conference Call The Company will host an earnings conference call on Monday, March 17, 2025 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its fourth quarter and full year 2024 financial and business results and provide a corporate update. To join via phone, participants need to register in advance of the conference call using the link provided below. Upon registration, participants will receive dial-in numbers and a personal PIN, which will be used to join the conference call. Event:Niu Technologies Fourth Quarter and Full Year 2024 Financial Results Conference CallRegistration Link:https://register-conf.media-server.com/register/BI427237b63fc249579b187787482439fd A live and archived webcast of the conference call will be available on the investor relations website at https://ir.niu.com/news-and-events/webcasts-and-presentations. About NIU As the world’s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, mopeds, bicycles, as well as kick-scooters and e-bikes. NIU has a diversified product portfolio that caters to the various demands of our users and addresses different urban travel scenarios. Currently, NIU offers two model lineups, comprising a number of different vehicle types. These include (i) the electric motorcycle, moped and bicycle series, including the NQi, MQi, UQi, FQi series and others, and (ii) the micro-mobility series, including the kick-scooter series KQi and the e-bike series BQi. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to sell its products and provide services to users.For more information, please visit www.niu.com. Use of Non-GAAP Financial Measures To supplement NIU’s consolidated financial results presented in accordance with the accounting principles generally accepted in the United States of America (“GAAP”), NIU uses the following non-GAAP financial measures: adjusted net income (loss) and adjusted net income (loss) margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. NIU believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its operating results. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to NIU’s historical performance. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Adjusted net income (loss) is defined as net income (loss) excluding share-based compensation expenses. Adjusted net income (loss) margin is defined as adjusted net income (loss) as a percentage of the revenues. For more information on non-GAAP financial measures, please see the tables captioned “Reconciliation of GAAP and Non-GAAP Results”. Exchange Rate This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB 7.2993 to US$ 1.00, the exchange rate in effect as of December 31, 2024, as 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 press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as NIU’s strategic and operational plans, contain forward-looking statements. NIU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, 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 NIU’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, including but not limited to the following: NIU’s strategies; NIU’s future business development, financial condition and results of operations; NIU’s ability to maintain and enhance its “NIU” brand; its ability to innovate and successfully launch new products and services; its ability to maintain and expand its offline distribution network; its ability to satisfy the mandated safety standards relating to e-scooters; its ability to secure supply of components and raw materials used in e-scooters; its ability to manufacture, launch and sell smart e-scooters meeting customer expectations; its ability to grow collaboration with operation partners; its ability to control costs associated with its operations; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIU’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and NIU does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Investor Relations Contact: Niu TechnologiesE-mail: ir@niu.com NIU TECHNOLOGIESUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS　　　　　　　As of　December 31,　December 31,　December 31,　2023 　2024 　2024 　 RMB 　 RMB 　US$ASSETS　　　　　Current assets　　　　　Cash and cash equivalents872,573,460 630,021,303 86,312,565 Term deposits97,555,565 274,351,895 37,586,056 Restricted cash107,666,733 216,395,796 29,646,103 Accounts receivable, net94,956,170 131,921,419 18,073,160 Inventories392,790,141 649,177,719 88,936,983 Prepayments and other current assets195,072,129 267,938,339 36,707,402 Total current assets1,760,614,198 2,169,806,471 297,262,269 Non-current assets Property, plant and equipment, net323,112,366 320,013,632 43,841,688 Intangible assets, net1,306,401 1,043,801 143,000 Operating lease right-of-use assets76,821,285 71,223,350 9,757,559 Deferred income tax assets20,747,021 31,752,254 4,350,041 Other non-current assets6,730,378 19,318,659 2,646,645 Total non-current assets428,717,451 443,351,696 60,738,933 Total assets2,189,331,649 2,613,158,167 358,001,202 LIABILITIES Current liabilities Short-term bank borrowings100,000,000 200,000,000 27,399,888 Notes payable167,282,688 294,348,768 40,325,616 Accounts payable575,724,288 869,015,140 119,054,586 Income taxes payable1,357,913 1,071,914 146,852 Advances from customers19,304,488 35,892,860 4,917,302 Deferred revenue-current41,755,097 50,247,103 6,883,825 Accrued expenses and other current liabilities165,511,396 201,356,008 27,585,659 Total current liabilities1,070,935,870 1,651,931,793 226,313,728 　 Deferred revenue-non-current13,168,111 16,886,859 2,313,490 Deferred income tax liabilities2,362,494 3,269,464 447,915 Operating lease liabilities280,421 89,990 12,329 Other non-current liabilities8,968,519 9,697,841 1,328,599 Total non-current liabilities24,779,545 29,944,154 4,102,333 　 Total liabilities1,095,715,415 1,681,875,947 230,416,061 　　　　　　SHAREHOLDERS’ EQUITY: Class A ordinary shares90,031 90,549 12,405 Class B ordinary shares10,316 10,316 1,413 Additional paid-in capital1,964,138,365 1,988,638,160 272,442,311 Accumulated other comprehensive loss(9,495,674) (3,129,362) (428,721)Accumulated deficit(861,126,804) (1,054,327,443) (144,442,267)Total shareholders’ equity1,093,616,234 931,282,220 127,585,141 　 Total liabilities and shareholders’ equity2,189,331,649 2,613,158,167 358,001,202 NIU TECHNOLOGIESUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)　　　　　　　　　　　Three Months Ended December 31,　Year Ended December 31,　2023 　2024　2023 　2024　RMB　RMBUS$　RMB　RMBUS$Revenues478,687,794 819,179,677 112,227,156 2,651,757,646 3,288,296,344 450,494,752 Cost of revenues(a)(387,743,580) (717,195,572)(98,255,391) (2,081,010,633) (2,789,533,350)(382,164,502)Gross profit90,944,214 101,984,105 13,971,765 570,747,013 498,762,994 68,330,250 　 Operating expenses: Selling and marketing expenses(a)(191,169,312) (136,342,357)(18,678,826) (495,734,694) (489,577,690)(67,071,869)Research and development expenses(a)(35,634,011) (38,622,708)(5,291,289) (150,985,739) (130,111,359)(17,825,183)General and administrative expenses(a)(19,396,568) (18,075,985)(2,476,400) (244,518,817) (130,617,629)(17,894,542)Total operating expenses(246,199,891) (193,041,050)(26,446,515) (891,239,250) (750,306,678)(102,791,594)Government grants1,071,262 387,800 53,128 2,968,735 911,556 124,883 Operating loss(154,184,415) (90,669,145)(12,421,622) (317,523,502) (250,632,128)(34,336,461)　 Interest expenses(817,656) (1,598,640)(219,013) (1,423,924) (5,623,544)(770,422)Interest income9,946,526 9,559,430 1,309,637 35,492,190 37,089,488 5,081,239 Investment income441,028 371,460 50,890 1,426,370 2,358,995 323,181 Loss before income taxes(144,614,517) (82,336,895)(11,280,108) (282,028,866) (216,807,189)(29,702,463)Income tax benefit14,444,605 9,798,826 1,342,434 10,192,884 23,606,550 3,234,084 Net loss(130,169,912) (72,538,069)(9,937,674) (271,835,982) (193,200,639)(26,468,379)　 Other comprehensive (loss) income Foreign currency translation adjustment, net of nil income taxes(5,456,486) 10,263,988 1,406,161 7,386,368 6,366,312 872,181 Unrealized gain on available-for-sale securities, net of reclassification- - - (345,356) - - Comprehensive loss(135,626,398) (62,274,081)(8,531,513) (264,794,970) (186,834,327)(25,596,198)Net loss per ordinary share —Basic(0.83) (0.46)(0.06) (1.73) (1.22)(0.17)—Diluted(0.83) (0.46)(0.06) (1.73) (1.22)(0.17)Net loss per ADS —Basic(1.65) (0.91)(0.13) (3.47) (2.44)(0.33)—Diluted(1.65) (0.91)(0.13) (3.47) (2.44)(0.33)　 Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net loss per ordinary share 　　　　　　—Basic157,474,523 　158,924,842 158,924,842 　156,816,105 　158,460,242 158,460,242 —Diluted157,474,523 　158,924,842 158,924,842 156,816,105 158,460,242 158,460,242 Weighted average number of ADS outstanding used in computing net loss per ADS　　　　　　　　　—Basic78,737,262 　79,462,421 79,462,421 78,408,053 79,230,121 79,230,121 —Diluted78,737,262 　79,462,421 79,462,421 　78,408,053 　79,230,121 79,230,121 　　　　　　　　　　Note:　　　　　　　　　(a) Includes share-based compensation expenses as follows:　　Three Months Ended December 31,　Year Ended December 31,　2023 　2024　2023 　2024　RMB　RMBUS$　RMB　RMBUS$Cost of revenues335,225 　155,177 21,259 　1,237,902 　751,445 102,948 Selling and marketing expenses1,784,011 　1,363,601 186,813 　9,991,688 　7,110,420 974,124 Research and development expenses2,997,597 　2,054,764 281,502 　21,653,946 　7,325,327 1,003,566 General and administrative expenses2,623,526 　2,281,042 312,501 　14,775,768 　9,045,786 1,239,268 Total share-based compensation expenses 7,740,359 　 5,854,584 802,075 　 47,659,304 　 24,232,978 3,319,906 NIU TECHNOLOGIESRECONCILIATION OF GAAP AND NON-GAAP RESULTS　　　　　　　　　　　Three Months Ended December 31,　Year Ended December 31,　2023 2024 2023 2024　RMB RMBUS$ RMB RMBUS$Net loss(130,169,912) (72,538,069)(9,937,674) (271,835,982) (193,200,639)(26,468,379)Add: Share-based compensation expenses7,740,359 5,854,584 802,075 47,659,304 24,232,978 3,319,906 Adjusted net loss(122,429,553) (66,683,485)(9,135,599) (224,176,678) (168,967,661)(23,148,473) _________________________________ 1 Adjusted net income (loss) (non-GAAP) is defined as net income (loss) excluding share-based compensation expenses 2 Revenues per e-scooter on e-scooter sales from China or international markets is defined as e-scooter sales revenues from China or international markets divided by the number of e-scooters sold in China or international market in a specific period 3 Revenues per e-scooter on accessories, spare parts and services is defined as accessories, spare parts and services revenues divided by the total number of e-scooters sold in a specific period 4 Adjusted net income (loss) margin is defined as adjusted net income (loss) (non-GAAP) as a percentage of the revenues

ForexTV

17.03.2025

Final Results for the Year-Ended December 31, 2024 - ForexTV

Diversified Achieves Strong Final Year-End 2024 Results, Delivers on Capital Allocation Promises, and Introduces 2025 Combined Company Outlook 2024 Achievements Position Diversified on a Meaningful Path Forward as a Stronger and Larger Company Executed Approximately $2 Billion of Acquisitions in an Advantageous Pricing Environment Third year of Consistent Operating Costs Despite Broader Industry and Inflationary Pressures Maverick Integration Anticipated to Provide Meaningful Financial and Operational Benefits to Drive Free Cash Flow Acceleration Created a PDP Solution for Upstream Peers to Facilitate Operated Acquisitions with an Undeveloped Inventory Focus BIRMINGHAM, Ala., March 17, 2025 (GLOBE NEWSWIRE) -- Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) is pleased to announce its operational and final audited results for the year ended December 31, 2024. Diversified remains a differentiated key player in acquiring and building a portfolio of assets through value-accretive transactions while simultaneously unlocking hidden value through its unique operational framework, strategic development partnerships, and growing adjacent business segments, including coal mine methane (CMM), energy marketing and well-retirement. By completing over $4.0 billion of acquisitions since its public listing in 2017, Diversified has built a large-scale integration and operating company that remains focused on delivering de-risked, reliable cash flow for its shareholders. With the combination of maturing assets and M&A activity leading to growth-oriented E&P’s recycling capital through divestment, there remains an ample opportunity set for Diversified’s continued growth. Additionally, with most upstream acquisitions today focusing on increasing undeveloped inventory, Diversified provides a creative and actionable solution as the PDP purchasing partner for those E&P’s that only value inventory. Only Publicly Traded Champion of the PDP Subsector with Unique Strategic Advantages Large Operational Scale: Multiple geographies in core basins including Western Anadarko (largest producer), Permian, Appalachia, Barnett and Ark-La-Tex with commodity product diversificationVertical Integration: In-house marketing, extensive midstream network, wholly-owned processing infrastructure, and a well retirement business segmentLeading Technology Platform: 100% cloud architecture, supporting well level data capture, information for actionable production optimization, and real-time monitoring which mitigates production downtimeBeneficial Financing Solution: Demonstrated ability to access numerous capital solutions, including investment grade, low-cost Asset Backed Securities, commercial banking facilities and equity investment partnersFlexible Capital Allocation: shareholder returns-focused model prioritizing Free Cash Flow for systematic debt reduction, fixed dividend payments, opportunistic share repurchases, and accretive acquisitionsProven Process to Capture Synergies: established integration playbook and sophisticated corporate infrastructure provides considerable expense savings and unlocks sustainable value Delivering Consistent and Reliable Results in 2024 Delivered average net daily production: 791 MMcfepd (132 MBoepd) December exit rate of 864 MMcfepd (144 MBoepd) Year end 2024 reserves of 4.5 Tcfe (747 MMBoe; PV10 of $3.3 billion(b))Total Revenue, inclusive of hedges of $946 million(e), net of $151 million in commodity cash hedge receipts that supplemented Total Revenue of $795 millionOperating Cash Flow of $346 million; Net loss of $87 million, inclusive of $141 million tax-effected, non-cash unsettled derivative fair value adjustmentsAdjusted EBITDA of $472 million(c); Adjusted Free Cash Flow of $211 million(d) 2024 Adjusted EBITDA Margin of 51%(c)2024 Adjusted Operating Cost per unit of $1.70/Mcfe ($10.22/Boe) Achieving Expectations Recommend a final quarterly dividend of $0.29 per shareGenerated $49 million of cash proceeds through land sales and Coal Mine Methane RevenuesRetired over $200 million in debt principal through amortizing debt paymentsReturned $105 million to shareholders, including $21 million in share buybacks(h)Completed $585 million (gross) in strategic and bolt-on acquisitions during 2024Retired 202 Diversified wells in Appalachia, marking third consecutive year to exceed 200 wellsOGMP Gold Standard and MSCI AA Rating for third and second consecutive year, respectivelyDecreased Scope 1 methane intensity to 0.7 MT CO2e per MMcfe, a 13% reduction from 2023 Powerful Step Forward Closed transformative $1.3 billion acquisition of Maverick Natural Resources (“Maverick”) Largest Producer in the Western Anadarko Basin (WAB)Entry into the Permian basinExpecting to achieve over $50 million in annual synergies by year-end 2025 Closed the accretive bolt-on acquisition of assets from Summit Natural Resources Anticipate over 300% increase in cash flow from CMM environmental credit sales in the next 24 months Developed a unique partnership to create an innovative, reliable, net-zero data center power solutionEnhancing free cash flow growth in 2025 by advantageously added natural gas hedges (related to ABS & recent acquisitions) and planning approximately $40 million from the divestiture of undeveloped leasehold during the first half of 2025 CEO Rusty Hutson, Jr. commented: “Our over 1,600 women and men of Diversified remain the driving force behind our strong operational and financial performance in 2024. Whether it’s natural gas to power the technology of the future or the everyday needs of families and businesses across our operating region, Diversified provides the reliable and sustainable energy needed, and we continue to invest in growing our business while expanding our opportunity set of cash flow generation through verticals in a variety of end markets. We have built a Company that remains highly focused on long-term value creation through the growth of our platform and our ability to leverage vertical integration and scale to operate a structurally and dependably higher-margin business that delivers de-risked, consistent cash flow. Our focused strategy, disciplined leadership team, sound operating practices, and the strong demand for natural gas provide us with momentum as we begin the year and the confidence to achieve our full-year 2025 expectations while executing against our capital allocation strategy. We are starting the year in a position of strength as a bigger, better business, and there has never been a more exciting time for our Company and the energy industry. We feel privileged to be at the heart of the energy renaissance as the Right Company at the Right Time to help provide essential energy needs.” Combined Company 2025 Outlook Following the recently completed acquisition of Maverick, Diversified expects to realize significant operational synergies associated with a larger, consolidated position in Oklahoma and the ability to improve the overall cost structure of the Maverick Natural Resources assets while continuing to prioritize returns and Free Cash Flow generation. The following outlook incorporates a nine-month contribution from the recently acquired Maverick. 2025 GuidanceTotal Production (Mmcfe/d)1,050 to 1,100% Liquids~25%% Natural Gas~75%Total Capital Expenditures (millions)$165 to $185Adj. EBITDA1 (millions)$825 to $875Adj. Free Cash Flow1 (millions)~$420Leverage Target2.0x to 2.5xCombined Company Synergies (millions)>$501 Includes the value of anticipated cash proceeds for 2025 land sales Posting of 2024 Annual Report and Notice of Annual General Meeting Diversified has published to the Company’s website its 2024 Annual Report and Notice of AGM, along with the form of proxy for the AGM. These documents can be viewed or downloaded from Diversified’s website at https://ir.div.energy/financial-info. The Company has also provided copies of these documents to the National Storage Mechanism that, in accordance with UK Listing Rule 6.4.1R, will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Annual General Meeting Arrangements The Company's AGM will be held on April 9, 2025 at 1:00pm BST (8:00am EDT) at the offices of FTI Consulting, 200 Aldersgate, Aldersgate Street, London EC1A 4HD. Presentation and Webcast DEC will host a conference call today at 12:30 pm GMT (8:30am EDT) to discuss these results. The conference call details are as follows: U.S. (toll-free)+1 877 836 0271UK (toll-free)+44 (0)800 756 3429Webcast https://ir.div.energy/news-events/ir-calendar-eventsReplay Information https://ir.div.energy/financial-info A corporate presentation will be posted to the Company’s website before the conference call. The presentation can be found at https://ir.div.energy/presentations. Footnotes: (a)Corporate decline rate of ~10% calculated as the change in average daily production for the month of December 2023 (775 MMcfepd), adjusted for the impact of acquisitions and divestitures occurring during the 2024 calendar year, to the average daily production for the month of December 2024.(b)Based on the Company’s year-end PDP reserves and using 10-year NYMEX strip, as at December 31, 2024.(c)Adjusted EBITDA represents earnings before interest, taxes, depletion, and amortization, and includes adjustments for items that are not comparable period-over-period; As presented, Adjusted EBITDA includes the impact of the accounting basis for land sales; Adjusted EBITDA Margin represents Adjusted EBITDA (excluding the adjustment for the accounting basis on land sales) as a percent of Total Revenue, Inclusive of Settled Hedges; For purposes of comparability, Adjusted EBITDA Margin excludes Other Revenue of $16 million and Lease Operating Expense of $19 million in 2024 associated with Diversified’s wholly owned plugging subsidiary, Next LVL Energy. For more information, please refer to Non-IFRS Measures, below.(d)Free Cash Flow represents net cash provided by operating activities less expenditures on natural gas and oil properties and equipment and cash paid for interest; As used herein, Adjusted Free Cash Flow represents Free Cash Flow, plus cash proceeds from undeveloped acreage sales; For more information, please refer to Non-IFRS Measures, below.(e)Calculated as total revenue recorded for the period, inclusive of the impact of derivatives settled in cash. For more information, please refer to Non-IFRS Measures, below.(f)Calculated as the availability on the Company's Revolving Credit Facility ("SLL") and cash on hand (unrestricted)of December 31, 2024; Does not include the impact of Letters of Credit.(g)Net Debt-to-Adjusted EBITDA, or “Leverage” or “Leverage Ratio,” is measured as Net Debt divided by Pro Forma Adjusted EBITDA; Pro forma adjusted EBITDA includes adjustments for the year ended December 31, 2024 for the annualized impact of acquisitions completed during the year. Net Debt calculated as of December 31, 2024 and includes total debt as recognized on the balance sheet, less cash and restricted cash; Total debt includes the Company’s borrowings under the Company’s Revolving Credit Facility (“SLL”) and borrowings under or issuances of, as applicable, the Company’s subsidiaries’ securitization facilities. For more information, please refer to Non-IFRS Measures, below. For Company-specific items, refer also to the Glossary of Terms and/or Alternative Performance Measures found in Diversified’s 2024 Annual Report For further information, please contact: Diversified Energy Company PLC+1 973 856 2757Doug Krisdkris@dgoc.comwww.div.energy FTI Consultingdec@fticonsulting.comU.S. & UK Financial Public Relations About Diversified Energy Company PLC Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value. Important Notices This announcement may contain certain forward-looking statements, beliefs or opinions, with respect to the financial condition, results of operations and business of the Company, and its wholly owned subsidiaries (“the Group”) following the Maverick Acquisition. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “will”, “seek”, “continue”, “aim”, “target”, “projected”, “plan”, “goal”, “achieve”, “outlook” and words of similar meaning, reflect the Company’s beliefs and expectations and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment the Company and the Group will operate in and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company or the Group to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company’s or the Group’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as the Company’s or the Group’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Company or the Group operate or in economic or technological trends or conditions, and the Company’s or Group’s ability to realize expected benefits of the Maverick acquisition. Past performance of the Company cannot be relied on as a guide to future performance. As a result, you are cautioned not to place undue reliance on such forward-looking statements. The list above is not exhaustive and there are other factors that may cause the Company’s or the Group’s actual results to differ materially from the forward-looking statements contained in this announcement, including the risk factors described in the “Risk Factors” section in the Company’s Annual Report and Form 20-F for the year ended December 31, 2024, filed with the United States Securities and Exchange Commission. Forward-looking statements speak only as of their date and neither the Company, nor the Group nor any of its respective directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements in this announcement may not occur. No statement in this announcement is intended as a profit forecast or a profit estimate and no statement in this announcement should be interpreted to mean that the financial performance of the Company for the current or future financial years would necessarily match or exceed the historical published for the Company. The contents of this announcement are not to be construed as legal, business or tax advice. Each shareholder should consult its own legal adviser, financial adviser or tax adviser for legal, financial or tax advice respectively. Percentages in tables have been rounded and accordingly may not add up to 100 per cent. Certain financial data have also been rounded. As a result of this rounding, the totals of data presented in this announcement may vary slightly from the actual arithmetic totals of such data. Use of Non-IFRS Measures Certain key operating metrics that are not defined under IFRS (alternative performance measures) are included in this announcement. These non-IFRS measures are used by us to monitor the underlying business performance of the Company from period to period and to facilitate comparison with our peers. Since not all companies calculate these or other non-IFRS metrics in the same way, the manner in which we have chosen to calculate the non-IFRS metrics presented herein may not be compatible with similarly defined terms used by other companies. The non-IFRS metrics should not be considered in isolation of, or viewed as substitutes for, the financial information prepared in accordance with IFRS. Certain of the key operating metrics are based on information derived from our regularly maintained records and accounting and operating systems. Non-IFRS Disclosures Adjusted EBITDA As used herein, EBITDA represents earnings before interest, taxes, depletion, depreciation, and amortization. Adjusted EBITDA further adjusts for items that are not comparable period-over-period, including accretion of asset retirement obligations, other (income) expense, loss on joint and working interest owners receivable, (gain) loss on bargain purchases, (gain) loss on fair value adjustments of unsettled financial instruments, (gain) loss on natural gas and oil property and equipment, costs associated with acquisitions, other adjusting costs, non-cash equity compensation, (gain) loss on foreign currency hedge, net (gain) loss on interest rate swaps and other similar items. Adjusted EBITDA should not be considered in isolation or as a substitute for operating profit (loss), net income (loss), or cash flows provided by (used in) operating, investing, and financing activities. However, we believe this measure is useful to investors in evaluating our financial performance because it (1) is widely used by investors in the natural gas and oil industry as an indicator of underlying business performance; (2) helps investors more meaningfully evaluate and compare the results of our operations from period to period by removing the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement; (3) is used in the calculation of a key metric in one of our Credit Facility financial covenants; and (4) is used by us as a performance measure in determining executive compensation. When evaluating this measure, we believe investors also commonly find it useful to assess this metric as a percentage of our total revenue, inclusive of settled hedges, which we refer to as adjusted EBITDA margin. Year Ended December 31, 2024December 31, 2023December 31, 2022Net income (loss)$(87,001)$759,701 $(620,598)Finance costs 137,643 134,166 100,799 Accretion of asset retirement obligations 30,868 26,926 27,569 Other (income) expense(a) (1,257) (385) (269)Income tax (benefit) expense (136,951) 240,643 (178,904)Depreciation, depletion and amortization 256,484 224,546 222,257 (Gain) loss on bargain purchases — — (4,447)(Gain) loss on fair value adjustments of unsettled financial instruments 189,030 (905,695) 861,457 (Gain) loss on natural gas and oil properties and equipment(b) 15,308 4,014 93 (Gain) loss on sale of equity interest 7,375 (18,440) — Unrealized (gain) loss on investment 4,013 (4,610) — Impairment of proved properties(c) — 41,616 — Costs associated with acquisitions 11,573 16,775 15,545 Other adjusting costs(d) 22,375 17,794 69,967 Loss on early retirement of debt 14,753 — — Non-cash equity compensation 8,286 6,494 8,051 (Gain) loss on foreign currency hedge — 521 — (Gain) loss on interest rate swap (190) 2,722 1,434 Total adjustments$559,310 $(212,913)$1,123,552 Adjusted EBITDA$472,309 $546,788 $502,954 Pro forma adjusted EBITDA(e)$548,570 $553,252 $574,414 Excludes $1 million in dividend distributions received for our investment in DP Lion Equity Holdco during the year ended December 31, 2024.Excludes $27 million, $24 million and $2 million in cash proceeds received for leasehold sales during the years ended December 31, 2024, 2023 and 2022, respectively, less $14 million and $4 million of basis in leasehold sales for the years ended December 31, 2024 and 2023, respectively.For the year ended December 31, 2023, the Group determined the carrying amounts of certain proved properties within two fields were not recoverable from future cash flows, and therefore, were impaired.Other adjusting costs for the year ended December 31, 2024, were primarily associated with legal and professional fees related to the U.S. listing, legal fees for certain litigation, and expenses associated with unused firm transportation agreements. For the year ended December 31, 2023, these costs were primarily related to legal and professional fees for the U.S. listing, legal fees for certain litigation, and expenses for unused firm transportation agreements. For the year ended December 31, 2022, these costs mainly included $28 million in contract terminations, which enabled the Group to secure more favorable future pricing, and $31 million in deal breakage and/or sourcing costs for acquisitions.Includes adjustments for the year ended December 31, 2024 for the Oaktree, Crescent Pass, and East Texas II acquisitions to pro forma their results for the full twelve months of operations. Similar adjustments were made for the year ended December 31, 2023 for the Tanos II Acquisition, as well as for the year ended December 31, 2022 for the East Texas I and ConocoPhillips acquisitions. Total Revenue, Inclusive of Hedges and Adjusted EBITDA Margin As used herein, total revenue, inclusive of settled hedges, accounts for the impact of derivatives settled in cash. We believe that total revenue, inclusive of settled hedges, is a useful measure because it enables investors to discern our realized revenue after adjusting for the settlement of derivative contracts. As used herein, adjusted EBITDA margin is calculated as adjusted EBITDA expressed as a percentage of total revenue, inclusive of settled hedges. Adjusted EBITDA margin encompasses the direct operating costs and the portion of general and administrative costs required to produce each Mcfe. This metric includes operating expense, employee costs, administrative costs and professional services, and recurring allowance for credit losses, which cover both fixed and variable costs components. We believe that adjusted EBITDA margin is a useful measure of our profitability and efficiency, as well as our earnings quality, because it evaluates the Group on a more comparable basis period-over-period, especially given our frequent involvement in transactions that are not comparable between periods. Year Ended December 31, 2024December 31, 2023December 31, 2022Total revenue$794,841 $868,263 $1,919,349 Net gain (loss) on commodity derivative instruments(a) 151,289 178,064 (895,802)Total revenue, inclusive of settled hedges$946,130 $1,046,327 $1,023,547 Adjusted EBITDA$472,309 $546,788 $502,954 Adjusted EBITDA margin 50% 52% 49%Adjusted EBITDA margin, excluding Next LVL Energy 51% 53% 50% Net gain (loss) on commodity derivative settlements represents the cash paid or received on commodity derivative contracts. This excludes settlements on foreign currency and interest rate derivatives, as well as the gain (loss) on fair value adjustments for unsettled financial instruments for each of the periods presented. Free Cash Flow As used herein, free cash flow represents net cash provided by operating activities, less expenditures on natural gas and oil properties and equipment, and cash paid for interest. We believe that free cash flow is a useful indicator of our ability to generate cash that is available for activities beyond capital expenditures. The Directors believe that free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments, and pay dividends. Year Ended December 31, 2024December 31, 2023December 31, 2022Net cash provided by operating activities$345,663 $410,132 $387,764 LESS: Expenditures on natural gas and oil properties and equipment (52,100) (74,252) (86,079)LESS: Cash paid for interest (123,141) (116,784) (83,958)Free cash flow$170,422 $219,096 $217,727 Cash generated through divestitures of land$40,986 $28,160 $2,472 Adjusted free cash flow$211,408 $247,256 $220,199 Net Debt and Net Debt-to-Adjusted EBITDA (“Leverage”) As used herein, net debt represents total debt as recognized on the balance sheet, minus cash and restricted cash. Total debt includes borrowings under our Credit Facility and borrowings under, or issuances of, our subsidiaries’ securitization facilities. We believe net debt is a useful indicator of our leverage and capital structure. As used herein, net debt-to-adjusted EBITDA, also referred to as “leverage” or the “leverage ratio,” is calculated by dividing net debt by adjusted EBITDA. We believe this metric is a crucial measure of our financial liquidity and flexibility, and it is also used in the calculation of a key metric in one of our Credit Facility financial covenants. As of December 31, 2024December 31, 2023December 31, 2022Total debt(a)$1,693,242 $1,276,627 $1,440,329 LESS: Cash 5,990 3,753 7,329 LESS: Restricted cash(b) 46,269 36,252 55,388 Net debt$1,640,983 $1,236,622 $1,377,612 Adjusted EBITDA$472,309,000 $546,788,000 $502,954,000 Pro forma adjusted EBITDA(c)$548,570 $553,252 $574,414 Net debt-to-pro forma adjusted EBITDA(d)2.9x 2.2x 2.4x Includes adjustments for deferred financing costs and original issue discounts, consistent with presentation on the Statement of Financial Position.The increase of restricted cash as of December 31, 2024, is due to the addition of $21 million and $3 million in restricted cash for the ABS VIII Notes and ABS IX Notes, respectively, offset by $7 million and $9 million for the retirement of the ABS III Notes and ABS V Notes, respectively.Includes adjustments for the year ended December 31, 2024 for the Oaktree, Crescent Pass, and East Texas II acquisitions to pro forma their results for the full twelve months of operations. Similar adjustments were made for the year ended December 31, 2023 for the Tanos II Acquisition, as well as for the year ended December 31, 2022 for the East Texas I and ConocoPhillips acquisitions.Excludes long-term plant financing of $30 million for the year ended December 31, 2024.

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18.03.2025

IndusInd Bank Gets Rating Affirmation From Moody's; Stock Declines After One-Day Break

Moody's affirmed IndusInd Bank Ltd.'s ratings because the lender's core profitability, strong capital, and stable funding will likely mitigate near-term risks to standalone credit strength, according to the agency. It affirmed its Ba1 long-term rating, foreign currency, bank deposits and issuer ratings, not-prime short-term foreign currency and letter of credit counter party risk ratings.

ForexTV

18.03.2025

UP Fintech Holding Limited Reports Unaudited Fourth Quarter And Full Year 2024 Financial Results - ForexTV

SINGAPORE, March 18, 2025 (GLOBE NEWSWIRE) -- UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “Both of our financial and operating performance have achieved significant growth in the fourth quarter and the full year of 2024. Total revenue in the fourth quarter reached US$124.1 million, representing a sequential increase of 22.8% and a year-over-year growth of 77.3%. The full year total revenue amounted to US$391.5 million, a 43.7% increase from 2023. Bottom line also largely increased on a GAAP and non-GAAP basis. Net income attributable to ordinary shareholders of UP Fintech in the fourth quarter reached US$28.1 million, representing a quarter-over-quarter growth of 58.0% and compared to a net loss of US$1.8 million in the same quarter of last year. Non-GAAP net income attributable to ordinary shareholders of UP Fintech in the fourth quarter amounted to US$30.5 million, a quarter-over-quarter increase of 51.7% and a year-over-year increase of 2772.5%. The full year net income and non-GAAP net income attributable to ordinary shareholders of UP Fintech in 2024 were US$60.7 million and US$70.5 million, increased 86.5% and 65.0% respectively compared to prior year. We are pleased to see that both our annual and quarterly topline and bottom line have reached an all-time high as we keep executing internationalization strategy and building a resilient business model with healthier operating leverage. In the fourth quarter, we added 59,200 customers with deposits, an increase of 17.2% quarter over quarter and 51.4% year over year, bringing our yearly total to 187,400, exceeding our yearly guidance of 150,000. The total number of customers with deposits at the end of 2024 reached 1,092,000, a 20.7% increase compared to 2023 year-end. Additionally, asset inflows remained robust, with a net inflow of US$1.1 billion in the fourth quarter, primarily from retail investors. This was slightly offset by a mark-to-market loss. As a result, the total account balance rose by 2.4% quarter over quarter and 36.4% year over year, reaching a record US$41.7 billion. Over the past three years, the number of customers with deposits and total account balance have achieved compound annual growth rates (“CAGRs”) of 17.5% and 34.7%, respectively. We have continued to roll out a range of localized products and features designed to enhance the user experience. In late January, our cryptocurrency platform, YAX (Hong Kong) Limited, received official approval from the Hong Kong Securities and Futures Commission (HKSFC), becoming a licensed virtual asset trading platform (VATP) in Hong Kong. Recently, we officially upgraded our AI investment assistant, TigerGPT to TigerAI and integrated with leading AI models, making it the first brokerage platform globally to incorporate such technology. Our corporate business continued to perform well in the fourth quarter of 2024. During this period, we underwrote a total of 14 U.S. and Hong Kong IPOs, including “Mao Geping Company”, “Pony AI Inc.” and “WeRide Inc.”, bringing the total number of U.S. and Hong Kong IPOs underwritten for the year to 44. In our ESOP business, we added 16 new clients in the fourth quarter, bringing the total number of ESOP clients served to 613 as of December 31, 2024.” Financial Highlights for Fourth Quarter 2024 Total revenues increased 77.3% year-over-year to US$124.1 million.Total net revenues increased 98.9% year-over-year to US$107.4 million.Net income attributable to ordinary shareholders of UP Fintech was US$28.1 million compared to a net loss of US$1.8 million in the same quarter of last year.Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$30.5 million, compared to a non-GAAP net income of US$1.1 million in the same quarter of last year, an increase of 2772.5%. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below. Financial Highlights for Fiscal Year 2024 Total revenues increased 43.7% year-over-year to US$391.5 million.Total net revenues increased 46.6% year-over-year to US$330.7 million.Net income attributable to ordinary shareholders of UP Fintech was US$60.7 million compared to a net income of US$32.6 million in 2023, an increase of 86.5%.Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$70.5 million, compared to a non-GAAP net income of US$42.7 million in 2023, an increase of 65.0%. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below. Operating Highlights as of Year End 2024 Total account balance increased 36.4% year-over-year to US$41.7 billion.Total margin financing and securities lending balance increased 88.2% year-over-year to US$4.5 billion.Total number of customers with deposit increased 20.7% year-over-year to 1,092,000. Selected Operating Data for Fourth Quarter 2024 As of and for the three months ended December 31, September 30, December 31, 2023 2024 2024In 000’s Number of customer accounts2,195.7 2,368.0 2,449.3Number of customers with deposits904.6 1,032.8 1,092.0Number of options and futures contracts traded8,044.5 15,261.2 18,926.3In USD millions Trading volume81,765.2 162,990.0 198,016.9Trading volume of stocks19,711.6 41,406.3 55,502.6Total account balance30,597.5 40,763.6 41,725.2 Fourth Quarter 2024 Financial Results REVENUES Total revenues were US$124.1 million, an increase of 77.3% from US$70.0 million in the same quarter of last year. Commissions were US$56.0 million, an increase of 154.9% from US$22.0 million in the same quarter of last year, due to an increase in trading volume. Financing service fees were US$2.8 million, a decrease of 12.7% from US$3.2 million in the same quarter of last year, primarily due to a decrease in securities lending activities of our fully disclosed account customers. Interest income was US$55.8 million, an increase of 39.6% from US$40.0 million in the same quarter of last year, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers. Other revenues were US$9.6 million, an increase of 96.2% from US$4.9 million in the same quarter of last year, primarily due to the increase in IPO subscription incomes and currency exchange incomes. Interest expense was US$16.7 million, an increase of 4.6% from US$16.0 million in the same quarter of last year, primarily due to the increase in margin financing activities. OPERATING COSTS AND EXPENSES Total operating costs and expenses were US$73.1 million, an increase of 39.3% from US$52.5 million in the same quarter of last year. Execution and clearing expenses were US$6.1 million, an increase of 171.5% from US$2.2 million in the same quarter of last year due to an increase in our trading volume. Employee compensation and benefits expenses were US$37.2 million, an increase of 40.5% from US$26.5 million in the same quarter of last year, primarily due to an increase of global headcount to support our global expansion. Occupancy, depreciation and amortization expenses were US$2.1 million, a slight decrease of 2.4% from US$2.2 million in the same quarter of last year. Communication and market data expenses were US$11.8 million, an increase of 38.2% from US$8.5 million in the same quarter of last year due to increased IT-related fees. Marketing and branding expenses were US$9.5 million, an increase of 64.2% from US$5.8 million in the same quarter of last year, primarily due to higher marketing spending this quarter. General and administrative expenses were US$6.4 million, a decrease of 11.8% from US$7.3 million in the same quarter of last year due to a decrease in professional service fees. NET LOSS/INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF UP FINTECH Net income attributable to ordinary shareholders of UP Fintech was US$28.1 million, as compared to a net loss of US$1.8 million in the same quarter of last year. Net income per ADS – diluted was US$0.158, as compared to a net loss per ADS – diluted of US$0.012 in the same quarter of last year. Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$30.5 million, as compared to a US$1.1 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in the same quarter of last year. Non-GAAP net income per ADS – diluted was US$0.172 as compared to a non-GAAP net income per ADS – diluted of US$0.007 in the same quarter of last year. For the fourth quarter of 2024, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 179,173,811. As of December 31, 2024, the Company had a total of 2,640,326,072 Class A and B ordinary shares outstanding, or the equivalent of 176,021,738 ADSs. Full Year 2024 Financial Results REVENUES Total revenues were US$391.5 million, an increase of 43.7% from US$272.5 million in 2023. Commissions were US$159.0 million, an increase of 71.8% from US$92.6 million in 2023, due to an increase in trading volume. Financing service fees were US$11.3 million, a decrease of 7.1% from US$12.2 million in 2023, primarily due to a decrease in securities lending activities of our fully disclosed account customers. Interest income was US$191.8 million, an increase of 28.4% from US$149.3 million in 2023, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers. Other revenues were US$29.4 million, an increase of 59.6% from US$18.4 million in 2023, primarily due to the increase in IPO subscription incomes and currency exchange incomes. Interest expense was US$60.8 million, an increase of 29.5% from US$47.0 million in 2023, primarily due to the increase in margin financing and securities lending activities. OPERATING COSTS AND EXPENSES Total operating costs and expenses were US$252.3 million, an increase of 30.9% from US$192.7 million in 2023. Execution and clearing expenses were US$14.7 million, an increase of 61.3% from US$9.1 million in 2023 due to an increase in our trading volume. Employee compensation and benefits expenses were US$122.4 million, an increase of 21.5% from US$100.8 million in 2023, primarily due to an increase of global headcount to support our global expansion. Occupancy, depreciation and amortization expenses were US$8.6 million, a decrease of 8.9% from US$9.4 million in 2023. Communication and market data expenses were US$38.9 million, an increase of 26.1% from US$30.8 million in 2023 due to increased IT-related fees. Marketing and branding expenses were US$28.5 million, an increase of 36.8% from US$20.9 million in 2023, primarily due to higher marketing spending this year. General and administrative expenses were US$39.3 million, an increase of 80.2% from US$21.8 million in 2023 due to an increase in bad debt expense. NET INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS OF UP FINTECH Net income attributable to ordinary shareholders of UP Fintech was US$60.7 million, as compared to a net income of US$32.6 million in 2023. Net income per ADS – diluted was US$0.366, as compared to a net income per ADS – diluted of US$0.207 in 2023. Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$70.5 million, as compared to a US$42.7 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in 2023. Non-GAAP net income per ADS – diluted was US$0.424 as compared to a non-GAAP net income per ADS – diluted of US$0.270 in 2023. CERTAIN OTHER FINANCIAL ITEMS As of December 31, 2024, the Company’s cash and cash equivalents, term deposits and long-term deposits were US$396.0 million, compared to US$327.7 million as of December 31, 2023. As of December 31, 2024, the allowance balance of receivables from customers was US$15.3 million compared to US$1.0 million as of December 31, 2023, which was due to a bad debt provision concerning the recoverability of a specific Hong Kong stock pledge business faced with extreme market situation and significant price drop, leading to a provision for the loan balance. Conference Call Information: UP Fintech’s management will hold an earnings conference call at 8:00 AM on March 18, 2025, U.S. Eastern Time (8:00 PM on March 18, 2025, Singapore/Hong Kong Time). All participants wishing to attend the call must preregister online before they may receive the dial-in numbers. Preregistration may require a few minutes to complete. Preregistration Information: Please note that all participants will need to pre-register for the conference call, using the link: https://register-conf.media-server.com/register/BId5c2bd4696d14e7ba2bc391b87ede751 It will automatically lead to the registration page of “UP Fintech Holding Limited Fourth Quarter And Full Year 2024 Earnings Conference Call”, where details for RSVP are needed. Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information. Additionally, a live and archived webcast of the conference call will be available at https://ir.itigerup.com Use of Non-GAAP Financial Measures In evaluating our business, we consider and use non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech and non-GAAP net loss or income per ADS - diluted as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). We define non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech as net loss or income attributable to ordinary shareholders of UP Fintech excluding share-based compensation. Non-GAAP net loss or income per ADS - diluted is non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech divided by the weighted average number of diluted ADSs. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech enables our management to assess our operating results without considering the impact of share-based compensation. We also believe that the use of these non-GAAP financial measures facilitates investors' assessment of our operating performance. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expenses that affect our operations. Share-based compensation has been and may continue to be incurred in our business and are not reflected in the presentation of non-GAAP net loss or income attributable to ordinary shareholders of UP Fintech. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited. These non-GAAP financial measures should not be considered in isolation or construed as alternatives to total operating costs and expenses, net loss or income attributable to ordinary shareholders of UP Fintech or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review these historical non-GAAP financial measures in light of the most directly comparable GAAP measures. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure. About UP Fintech Holding Limited UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses. For more information on the Company, please visit: https://ir.itigerup.com. Safe Harbor Statement This announcement contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, 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, including the earnings conference call. Statements that are not historical facts, including statements about the Company’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: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 22, 2024. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC. For investor and media inquiries please contact: Investor Relations Contact UP Fintech Holding Limited Email: ir@itiger.com UP FINTECH HOLDING LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in U.S. dollars (“US$”)) As of December 31, As of December 31, 2023 2024 US$ US$ Assets: Cash and cash equivalents 322,599,616 393,576,874 Cash-segregated for regulatory purpose 1,617,154,185 2,464,683,625 Term deposits 896,683 1,075,260 Receivables from customers (net of allowance of US$991,286 and US$15,284,002 as of December 31, 2023 and December 31, 2024) 753,361,199 1,052,972,649 Receivables from brokers, dealers, and clearing organizations 541,876,929 2,305,740,507 Financial instruments held, at fair value 428,159,554 75,547,082 Prepaid expenses and other current assets 17,936,180 17,629,819 Amounts due from related parties 7,987,756 16,720,671 Total current assets 3,689,972,102 6,327,946,487 Non-current assets: Long-term deposits 4,225,412 1,369,994 Right-of-use assets 9,067,885 10,880,673 Property, equipment and intangible assets, net 16,429,543 15,358,528 Goodwill 2,492,668 2,492,668 Long-term investments 7,586,483 7,658,809 Equity method investment — 10,203,622 Other non-current assets 5,282,012 6,828,553 Deferred tax assets 10,990,998 8,573,135 Total non-current assets 56,075,001 63,365,982 Total assets 3,746,047,103 6,391,312,469 Current liabilities: Payables to customers 2,913,306,558 3,574,651,125 Payables to brokers, dealers and clearing organizations 114,771,931 1,914,769,701 Accrued expenses and other current liabilities 42,381,946 67,263,254 Deferred income-current 819,809 — Lease liabilities-current 4,133,883 4,153,928 Amounts due to related parties 10,148,142 874,331 Total current liabilities 3,085,562,269 5,561,712,339 Convertible bonds 156,887,691 159,505,397 Lease liabilities-non-current 4,777,134 5,902,323 Deferred tax liabilities 3,397,831 2,068,661 Total liabilities 3,250,624,925 5,729,188,720 Mezzanine equity Redeemable non-controlling interest 6,706,660 7,177,668 Total Mezzanine equity 6,706,660 7,177,668 Shareholders’ equity: Class A ordinary shares 22,528 25,427 Class B ordinary shares 976 976 Additional paid-in capital 505,448,080 619,030,730 Statutory reserve 8,511,039 12,425,463 (Accumulated deficit) Retained earnings (19,600,434) 37,843,547 Treasury Stock (2,172,819) (2,172,819)Accumulated other comprehensive loss (3,232,993) (11,919,310)Total UP Fintech shareholders’ equity 488,976,377 655,234,014 Non-controlling interests (260,859) (287,933)Total equity 488,715,518 654,946,081 Total liabilities, mezzanine equity and equity 3,746,047,103 6,391,312,469 UP FINTECH HOLDING LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)(All amounts in U.S. dollars (“US$”), except for number of shares (or ADSs) and per share (or ADS) data) For the three months ended For the years ended December 31, September 30, December 31, December 31, December 31, 2023 2024 2024 2023 2024 US$ US$ US$ US$ US$ Revenues: Commissions 21,954,587 41,207,882 55,964,174 92,593,458 159,045,052 Interest related income Financing service fees 3,174,949 2,803,878 2,770,419 12,178,838 11,311,560 Interest income 39,956,315 47,957,486 55,762,091 149,291,006 191,754,746 Other revenues 4,895,109 9,084,834 9,605,165 18,444,293 29,430,071 Total revenues 69,980,960 101,054,080 124,101,849 272,507,595 391,541,429 Interest expense (15,995,738) (15,700,359) (16,731,341) (46,957,657) (60,803,516)Total Net Revenues 53,985,222 85,353,721 107,370,508 225,549,938 330,737,913 Operating costs and expenses: Execution and clearing (2,244,785) (3,518,611) (6,095,132) (9,084,089) (14,651,612)Employee compensation and benefits (26,458,931) (28,769,980) (37,163,110) (100,750,644) (122,365,537)Occupancy, depreciation and amortization (2,190,610) (2,162,704) (2,137,586) (9,387,056) (8,554,315)Communication and market data (8,532,128) (9,730,680) (11,787,814) (30,831,488) (38,893,381)Marketing and branding (5,790,739) (8,223,404) (9,507,918) (20,859,834) (28,530,053)General and administrative (7,293,530) (6,932,672) (6,432,737) (21,791,263) (39,278,674)Total operating costs and expenses (52,510,723) (59,338,051) (73,124,297) (192,704,374) (252,273,572)Other (loss) income: Others, net (1,664,053) (5,189,945) 3,469,021 13,148,173 3,299,308 (Loss) income before income tax (189,554) 20,825,725 37,715,232 45,993,737 81,763,649 Income tax expenses (1,498,639) (2,907,080) (9,488,084) (12,986,310) (20,409,721)Net (loss) income (1,688,193) 17,918,645 28,227,148 33,007,427 61,353,928 Less: net (loss) income attributable to non-controlling interests (1,293) 3,353 12,563 (98,285) (4,477)Accretion of redeemable non-controlling interests to redemption value (148,624) (160,998) (164,328) (542,187) (630,485)Net (loss) income attributable to ordinary shareholders of UP Fintech (1,835,524) 17,754,294 28,050,257 32,563,525 60,727,920 Other comprehensive income (loss), net of tax: Unrealized loss on available-for-sale investments (450,325) — 343,892 (450,325) 343,892 Changes in cumulative foreign currency translation adjustment 7,261,631 16,119,046 (17,440,809) (545,498) (9,022,611)Total Comprehensive income (loss) 5,123,113 34,037,691 11,130,231 32,011,604 52,675,209 Less: comprehensive (loss) income attributable to non-controlling interests (8,222) (7,023) 24,226 (92,526) 3,121 Accretion of redeemable non-controlling interests to redemption value (148,624) (160,998) (164,328) (542,187) (630,485)Total Comprehensive income attributable to ordinary shareholders of UP Fintech 4,982,711 33,883,716 10,941,677 31,561,943 52,041,603 Net (loss) income per ordinary share: Basic (0.001) 0.008 0.011 0.014 0.025 Diluted (0.001) 0.007 0.011 0.014 0.024 Net (loss) income per ADS (1 ADS represents 15 Class A ordinary shares): Basic (0.012) 0.113 0.164 0.210 0.379 Diluted (0.012) 0.110 0.158 0.207 0.366 Weighted average number of ordinary shares used in calculating net (loss) income per ordinary share: Basic 2,336,018,747 2,362,528,627 2,557,911,677 2,325,338,439 2,404,640,854 Diluted 2,336,018,747 2,467,241,917 2,687,607,158 2,427,268,831 2,534,097,315 Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures(All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data) For the three months ended December 31,2023 For the three months ended September 30,2024 For the three months ended December 31,2024 non-GAAP non-GAAP non-GAAP GAAP Adjustment non-GAAP GAAP Adjustment non-GAAP GAAP Adjustment non-GAAP US$ US$ US$ US$ US$ US$ US$ US$ US$ Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 2,896,312(1) 2,331,274(1) 2,421,342(1) Net (loss) income attributable to ordinary shareholders of UP Fintech (1,835,524) 2,896,312 1,060,788 17,754,294 2,331,274 20,085,568 28,050,257 2,421,342 30,471,599 Net (loss) income per ADS - diluted (0.012) 0.007 0.110 0.124 0.158 0.172Weighted average number of ADSs used in calculating diluted net (loss) income per ADS 155,734,583 157,931,785 164,482,794 164,482,794 179,173,811 179,173,811 (1) Share-based compensation. Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures(All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data) For the year ended December 31, 2023 For the year ended December 31, 2024 non-GAAP non-GAAP GAAP Adjustment non-GAAP GAAP Adjustment non-GAAP US$ US$ US$ US$ US$ US$ Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 10,147,362(1) 9,736,901(1) Net income attributable to ordinary shareholders of UP Fintech 32,563,525 10,147,362 42,710,887 60,727,920 9,736,901 70,464,821 Net income per ADS - diluted 0.207 0.270 0.366 0.424Weighted average number of ADSs used in calculating diluted net income per ADS 161,817,922 162,607,678 168,939,821 168,939,821 (1) Share-based compensation.

ForexTV

18.03.2025

Cabka shows resilience in 2024 despite challenging markets - ForexTV

PRESS RELEASE Online investor presentation and Q&A at 10.30 CET on 18 March 2025 via:OnlineSeminar | Cabka N.V. Full Year 2024 Preliminary results Amsterdam, Netherlands - 18 March 2025 - Cabka N.V. (together with its subsidiaries “Cabka”, or the “Company”), a company specialized in transforming hard to recycle plastic waste into innovative Reusable Transport Packaging (RTP), listed at Euronext Amsterdam, announces its preliminary non-audited 2024 full year results. Cabka shows resilience in 2024 despite challenging markets Key financial developments 2024 Sales of €181.9 million, 8% lower than prior year (2023: €196.9 million).Gross profit margin significantly improved with 3pp to 50.9% (2023: 48.3%)Operational EBITDA decreased to €20.5 million in 2024 (2023: €24.4 million), reflecting a margin deterioration of 1pp to 11.3% (2023: 12.4%).Net Income from operations declined to €-4.5 million (2023: €2.3 million), driven by lower sales.Net Working Capital at €26.5 million or 14.6% of sales (2023: €27.1 million, or 13.7% of sales), the movement was the result of a decrease in our trade receivables, partially offset by an increase in inventories and a decrease in trade payables.Net debt amounted to €72.0 million including lease obligations (2023: €56.8 million),Total CAPEX of €18.7 million (2023: €30.9 million); which includes investments in maintenance & replacement CAPEX amounting to €7.7 million, or 4% of sales.In August 2024, Cabka successfully negotiated with the bank to waive and adjust certain financial covenants.Dividend: In light of the challenging market conditions and financial headwinds, the company proposed not to pay a dividend for the financial year of 2024. Cabka CEO Alexander Masharov, commented: “2024 was a transformative year for Cabka, in which we made significant progress in our strategic efforts to rebuild and reinforce our foundation, with increased global economic uncertainty and shifting geopolitical landscapes. We enhanced our operational gross margin by refocusing on our in-house production capabilities, the introduction of new raw material processing technology in the US, increased automation and robotization at our plants, and a gradual shift towards higher value-add products. In addition, our Portfolio Business made solid progress with our European and US operations showing close to double digit growth rates, after implementing intentional price reductions and strengthening our sales force. In other segments, ECO delivered robust growth, and European Customized Solutions business remained resilient. However, US Customized Solutions and Contract Manufacturing declined substantially due to weak end market demand. We foresee market circumstances to remain challenging with our customers continuing to be cautious with their capex spending. Under these circumstances we expect sales and EBITDA in 2025 to be at least at the same level as 2024. Our strategy for 2025 focuses on cash generation, operational excellence and investments in next-generation solutions. We aim to build a stronger and more resilient Cabka.” Business Segments and Geographical Markets PortfolioEU Portfolio sales grew by 8% year-over-year, driven by securing new contracts. Meanwhile, US portfolio sales grew by 10% due to the successful commercial strategy to regain market share, as we strengthened our sales force in the region. Customized SolutionsEU Customized Solutions remained resilient to market conditions, primarily driven by co-development programs launched during the year with key customers, while US Customized Solutions faced significant challenges due to adverse market conditions, as key customers refrained from further capital expenditures, resulting in a significant decline of €13.4 million. Contract ManufacturingWeak demand in our customer end markets led to a sales decline of €11.4 million, which includes an impact of €1.1 million attributed by the exit of the PVC business (Non-RTP legacy products). ECO BusinessECO delivered robust growth of sales growth of 4% year-over-year. DividendGiven the challenging market conditions and financial headwinds experienced throughout 2024, we have thoroughly reassessed our capital allocation strategy to ensure long-term business sustainability and growth. As a result, we have decided not to pay a dividend for the financial year 2024. This decision underscores our commitment to maintaining financial stability, strengthening our balance sheet, and ensuring sufficient cash generation to support ongoing operational and strategic initiatives. While we acknowledge the importance of shareholder returns, the current financial climate necessitates a prudent approach to capital distribution. After evaluating with the Supervisory Board and consulting major shareholders, the company decided not to pay a dividend for 2024. Outlook 2025Market circumstances remain challenging given the current macro environment, with our customers remaining cautious with their capex spending. Nevertheless, we expect a continued shift towards reusable plastic packaging as a result of the recently adopted Packaging & Packaging Waste Regulation (PPWR) legislation and other legislative requirements. Combined with our integrated approach to circularity we expect to gain market share. We have implemented a cash saving and operational excellence program program, SHIFT, which is designed to reduce our cost base and increase our operational excellence. Capital expenditures will be below last year and will focus on next generation solutions. We expect sales and EBITDA in 2025 to be at least at the same level as 2024. Guidance 2030Cabka reiterates its guidance for high single-digit sales CAGR, aiming to outperform market growth in order to reach €300 million in revenues by 2030. The company targets an EBITDA margin of 15-17%, with annual CAPEX spending of less than €20 million, split equally between growth and replacement & maintenance. Net working capital is expected to be approximately 20% of sales, and the pay-out ratio of net profit is projected to be around 30-35%. Condensed bridge from operational to IFRS consolidated statement of profit and loss, 2024 preliminary unaudited1 in € million20242023 (restated)2Change Revenues 181.9 196.9(8)% Other operating income items 10.6 1.7 528% Total Operating Income 192.4 198.6 (3)% Expenses for materials, energy and purchased services (99.8) (103.4) (4)% Gross Profit 92.6 95.1 (3)% Operating expenses (72.1) (70.7) 2% Operational EBITDA 20.5 24.4 (16)% Depreciation, amortization and impairment of intangible and tangible fixed assets (20.2) (17.1) 18% EBIT /Operating Income 0.4 7.3 (95)% Financial results (4.9) (4.2) 16% Earnings before taxes (4.6) 3.0 (251)% Taxes — (0.8) (106)% Net income from operations (4.5) 2.3 (300)% Non-operational items Other IPO related expenses (0.7) (1.0) St. Louis Flooding3 (0.1) (3.2) Tax on non-operational items — 0.4 Non operational restructuring costs4 (1.2) — Fair value of Special shares and Warrants 0.9 — Release of Deferred tax asset in US5 (4.1) — Net result reported IFRS (9.8) (1.5) COMPREHENSIVE OVERVIEW 2024 Sales performance Full-year sales for 2024 amounted to €181.9 million, reflecting an 8% decrease compared to the previous year (2023: €196.9 million). From the 8% decline, 4% was due to the intentional price reductions we implemented in our customer pricing strategy during the year, passing on the benefits of declining raw material and energy prices to our customers. The remaining decline was the result of lower volumes in our US Customized Solutions and continued soft demand in our Contract Manufacturing segment. In Europe, our Portfolio business grew by 8% year-over-year, reaching €77.5 million (2023: €71.6 million6). The customized solutions business in Europe remained relatively resilient to market conditions, showing a €0.2 decrease in revenue to €34.5 million compared to €34.7 million4 in 2023. Contract Manufacturing (both strategic and non-strategic business) experienced very weak demand throughout the year. This led to a sales decline of €11.4 million, bringing total sales to €18.3 million (2023: €29.7 million). In the US, our Portfolio business demonstrated notable growth, increasing by 10% year-over-year to €19.9 million in 2024. This growth underscores the success of our commercial strategy to regain market share, as we strengthened our sales force in the region. Conversely, the Customized Solutions segment faced significant challenges due to adverse market conditions, where key customers refrained from committing to further capital expenditures for the time being, resulting in a significant decline of €13.4 million in sales. Lastly, the ECO business delivered robust growth of 4% year-over-year, resulting in €26.3 million sales in 2024 (2023: €25.3 million). Cost developmentsIn 2024, the company achieved a significant improvement in its operational gross margin, which increased with 3pp to 50.9%, compared to 48.3%7 in 2023. Throughout 2024, the company maintained a strong emphasis on its internal production capacity and strategic cost management across all segments. With the US plant fully operational since the second half of 2023, we were able to refocus on our in-house production capabilities. The introduction of a new raw material processing technology in the US, coupled with increased automation and robotization at our plants, and a gradual shift towards higher value-add products, collectively contributed to the margin improvement. Operating expenses remained relatively stable compared to last year, with the main increase noted in personnel costs. This increase was driven by the expansion of our sales force, with key vacancies filled towards the end of 2023, and the impact of inflation on personnel costs. Depreciation and amortization increased by 18% to €20.2 million, primarily attributable to the capitalization of assets we installed to reopen and expand our plant in the US. EBITDAThe company reported an operational EBITDA of €20.5 million for the full year of 2024, which is €3.9 million lower compared to last year (2023: €24.4 million2). The reduction in EBITDA is predominantly attributable to the decrease in sales for the year, followed by inflationary pressures on our fixed cost base. Debt FacilityIn August 2024, Cabka successfully negotiated with the bank to waive and adjust certain financial covenants until end of Q2 2025. Net Working Capital Net Working Capital (NWC) position remained well within our medium-term guidance, amounting to €26.5 million or 14.6% of sales as per 31 December 2024. This is mostly in line with the previous year’s position which was €27.1 million or 13.7% of sales as per December 2023. NWC showed a small movement of €0.6 million in 2024. The positive movement is the result of an €8.0 decrease in trade receivables, partially offset by a €4.2 million increase in inventories and a decrease in trade payables of €3.5 million. The increase in inventory value during 2024 related to the optimization of idle production capacity during the periods of lower demand. Recognizing the shift in customer demand in shorter order cycles, the company took a proactive decision to build up inventory. This decision ensured that we can fulfil customer orders promptly and efficiently, meeting their expectations for timely stock availability in the upcoming period. The decrease in trade payables was mainly due to final settlements made towards machinery and equipment installed in our US plant, which were committed during 2022. The significant decrease in trade receivables at the end of 2024 resulted from the factoring implemented in December. Cash flows and cash positionCash flows from operating activities amounted to €16.2 million (2023: €27.2 million). Cash flows used in investing activities amounted to €18.0 million (2023: €30.7 million) of which €18.7 million was related to capital investments in property, plant and equipment and intangible assets (2023: €30.9 million). Cabka disposed of certain assets contributing €0.3 million of cash during 2024. In addition, interest earned on short term deposits amounted to €0.4 million. Cash flows from financing activities amounted to €0.6 million (2023: €-11.1 million). Main cash inflow resulted from the funding receipt out of the debt facility amounting to €15.5 million (2023: nil). This inflow was almost completely offset by the repayment of debt facilities and interest totaling €-6.8 million (2023: €-7.2 million), followed by the settlement of lease facilities in 2024 amounting to €-4.4 million (2023: €-2.7 million) and dividend payments of €-3.7 million (2023: €-1.2 million). The total cash balance at 31 December 2023 was €4.4 million (31 December 2023: €7.3 million). CAPEX Total CAPEX for 2024 amounted to €18.7 million (2023: €30.9 million). Included in this total is investments in maintenance & replacement CAPEX amounting to €9.4 million. Excluding the US investments related to the flood, maintenance & replacement CAPEX was €7.7 million, or 4% of total sales. Total investment in 2024 for our St. Louis plant to reopen and expand, amounted to €1.7 million (2023: €12.1 million). In our ECO business we invested €1.7 million (2023: €2.3 million). ESGCabka is committed to making a positive impact with its operations and ultimately with the product it supplies to the market. We are the circularity leader in the RTP industry, with 88% of our raw material intake coming from recycled materials in 2024, 100% of products being reusable with take-back clauses for recycling, and with supporting the collection of additional plastics for recycling. For comparison, the average plastic waste recycling rate for Europe in 2021 was only at 14% targeting to get to 33% by 20308. For its management of ESG topics, Cabka achieved “gold” status in the EcoVadis assessment for the second year in 2024. The Gold rating from EcoVadis is a testament to Cabka’s commitment and excellence across the various sustainability categories and demonstrates the significant progress that has been made in one year, moving Cabka to the top 5% of rated companies, and placing it amongst the top 2% in the plastic products industry. Cabka participated for the second time in the assessment by the Carbon Disclosure Program (CDP), a non-profit organization that runs a global disclosure system for companies on climate impacts. Cabka was able to hold its B score on a scale from A to D-, with A being best practice. The B score reflects the importance Cabka gives to climate issues and proves that we are well on track with other European businesses on the topic. In 2024, Cabka continued to work on implementing new ESG-related legislation in its ESG strategy and will publish its first CSRD-compliant ESG statement in the 2024 Integrated Annual Report, following an extensive stakeholder analysis and re-assessment of material impacts, risks, and opportunities. In addition, we are currently focusing on the PPWR and national regulations related to packaging, which will play a crucial role in shaping the future of the packaging industry. Cabka closely follows the regulatory process and will proactively handle the secondary legislation framework upon its establishment in the coming months and years to further inform our strategies. Share price On 31 December 2024 the Cabka shares closed at € 2.10. Cabka share capital per 31 December 2024SharesISIN Ordinary Shares issued24,710,600 CABKA / NL00150000S7Ordinary Shares in treasury 15,994,378 DSC2S / NL00150002R5 Total Ordinary Shares40,704,978 Special Shares 97,778 Total shares40,802,756 Tax positionsDeferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Management’s assessment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits. Management reassessed the deferred tax asset which was accumulated in the US including the effects of the devastating flooding of 2022. The company adopts a conservative stance by only recognizing a deferred asset where there is a high degree of certainty regarding the future profits. Management decided based on the strict guidelines from IFRS and out of prudence to reduce the deferred tax asset. This adjustment has no impact on the fiscal position of the company as it aims for building a growing and profitable US operation. At the moment of publication of this preliminary unaudited financial results report, the assessment of current and deferred tax positions has not been fully finalized and might be revised ahead of the publication of the Annual Report 2024. Relevant events after 31 December 2024After the balance sheet date of December 31, 2024, there have been no significant events. Financial Calendar 2025 April 15 Publication Annual Report 2024 and Trading Update 2025Q1 May 29 Annual General Meeting of Shareholders August 12 Half-Year Results and Half-Year Report 2025 October 21 Trading Update 2025Q3 For more information, please contact:Nadia Lubbe, Investor & Press contactIR@cabka.com, or n.lubbe@cabka.com;+49 152 243 254 79www.investors.cabka.comCommercial contact: info@cabka.com www.cabka.com About CabkaCabka is in the business of recycling plastics from post-consumer and post-industrial waste into innovative reusable transport packaging (RTP), like pallets- and large container solutions enhancing logistics chain sustainability. ECO product are mainly construction and road safety products produced exclusively out of post-consumer waste. Cabka is leading the industry in its integrated approach closing the loop from waste, to recycling, to manufacturing. Backed by its own innovation center it has the rare industry knowledge, capability, and capacity of making maximum use bringing recycled plastics back in the production loop at attractive returns. Cabka is fully equipped to exploit the full value chain from waste to end-products. Cabka is listed at Euronext Amsterdam as of 1 March 2022 under the CABKA ticker with international securities identification number NL00150000S7. DisclaimerAll results in the press release are based on regular operations excluding extraordinary items, unless mentioned otherwise. The qualification extraordinary item is a management accounting term to indicate this is not part of regular operations. The financial statements in the appendix are based on IFRS and do not distinguish between operational or extraordinary items. See appendix I. for definitions of operational items by management. The content of this press release may include statements that are, or may be deemed to be, ‘’forward-looking statements’’. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms ‘’believes’’, ‘’estimates’’, ‘’plans’’, ‘’projects’’, ‘’anticipates’’, ‘’expects’’, ‘’intends’’, ‘’may’’, ‘’will’’ or ‘’should’’ or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s business, results of operations, financial position, liquidity, prospects, growth, or strategies. Readers are cautioned that any forward-looking statements are not guarantees of future performance. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this press release. The Company undertakes no obligation to publicly update or revise the information in this press release, including any forward-looking statements, except as may be required by law. This document contains information that qualifies as inside information within the meaning of Article 7(1) of Regulation (EU) No 596/2014 on market abuse. FINANCIAL OVERVIEW APPENDIX I. Definitions of operational items by management Gross Margin Gross Profit divided by Revenue EBITDA or Earnings Before Interest, Taxes, Depreciation, and Amortization is an important measurement of the Company's financial performance before taking the cost of capital, depreciation and taxes into consideration. EBITDA margins provide a view of operational efficiency and enable a more accurate and relevant comparison between peer companies.EBIT or Earnings Before Interest and Taxes, is a measure of a company's profitability that excludes interest expenses and tax payments. It represents the company's core, recurring business income before the impact of its capital structure and tax obligations. EBIT is also known as operating income and is calculated as revenue minus operating expenses, excluding interest and taxes.Gross Profit Profit as Revenue for the period plus changes in inventory and other operating income for the period, minus raw material costs, energy costs and purchased services Maintenance and Replacement Capital Expenditures The expenses incurred by the company that are related to the maintenance and replacements of assets like plants, machinery and buildings Maintenance and Replacement Capital Expenditures as a percentage of revenue: Maintenance and Replacement Capital Expenditures divided by Revenue Net Working Capital Trade accounts receivables plus inventories net of trade accounts payables Net Working Capital as percentage of revenue Net Working Capital divided by Revenue.Net Income from operations Net Income reported for the period, being adjusted for non-operational activities.Non-operational Indicates that this is not part of regular operational activities.Operational EBITDA Net Result reported for the period, adjusted for non-operational activities, before depreciation and amortization, interest expenses and income, taxes and share option plan accruals II. Condensed bridge from operational to IFRS consolidated statement of profit and loss, 2024 preliminary unaudited Condensed income statement bridge operational to IFRS9 in € million20242023 (restated)10Change Revenues 181.9 196.9 (8)% Other operating income items 10.6 1.7 528% Total Operating Income 192.4 198.6 (3)% Expenses for materials, energy and purchased services (99.8) (103.4) (4)% Gross Profit 92.6 95.1 (3)% Operating expenses (72.1) (70.7) 2% Operational EBITDA 20.5 24.4 (16)% Depreciation, amortization and impairment of intangible and tangible fixed assets (20.2) (17.1) 18% EBIT /Operating Income 0.4 7.3 (95)% Financial results (4.9) (4.2) 16% Earnings before taxes (4.6) 3.0 (251)% Taxes — (0.8) (106)% Net income from operations (4.5) 2.3 (300)% Non-operational items Other IPO related expenses (0.7) (1.0) St. Louis Flooding11 (0.1) (3.2) Tax on non-operational items — 0.4 Non operational restructuring costs12 (1.2) — Fair value of Special shares and Warrants 0.9 — Release of Deferred tax asset in US13 (4.1) — Net result reported IFRS (9.8) (1.5) III. Condensed consolidated statement of profit and loss 2024 preliminary unaudited Condensed statement of profit and loss in € million 20242023 (restated)14 Revenues 181.9 196.9 Change in inventories of finished goods and work in progress 1.9 (7.4)Other operating income items 8.7 9.0Total Operating income 192.4 198.6 Material expenses / expenses for purchased services (99.8) (106.6)Personnel expenses (44.9) (42.6)Amortization/depreciation and impairment of intangible and tangible fixed assets (20.2) (17.1)Other operating expenses (29.2) (29.4)Total Operating expenses (194.1) (195.6) Interest income 1.9 0.6Interest expenses (5.9) (4.7)Financial Result (4.1) (4.1) Result before taxes (5.7) (1.2) Income tax expense (4.1) (0.3)Net Result (9.8) (1.5) IV. Consolidated Balance Sheet 2024 preliminary unaudited Consolidated Balance Sheet in € million 12.31.2024 12.31.2023 ASSETS Non-current assets Intangible assets 2.7 2.8 Property, plant and equipment 83.9 80.8 Right of Use assets 11.6 10.2 Long-term financial assets 0.1 0.1 Other long-term assets — — Deferred tax assets 9.7 8.0 108.1 101.9 Current Assets Inventories 36.2 32.1 Trade receivables 19.5 27.6 Short-term financial assets — — Other short-term assets 9.1 12.6 Cash and cash equivalents 4.4 7.3 69.3 79.5 177.3 181.4 LIABILITIES Equity Share capital 0.4 0.4 Treasury shares (0.2) (0.2) Share premium 74.0 77.7 Other reserves 6.9 7.8 Retained earnings (19.3) (13.6) Foreign currency translation reserve (1.4) (1.4) 60.5 70.7 Non-current liabilities Long-term financial liabilities 38.9 43.3 Other long-term liabilities 0.5 — Deferred tax liabilities — 0.1 39.4 43.3 Current liabilities Short-term financial liabilities 37.5 20.8 Provisions 0.8 0.8 Contract liabilities 3.1 4.4 Trade payables 29.0 32.6 Other short-term liabilities 7.0 8.7 77.5 67.3 177.3 181.4 V. Condensed consolidated statement of cash flow 2024 preliminary unaudited Consolidated statement of cash flow in € million20242023 Cash flows from operating activities Net result after tax (9.8) (1.5) Adjustments for: Amortization/depreciation of intangible and tangible fixed assets 20.2 17.1(Loss) on disposal/profit on sale of property, plant & equipment (0.3) 1.4Share-based payment expense (0.3) 0.5Other non-cash transactions (0.1) — Finance income (1.3) (0.3)Finance expenses 4.8 4.2Income tax expenses 4.1 0.3Net foreign exchange differences 0.6 0.3 Changes in working capital: Increase (-) / decrease (+) of inventories (4.2) 9.7Increase (-) / decrease (+) trade receivables and other current assets 11.6 0.3Increase (+) / decrease (-) of trade payables and other current liabilities (7.4) (3.6)Cash generated/(utilized) from operations 17.8 28.4 Income taxes paid (1.6) (1.2)Net cash from/(used in) operating activities 16.2 27.2 Cash flow from investing activities Cash outflow for investment in intangible assets (0.6) — Cash inflow from sale of intangible assets — — Cash inflow from sale of property, plant and equipment 0.3 0.7Cash outflow for investment in property, plant and equipment (18.1) (31.6)Interest received on cash and equivalents 0.4 0.2Net cash from/(used in) investing activities (18.0) (30.7) Cashflow from financing activities Cash inflow from sale of treasury shares — 0.1Cash outflow for dividend payments (3.7) (1.2)Cash outflow for the repayment of liabilities to banks (2.3) (3.3)Cash inflow from receipt of liabilities to banks 15.5 — Cash outflow for the repayment of lease liabilities (2.9) (2.5)Cash inflow from rental purchase liabilities 0.7 2.5Cash outflow for the repayment of rental purchase liabilities (2.2) (2.7)Interest paid (4.5) (3.9)Net cash from/(used in) financing activities 0.6 (11.1) Changes in cash and cash equivalents (1.2) (14.6)Cash and cash equivalents at the beginning of the period 7.3 21.0Net foreign exchange difference (0.1) 0.1Effect of changes in foreign exchange rates (1.6) 0.7Cash and cash equivalents at the end of the period 4.4 7.3 VI. Restatement as a result of material reclassification As previously disclosed in the interim report for the first half year of 2024, the company performed a comprehensive reassessment on the classification of certain costs within our financial statements, in order to enhance the transparency and accuracy of our financial reporting. As a result of this reassessment, the company made two reclassifications in the statement of profit and loss. These reclassifications were deemed necessary to better represent the financial results of our operations. Transportation cost related to finished goods sold, previously included within operating expenses, has been reclassed to expenses for materials, energy and purchased services, given that these costs better reflect the direct costs involved in production and sale of our goods. In addition, gains related to FX, previously included within other operating income, have been reclassed to financial income, and losses related to FX, previously included within operating expenses, have been reclassed to financial expenses. These reclassifications have been adjusted in the 2023 comparative years disclosed in condensed consolidated financial statements for the year 2024. These restatements did not impact the company statement of profit or loss nor equity. The impact of the restatement is disclosed in the table below: Condensed statement of profit and loss (extract) in Euro million2023Restatement2023 (restated) Revenue 196.9 196.9 Change in inventories of finished goods and work in progress (7.4) (7.4)Other operating income 9.3 (0.3) 9.0Total Operating income 198.9 (0.3) 198.6 Material expenses / expenses for purchased services (102.2) (4.4) (106.6)Personnel expenses (42.6) (42.6)Amortization/depreciation and impairment of intangible and tangible fixed assets (17.1) (17.1)Other operating expenses (34.3) 4.9 (29.4)Total Operating expenses (196.2) 0.5 (195.6) Finance income 0.3 0.3 0.6Finance expenses (4.2) (0.5) (4.7)Net Financial Result (3.9) (0.3) (4.1) Result before taxes (1.2) — (1.2) Income tax expense (0.3) (0.3)Result for the period (1.5) — (1.5) 1 The condensed income statement provides operational and non-operational result items for insight on underlying operational performance. The attached statements II to VI provide integral IFRS statements without this distinction. 2 The presentation of the prior year income statement of has been adjusted to reflect the new classification of transportation cost and FXgains & losses. For more information refer to Section VI. 3 In 2023 this relates to higher costs resulting from temporarily outsourcing production to tollers. 4 Non operational restructuring costs includes one-off costs related to employee severance packages totaling €0.7 million and costs related to the small fire that occurred in our operating plant in Weira amounting to €0.5 million.5 Refer to tax positions on page 6.6 Prior year segmentation has been updated to align with the updated segmentation of certain customer products, as a result, prior year revenue for Portfolio Europe increased by €3.6 million compared to the published numbers over 2023, and Customized Solutions Europe decreased with the same amount.7 The presentation of the prior year income statement of has been adjusted to reflect the new classification of transportation cost and FXgains & losses. For more information refer to Section VI. 8 Systemiq April 2022 report Reshaping plastics. Pathway to a circular climate neutral plastics system in Europe 9 The condensed income statement provides operational and non-operational result items for insight on underlying operational performance. The attached statements II to V provide integral IFRS statements without this distinction. 10 The presentation of the prior year income statement of has been adjusted to reflect the new classification of transportation cost and FXgains & losses. For more information refer to Section VI. 11 In 2023 this relates to higher costs resulting from temporarily outsourcing production to tollers. 12 Non operational restructuring costs includes one-off costs related to employee severance packages totaling €0.7 million and costs related to the small fire that occurred in our operating plant in Weira amounting to €0.5 million.13 Refer to tax positions on page 6.14 The presentation of the prior year income statement of has been adjusted to reflect the new classification of transportation cost and FXgains & losses. For more information refer to Section VI. Attachment 20250318 Cabka 2024FY preliminary results release v2

ForexTV

20.03.2025

VEON FY24 and 4Q24 Trading Update: Strong Delivery in 2024, Digital Services Driving Growth - ForexTV

VEON FY24 and 4Q24 Trading Update: Strong Delivery in 2024, Digital Services Driving Growth Dubai, March 20, 2025, 10:10 GST VEON FY24 Highlights Total revenue growth of 8.3% YoY to USD 4,004 million (+14.6% YoY in underlying local currency terms) EBITDA growth of 4.9% YoY to USD 1,691 million (+12.0% YoY in underlying local currency terms) Direct digital revenue growth of 63.0% YoY to USD 460 million (+64.1% YoY in local currency terms), representing 11.5% of revenues for the full year Total cash and cash equivalents and deposits of USD 1,691 million, with USD 481 million at headquarters (“HQ”); and gross debt at USD 4.4 billion (decreased by USD 311 million YoY), with net debt excluding lease liabilities at USD 1.9 billionEquity Free Cash Flow of USD 403 million, Capex of USD 826 million VEON Ltd. (Nasdaq: VEON), a global digital operator, announces selected financial and operating results for the fourth quarter and full year ended 31 December 2024. For the full year 2024, VEON achieved 8.3% year-on-year growth in revenues and a 4.9% YoY growth in EBITDA in reported currency (USD), meeting our FY24 expectations issued with our 3Q24 results. Underlying FY24 revenue growth was 14.6% YoY in local currency terms, when adjusted for identified items such as the cyberattack in Ukraine, political unrest in Bangladesh and the deconsolidation of TNS+ in Kazakhstan effective 4Q24. Our local currency growth rate exceeded the blended weighted average inflation rate in our operating countries of 9.3% in 2024, showcasing our capability to implement fair value pricing across our markets. VEON’s full-year revenue performance was underpinned by robust direct digital revenue growth, which rose by 63.0% YoY in reported currency, and by 64.1% YoY in local currency terms. EBITDA for the year was USD 1,691 million, representing a 4.9% year-on-year increase in reported currency meeting the FY24 expectations. This represents a 12.0% increase in underlying local currency terms, when adjusted for the identified items and HQ restructuring costs. Capex in 2024 increased 26.9% YoY, with a capex intensity of 20.6% (+3.0 p.p. YoY). However, if we were to exclude Ukraine where we had elevated investments, capex intensity for the year would have been in line with our expectation of 18% - 19%. Total cash and cash equivalents and deposits as of December 31, 2024 amounted to USD 1,691 million (including USD 243 million related to customer deposits from our banking operations in Pakistan and excluding USD 30 million in Ukrainian sovereign bonds that are classified as investments) with USD 481 million held at the HQ level. Net debt to EBITDA, excluding lease liabilities, declined to 1.34x from 1.52x as of December 31, 2023. 4Q24 Highlights Total revenue growth of 4.7% YoY to USD 998 million (+11.1% YoY in underlying local currency terms) EBITDA growth of 11.3% YoY to USD 408 million; (+14.1% YoY in underlying local currency terms) Direct digital revenue growth of 42.4% to USD 126 million (+43.5% YoY in local currency terms), representing 12.6% of total revenues for the quarter In 4Q24, VEON sustained strong growth momentum. VEON’s 4Q24 EBITDA was impacted by identified items, including political unrest in Bangladesh, deconsolidation of TNS+ in Kazakhstan and HQ restructuring costs. Outlook for 2025 For FY25, VEON is guiding for underlying local currency growth for total revenue of 12% - 14% YoY, and underlying EBITDA growth of 13% - 15% YoY. VEON’s outlook for the Group’s capex intensity is in the range of 17%-19% for 2025. VEON will also shortly commence the second phase of its previously announced share buyback program with respect to the Company’s American Depositary Shares (“ADS”). This second phase of the buyback will be in the amount of up to USD 35 million. Commenting on the results, Kaan Terzioglu said: “I am pleased to report that VEON continues to demonstrate robust growth and has delivered on earnings expectations in reported USD terms. We have also succeeded in executing on our strategic priorities in FY24. 2024 was a transformative year for VEON. Our share price more than doubled during the year, reflecting the success of our strategy and our execution. We announced a share buyback, consolidated Nasdaq trading, divested non-core assets, and formed strategic partnerships, notably Kyivstar with Starlink. We have also shifted our headquarters to Dubai. Our strategy cements our position at the forefront of the digital revolution and ensures sustained growth and success in our rapidly evolving frontier markets. VEON will continue to execute to this strategy in 2025, driving growth and innovation across our markets.” Additional information View the full 4Q24 trading update View 4Q24 trading update presentationView 4Q24 factbook 4Q24 results conference call VEON will also host a results conference call with senior management at 16:00 GST (13:00 CET, 8:00 EST) today. To register and access the event, please click here or copy and paste this link to the address bar of your browser: https://veon-Q4-2024-trading-update.open-exchange.net/. Once registered, you will receive registration confirmation on the email address mentioned during registration with the link to access the webcast and dial-in details to listen to the conference call over the phone. We strongly encourage you to watch the event through the webcast link, but if you prefer to dial in, then please use the dial-in details. Q&A If you want to participate in the Q&A session, we ask that you select the ‘Yes' option on the ‘Will you be asking questions live on the call?’ dropdown. That will bring you to a page where you can join the Q&A room by clicking 'Connect to meeting’. You will be brought into a zoom webinar where you can listen to the presentation and once Q&A begins, if you have a question, please use the ‘raise hand button’ on the bottom of your zoom screen. When it is your turn to speak, the moderator will announce your name as well as sending a message to your screen asking you to confirm you want to talk. Once accepted, please unmute your mic and ask your question. You can also submit your questions prior the webcast event to VEON Investor Relations at ir@veon.com. About VEON VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ and Euronext. For more information, visit: https://www.veon.com. Notice to readers: financial information presented VEON's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") based on internal management reporting, are the responsibility of management, and have not been externally audited, reviewed, or verified. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for any future period. Notice to readers: impact of the war in Ukraine The ongoing war in Ukraine, and the resulting sanctions adopted by the United States, member states of the European Union, the European Union itself, the United Kingdom, Ukraine and certain other nations, countersanctions and other legal and regulatory responses, as well as responses by our service providers, partners, suppliers and other counterparties, and the other indirect and direct consequences of the war have impacted and, if the war, such responses and other consequences continue or escalate, may significantly impact our results and aspects of our operations in Ukraine, and may significantly affect our results and aspects of our operations in the other countries in which we operate. We are closely monitoring events in Ukraine, as well as the possibility of the imposition of further legal and regulatory restrictions in connection with the ongoing war in Ukraine and any potential impact the war may have on our results, whether directly or indirectly. Our operations in Ukraine continue to be affected by the war. We are doing everything we can to protect the safety of our employees, while continuing to ensure the uninterrupted operation of our communications, financial and digital services. Disclaimer VEON's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") and have not been externally reviewed and audited. The financial information included in this document is preliminary and is based on a number of assumptions that are subject to inherent uncertainties and subject to change. The financial information presented herein is based on internal management accounts, is the responsibility of management and is subject to financial closing procedures which have not yet been completed and has not been audited, reviewed or verified. Certain amounts and percentages that appear in this document have been subject to rounding adjustments. As a result, certain numerical figures shown as totals, including those in the tables, may not be an exact arithmetic aggregation of the figures that precede or follow them. Although we believe the information to be reasonable, actual results may vary from the information contained above and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the current period or any future period. This document contains “forward-looking statements”, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” and other similar words. Forward-looking statements include statements relating to, among other things, VEON’s plans to implement its strategic priorities, including operating model and development plans; anticipated performance, including VEON’s growth trajectory and ability to generate sufficient cash flow to repay its upcoming debt maturities and other obligations, amongst other obligations; VEON’s intended expansion of its digital experience including through technologies such as artificial intelligence; VEON’s assessment of the impact of the war in Ukraine, including related sanctions and counter-sanctions, on its current and future operations and financial condition; VEON’s assessment of the impact of the political conflict in Bangladesh; future market developments and trends; operational and network development and network investment, including expectations regarding the roll-out and benefits of 3G/4G/LTE networks, as applicable; spectrum acquisitions and renewals; the effect of the acquisition of additional spectrum on customer experience; the impact of VEON’s delisting from Euronext, VEON's HQ relocation to the Dubai International Financial Centre in the United Arab Emirates, VEON’s ability to realize the acquisition and disposition of any of its businesses and assets and to execute its strategic transactions in the timeframes anticipated, or at all ,including VEON's ability to finalize the business combination that will result in the listing of Kyivstar on the Nasdaq Stock Market LLC and implement the reorganization of its wholly owned subsidiary VEON Holdings B.V.; VEON’s ability to realize financial improvements, including an expected reduction of net pro-forma leverage ratio following the successful completion of certain dispositions and acquisitions; its dividends; and VEON’s ability to realize its targets and commercial initiatives in its various countries of operation. The forward-looking statements included in this document are based on management’s best assessment of VEON’s strategic and financial position and of future market conditions, trends and other potential developments. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of, among other things: further escalation in the war in Ukraine, including further sanctions and counter-sanctions and any related involuntary deconsolidation of our Ukrainian operations; demand for and market acceptance of VEON’s products and services; our plans regarding our dividend payments and policies, as well as our ability to receive dividends, distributions, loans, transfers or other payments or guarantees from our subsidiaries; continued volatility in the economies in VEON’s markets; governmental regulation of the telecommunications industries; general political uncertainties in VEON’s markets; government investigations or other regulatory actions; litigation or disputes with third parties or regulatory authorities or other negative developments regarding such parties; the impact of export controls and laws affecting trade and investment on our and important third-party suppliers' ability to procure goods, software or technology necessary for the services we provide to our customers; risks associated with data protection or cyber security, other risks beyond the parties’ control or a failure to meet expectations regarding various strategic priorities, the effect of foreign currency fluctuations, increased competition in the markets in which VEON operates and the effect of consumer taxes on the purchasing activities of consumers of VEON’s services. Certain other factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in VEON’s Annual Report on Form 20-F for the year ended 31 December 2023 filed with the U.S. Securities and Exchange Commission (the “SEC”) on 17 October 2024 and other public filings made from time to time by VEON with the SEC. Other unknown or unpredictable factors also could harm our future results. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Under no circumstances should the inclusion of such forward-looking statements in this document be regarded as a representation or warranty by us or any other person with respect to the achievement of results set out in such statements or that the underlying assumptions used will in fact be the case. Therefore, you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date hereof. We cannot assure you that any projected results or events will be achieved. Except to the extent required by law, we disclaim any obligation to update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made, or to reflect the occurrence of unanticipated events. Contact Information VEONInvestor Relationsir@veon.com

ForexTV

21.03.2025

Sunlands Technology Group Announces Unaudited Fourth Quarter and Full Year 2024 Financial Results - ForexTV

BEIJING, March 21, 2025 (GLOBE NEWSWIRE) -- Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), a leader in China’s adult online education market and China’s adult personal interest learning market, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. Fourth Quarter 2024 Financial and Operational Snapshots Net revenues were RMB483.5 million (US$66.2 million), compared to RMB541.7 million in the fourth quarter of 2023.Gross billings (non-GAAP) were RMB412.4 million (US$56.5 million), compared to RMB415.5 million in the fourth quarter of 2023.Gross profit was RMB401.8 million (US$55.0 million), compared to RMB468.0 million in the fourth quarter of 2023.Net income was RMB57.8 million (US$7.9 million), compared to RMB155.2 million in the fourth quarter of 2023.Net income margin1 was 12.0% in the fourth quarter of 2024, compared to 28.6% in the fourth quarter of 2023.New student enrollments2 were 172,200, compared to 164,654 in the fourth quarter of 2023.As of December 31, 2024, the Company’s deferred revenue balance was RMB916.5 million (US$125.6 million), compared to RMB1,113.9 million as of December 31, 2023. Full Year 2024 Financial and Operational Snapshots Net revenues were RMB1,990.2 million (US$272.7 million), compared to RMB2,159.6 million in 2023.Gross billings (non-GAAP) were RMB1,555.4 million (US$213.1 million), compared to RMB1,504.6 million in 2023.Gross profit was RMB1,672.6 million (US$229.2 million), compared to RMB1,894.1 million in 2023.Net income was RMB342.1 million (US$46.9 million), compared to RMB640.8 million in 2023.Net income margin was 17.2%, compared to 29.7% in 2023.New student enrollments were 674,649, compared to 616,341 in 2023. “Over the past year, we have leveraged our deep expertise in adult education and keen market insights to drive continuous innovation and enhancement in our products and services. By expanding our course offerings and improving service quality, we welcomed about 675,000 new students in 2024——a historic record that underscores our significant market expansion potential and strengthens our leading position in the industry. Looking ahead, we remain committed to a student-centric approach, staying attuned to evolving market demands, and consistently enhancing the learning experience to sustain long-term growth,” said Mr. Tongbo Liu, Chief Executive Officer of Sunlands. “Throughout the year, we focused on sustainable growth, operational efficiency, and cost optimization. As a result, we delivered annual net revenues of RMB1,990.2 million and net income of RMB342.1 million, marking the fourth consecutive year of profitability. Our operating cash flow maintained healthy growth and enhanced financial resilience. During the year, the interest-based courses became the core growth point, aligning with broader economic and demographic trends, we are well-positioned to capitalize on its growth potential. With solid cash flow and diversified products, we are confident in our ongoing growth,” said Mr. Hangyu Li, Finance Director of Sunlands. Financial Results for the Fourth Quarter of 2024 Net Revenues In the fourth quarter of 2024, net revenues decreased by 10.8% to RMB483.5 million (US$66.2 million) from RMB541.7 million in the fourth quarter of 2023.The decrease was primarily driven by the decline in gross billings from post-secondary courses over the recent quarters, resulting in a year-over-year decrease in net revenues from post-secondary courses, partially offset by the year-over-year growth in revenues from sales of goods such as books and learning materials. Cost of Revenues Cost of revenues increased by 10.8% to RMB81.7 million (US$11.2 million) in the fourth quarter of 2024 from RMB73.8 million in the fourth quarter of 2023. The increase was primarily due to an increase in the cost of revenues from sales of goods such as books and learning materials. Gross Profit Gross profit decreased by 14.1% to RMB401.8 million (US$55.0 million) in the fourth quarter of 2024 from RMB468.0 million in the fourth quarter of 2023. Operating Expenses In the fourth quarter of 2024, operating expenses were RMB351.3 million (US$48.1 million), representing a 0.7% increase from RMB348.9 million in the fourth quarter of 2023. Sales and marketing expenses increased by 3.0% to RMB314.8 million (US$43.1 million) in the fourth quarter of 2024 from RMB305.8 million in the fourth quarter of 2023. General and administrative expenses decreased by 9.9% to RMB32.0 million (US$4.4 million) in the fourth quarter of 2024 from RMB35.5 million in the fourth quarter of 2023. The decrease was mainly due to declined compensation expenses of our general and administrative personnel. Product development expenses decreased by 41.2% to RMB4.5 million (US$0.6 million) in the fourth quarter of 2024 from RMB7.6 million in the fourth quarter of 2023. The decrease was mainly due to declined compensation expenses related to headcount reduction of our product development personnel. Net Income Net income for the fourth quarter of 2024 was RMB57.8 million (US$7.9 million), as compared to RMB155.2 million in the fourth quarter of 2023. Basic and Diluted Net Income Per Share Basic and diluted net income per share was RMB8.55 (US$1.17) in the fourth quarter of 2024. Cash, Cash Equivalents, Restricted Cash and Short-term Investments As of December 31, 2024, the Company had RMB507.2 million (US$69.5 million) of cash and cash equivalents and RMB276.0 million (US$37.8 million) of short-term investments, as compared to RMB766.4 million of cash, cash equivalents and restricted cash and RMB142.1 million of short-term investments as of December 31, 2023. Deferred Revenue As of December 31, 2024, the Company had a deferred revenue balance of RMB916.5 million (US$125.6 million), as compared to RMB1,113.9 million as of December 31, 2023. Share Repurchase On December 6, 2021, the Company’s board of directors authorized a share repurchase program, under which the Company may repurchase up to US$15.0 million of Class A ordinary shares in the form of ADSs over the next 24 months. On December 1, 2023, the Company’s board of directors authorized to extend its share repurchase program over the next twenty-four months. As of March 19, 2025, the Company had repurchased an aggregate of 689,935 ADSs for approximately US$3.9 million under the share repurchase program. Financial Results for the Year 2024 Net Revenues In the year of 2024, net revenues decreased by 7.8% to RMB1,990.2 million (US$272.7 million) from RMB2,159.6 million in the year of 2023. Cost of Revenues Cost of revenues increased by 19.6% to RMB317.6 million (US$43.5 million) in the year of 2024 from RMB265.5 million in the year of 2023. The increase was primarily due to an increase in the cost of revenues from sales of goods such as books and learning materials. Gross Profit Gross profit decreased by 11.7% to RMB1,672.6 million (US$229.2 million) from RMB1,894.1 million in the year of 2023. Operating Expenses In the year of 2024, operating expenses were RMB1,374.7 million (US$188.3 million), representing a 4.2% increase from RMB1,319.2 million in the year of 2023. Sales and marketing expenses increased by 6.5% to RMB1,216.9 million (US$166.7 million) in the year of 2024 from RMB1,142.2 million in the year of 2023. The increase was mainly due to a growth in spending on sales activities, including enhanced compensation for sales personnel as well as increased spending on branding and marketing activities focusing on interest courses offerings. General and administrative expenses decreased by 7.3% to RMB132.8 million (US$18.2 million) in the year of 2024 from RMB143.3 million in the year of 2023. Product development expenses decreased by 25.8% to RMB25.0 million (US$3.4 million) in the year of 2024 from RMB33.7 million in the year of 2023. The decrease was mainly due to declined compensation expenses related to headcount reduction of our product development personnel. Net Income Net income for 2024 was RMB342.1 million (US$46.9 million), compared to RMB640.8 million in the year of 2023. Basic and Diluted Net Income Per Share Basic and diluted net income per share was RMB50.12 (US$6.87) in the year of 2024, compared to RMB92.88 in the year of 2023. Outlook For the first quarter of 2025, Sunlands currently expects net revenues to be between RMB470 million to RMB490 million, which would represent a decrease of 6.4% to 10.2% year-over-year. The above outlook is based on the current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to substantial uncertainty. Exchange Rate The Company’s business is primarily conducted in China and all revenues are denominated in Renminbi (“RMB”). This announcement contains currency conversions of RMB amounts into U.S. dollars (“US$”) solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.2993 to US$1.00, the effective noon buying rate for December 31, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2024, or at any other rate. Conference Call and Webcast Sunlands’ management team will host a conference call at 5:30 AM U.S. Eastern Time, (6:30 PM Beijing/Hong Kong time) on March 21, 2025, following the quarterly results announcement. For participants who wish to join the call, please access the link provided below to complete online registration 15 minutes prior to the scheduled call start time. Upon registration, participants will receive details for the conference call, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call. Registration Link: https://register-conf.media-server.com/register/BI963ce8382d11400da9b8169f6aedb28e Additionally, a live webcast and archive of the conference call will be available on the Investor Relations section of Sunlands' website at https://ir.sunlands.com/. About Sunlands Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), formerly known as Sunlands Online Education Group, is a leader in China’s adult online education market and China’s adult personal interest learning market. With a one to many live streaming platform, Sunlands offers various degree- or diploma-oriented post-secondary courses as well as professional certification preparation, professional skills and interest courses. Students can access the Company's services either through PC or mobile applications. The Company's online platform cultivates a personalized, interactive learning environment by featuring a virtual learning community and a vast library of educational content offerings that adapt to the learning habits of its students. Sunlands offers a unique approach to education research and development that organizes subject content into Learning Outcome Trees, the Company's proprietary knowledge management system. Sunlands has a deep understanding of the educational needs of its prospective students and offers solutions that help them achieve their goals. About Non-GAAP Financial Measures We use gross billings, EBITDA, non-GAAP operating cost and expenses, non-GAAP income from operations and non-GAAP net income per share, each a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We define gross billings for a specific period as the total amount of cash received for the sale of course packages, net of the total amount of refunds paid in such period. Our management uses gross billings as a performance measurement because we generally bill our students for the entire course tuition at the time of sale of our course packages and recognize revenue proportionally over a period. EBITDA is defined as net income excluding depreciation and amortization, interest expense, interest income, and income tax expenses. We believe that gross billings and EBITDA provide valuable insight into the sales of our course packages and the performance of our business. These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, their most directly comparable financial measures prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their respective most directly comparable GAAP measure has been provided in the tables included below. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their respective most directly comparable GAAP financial measures. As gross billings, EBITDA, operating cost and expenses excluding share-based compensation expenses, general and administrative expenses excluding share-based compensation expenses, sales and marketing expenses excluding share-based compensation expenses, product development expenses excluding share-based compensation expenses, income from operations excluding share-based compensation expenses, and basic and diluted net income per share excluding share-based compensation expenses have material limitations as an analytical metric and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider gross billings and EBITDA as a substitute for, or superior to, their respective most directly comparable financial measures prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure. Safe Harbor Statement This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. 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,” “confident” and similar statements. Sunlands may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, 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. Any statements that are not historical facts, including statements about Sunlands' beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: Sunlands' goals and strategies; its expectations regarding demand for and market acceptance of its brand and services; its ability to retain and increase student enrollments; its ability to offer new courses and educational content; its ability to improve teaching quality and students’ learning results; its ability to improve sales and marketing efficiency and effectiveness; its ability to engage, train and retain new faculty members; its future business development, results of operations and financial condition; its ability to maintain and improve technology infrastructure necessary to operate its business; competition in the online education industry in China; relevant government policies and regulations relating to Sunlands’ corporate structure, business and industry; and general economic and business condition in China. Further information regarding these and other risks, uncertainties or factors is included in Sunlands' filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Sunlands does not undertake any obligation to update such information, except as required under applicable law. For investor and media enquiries, please contact: Sunlands Technology Group Investor Relations Email: sl-ir@sunlands.com SOURCE: Sunlands Technology Group SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data, or otherwise noted) As of December 31, As of December 31, 2023 2024 RMB RMB US$ASSETS Current assets Cash and cash equivalents 763,800 507,229 69,490Restricted cash 2,578 - -Short-term investments 142,084 276,029 37,816Prepaid expenses and other current assets 109,018 96,916 13,277Deferred costs, current 14,274 4,139 567Total current assets 1,031,754 884,313 121,150Non-current assets Property and equipment, net 786,670 758,215 103,875Intangible assets, net 975 723 99Right-of-use assets 135,820 110,154 15,091Deferred costs, non-current 68,773 56,657 7,762Long-term investments 61,354 260,083 35,631Deferred tax assets - 24,699 3,384Other non-current assets 33,160 26,319 3,606Total non-current assets 1,086,752 1,236,850 169,448TOTAL ASSETS 2,118,506 2,121,163 290,598 LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES Current liabilities Accrued expenses and other current liabilities 409,691 404,865 55,469Deferred revenue, current 553,812 382,047 52,340Lease liabilities, current portion 8,019 8,317 1,139Long-term debt, current portion 38,654 6,154 843Total current liabilities 1,010,176 801,383 109,791 SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS-continued (Amounts in thousands, except for share and per share data, or otherwise noted) As of December 31, As of December 31, 2023 2024 RMB RMB US$Non-current liabilities Deferred revenue, non-current 560,111 534,463 73,221Lease liabilities, non-current portion 157,269 137,040 18,774Deferred tax liabilities 3,742 5,724 784Other non-current liabilities 6,994 7,309 1,001Long-term debt, non-current portion 104,665 35,386 4,848Total non-current liabilities 832,781 719,922 98,628TOTAL LIABILITIES 1,842,957 1,521,305 208,419 SHAREHOLDERS’ EQUITY Class A ordinary shares (par value of US$0.00005, 796,062,195 shares authorized; 3,131,807 and 3,131,807 shares issued as of December 31, 2023 and 2024, respectively; 2,702,523 and 2,600,779 shares outstanding as of December 31, 2023 and 2024, respectively) 1 1 -Class B ordinary shares (par value of US$0.00005, 826,389 shares authorized; 826,389 and 826,389 shares issued and outstanding as of December 31, 2023 and 2024, respectively) - - -Class C ordinary shares (par value of US$0.00005, 203,111,416 shares authorized; 3,332,062 and 3,332,062 shares issued and outstanding as of December 31, 2023 and 2024, respectively) 1 1 -Treasury stock - - -Statutory reserves - 11,083 1,518Accumulated deficit (2,171,284) (1,840,285) (252,118)Additional paid-in capital 2,305,042 2,294,381 314,329Accumulated other comprehensive income 143,276 136,164 18,654Total Sunlands Technology Group shareholders’ equity 277,036 601,345 82,383Non-controlling interest (1,487) (1,487) (204) TOTAL SHAREHOLDERS’ EQUITY 275,549 599,858 82,179TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 2,118,506 2,121,163 290,598 SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for share and per share data, or otherwise noted) For the Three Months Ended December 31, 2023 2024 RMB RMB US$Net revenues 541,724 483,477 66,236Cost of revenues (73,751) (81,687) (11,191)Gross profit 467,973 401,790 55,045 Operating expenses Sales and marketing expenses (305,802) (314,847) (43,134)Product development expenses (7,636) (4,492) (615)General and administrative expenses (35,469) (31,956) (4,378)Total operating expenses (348,907) (351,295) (48,127)Income from operations 119,066 50,495 6,918Interest income 9,347 11,149 1,527Interest expense (1,610) (758) (104)Other income, net 8,527 7,058 967Gain on disposal of subsidiaries 43,468 - -Income before income tax expenses and loss from equity method investments 178,798 67,944 9,308Income tax expenses (19,958) (8,275) (1,134)Loss from equity method investments (3,639) (1,863) (255)Net income 155,201 57,806 7,919 Less: Net loss attributable to non-controlling interest - - - Net income attributable to Sunlands Technology Group 155,201 57,806 7,919Net income per share attributable to ordinary shareholders of Sunlands Technology Group: Basic and diluted 22.59 8.55 1.17 Weighted average shares used in calculating net income per ordinary share: Basic and diluted 6,870,714 6,761,323 6,761,323 SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in thousands) For the Three Months Ended December 31, 2023 2024 RMB RMB US$Net income 155,201 57,806 7,919Other comprehensive (loss)/income, net of tax effect of nil: Change in cumulative foreign currency translation adjustments (15,243) 24,246 3,322Unrealized loss on available-for-sale investments investments - (24,083) (3,299)Total comprehensive income 139,958 57,969 7,942 Less: comprehensive income attributable to non-controlling interest - - -Comprehensive income attributable to Sunlands Technology Group 139,958 57,969 7,942 SUNLANDS TECHNOLOGY GROUP RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Amounts in thousands) For the Three Months Ended December 31, 2023 2024 RMB RMBNet revenues 541,724 483,477Less: other revenues (47,982) (81,373)Add: tax and surcharges 17,657 21,694Add: ending deferred revenue 1,113,923 916,510Add: deferred revenue in connection with disposal of subsidiaries 23,220 -Add: ending refund liability 143,744 112,342Less: beginning deferred revenue (1,277,040) (920,593)Less: beginning refund liability (101,591) (119,618)Less: beginning refund liability in connection with disposal of subsidiaries 1,820 -Gross billings (non-GAAP) 415,475 412,439 Net income 155,201 57,806 Add: income tax expenses 19,958 8,275 depreciation and amortization 7,717 7,319interest expense 1,610 758Less: interest income (9,347) (11,149)EBITDA (non-GAAP) 175,139 63,009 SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for share and per share data, or otherwise noted) For the Years Ended December 31, 2023 2024 RMB RMB US$Net revenues 2,159,584 1,990,204 272,657Cost of revenues (265,528) (317,570) (43,507)Gross profit 1,894,056 1,672,634 229,150 Operating expenses Sales and marketing expenses (1,142,154) (1,216,912) (166,716)Product development expenses (33,723) (25,008) (3,426)General and administrative expenses (143,286) (132,809) (18,195)Total operating expenses (1,319,163) (1,374,729) (188,337)Income from operations 574,893 297,905 40,813Interest income 31,094 38,824 5,319Interest expense (7,657) (5,293) (725)Other income, net 34,097 26,296 3,603Impairment loss on long-term investments (61) - -Gain/(loss) on disposal of subsidiaries 43,715 (838) (115)Income before income tax expenses and loss from equity method investments 676,081 356,894 48,895Income tax expenses (25,166) (1,300) (178)Loss from equity method investments (10,084) (13,512) (1,851)Net income 640,831 342,082 46,866 Less: Net income attributable to non-controlling interest 1 - -Net income attributable to Sunlands Technology Group 640,830 342,082 46,866Net income per share attributable to ordinary shareholders of Sunlands Technology Group: Basic and diluted 92.88 50.12 6.87 Weighted average shares used in calculating net income per ordinary share: Basic and diluted 6,899,456 6,824,824 6,824,824 SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in thousands) For the Years Ended December 31, 2023 2024 RMB RMB US$Net income 640,831 342,082 46,866Other comprehensive income/(loss), net of tax effect of nil: Change in cumulative foreign currency translation adjustments 15,391 16,971 2,325Unrealized loss on available-for-sale investments - (24,083) (3,299)Total comprehensive income 656,222 334,970 45,892 Less: comprehensive income attributable to non-controlling interest 1 - -Comprehensive income attributable to Sunlands Technology Group 656,221 334,970 45,892 SUNLANDS TECHNOLOGY GROUP RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Amounts in thousands) For the Years Ended December 31, 2023 2024 RMB RMBNet revenues 2,159,584 1,990,204Less: other revenues (176,014) (287,179)Add: tax and surcharges 62,352 77,734Add: ending deferred revenue 1,113,923 916,510Add: deferred revenue in connection with disposal of subsidiaries 23,220 3,423Add: ending refund liability 143,744 112,342Less: beginning deferred revenue (1,690,946) (1,113,923)Less: beginning refund liability (133,066) (143,744)Less: beginning refund liability in connection with disposal of subsidiaries 1,820 -Gross billings (non-GAAP) 1,504,617 1,555,367 Net income 640,831 342,082 Add: income tax expenses 25,166 1,300depreciation and amortization 30,648 29,467interest expense 7,657 5,293Less: interest income (31,094) (38,824)EBITDA (non-GAAP) 673,208 339,318 1 Net income margin is defined as net income as a percentage of net revenues. 2 New student enrollments for a given period refer to the total number of orders placed by students that newly enroll in at least one course during that period, including those students that enroll and then terminate their enrollment with us, excluding orders of our low-price courses, such as “mini courses” and “RMB1 courses”, which we offer in the form of recorded videos or short live streaming, to strengthen our competitiveness and improve customer experience.

ForexTV

24.03.2025

Huize Holding Limited Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results - ForexTV

SHENZHEN, China, March 24, 2025 (GLOBE NEWSWIRE) -- Huize Holding Limited, (“Huize”, the “Company” or “we”) (NASDAQ: HUIZ), a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in Asia, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. Full Year 2024 Financial and Operational Highlights Record-high insurance premiums: Gross written premiums (“GWP”) reached a record high of RMB6,158.6 million for the full year of 2024, compared to RMB5,800.9 million for 2023. First year premiums (“FYP”) also hit an all-time high of RMB3,421.0 million in 2024, up 30.5% year-over-year, primarily fueled by robust demand for our long-term savings products, our solid omnichannel distribution capabilities, and our proactive expansion into international businesses.International businesses as new growth driver: Total revenue of our international businesses grew to RMB228.7 million in 2024. International revenue contribution reached 18% for the year ended 2024, on track in achieving our 30% target by 2026.The cumulative number of insurance clients served passed a significant milestone of 10 million and reached 10.6 million as of December 31, 2024. Huize cooperated with 139 insurer partners in mainland China and internationally, including 80 life and health insurance companies and 59 property and casualty insurance companies, as of December 31, 2024.As of December 31, 2024, cash and cash equivalents were RMB233.2 million (US$31.9 million). Mr. Cunjun Ma, Founder and CEO of Huize, said, “We are pleased to report another year of resilient business results in 2024, achieving record highs in both total GWP and FYP, reaching RMB6.2 billion and RMB3.4 billion, respectively. This marks our second consecutive year of non-GAAP profitability. These results reflect our ability to navigate an evolving regulatory environment in China, innovate with high-value products, and successfully execute our international expansion strategy. “Our focus on serving high-quality, mass-affluent customers continues to deliver strong results. In 2024, the average FYP ticket size for savings products surged by 39.1% year-over-year to over RMB75,000. Additionally, our 13th- and 25th-month persistency ratios for long-term life and health insurance products remained industry-leading, consistently exceeding 95% throughout the year. These metrics reflect the loyalty and trust of our high-quality customer base. “Poni Insurtech, our international arm, has become a cornerstone of our growth strategy, delivering exceptional results in 2024. Revenue from international operations accounts for 18% of our total revenue. This success reflects our efforts to capture market share in the international market as well as the seamless integration of Global Care, a leading Vietnam-based insurtech company we acquired in September 2024. Looking ahead, we are making steady progress toward entering two new markets—Singapore and the Philippines—within the next 12 months. These strategic initiatives will position us to capitalize on the tremendous opportunities across Southeast Asia and we are on track to materialize the international revenue contribution target of 30% by 2026. “The integration of our proprietary AI solutions across our operations has also been a key driver for efficiency and growth. Notably, we played a pioneering role in AI integration in the insurtech space by integrating DeepSeek into our Huize App, enabling us to deliver real-time, personalized, and data-driven recommendations. This advancement enhances the customer experience and supports the scalability of our growing customer base.” Fourth Quarter 2024 Financial Results GWP and operating revenue GWP facilitated on our platform was RMB1,043.0 million (US$142.9 million) in the fourth quarter of 2024, a decrease of 16.2% from RMB1,245.3 million in the same period of 2023. Within GWP facilitated in the fourth quarter of 2024, FYP accounted for RMB557.9 million (or 53.5% of total GWP), an increase of 33.3% year-over-year. Renewal premiums accounted for RMB485.1 million (or 46.5% of total GWP), a decrease of 41.3% year-over-year. Operating revenue was RMB286.0 million (US$39.2 million) in the fourth quarter of 2024, an increase of 21.2% from RMB236.0 million in the same period of 2023. The increase was primarily driven by the increase in FYP facilitated. Operating costs Operating costs were RMB186.8 million (US$25.6 million) in the fourth quarter of 2024, an increase of 37.0% from RMB136.3 million in the same period of 2023, primarily due to an increase in channel expenses. Operating expenses Selling expenses were RMB58.1 million (US$8.0 million) in the fourth quarter of 2024, an increase of 40.0% from RMB41.5 million in the same period of 2023, primarily due to an increase in personnel costs. General and administrative expenses were RMB42.3 million (US$5.8 million) in the fourth quarter of 2024, an increase of 55.1% from RMB27.3 million in the same period of 2023. This increase was primarily due to an increase in personnel costs. Research and development expenses were RMB15.9 million (US$2.2 million) in the fourth quarter of 2024, a decrease of 7.8% from RMB17.2 million in the same period of 2023, primarily due to a decrease in third-party development cost. Net profit and Non-GAAP net profit for the period Net loss attributable to common shareholders was RMB2.9 million (US$0.4 million) in the fourth quarter of 2024, compared to net profit attributable to common shareholders of RMB18.0 million in the same period of 2023. Non-GAAP net loss attributable to common shareholders was RMB1.3 million (US$0.2 million) in the fourth quarter of 2024, compared to non-GAAP net profit attributable to common shareholders of RMB16.4 million in the same period of 2023. Full Year 2024 Financial Results GWP and operating revenue GWP facilitated was RMB6,158.6 million (US$843.7 million) in 2024, an increase of 6.2% from RMB5,800.9 million in 2024. Of the GWP facilitated in 2024, FYP accounted for RMB3,421.0 million (or 55.5% of total GWP), an increase of 30.5% year-over-year. Renewal premiums accounted for RMB2,737.6 million (or 44.5% of total GWP), a decrease of 13.9% year-over-year. Operating revenue was RMB1,248.9 million (US$171.1 million) in 2024, an increase of 4.5% from RMB1,195.6 million in 2023. The increase in operating revenue was primarily driven by the increase in the FYP facilitated. Operating costs Operating costs were RMB868.3 million (US$119.0 million) in 2024, an increase of 15.9% from RMB749.0 million in 2023. The increase was primarily due to an increase in channel expenses. Operating expenses Selling expenses were RMB192.4 million (US$26.4 million) in 2024, a decrease of 5.8% from RMB204.3 million in 2023, which was primarily due to decreases in salaries and employment benefits and rental and utilities expenses. General and administrative expenses were RMB146.8 million (US$20.1 million) in 2024, an increase of 22.9% from RMB119.4 million in 2023. The increase was partly related to an increase in rental and utilities expenses. Research and development expenses were RMB62.4 million (US$8.5 million) in 2024, a decrease of 13.2% from RMB71.8 million in 2023, primarily due to a decrease in rental and utilities expenses. Net profit and Non-GAAP net profit for the year Net loss attributable to common shareholders in 2024 was RMB0.6 million (US$0.09 million), compared to a net profit attributable to common shareholders of RMB70.2 million in 2023. Non-GAAP net profit attributable to common shareholders in 2024 was RMB8.4 million (US$1.1 million), compared to a non-GAAP net profit attributable to common shareholders of RMB72.3 million in 2023. Cash and cash equivalents As of December 31, 2024, the Company’s cash and cash equivalents amounted to RMB233.2 million (US$31.9 million), compared to RMB249.3 million as of December 31, 2023. Conference Call The Company’s management team will hold an earnings conference call at 8:00 A.M. Eastern Time on Monday, March 24, 2025 (8:00 P.M. Beijing/Hong Kong Time on Monday, March 24, 2025). Details for the conference call are as follows: Event Title: Huize Holding Limited’s Fourth Quarter and Full Year 2024 Earnings Conference CallRegistration Link: https://register-conf.media-server.com/register/BIff2f67b8a24a43ce9c629fd34a76678d All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a confirmation email containing dial-in numbers and a unique access PIN, which will be used to join the conference call. Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.huize.com. About Huize Holding Limited Huize Holding Limited is a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in Asia. Targeting mass affluent consumers, Huize is dedicated to serving consumers for their life-long insurance needs. Its online-to-offline integrated insurance ecosystem covers the entire insurance life cycle and offers consumers a wide spectrum of insurance products, one-stop services, and a streamlined transaction experience across all scenarios. By leveraging AI, data analytics, and digital capabilities, Huize empowers the insurance service chain with proprietary technology-enabled solutions for insurance consultation, user engagement, marketing, risk management, and claims service. Poni Insurtech Pte. Ltd. (“Poni Insurtech”) is the international arm of Huize. Headquartered in Singapore, Poni Insurtech is committed to building a pan-Asian digital insurance distribution platform. Featuring a presence in regional hubs including Singapore and Hong Kong (China), Poni Insurtech has made its debut in Vietnam in 2024, with plans to expand into other high-growth ASEAN markets such as Indonesia and the Philippines. Through its consumer facing apps and cloud-based API solutions, Poni Insurtech provides consumers with simple, affordable, and customized insurance solutions, empowers insurers with quick and hassle-free digitalization solutions to efficiently reach mass affluent consumers, and creates new revenue opportunities for partnering e-commerce platforms, merchants, and independent collaborators and agents. Poni Insurtech aims to reshape the insurance landscape by driving greater efficiency, accessibility, and value across the entire ecosystem. For more information, please visit http://ir.huize.com or follow us on social media via LinkedIn (https://www.linkedin.com/company/huize-holding-limited), X(https://x.com/huizeholding) and Webull(https://www.webull.com/quote/nasdaq-huiz). Use of Non-GAAP Financial Measure Statement In evaluating our business, we consider and use non-GAAP net profit/(loss) attributable to common shareholders as a supplemental measure to review and assess our 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. We define non-GAAP net profit/(loss) attributable to common shareholders as net profit/(loss) attributable to common shareholders excluding share-based compensation expenses. Such adjustments have no impact on income tax because either the non-GAAP adjustments were recorded at entities located in tax free jurisdictions, such as the Cayman Islands or because the non-GAAP adjustments were recorded at operating entities located in the PRC for which the non-GAAP adjustments were not deductible for tax purposes. We present the non-GAAP financial measure because it is used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net profit/(loss) attributable to common shareholders enables our management to assess our operating results without considering the impact of share-based compensation expenses. We also believe that the use of this non-GAAP financial measure facilitates investors’ assessment of our operating performance. This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. One of the key limitations of using adjusted net profit/(loss) attributable to common shareholders is that it does not reflect all items of income and expense that affect our operations. Further, the non-GAAP financial measure may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited. The non-GAAP financial measure should not be considered in isolation or construed as an alternative to net profit/(loss) attributable to common shareholders or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the historical non-GAAP financial measure in light of the most directly comparable GAAP measure, as shown below. The non-GAAP financial measure presented here may not be comparable to similarly titled measure presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2993 to US$1.00, the exchange rate on December 31, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars 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 U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Huize’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, business outlook and quotations from management in this announcement, contain forward-looking statements. Huize may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (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. 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: Huize’s goal and strategies; Huize’s expansion plans; Huize’s future business development, financial condition and results of operations; Huize’s expectation regarding the demand for, and market acceptance of, its online insurance products; Huize’s expectations regarding its relationship with insurer partners and insurance clients and other parties it collaborates with; 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 Huize’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Huize does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: Investor RelationsKenny LoInvestor Relations Managerinvestor@huize.com Media Relationsmediacenter@huize.com Christensen AdvisoryIn ChinaMs. Dee WangPhone: +86-10-5900-1548Email: dee.wang@christensencomms.com In U.S.Ms. Linda BergkampPhone: +1-480-614-3004Email: linda.bergkamp@christensencomms.com Huize Holding LimitedUnaudited Condensed Consolidated Balance Sheets(all amounts in thousands, except for share and per share data) As of December 31 As of December 31 2023 2024 RMB RMB USDAssets Current assets Cash and cash equivalents 249,258 233,207 　31,949 Restricted cash 42,307 61,708 　8,454 Short-term investments 8,879 5,000 　685 Contract assets, net of allowance for doubtful accounts 41,481 71,085 　9,739 Accounts receivables, net of allowance for impairment 178,294 157,080 　21,520 Insurance premium receivables 927 1,763 　242 Amounts due from related parties 383 995 　136 Deferred costs 6,147 - - Prepaid expense and other receivables 78,784 68,171 　9,339 Total current assets 606,460 599,009 82,064 Non-current assets Restricted cash 29,687 29,883 4,094 Contract assets, net of allowance for doubtful accounts 12,495 28,435 3,896 Property, plant and equipment, net 54,107 47,083 6,450 Intangible assets, net 50,743 68,840 9,431 Long-term investments 76,688 66,716 9,140 Operating lease right-of-use assets 115,946 20,715 2,838 Goodwill 461 14,536 1,991 Other assets 419 8,981 1,232 Total non-current assets 340,546 285,189 39,072 Total assets 947,006 884,198 121,136 Liabilities and Shareholders’ Equity Current liabilities Short-term borrowings 30,000 50,000 6,850 Accounts payable 211,905 202,054 27,681 Insurance premium payables 37,514 56,042 7,678 Contract liabilities 2,728 - - Other payables and accrued expenses 34,850 44,434 6,087 Payroll and welfare payable 56,207 41,005 5,618 Income taxes payable 2,440 2,575 353 Operating lease liabilities 16,949 16,743 2,294 Amount due to related parties 2,451 2,495 342 Total current liabilities 395,044 415,348 56,903 Non-current liabilities Deferred tax liabilities 12,048 14,875 2,038 Operating lease liabilities 129,299 24,082 3,299 Payroll and welfare payable 200 649 89 Total non-current liabilities 141,547 39,606 5,426 Total liabilities 536,591 454,954 62,329 Shareholders’ equity Class A common shares 62 63 　9 Class B common shares 10 10 　1 Treasury stock (28,580) (29,513)　 (4,043)Additional paid-in capital 905,958 909,930 　124,660 Accumulated other comprehensive loss (14,060) (12,864)　 (1,762)Accumulated deficits (458,237) (458,886) (62,867)Total shareholders’ equity attributable to Huize Holding Limited shareholders 405,153 408,740 55,998 Non-controlling interests 5,262 20,504 2,809 Total shareholders’ equity 410,415 429,244 58,807 Total liabilities and shareholders’ equity 947,006 884,198 121,136 Huize Holding LimitedUnaudited Condensed Consolidated Statements of Comprehensive Income/(Loss) (all amounts in thousands, except for share and per share data) For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2023 2024 2023 2024 RMB RMB USD RMB RMB USDOperating revenue Brokerage income 221,504 258,982 35,480 1,144,533 1,193,827 163,554 Other income 14,503 26,971 3,695 51,019 55,087 7,547 Total operating revenue 236,007 285,953 　39,175 1,195,552 1,248,914 　171,101 Operating costs and expenses Cost of revenue (132,006) (185,370) (25,396) (729,068) (855,496) (117,202)Other cost (4,275) (1,390) (190) (19,938) (12,790) (1,753)Total operating costs (136,281) (186,760) (25,586) (749,006) (868,286) (118,955)Selling expenses (41,510) (58,120) (7,962) (204,261) (192,425) (26,362)General and administrative expenses (27,301) (42,342) (5,801) (119,404) (146,769) (20,107)Research and development expenses (17,222) (15,887) (2,177) (71,842) (62,391) (8,548)Total operating costs and expenses (222,314) (303,109) (41,526) (1,144,513) (1,269,871) (173,972)Operating profit/(loss) 13,693 (17,156) (2,351) 51,039 (20,957) (2,871) Other income/(expenses) Interest income/(expenses) 492 779 107 2,789 4,139 567 Unrealized exchange (loss)/income (127) (414) (57) (436) (684) (94)Investment income/(loss) (728) 1,721 236 (1,656) (511) (70)Others, net 4,090 10,267 1,407 18,401 17,179 2,354 Profit/(loss) before income tax, and share of income/(loss) of equity method investee 17,420 (4,803) (658) 70,137 (834) (114)Income tax expense - (135) (18) - (135) (18)Share of income/(loss) of equity method investee 52 1,318 181 417 1,535 210 Net profit/(loss) 17,472 (3,620) (495) 70,554 566 78 Net (loss)/profit attributable to non-controlling interests (515) (759) (103) 366 1,215 167 Net (loss)/profit attributable to Huize Holding Limited 17,987 (2,861) (392) 70,188 (649) (89) Net profit/(loss) 17,472 (3,620) (495) 70,554 566 78 Foreign currency translation adjustment, net of tax (4,854) 2,554 350 3,635 1,196 164 Comprehensive (loss)/profit 12,618 (1,066) (145) 74,189 1,762 242 Comprehensive (loss)/income attributable to non-controlling interests (515) (759) (103) 366 1,215 167 Comprehensive (loss)/income attributable to Huize Holding Limited 13,133 (307) (42) 73,823 547 75 Weighted average number of common shares used in computing net profit per share Basic and diluted 991,808,483 1,008,857,623 1,008,857,623 1,000,940,698 997,172,042 997,172,042 Net profit/ (loss) per share attributable to common shareholders Basic and diluted 0.02 (0.00) (0.00) 0.07 (0.00) (0.00) Huize Holding LimitedUnaudited Reconciliations of GAAP and Non-GAAP Results(all amounts in thousands, except for share and per share data) For the Three Months Ended December 31, For the Twelve Months Ended December 31, 2023 2024 2023 2024 RMB RMB USD RMB RMB USDNet profit attributable to common shareholders 17,987 (2,861) (392) 70,188 (649) (89)Share-based compensation expenses (1,600) 1,536 210 2,109 9,021 1,236 Non-GAAP net profit attributable to common shareholders 16,387 (1,325) (182) 72,297 8,372 1,147

ForexTV

25.03.2025

Pony AI Inc. Announces Unaudited Fourth Quarter and Full Year 2024 Financial Results - ForexTV

NEW YORK, March 25, 2025 (GLOBE NEWSWIRE) -- Pony AI Inc. (“Pony.ai” or the “Company”) (Nasdaq: PONY), a global leader in the large-scale commercialization of autonomous mobility, today announced its unaudited financial results for the quarter and full year ended December 31, 2024. Dr. James Peng, Co-founder and Chief Executive Officer of Pony.ai, commented, “2024 marked a milestone year for Pony.ai as we transitioned to a public company. Our robotaxi-first, China-first, and tier-one cities-first approach has positioned us at the forefront of the race towards large-scale commercialization. The strategic partnerships with OEMs we have developed, also empowers us to rapidly scale production of our seventh-generation robotaxi. In 2025, we aim to build upon this momentum and accelerate beyond the inflection point of scaled commercialization, building a world with safer, more efficient, and accessible autonomous mobility.” Dr. Tiancheng Lou, Co-founder and Chief Technology Officer of Pony.ai, added, “Our years of engineering efforts have yielded cutting-edge technology that ensures the highest levels of safety at effective costs, and supports our large-scale operations. Reinforcement learning and PonyWorld generative virtual environment are powering our autonomous driving system with smarter decisions in complex real-world conditions. Notably, our robotaxi safety record has improved by 16 times and has driven insurance policy prices down to roughly 50% that of human-driven taxis – all these are clear indicators of safety and reliability in our technology.” Dr. Leo Wang, Chief Financial Officer of Pony.ai, commented, “We are proud of our revenue growth over the past three consecutive years, showcasing our ability to commercialize our leading autonomous mobility solutions. While the near-term financials reflected our strategic resource allocation to support the mass production and deployment of robotaxi services, we remain focused on improving unit economics in 2025. Our successful IPO has enhanced our financial strength and flexibility, providing us with ample capital for disciplined production scale-up and R&D investments.” Recent Developments Expanding Operations and Regulatory Approvals Expansion of Paid Robotaxi Services in Beijing On March 13, 2025, Pony.ai launched the first-ever paid robotaxi service at a major railway hub in urban Beijing, connecting Beijing South Railway Station and Yizhuang, the southeast suburb of Beijing. As one of the first companies to receive approval to test autonomous vehicles on highways in Beijing, Pony.ai can now offer autonomous ride-hailing services that connect key transport hubs such as Beijing South Railway Station, Beijing Daxing Airport, and Yizhuang Railway Station. Going forward, the Company plans to gradually expand its robotaxi services to Beijing city center. Partnership with ComfortDelGro to Jointly Launch Robotaxi Pilot Program in Guangzhou On March 12, 2025, Pony.ai and ComfortDelGro Corporation Limited (“ComfortDelGro”), a leading multi-modal transport operator, jointly launched a robotaxi pilot program in Guangzhou. This follows the signing of a Memorandum of Understanding (MoU) in June 2024. The program will deploy multiple autonomous vehicles for ride-hailing services across the city. Pony.ai will provide daily technical support with ComfortDelGro leveraging its expertise in large-scale fleet management to ensure service quality and handle customer support. Expansion of Paid Robotaxi Services in Guangzhou On February 21, 2025, Pony.ai launched paid robotaxi services connecting multiple locations in Guangzhou’s city center to Guangzhou Baiyun International Airport and Guangzhou South Railway Station. Notably, Pony.ai is the first and only company approved to provide robotaxi services on these high-demand routes. This expansion not only marks a major step in the integration of autonomous driving with the dynamic urban landscape of Guangzhou but also signifies another milestone in the Company’s commercialization of autonomous mobility. First Company in China Approved for Autonomous Truck Platooning Tests In December 2024, Pony.ai became the first company in China approved for robotruck platooning tests on cross-provincial highways connecting Beijing, Tianjin, and Hebei Province. This approval allows the Company to operate robotrucks in a “1+N” platoon, with only the lead truck requiring a safety operator, and the following trucks operating autonomously. Pony.ai will commence platooning tests on the Beijing-Tianjin-Tanggu Expressway, advancing toward fully autonomous truck platoons to enhance logistics efficiency. Partnership with Amap to Expand Robotaxi Services in Guangzhou On October 14, 2024, Pony.ai partnered with Amap, a leading provider of digital map, navigation and real-time traffic information in China and part of Alibaba Group, to integrate its robotaxis into Amap’s ride-hailing services. This partnership allows users in Guangzhou’s Nansha district to book rides in Pony.ai robotaxis through the Amap app, offering a futuristic, driverless travel experience. Both companies expect to expand this service to additional cities and regions in the future. Mass Production Updates Strategic Cooperation with GAC Aion to Develop Next-generation Robotaxi On December 11, 2024, Pony.ai and Guangzhou Automobile Group Co., Ltd. (“GAC”) Aion, the new energy vehicle division of GAC, signed a strategic cooperation agreement to jointly develop a fully driverless, mass-produced robotaxi, advancing the commercialization of Pony.ai’s leading autonomous driving technology. The new fully driverless robotaxi will integrate Pony.ai's seventh-generation autonomous driving system into GAC Aion’s global version of the vehicle. Both companies expect to produce over 1,000 robotaxis with the first deliveries expected in 2025. Initial deployment will be in China’s Greater Bay Area, with plans for future expansion to other regions and markets. Partnership with BAIC BJEV for L4 Robotaxi Development On October 31, 2024, Pony.ai and Beijing Automotive Industry Corporation Beijing Electric Vehicle Co., Ltd. (“BAIC BJEV”), the new energy vehicle arm of Beijing Automotive Group Co., Ltd., officially signed a technical cooperation agreement to develop L4 robotaxis using the ARCFOX αT5 model equipped with Pony.ai’s seventh-generation autonomous driving system, including both hardware and software stacks. The first batch of ARCFOX αT5 robotaxis are expected to launch in 2025, targeting the Chinese market. Beyond vehicle development, both companies will also cooperate on brand marketing, promotional activities, supply chain management, and vehicle sales to expand the adoption of intelligent technologies internationally and drive the growth of the autonomous driving industry in China. Expanding Global Footprint Secured Autonomous Driving Test Permit in Seoul On December 26, 2024, Pony.ai collaborated with PonyLink (formerly GemVaxLink) to secure a temporary autonomous driving test permit from South Korea’s Ministry of Land, Infrastructure, and Transport. The Company began public road testing in Seoul’s Gangnam district, covering 32 roads across 20.4 km². This marks a significant milestone in the global expansion of Pony.ai’s autonomous driving technology. The test fleet is composed of Hyundai KONA Electric vehicles featuring Pony.ai’s sixth-generation autonomous driving system, making it the world’s first fleet of robotaxis to operate fully autonomously with automotive-grade solid-state LiDAR technology. Expanding European Reach with Partnership in Luxembourg On October 23, 2024, Pony.ai Europe, the European division of the Company, signed a MoU with Emile Weber Group, Luxembourg's leading transport company, to advance the development of autonomous mobility in the Grand Duchy. Building on a March 2024 agreement with the Government of Luxembourg, Pony.ai established its European hub in Luxembourg in September 2024 which serves as a center for advanced R&D and the development of customized solutions for the European market. This milestone further advanced Pony.ai’s European expansion in 2024. Unaudited Fourth Quarter 2024 Financial Results Revenues Total revenues were US$35.5 million in the fourth quarter of 2024, representing a decrease of 29.8% from US$50.6 million in the fourth quarter of 2023. The decrease was mainly influenced by the timing of project-based revenue recognition, partially offset by an increase in other revenues.Robotaxi services were US$2.6 million in the fourth quarter of 2024, representing a decrease of 61.9% from US$6.7 million in the fourth quarter of 2023. The decrease was mainly driven by reduced service fees from providing autonomous vehicle engineering solutions based on our collaboration projects’ progression schedule. The decrease was partially offset by a significant increase in passenger fares driven by the expansion of our public-facing fare-charging robotaxi operations in Tier-one cities in China.Robotruck services were US$12.9 million in the fourth quarter of 2024, representing an increase of 72.7% from US$7.5 million in the fourth quarter of 2023. The increase was mainly due to the expansion of robotruck fleet operations into new regions.Licensing and applications were US$20.0 million in the fourth quarter of 2024, representing a decrease of 45.0% from US$36.4 million in the fourth quarter of 2023. The decrease was mainly influenced by the timing of project-based revenue recognition. Cost of Revenues Total cost of revenues was US$28.1 million in the fourth quarter of 2024, representing a decrease of 16.1% from US$33.4 million in the fourth quarter of 2023, in-line with revenue trend and revenue mix. Gross Profit and Gross Margin Gross profit was US$7.5 million in the fourth quarter of 2024, representing a decrease of 56.5% from US$17.1 million in the fourth quarter of 2023.Gross margin was 21.0% in the fourth quarter of 2024, compared to 33.9% in the fourth quarter of 2023. The decrease was mainly due to changes in the revenue mix. Operating Expenses Operating expenses were US$180.6 million in the fourth quarter of 2024, representing an increase of 313.9% from US$43.6 million in the fourth quarter of 2023. Non-GAAP1 operating expenses were US$55.7 million in the fourth quarter of 2024, representing an increase of 30.0% from US$42.8 million in the fourth quarter of 2023.Research and development expenses were US$147.8 million in the fourth quarter of 2024, representing an increase of 375.7% from US$31.1 million in the fourth quarter of 2023. The increase was mainly due to i) share-based compensation expenses recognized related to the share awards granted to employees with a performance condition related to the IPO; and ii) accelerated research and development investments in the fourth quarter of 2024 to support the seventh-generation vehicle development in collaboration with our original equipment manufacturer (“OEM”) partners. Non-GAAP research and development expenses were US$46.3 million, representing an increase of 50.6% from US$30.8 million in the fourth quarter of 2023.Selling, general and administrative expenses were US$32.7 million in the fourth quarter of 2024, representing an increase of 160.9% from US$12.5 million in the fourth quarter of 2023. The increase was mainly due to share-based compensation expenses recognized related to the share awards granted to employees with a performance condition related to the IPO. Non-GAAP selling, general and administrative expenses were US$9.3 million, representing a decrease of 22.6% from US$12.1 million in the fourth quarter of 2023. Loss from Operations Loss from operations was US$173.1 million in the fourth quarter of 2024, compared to US$26.5 million in the fourth quarter of 2023. Non-GAAP loss from operations was US$48.2 million, compared to US$25.7 million in the fourth quarter of 2023. Net Loss Net loss was US$181.1 million in the fourth quarter of 2024, compared to US$20.7 million in the fourth quarter of 2023. Non-GAAP net loss was US$56.2 million in the fourth quarter of 2024, compared to US$18.2 million in the fourth quarter of 2023. 1 Non-GAAP financial measures exclude share-based compensation expenses and changes in fair value of warrants liability, and such adjustment has no impact on income tax. For further details, see the “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release. Basic and Diluted Loss per ordinary share Basic and diluted net loss per ordinary share was both US$0.99 in the fourth quarter of 2024, compared to US$0.23 in the fourth quarter of 2023. Non-GAAP basic and diluted net loss per ordinary share was both US$0.31 in the fourth quarter of 2024, compared to US$0.20 in the fourth quarter of 2023. Each ADS represents one Class A ordinary share. Balance Sheet Cash and cash equivalents, short-term investments and restricted cash were US$745.2million as of December 31, 2024, compared to US$589.8 million as of December 31, 2023.Long-term investments was US$130.8 million as of December 31, 2024, compared to US$51.7 million as of December 31, 2023. Of which long-term debt instruments for wealth management was US$79.9 million, compared to US$1.9 million as of December 31, 2023. Unaudited Full Year 2024 Financial Results Revenues Total revenues were US$75.0 million in 2024, representing an increase of 4.3% from US$71.9 million in 2023.Robotaxi services were US$7.3 million in 2024, representing a decrease of 5.3% from US$7.7 million in 2023. The decrease was mainly driven by reduced service fees from providing autonomous vehicle engineering solutions based on our collaboration projects’ progression schedule. The decrease was partially offset by a significant increase in passenger fares driven by the expansion of our public-facing fare-charging robotaxi operations in Tier-one cities in China.Robotruck services were US$40.4 million in 2024, representing an increase of 61.3% from US$25.0 million in 2023. The increase was mainly due to the expansion of robotruck fleet operations into new regions.Licensing and applications were US$27.3 million in 2024, representing a decrease of 30.1% from US$39.2 million in 2023. The decrease was mainly influenced by the timing of project-based revenue recognition. Cost of Revenues Total cost of revenues was US$63.6 million in 2024, representing an increase of 15.6% from US$55.0 million in 2023, in line with revenue trend and revenue mix. Gross Profit and Gross Margin Gross profit was US$11.4 million in 2024, representing a decrease of 32.5% from US$16.9 million in 2023.Gross margin was 15.2% in 2024, compared to 23.5% in 2023. The decrease was mainly due to services with relatively lower gross margin contributed increasingly to our revenues in 2024 compared to 2023. Operating Expenses Operating expenses were US$296.9 million in 2024, representing an increase of 85.4% from US$160.1 million in 2023. Non-GAAP operating expenses were US$169.9 million in 2024, representing an increase of 8.7% from US$156.4 million in 2023.Research and development expenses were US$240.2 million in 2024, representing an increase of 95.7% from US$122.7 million in 2023. The increase was mainly due to i) share-based compensation expenses recognized related to the share awards granted to employees with a performance condition related to the IPO; and ii) accelerated research and development investments in the fourth quarter of 2024 to support the seventh-generation vehicle development in collaboration with our OEM partners. Non-GAAP research and development expenses were US$137.8 million, representing an increase of 14.0% compared to US$120.9 million in 2023.Selling, general and administrative expenses were US$56.7 million in 2024, representing an increase of 51.7% from US$37.4 million in 2023. The increase was mainly due to share-based compensation expenses recognized related to the share awards granted to employees with a performance condition related to the IPO. Non-GAAP selling, general and administrative expenses were US$32.1 million, representing a decrease of 9.5% compared to US$35.5 million in 2023. Loss from Operations Loss from operations was US$285.5 million in 2024, compared to US$143.2 million in 2023. Non-GAAP loss from operations was US$158.5 million in 2024, compared to US$139.5 million in 2023. Net Loss Net loss was US$275.0 million in 2024, compared to US$125.3 million in 2023. Non-GAAP net loss was US$153.6 million in 2024, compared to US$118.5 million in 2023. Basic and Diluted Net Loss per ordinary share Basic and diluted net loss per ordinary share was both US$2.40 in 2024, compared to US$1.40 in 2023. Non-GAAP basic and diluted net loss per ordinary share was both US$1.34 in 2024, compared to US$1.32 in 2023. Each ADS represents one Class A ordinary share. Conference Call Pony.ai will hold a conference call at 8:00 AM U.S. Eastern Time on Tuesday, March 25, 2025 (8:00 PM Beijing/Hong Kong Time on the same day) to discuss financial results and answer questions from investors and analysts. For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Upon registration, participants will receive a confirmation email containing dial-in numbers, passcode, and a unique access PIN. Participant Online Registration: https://dpregister.com/sreg/10197111/fe90682903 A replay of the conference call will be accessible through April 1, 2025, by dialing the following numbers: United States:1-877-344-7529International:1-412-317-0088Replay Access Code:7405983 Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.pony.ai. Non-GAAP Financial Measures The Company uses non-GAAP financial measures, such as non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP operating expenses, non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to Pony AI Inc., non-GAAP basic and diluted net loss per ordinary share, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and changes in fair value of warrants liability, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release. About Pony AI Inc. Pony AI Inc. is a global leader in the large-scale commercialization of autonomous mobility. Leveraging its vehicle-agnostic Virtual Driver technology, a full-stack autonomous driving technology that seamlessly integrates Pony.ai’s proprietary software, hardware, and services, Pony.ai is developing a commercially viable and sustainable business model that enables the mass production and deployment of vehicles across transportation use cases. Founded in 2016, Pony.ai has expanded its presence across China, Europe, East Asia, the Middle East and other regions, ensuring widespread accessibility to its advanced technology. For more information, please visit: https://ir.pony.ai. Safe Harbor Statement This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about Pony.ai’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Pony.ai’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Pony.ai does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: Pony.aiInvestor RelationsEmail: ir@pony.ai Pony.aiMedia RelationsEmail: media@pony.ai Christensen AdvisoryEmail: pony@christensencomms.com Pony AI Inc.Unaudited Condensed Consolidated Balance Sheets(All amounts in USD thousands, except share and per share data)As ofAs ofDecember 31, 2023 December 31, 2024 AssetsCurrent assets:Cash and cash equivalents425,960 535,976Restricted cash, current49 21Short-term investments163,594 209,035Accounts receivable, net31,580 28,555Amounts due from related parties, current5,650 8,322Prepaid expenses and other current assets39,513 52,713Total current assets666,346 834,622Non-current assets: Restricted cash, non-current196 175Property, equipment and software, net15,420 17,241Operating lease right-of-use assets6,419 13,342Long-term investments51,712 130,799Prepayment for long-term investments - 52,823Other non-current assets7,024 1,819Total non-current assets80,771 216,199Total assets747,117 1,050,821Liabilities, Mezzanine Equity and Shareholders’ Deficit Current liabilities: Accounts payable and other current liabilities44,299 66,548Operating lease liabilities, current3,866 3,438Amounts due to related parties, current - 900Total current liabilities48,165 70,886Operating lease liabilities, non-current2,246 9,835Other non-current liabilities1,533 1,389Total liabilities51,944 82,110Total mezzanine equity1,361,278 - Total Pony AI Inc. shareholders’ (deficit) equity(677,250)951,122Non-controlling interests11,145 17,589Total shareholders’ (deficit) equity(666,105)968,711Total liabilities, mezzanine equity and shareholders’ (deficit) equity747,117 1,050,821 Pony AI Inc.Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss(All amounts in USD thousands, except share and per share data)Three Months Ended Year EndedDecember 31, 2023 December 31, 2024 December 31, 2023 December 31, 2024 Revenues50,595 35,516 71,899 75,025 Cost of revenues(33,447) (28,060) (55,015) (63,622)Gross profit17,148 7,456 16,884 11,403 Operating expenses: Research and development expenses(31,080) (147,840) (122,707) (240,179)Selling, general and administrative expenses(12,538) (32,714) (37,417) (56,747)Total operating expenses(43,618) (180,554) (160,124) (296,926)Loss from operations(26,470) (173,098) (143,240) (285,523)Investment income5,526 5,336 19,389 20,378 Changes in fair value of warrants liability(1,715) - (3,030) 5,617 Other income (expenses), net1,925 (13,356) 1,427 (15,477)Loss before income tax(20,734) (181,118) (125,454) (275,005)Income tax benefits (expenses)4 - 126 (1)Net loss(20,730) (181,118) (125,328) (275,006)Net loss attributable to non-controlling interests(147) (204) (516) (885)Net loss attributable to Pony AI Inc.(20,583) (180,914) (124,812) (274,121)Foreign currency translation adjustments2,084 (4,900) (3,841) (2,952)Unrealized gain on available-for-sale investments2,247 19,359 8,089 16,089 Total other comprehensive income4,331 14,459 4,248 13,137 Total comprehensive loss(16,399) (166,659) (121,080) (261,869)Less: Comprehensive income (loss) attributable to non-controlling interests59 6,835 (757) 6,444 Total comprehensive loss attributable to Pony AI Inc.(16,458) (173,494) (120,323) (268,313)Weighted average number of ordinary shares outstanding used in computing net loss per share, basic and diluted90,502,945 182,347,578 89,100,415 114,318,765 Net loss per ordinary share, basic and diluted(0.23) (0.99) (1.40) (2.40) Pony AI Inc.Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results(All amounts in USD thousands, except share and per share data) Three Months Ended Year Ended December 31, 2023 December 31, 2024 December 31, 2023 December 31, 2024 Research and development expenses (31,080) (147,840) (122,707) (240,179)Share-based compensation expenses 317 101,505 1,832 102,383 Non-GAAP research and development expenses (30,763) (46,335) (120,875) (137,796) Selling, general and administrative expenses (12,538) (32,714) (37,417) (56,747)Share-based compensation expenses 461 23,366 1,926 24,620 Non-GAAP selling, general and administrative expenses (12,077) (9,348) (35,491) (32,127) Operating expenses (43,618) (180,554) (160,124) (296,926)Share-based compensation expenses 778 124,871 3,758 127,003 Non-GAAP operating expenses (42,840) (55,683) (156,366) (169,923) Loss from operations (26,470) (173,098) (143,240) (285,523)Share-based compensation expenses 778 124,871 3,758 127,003 Non-GAAP loss from operations (25,692) (48,227) (139,482) (158,520) Net loss (20,730) (181,118) (125,328) (275,006)Share-based compensation expenses 778 124,871 3,758 127,003 Changes in fair value of warrants liability 1,715 - 3,030 (5,617)Non-GAAP net loss (18,237) (56,247) (118,540) (153,620) Net loss attributable to Pony AI Inc. (20,583) (180,914) (124,812) (274,121)Share-based compensation expenses 778 124,871 3,758 127,003 Changes in fair value of warrants liability 1,715 - 3,030 (5,617)Non-GAAP net loss attributable to Pony AI Inc. (18,090) (56,043) (118,024) (152,735) Weighted average number of ordinary shares outstanding used in computing net loss per share, basic and diluted 90,502,945 182,347,578 89,100,415 114,318,765 Non-GAAP net loss per ordinary share, basic and diluted (0.20) (0.31) (1.32) (1.34)

ForexTV

25.03.2025

17 Education & Technology Group Inc. Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results - ForexTV

BEIJING, March 25, 2025 (GLOBE NEWSWIRE) -- 17 Education & Technology Group Inc. (NASDAQ: YQ) (“17EdTech” or the “Company”), a leading education technology company in China, today announced its unaudited financial results for the fourth quarter and the year ended December 31, 2024. Fourth Quarter 2024 Highlights1 Net revenues were RMB36.6 million (US$5.0 million), compared with net revenues of RMB47.3 million in the fourth quarter of 2023.Gross margin was 33.6%, compared with 43.4% in the fourth quarter of 2023.Net loss was RMB63.7 million (US$8.7 million), compared with net loss of RMB98.4 million in the fourth quarter of 2023.Net loss as a percentage of net revenues was negative 174.2% in the fourth quarter of 2024, compared with negative 207.9% in the fourth quarter of 2023.Adjusted net loss2 (non-GAAP), which excluded share-based compensation expenses of RMB23.7 million (US$3.2 million), was RMB40.1 million (US$5.5 million), compared with adjusted net loss (non-GAAP) of RMB81.8 million in the fourth quarter of 2023.Adjusted net loss (non-GAAP) as a percentage of net revenues was negative 109.5% in the fourth quarter of 2024, compared with negative 172.8% adjusted net loss (non-GAAP) as a percentage of net revenues in the fourth quarter of 2023. Fiscal Year 2024 Highlights Net revenues were RMB189.2 million (US$25.9 million), compared with net revenues of RMB171.0 million in 2023.Gross margin was 36.6%, compared with 47.2% in 2023.Net loss was RMB192.9 million (US$26.4 million), compared with net loss of RMB311.8 million in 2023.Net loss as a percentage of net revenues was negative 102.0% in 2024, compared with negative 182.4% in 2023.Adjusted net loss (non-GAAP), which excluded share-based compensation expenses of RMB61.9 million (US$8.5 million), was RMB131.0 million (US$17.9 million), compared with adjusted net loss (non-GAAP) of RMB228.1 million in 2023.Adjusted net loss (non-GAAP) as a percentage of net revenues was negative 69.2% in 2024, compared with negative 133.4% of adjusted net loss as a percentage of net revenues in 2023. 1For a reconciliation of non-GAAP numbers, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” at the end of this press release.2Adjusted net income (loss) represents net income (loss) excluding share-based compensation expenses. Mr. Andy Liu, Founder, Chairman and Chief Executive Officer of the Company, commented, “We managed to deliver strong results with healthy top-line growth of 11% year-over-year for the full year, fueled by strategic market expansion and new contract acquisitions.” “As we continue to evolve our products and services, leveraging AI for enhanced automation and user experience, we received encouraging feedback and market recognition from users. Looking ahead, with a strong pipeline of AI-enhanced products and a customer-centric roadmap, we are poised to deliver sustainable growth and industry-leading innovations in the future,” he concluded. Mr. Michael Du, Director and Chief Financial Officer of the Company commented, “In the fourth quarter, our teaching and learning SaaS offering under subscription model experienced three-digit growth compared to the same quarter last year, bolstered by strong retention rates and multi-year subscription renewals. As we enhance operating efficiency, operating expenses decreased by 34% compared to the same quarter last year, resulting in a 35% reduction in net loss on a GAAP basis.” Fourth Quarter 2024 Unaudited Financial Results Net Revenues Net revenues for the fourth quarter of 2024 were RMB36.6 million (US$5.0 million), representing a year-over-year decrease of 22.7% from RMB47.3 million in the fourth quarter of 2023. This was mainly due to (i) the reduction in net revenues from district-level projects as we prioritize our resources on school-based projects under subscription model, and (ii) a higher proportion of contracts under the SaaS subscription model we signed in the fourth quarter of 2024 which requires longer period of revenue recognition. Cost of Revenues Cost of revenues for the fourth quarter of 2024 was RMB24.3 million (US$3.3 million), representing a year-over-year decrease of 9.2% from RMB26.8 million in the fourth quarter of 2023, which was mainly due to fewer district-level project deliveries for our teaching and learning SaaS offerings, as a result of the growing proportion of recurring revenue under subscription model that requires fewer hardware and software deliveries. Gross Profit and Gross Margin Gross profit for the fourth quarter of 2024 was RMB12.3 million (US$1.7 million), compared with RMB20.6 million in the fourth quarter of 2023. Gross margin for the fourth quarter of 2024 was 33.6%, compared with 43.4% in the fourth quarter of 2023. Total Operating Expenses The following table sets forth a breakdown of operating expenses by amounts and percentages of revenue during the periods indicated (in thousands, except for percentages): For the three months ended December 31, 2023 2024 Year- RMB % RMB USD % over-year Sales and marketing expenses 29,903 63.2% 20,183 2,765 55.2% -32.5%Research and development expenses 40,930 86.4% 16,969 2,325 46.4% -58.5%General and administrative expenses 52,000 109.8% 44,206 6,056 120.8% -15.0%Total operating expenses 122,833 259.4% 81,358 11,146 222.4% -33.8% Total operating expenses for the fourth quarter of 2024 were RMB81.4 million (US$11.1 million), including RMB23.7 million (US$3.2 million) of share-based compensation expenses, representing a year-over-year decrease of 33.8% from RMB122.8 million in the fourth quarter of 2023. Sales and marketing expenses for the fourth quarter of 2024 were RMB20.2 million (US$2.8 million), including RMB4.3 million (US$0.6 million) of share-based compensation expenses, representing a year-over-year decrease of 32.5% from RMB29.9 million in the fourth quarter of 2023. This was mainly due to efficiency improvements in marketing and sales work force and expenses compared with the same period last year. Research and development expenses for the fourth quarter of 2024 were RMB17.0 million (US$2.3 million), including RMB3.9 million (US$0.5 million) of share-based compensation expenses, representing a year-over-year decrease of 58.5% from RMB40.9 million in the fourth quarter of 2023. The decrease was primarily due to the decrease in the share-based compensation and efficiency improvements in our research and development work force and expenses compared with the same period last year. General and administrative expenses for the fourth quarter of 2024 were RMB44.2 million (US$6.1 million), including RMB15.5 million (US$2.1 million) of share-based compensation expenses, representing a year-over-year decrease of 15.0% from RMB52.0 million in the fourth quarter of 2023. This was primarily attributable to staff optimization in line with business adjustment. Loss from Operations Loss from operations for the fourth quarter of 2024 was RMB69.1 million (US$9.5 million), compared with RMB102.3 million in the fourth quarter of 2023. Loss from operations as a percentage of net revenues for the fourth quarter of 2024 was negative 188.8%, compared with negative 216.0% in the fourth quarter of 2023. Net Loss Net loss for the fourth quarter of 2024 was RMB63.7 million (US$8.7 million), compared with net loss of RMB98.4 million in the fourth quarter of 2023. Net loss as a percentage of net revenues was negative 174.2% in the fourth quarter of 2024, compared with negative 207.9% in the fourth quarter of 2023. Adjusted Net Loss (non-GAAP) Adjusted net loss (non-GAAP) for the fourth quarter of 2024 was RMB40.1 million (US$5.5 million), compared with adjusted net loss (non-GAAP) of RMB81.8 million in the fourth quarter of 2023. Adjusted net loss (non-GAAP) as a percentage of net revenues was negative 109.5% in the fourth quarter of 2024, compared with negative 172.8% of adjusted net loss as a percentage of net revenues in the fourth quarter of 2023. Please refer to the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” at the end of this press release for a reconciliation of net loss under U.S. GAAP to adjusted net income (loss) (non-GAAP). Fiscal Year 2024 Unaudited Financial Results Net Revenues Net revenues in 2024 were RMB189.2 million (US$25.9 million), representing a year-over-year increase of 10.7% from RMB171.0 million in 2023, mainly due to the increased number of teaching and learning SaaS contracts and the recurring revenue generated from on-going projects. Cost of Revenues Cost of revenues in 2024 was RMB120.0 million (US$16.4 million), representing a year-over-year increase of 33.0% from RMB90.3 million in 2023, which was due to the increase in project deliveries for our teaching and learning SaaS offerings during the period. Gross Profit and Gross Margin Gross profit in 2024 was RMB69.2 million (US$9.5 million), representing a year-over-year decrease of 14.2% from RMB80.7 million in 2023. Gross margin in 2024 was 36.6%, compared with 47.2% in 2023. Total Operating Expenses The following table sets forth a breakdown of operating expenses by amounts and percentages of revenue during the years indicated (in thousands, except for percentages): For the year ended December 31, 2023 2024 Year- RMB % RMB USD % over-year Sales and marketing expenses 101,260 59.2% 76,088 10,424 40.2% -24.9%Research and development expenses 167,932 98.2% 71,997 9,864 38.1% -57.1%General and administrative expenses 154,261 90.2% 134,935 18,486 71.3% -12.5%Total operating expenses 423,453 247.6% 283,020 38,774 149.6% -33.2% Total operating expenses in 2024 were RMB283.0 million (US$38.8 million), representing a year-over-year decrease of 33.2% from RMB423.5 million in 2023. Sales and marketing expenses in 2024 were RMB76.1 million (US$10.4 million), representing a year-over-year decrease of 24.9% from RMB101.3 million in 2023. This was mainly due to the decrease of share-based compensation and efficiency improvements in marketing and sales work force and expenses compared with the same period last year. Research and development expenses in 2024 were RMB72.0 million (US$9.9 million), representing a year-over-year decrease of 57.1% from RMB167.9 million in 2023. The decrease was primarily due to the decrease in the share-based compensation and efficiency improvements in our research and development work force and expenses. General and administrative expenses in 2024 were RMB134.9 million (US$18.5 million), representing a year-over-year decrease of 12.5% from RMB154.3 million in 2023. The decrease was primarily due to the decrease of share-based compensation and the decrease in the office and professional service fees, as well as staff optimization in line with business adjustment. Loss from Operations Loss from operations in 2024 was RMB213.8 million (US$29.3 million), compared with RMB342.8 million in 2023. Loss from operations as a percentage of net revenues in 2024 was negative 113.0%, compared with negative 200.5% in 2023. Net Loss Net loss in 2024 was RMB192.9 million (US$26.4 million), representing a year-over-year decrease of 38.1% from RMB311.8 million in 2023. Net loss as a percentage of net revenues was negative 102.0% in 2024, compared with negative 182.4% in 2023. Adjusted Net Loss (non-GAAP) Adjusted net loss (non-GAAP) in 2024 was RMB131.0 million (US$17.9 million), compared with adjusted net loss (non-GAAP) of RMB228.1 million in 2023. Cash and Cash Equivalents, Restricted Cash and Term Deposit Cash and cash equivalents, restricted cash and term deposit were RMB359.3 million (US$49.2 million) as of December 31, 2024, compared with RMB476.7 million as of December 31, 2023. Resignation of Director Mr. Qin Wen has resigned as a director and Chief Operating Officer of the Company due to personal reasons, effective March 21, 2025. Mr. Wen’s resignation did not result from any disagreement with the Company. Following Mr. Wen’s departure, the remaining six (6) directors, including three (3) independent directors, will continue their services to the board of directors of the Company. Founder’s Subscription of Ordinary Shares The Company and Mr. Andy Chang Liu, Founder, Chairman and Chief Executive Officer of the Company, entered into a share purchase agreement on March 25, 2025, pursuant to which the Company proposed to issue, and Mr. Andy Chang Liu proposed to subscribe for 83,093,664 Class B ordinary shares and 18,252,336 Class A ordinary shares of the Company at a subscription price of the average closing price per ordinary share for the 30 trading days preceding the date of the share purchase agreement, pursuant and subject to, and consistent with, applicable laws, the Nasdaq rules and the Company’s securities trading policies. Following the share subscription, Mr. Liu will beneficially own approximately 40% of the Company’s total issued and outstanding share capital. This share subscription demonstrates Mr. Liu’s confidence in the value and long-term growth of the Company. Conference Call Information The Company will hold a conference call on Tuesday, March 25, 2025 at 8:00 a.m. U.S. Eastern Time (Tuesday, March 25, 2025 at 8:00 p.m. Beijing time) to discuss the financial results for the fourth quarter of 2024. Please note that all participants will need to preregister for the conference call participation by navigating to https://register-conf.media-server.com/register/BI45159210a51645e393c476d916c740ca. Upon registration, you will receive an email containing participant dial-in numbers, and PIN number. To join the conference call, please dial the number you receive, enter the PIN number, and you will be joined to the conference call instantly. Additionally, a live and archived webcast of this conference call will be available at https://ir.17zuoye.com/. Non-GAAP Financial Measures 17EdTech’s management uses adjusted net income (loss) as a non-GAAP financial measure to gain an understanding of 17EdTech’s comparative operating performance and future prospects. Adjusted net income (loss) represents net loss excluding share-based compensation expenses and such adjustment has no impact on income tax. Adjusted net income (loss) is used by 17EdTech’s management in their financial and operating decision-making as a non-GAAP financial measure; because management believes it reflects 17EdTech’s ongoing business and operating performance in a manner that allows meaningful period-to-period comparisons. 17EdTech’s management believes that such non-GAAP measure provides useful information to investors and others in understanding and evaluating 17EdTech’s operating performance in the same manner as management does, if they so choose. Specifically, 17EdTech believes the non-GAAP measure provides useful information to both management and investors by excluding certain charges that the Company believes are not indicative of its core operating results. The non-GAAP financial measure has limitations. It does not include all items of income and expense that affect 17EdTech’s income from operations. Specifically, the non-GAAP financial measure is not prepared in accordance with GAAP, may not be comparable to non-GAAP financial measures used by other companies and, with respect to the non-GAAP financial measure that excludes certain items under GAAP, does not reflect any benefit that such items may confer to 17EdTech. Management compensates for these limitations by also considering 17EdTech’s financial results as determined in accordance with GAAP. The presentation of this additional information is not meant to be considered superior to, in isolation from or as a substitute for results prepared in accordance with US GAAP. Exchange Rate Information The Company’s business is primarily conducted in China and all of the revenues are denominated in Renminbi (“RMB”). However, periodic reports made to shareholders will include current period amounts translated into U.S. dollars (“USD” or “US$”) using the exchange rate as of balance sheet date, for the convenience of the readers. Translations of balances in the consolidated balance sheets and the related consolidated statements of operations, comprehensive loss, change in shareholders’ deficit and cash flows from RMB into USD as of and for the three months and the year ended December 31, 2024 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.2993 representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2024. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2024, or at any other rate. About 17 Education & Technology Group Inc. 17 Education & Technology Group Inc. is a leading education technology company in China, offering smart in-school classroom solution that delivers data-driven teaching, learning and assessment products to teachers, students and parents. Leveraging its extensive knowledge and expertise obtained from in-school business over the past decade, the Company provides teaching and learning SaaS offerings to facilitate the digital transformation and upgrade at Chinese schools, with a focus on improving the efficiency and effectiveness of core teaching and learning scenarios such as homework assignments and in-class teaching. The product utilizes the Company’s technology and data insights to provide personalized and targeted learning and exercise content that is aimed at improving students’ learning efficiency. 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. Statements that are not historical facts, including statements about 17EdTech’s beliefs and expectations, are forward-looking statements. 17EdTech 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. 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: 17EdTech’s growth strategies; its future business development, financial condition and results of operations; its ability to continue to attract and retain users; its ability to carry out its business and organization transformation, its ability to implement and grow its new business initiatives; the trends in, and size of, China’s online education market; competition in and relevant government policies and regulations relating to China's online education market; its expectations regarding demand for, and market acceptance of, its products and services; its expectations regarding its relationships with business partners; 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 17EdTech’s filings with the SEC. All information provided in this press release is as of the date of this press release, and 17EdTech does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: 17 Education & Technology Group Inc. Ms Lara ZhaoInvestor Relations ManagerE-mail: ir@17zuoye.com 17 EDUCATION & TECHNOLOGY GROUP INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of RMB and USD, except for share and per ADS data, or otherwise noted) As ofDecember 31, As of December 31, 2023 2024 2024 RMB RMB USD ASSETS Current assets Cash and cash equivalents 306,929 234,144 32,078 Restricted cash — 49 7 Term deposits 169,756 125,108 17,140 Accounts receivable 59,206 67,097 9,192 Prepaid expenses and other current assets 94,835 82,513 11,304 Total current assets 630,726 508,911 69,721 Non-current assets Property and equipment, net 32,013 26,410 3,618 Right-of-use assets 20,007 11,768 1,612 Other non-current assets 1,780 2,428 333 TOTAL ASSETS 684,526 549,517 75,284 LIABILITIES Current liabilities Accrued expenses and other current liabilities 128,001 104,422 14,307 Deferred revenue and customer advances, current 44,949 40,397 5,534 Operating lease liabilities, current 7,647 6,798 931 Total current liabilities 180,597 151,617 20,772 As ofDecember 31, As of December 31, 2023 2024 2024 RMB RMB USD Non-current liabilities Operating lease liabilities, non-current 9,660 4,261 584 TOTAL LIABILITIES 190,257 155,878 21,356 SHAREHOLDERS' EQUITY Class A ordinary shares 305 241 33 Class B ordinary shares 38 81 11 Treasury stock (97) (34) (5)Additional paid-in capital 10,987,407 11,070,615 1,516,668 Accumulated other comprehensive income 77,363 86,410 11,838 Accumulated deficit (10,570,747) (10,763,674) (1,474,617)TOTAL SHAREHOLDERS' EQUITY 494,269 393,639 53,928 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 684,526 549,517 75,284 17 EDUCATION & TECHNOLOGY GROUP INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands of RMB and USD, except for share and per ADS data, or otherwise noted) For the three months ended December 31, 2023 2024 2024 RMB RMB USD Net revenues 47,346 36,593 5,013 Cost of revenues (26,775) (24,309) (3,330)Gross profit 20,571 12,284 1,683 Operating expenses (Note 1) Sales and marketing expenses (29,903) (20,183) (2,765)Research and development expenses (40,930) (16,969) (2,325)General and administrative expenses (52,000) (44,206) (6,056)Total operating expenses (122,833) (81,358) (11,146)Loss from operations (102,262) (69,074) (9,463)Interest income 5,805 2,899 397 Foreign currency exchange (loss) gain (873) 620 85 Other (expenses) income, net (1,111) 1,807 248 Loss before provision for income tax and income from equity method investments (98,441) (63,748) (8,733)Income tax expenses — — — Net loss (98,441) (63,748) (8,733)Net loss available to ordinary shareholders of 17 Education & Technology Group Inc. (98,441) (63,748) (8,733)Net loss per ordinary share Basic and diluted (0.23) (0.15) (0.02)Net loss per ADS (Note 2) Basic and diluted (11.50) (7.50) (1.00)Weighted average shares used in calculating net loss per ordinary share Basic and diluted 434,815,360 433,337,710 433,337,710 Note 1: Share-based compensation expenses were included in the operating expenses as follows: For the three months ended December 31, 2023 2024 2024 RMB RMB USD Share-based compensation expenses: Sales and marketing expenses 2,906 4,271 585 Research and development expenses 6,034 3,879 531 General and administrative expenses 7,706 15,519 2,126 Total 16,646 23,669 3,242 Note 2: Each one ADS represents fifty Class A ordinary shares. Effective on December 18, 2023, the Company changed the ratio of its ADS to its Class A ordinary shares from one ADSs representing ten Class A ordinary shares to one ADS representing fifty Class A ordinary shares. All earnings per ADS figures in this report give effect to the foregoing ADS to share ratio change. 17 EDUCATION & TECHNOLOGY GROUP INC. Reconciliations of non-GAAP measures to the most comparable GAAP measures (In thousands of RMB and USD, except for share, per share and per ADS data) For the three months ended December 31, 2023 2024 2024 RMB RMB USD Net Loss (98,441) (63,748) (8,733)Share-based compensation 16,646 23,669 3,242 Income tax effect — — — Adjusted net loss (81,795) (40,079) (5,491) 17 EDUCATION & TECHNOLOGY GROUP INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of RMB and USD, except for share and per ADS data, or otherwise noted) For the year ended December 31, 2023 2024 2024 RMB RMB USD Net revenues 170,962 189,212 25,922 Cost of revenues (90,259) (120,004) (16,440)Gross profit 80,703 69,208 9,482 Operating expenses (Note 1) Sales and marketing expenses (101,260) (76,088) (10,424)Research and development expenses (167,932) (71,997) (9,864)General and administrative expenses (154,261) (134,935) (18,486)Total operating expenses (423,453) (283,020) (38,774)Loss from operations (342,750) (213,812) (29,292)Interest income 27,811 16,260 2,228 Foreign currency exchange (loss) gain (801) 226 31 Other income, net 3,958 4,399 603 Loss before provision for income tax and income from equity method investments (311,782) (192,927) (26,430)Income tax expenses — — — Net loss (311,782) (192,927) (26,430)Net loss available to ordinary shareholders of 17 Education & Technology Group Inc. (311,782) (192,927) (26,430)Net loss per ordinary share Basic and diluted (0.68) (0.48) (0.07)Net loss per ADS (Note 2) Basic and diluted (34.00) (24.00) (3.50)Weighted average shares used in calculating net loss per ordinary share Basic and diluted 458,636,327 401,923,200 401,923,200 Note 1: Share-based compensation expenses were included in the operating expenses as follows: For the year ended December 31, 2023 2024 2024 RMB RMB USD Share-based compensation expenses: Sales and marketing expenses 17,243 10,204 1,398 Research and development expenses 26,954 14,656 2,008 General and administrative expenses 39,498 37,057 5,077 Total 83,695 61,917 8,483 Note 2: Each one ADS represents fifty Class A ordinary shares. Effective on December 18, 2023, the Company changed the ratio of its ADS to its Class A ordinary shares from one ADSs representing ten Class A ordinary shares to one ADS representing fifty Class A ordinary shares. All earnings per ADS figures in this report give effect to the foregoing ADS to share ratio change. 17 EDUCATION & TECHNOLOGY GROUP INC. Reconciliations of non-GAAP measures to the most comparable GAAP measures (In thousands of RMB and USD, except for share, per share and per ADS data) For the year ended December 31, 2023 2024 2024 RMB RMB USD Net Loss (311,782) (192,927) (26,430)Share-based compensation 83,695 61,917 8,483 Income tax effect — — — Adjusted net loss (228,087) (131,010) (17,947)

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