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Full Truck Alliance Co. Ltd. Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results

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GUIYANG, China, March 7, 2024 /PRNewswire/ — Full Truck Alliance Co. Ltd. (“FTA” or the “Company”) (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023.

Fourth Quarter and Fiscal Year 2023 Financial and Operational Highlights

Total net revenues in the fourth quarter of 2023 were RMB2,408.0 million (US$339.2 million), an increase of 25.3% from RMB1,922.5 million in the same period of 2022. Total net revenues in 2023 were RMB8,436.2 million (US$1,188.2 million), an increase of 25.3% from RMB6,733.6 million in 2022.

Net income in the fourth quarter of 2023 was RMB588.3 million (US$82.9 million), an increase of 200.6% from RMB195.7 million in the same period of 2022. Net income in 2023 was RMB2,227.1 million (US$313.7 million), an increase of 440.7% from RMB411.9 million in 2022.

Non-GAAP adjusted net income[1] in the fourth quarter of 2023 was RMB733.0 million (US$103.2 million), an increase of 64.4% from RMB445.8 million in the same period of 2022. Non-GAAP adjusted net income in 2023 was RMB2,797.0 million (US$394.0 million), an increase of 100.4% from RMB1,395.4 million in 2022.

Fulfilled orders[2] in the fourth quarter of 2023 reached 45.8 million, an increase of 40.4% from 32.6 million in the same period of 2022. Fulfilled orders in 2023 reached 158.8 million, an increase of 33.4% from 119.1 million in 2022.

Average shipper MAUs[3] in the fourth quarter of 2023 reached 2.24 million, an increase of 18.7% from 1.88 million in the same period of 2022. Average shipper MAUs in 2023 reached 2.03 million, an increase of 21.3% from 1.67 million in 2022.

Mr. Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA, commented, “In 2023, we continued to confront external challenges while ushering in opportunities. Amid a modest economic recovery, the continued growth of our network effect and our platform’s unmatched value proposition accelerated user penetration and drove a strong full-year performance. We achieved four consecutive quarters of growth in fulfilled orders and average shipper MAUs, underscoring the vitality of China’s freight market, the trend of freight digitalization, and the vast potential of the small and medium-sized direct shipper market. For 2024, we will leverage our keen market insight to capitalize on opportunities and remain committed to long-term development, which we believe will pave the way for our sustainable growth.”

Mr. Simon Cai, Chief Financial Officer of FTA, added, “We ended 2023 with strong fourth quarter revenue and profit growth in a disruptive external environment. Fueled by a rapidly growing user base and order volume, we continued to provide more efficient and intelligent freight solutions to our shipper and trucker users. Our total net revenue exceeded the high end of our guidance, surging by 25.3% year over year to RMB2.41 billion, while our non-GAAP adjusted net income of RMB733.0 million was once again well ahead of market expectations. Notably, we achieved 44.0% year-over-year growth in transaction commission, driven by increased order volume on our platform. Moving through 2024, we will take a more active stance toward user acquisition to broaden our high-quality user base. Concurrently, we will further enrich our products and services to address users’ evolving needs and improve our freight matching efficiency. We are confident that we will create long-term sustainable value for our stakeholders as we continue to foster a healthy platform ecosystem.”

[1] Non-GAAP adjusted net income is defined as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to continuing service terms in business acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; and (v) tax effects of non-GAAP adjustments. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

[2] Fulfilled orders on our platform in a given period are defined as all shipping orders matched through our platform during such period but exclude (i) shipping orders that are subsequently canceled and (ii) shipping orders for which our users failed to specify any freight prices as there are substantial uncertainties as to whether the shipping orders are fulfilled.

[3] Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of a given period by (ii) the number of months in a given period. Shipper MAUs are defined as the number of active shippers on our platform in a given month. Active shippers are defined as the aggregate number of registered shipper accounts that have posted at least one shipping order on our platform during a given period.

Fourth Quarter 2023 Financial Results

Net Revenues (including value added taxes, or “VAT,” of RMB998.5 million and RMB1,197.4 million for the three months ended December 31, 2022, and 2023, respectively). Total net revenues in the fourth quarter of 2023 were RMB2,408.0 million (US$339.2 million), representing an increase of 25.3% from RMB1,922.5 million in the same period of 2022, primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in the fourth quarter of 2023 were RMB2,015.8 million (US$283.9 million), representing an increase of 24.9% from RMB1,614.4 million in the same period of 2022. The increase was mainly due to the steady growth in revenues from freight brokerage service, as well as continued expansion in transaction commissions.

Freight brokerage service. Revenues from freight brokerage service in the fourth quarter of 2023 were RMB1,124.7 million (US$158.4 million), an increase of 19.2% from RMB943.6 million in the same period of 2022, primarily attributable to an increase in transaction volume due to robust user demand.

Freight listing service. Revenues from freight listing service in the fourth quarter of 2023 were RMB246.2 million (US$34.7 million), an increase of 10.4% from RMB223.1 million in the same period of 2022, primarily due to a growing number of total paying members.

Transaction commission. Revenues from transaction commissions amounted to RMB644.8 million (US$90.8 million) in the fourth quarter of 2023, an increase of 44.0% from RMB447.8 million in the same period of 2022, primarily driven by strong order volume growth as well as higher per-order transaction commission.

Value-added services. Revenues from value-added services in the fourth quarter of 2023 were RMB392.2 million (US$55.2 million), an increase of 27.3% from RMB308.1 million in the same period of 2022, mainly attributable to an increase in revenues from credit solutions and other value-added services.

Cost of Revenues (including VAT net of refund of VAT of RMB675.4 million and RMB864.7 million for the three months ended December 31, 2022, and 2023, respectively). Cost of revenues in the fourth quarter of 2023 was RMB1,152.3 million (US$162.3 million), compared with RMB951.8 million in the same period of 2022. The increase was primarily due to increases in VAT, related tax surcharges and other tax costs, and net of tax refunds from government authorities. These tax-related costs net of refunds totaled RMB1,015.3 million, representing an increase of 18.4% from RMB857.4 million in the same period of 2022, primarily due to the continued growth in transaction activities involving our freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in the fourth quarter of 2023 were RMB421.0 million (US$59.3 million), compared with RMB281.1 million in the same period of 2022. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions.

General and Administrative Expenses. General and administrative expenses in the fourth quarter of 2023 were RMB266.0 million (US$37.5 million), compared with RMB408.2 million in the same period of 2022. The decrease was primarily due to lower share-based compensation expenses and professional service fees.

Research and Development Expenses. Research and development expenses in the fourth quarter of 2023 were RMB255.3 million (US$36.0 million), compared with RMB250.2 million in the same period of 2022. The increase was primarily due to higher share-based compensation expenses and increased investment in technology infrastructure, partially offset by a decrease in salary and benefits expenses.

Income/(Loss) from Operations. Income from operations in the fourth quarter of 2023 was RMB250.8 million (US$35.3 million), compared with loss from operations of RMB5.3 million in the same period of 2022.

Non-GAAP Adjusted Operating Income.[4] Non-GAAP adjusted operating income in the fourth quarter of 2023 was RMB398.8 million (US$56.2 million), an increase of 60.6% from RMB248.4 million in the same period of 2022.

Net Income. Net income in the fourth quarter of 2023 was RMB588.3 million (US$82.9 million), an increase of 200.6% from RMB195.7 million in the same period of 2022.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the fourth quarter of 2023 was RMB733.0 million (US$103.2 million), an increase of 64.4% from RMB445.8 million in the same period of 2022.

Basic and Diluted Net Income per ADS[5] and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.[6] Basic and diluted net income per ADS were RMB0.56 (US$0.08) in the fourth quarter of 2023, compared with RMB0.18 in the same period of 2022. Non-GAAP adjusted basic net income per ADS was RMB0.70 (US$0.10) in the fourth quarter of 2023, compared with RMB0.42 in the same period of 2022. Non-GAAP adjusted diluted net income per ADS was RMB0.69 (US$0.10) in the fourth quarter of 2023, compared with RMB0.42 in the same period of 2022.

Balance Sheet and Cash Flow

As of December 31, 2023, the Company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products of RMB27.6 billion (US$3.9 billion) in total, compared with RMB26.3 billion as of December 31, 2022.

As of December 31, 2023, the total outstanding balance of on-balance sheet loans, consisting of the total principal amounts and all accrued and unpaid interests (net of provisions) of the loans funded through our small loan company, was RMB3,521.1 million (US$495.9 million), compared with RMB2,648.4 million as of December 31, 2022. The total non-performing loan ratio[7] for these loans was 2.0% as of December 31, 2023, which remained flat with that of December 31, 2022.

In the fourth quarter of 2023, net cash provided by operating activities was RMB758.1 million (US$106.8 million).

[4] Non-GAAP adjusted operating income is defined as income/(loss) from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to continuing service terms in business acquisitions and (iv) settlement in principle of U.S. securities class action, which is non-recurring. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

[5] ADS refers to American depositary shares, each of which represents 20 Class A ordinary shares.

[6] Non-GAAP adjusted basic and diluted net income per ADS is net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to continuing service terms in business acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; and (v) tax effects of non-GAAP adjustments, divided by weighted average number of basic and diluted ADSs, respectively. For more information, refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.

[7] Non-performing loan ratio is calculated by dividing the outstanding principal and all accrued and unpaid interests of the on-balance sheet loans that were over 90 calendar days past due (excluding loans that are over 180 days past due and are therefore charged off) by the total outstanding principal and all accrued and unpaid interests of the on-balance sheet loans (excluding loans that are over 180 days past due and are therefore charged off) as of a specified date.

Fiscal Year 2023 Financial Results

Net Revenues (including value added taxes, or “VAT,” of RMB3,550.9 million and RMB4,172.7 million for the years ended December 31, 2022, and 2023, respectively). Total net revenues in 2023 were RMB8,436.2 million (US$1,188.2 million), representing an increase of 25.3% from RMB6,733.6 million in 2022, primarily attributable to an increase in revenues from freight matching services.

Freight matching services. Revenues from freight matching services in 2023 were RMB7,048.8 million (US$992.8 million), representing an increase of 24.6% from RMB5,656.7 million in 2022. The increase was primarily due to the rapid growth in transaction commissions as well as the growing revenues from our freight brokerage service.

Freight brokerage service. Revenues from freight brokerage service in 2023 were RMB3,916.4 million (US$551.6 million), an increase of 16.5% from RMB3,360.3 million in 2022, primarily driven by an increase in transaction volume as a result of improved user penetration.

Freight listing service. Revenues from freight listing service in 2023 were RMB929.4 million (US$130.9 million), an increase of 9.0% from RMB852.4 million in 2022, primarily attributable to a growing number of total paying members.

Transaction commission. Revenues from transaction commissions amounted to RMB2,203.1million (US$310.3 million) in 2023, an increase of 52.6% from RMB1,444.0 million in 2022, primarily driven by an increased order volume as well as higher per-order transaction commission.

Value-added services. Revenues from value-added services in 2023 were RMB1,387.3 million (US$195.4 million), an increase of 28.8% from RMB1,077.0 million in 2022, mainly attributable to an increase in revenues from credit solutions and other value-added services.

Cost of Revenues (including VAT net of refund of VAT of RMB2,539.3 million and RMB3,121.0 million for the years ended December 31, 2022, and 2023, respectively). Cost of revenues in 2023 was RMB4,119.0 million (US$580.2 million), compared with RMB3,514.6 million in 2022. The increase was primarily attributable to an increase in VAT, related tax surcharges and other tax costs, and net of tax refunds from government authorities. These tax-related costs net of refunds totaled RMB3,693.5 million, representing an increase of 16.6% from RMB3,167.8 million in 2022, primarily due to an increase in transaction activities involving our freight brokerage service.

Sales and Marketing Expenses. Sales and marketing expenses in 2023 were RMB1,239.2 million (US$174.5 million), compared with RMB902.3 million in 2022. The increase was primarily due to increased expenses in advertising and marketing activities for user acquisitions.

General and Administrative Expenses. General and administrative expenses in 2023 were RMB937.7 million (US$132.1 million), compared with RMB1,417.9 million in 2022. The decrease was primarily due to lower share-based compensation expenses and a decrease in professional service fees, partially offset by settlement in principle of certain U.S. securities class action, which was disclosed in the Form 6-K filed on September 18, 2023.

Research and Development Expenses. Research and development expenses in 2023 were RMB946.6 million (US$133.3 million), compared with RMB914.2 million in 2022. The increase was primarily due to higher share-based compensation expenses and increased investment in technology infrastructure.

Income/(Loss) from Operations. Income from operations in 2023 was RMB997.4 million (US$140.5 million), compared with loss from operations of RMB162.0 million in 2022.

Non-GAAP Adjusted Operating Income. Non-GAAP adjusted operating income in 2023 was RMB1,580.4 million (US$222.6 million), an increase of 89.1% from RMB835.7 million in 2022.

Net Income. Net income in 2023 was RMB2,227.1 million (US$313.7 million), an increase of 440.7% from RMB411.9 million in 2022.

Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in 2023 was RMB2,797.0 million (US$394.0 million), an increase of 100.4% from RMB1,395.4 million in 2022.

Basic and Diluted Net Income per ADS and Non-GAAP Adjusted Basic and Diluted Net Income per ADS. Basic net income per ADS was RMB2.10 (US$0.30) in 2023, compared with RMB0.38 in 2022. Diluted net income per ADS was RMB2.09 (US$0.29) in 2023, compared with RMB0.38 in 2022. Non-GAAP adjusted basic net income per ADS was RMB2.64 (US$0.37) in 2023, compared with RMB1.29 in 2022. Non-GAAP adjusted diluted net income per ADS was RMB2.63 (US$0.37) in 2023, compared with RMB1.29 in 2022.

Business Outlook

The Company expects its total net revenues to be between RMB2.11 billion and RMB2.16 billion for the first quarter of 2024, representing a year-over-year growth rate of approximately 23.9% to 27.1%. These forecasts reflect the Company’s current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof. 

Share Repurchase Update

On March 3, 2023, the Company’s Board of Directors authorized a share repurchase program, under which the Company may repurchase up to US$500 million of the Company’s ADSs during a period of up to 12 months starting from March 13, 2023. As of March 6, 2024, the Company had repurchased an aggregate of approximately 30.7 million ADSs for approximately US$200.0 million from the open market under the share repurchase program.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at a rate of RMB7.0999 to US$1.00, the exchange rate in effect as of December 29, 2023, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

Conference Call

The Company’s management will hold an earnings conference call at 7:00 A.M. U.S. Eastern Time on March 7, 2024, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and fiscal year 2023.

Dial-in details for the earnings conference call are as follows:

United States (toll free):

+1-888-317-6003

International:

+1-412-317-6061

Mainland China (toll free):

400-120-6115

Hong Kong, SAR (toll free):

800-963-976

Hong Kong, SAR:

+852-5808-1995

United Kingdom (toll free):

08082389063

Singapore (toll free):

800-120-5863

Access Code:

9049178

The replay will be accessible through March 14, 2024, by dialing the following numbers:

United States:

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

5149135

A live and archived webcast of the conference call will also be available on the Company’s investor relations website at ir.fulltruckalliance.com.

About Full Truck Alliance Co. Ltd.

Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and online transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to make logistics smarter, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.

Use of Non-GAAP Financial Measures 

The Company uses non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders, non-GAAP adjusted basic and diluted net income per share and non-GAAP adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, as supplemental measures to review and assess its operating performance.

The presentation of 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 U.S. GAAP. The Company defines non-GAAP adjusted operating income as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to continuing service terms in business acquisitions and (iv) settlement in principle of U.S. securities class action. The Company defines non-GAAP adjusted net income as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to continuing service terms in business acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; and (v) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted net income attributable to ordinary shareholders as net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to continuing service terms in business acquisitions; (iv) settlement in principle of U.S. securities class action, which is non-recurring; and (v) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted basic and diluted net income per share as non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares, respectively. The Company defines non-GAAP adjusted basic and diluted net income per ADS as non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs, respectively.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations. Share-based compensation expense, amortization of intangible assets resulting from business acquisitions, compensation cost incurred in relation to continuing service terms in business acquisitions and tax effects of non-GAAP adjustments have been and may continue to be incurred in its business and are not reflected in the presentation of its non-GAAP financial measures.

The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income per share should not be considered in isolation or construed as an alternative to operating income/(loss), net income, net income attributable to ordinary shareholders and basic and diluted net income per share or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review FTA’s non-GAAP financial measures to the most directly comparable GAAP measures. FTA’s non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.

For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.

Safe Harbor Statement 

This press release contains statements that may constitute “forward-looking” statements which are made 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 “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: FTA’s goal and strategies; FTA’s expansion plans; FTA’s future business development, financial condition and results of operations; expected changes in FTA’s revenues, costs or expenses; industry landscape of, and trends in, China’s road transportation market; competition in FTA’s industry; FTA’s expectations regarding demand for, and market acceptance of, its services; FTA’s expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA’s ability to protect its systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market, as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of COVID-19 outbreaks, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.com

Piacente Financial Communications
Hui Fan
Tel: +86-10-6508-0677
E-mail: FTA@thepiacentegroup.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com

 

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS, per share and per ADS data)

As of

December 31,

December 31,

December 31,

2022

2023

2023

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

5,137,312

6,770,895

953,661

Restricted cash – current

83,759

115,513

16,270

Short-term investments

21,087,089

11,516,304

1,622,037

Accounts receivable, net

13,015

23,418

3,298

Loans receivable, net

2,648,449

3,521,072

495,933

Prepayments and other current assets

2,034,427

2,049,780

288,705

Total current assets

31,004,051

23,996,982

3,379,904

Restricted cash – non-current

10,000

1,408

Long-term investments1

1,774,270

11,075,739

1,559,985

Property and equipment, net

108,824

194,576

27,405

Intangible assets, net

502,421

449,904

63,368

Goodwill

3,124,828

3,124,828

440,123

Deferred tax assets

41,490

149,081

20,998

Operating lease right-of-use assets and land use rights

132,000

134,867

18,996

Other non-current assets

8,427

211,670

29,813

Total non-current assets

5,692,260

15,350,665

2,162,096

TOTAL ASSETS

36,696,311

39,347,647

5,542,000

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

27,953

25,220

3,552

Amount due to related parties

122,152

Prepaid for freight listing fees and other service fees

462,080

548,917

77,313

Income tax payable

52,233

154,916

21,819

Other tax payable

721,597

784,617

110,511

Operating lease liabilities – current

44,590

37,758

5,318

Accrued expenses and other current liabilities

1,301,160

1,723,245

242,714

Total current liabilities

2,731,765

3,274,673

461,227

Deferred tax liabilities

121,611

108,591

15,295

Operating lease liabilities – non-current

35,931

46,709

6,579

Other non-current liabilities

22,950

3,232

Total non-current liabilities

157,542

178,250

25,106

TOTAL LIABILITIES

2,889,307

3,452,923

486,333

MEZZANINE EQUITY

Redeemable non-controlling interests

149,771

277,420

39,074

SHAREHOLDERS’ EQUITY

Ordinary shares

1,377

1,371

193

Treasury stock

(608,117)

(85,651)

Additional paid-in capital

47,758,178

47,713,985

6,720,374

Accumulated other comprehensive income

2,511,170

2,897,871

408,157

Accumulated deficit

(16,613,492)

(14,400,604)

(2,028,283)

TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY

33,657,233

35,604,506

5,014,790

Non-controlling interests

12,798

1,803

TOTAL SHAREHOLDERS’ EQUITY

33,657,233

35,617,304

5,016,593

TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY

36,696,311

39,347,647

5,542,000

1. The Group’s long-term investments consist of RMB8,540 million long-term time deposits, RMB678 million wealth management products with maturities
over one year, RMB831 million investments in debt securities, RMB318 million equity method investments, and RMB708 million equity investments without
readily determinable fair value as of December 31, 2023.

 

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three months ended

Year ended

December 31,

September 30,

December 31,

December 31,

December 31,

December 31,

December 31,

2022

2023

2023

2023

2022

2023

2023

RMB

RMB

RMB

US$

RMB

RMB

US$

Net revenues (including value added taxes,

“VAT”, of RMB998.5 million and

RMB1,197.4 million for the three months

ended December 31, 2022 and 2023,

RMB3,550.9 million and 

RMB4,172.7 million for the year ended

December 31, 2022 and 2023,

respectively)

1,922,473

2,263,917

2,407,957

339,154

6,733,644

8,436,159

1,188,210

Operating expenses:

Cost of revenues (including VAT net of

refund of VAT of RMB675.4 million

and RMB864.7 million for the three

months ended December 31, 2022

and 2023, RMB2,539.3 million and

RMB3,121.0 million for the year

ended December 31, 2022 and

2023, respectively)(1)

(951,779)

(1,142,057)

(1,152,317)

(162,300)

(3,514,551)

(4,119,016)

(580,151)

Sales and marketing expenses(1)

(281,129)

(290,782)

(420,960)

(59,291)

(902,269)

(1,239,191)

(174,536)

General and administrative expenses(1)

(408,181)

(290,443)

(266,016)

(37,468)

(1,417,933)

(937,677)

(132,069)

Research and development expenses(1)

(250,207)

(237,716)

(255,344)

(35,964)

(914,151)

(946,635)

(133,331)

Provision for loans receivable

(53,900)

(62,948)

(67,627)

(9,525)

(194,272)

(234,599)

(33,043)

Total operating expenses

(1,945,196)

(2,023,946)

(2,162,264)

(304,548)

(6,943,176)

(7,477,118)

(1,053,130)

Other operating income

17,453

7,089

5,123

722

47,530

38,388

5,407

(Loss) income from operations

(5,270)

247,060

250,816

35,328

(162,002)

997,429

140,487

Other income (expense)

Interest income

202,324

297,249

313,037

44,090

483,658

1,141,861

160,828

Interest expenses

(175)

Foreign exchange gain (loss) 

1,531

585

(2,909)

(410)

15,048

(2,149)

(303)

Investment income

1,212

22,605

25,832

3,638

5,411

55,621

7,834

Unrealized gain (loss) from fair value

changes of trading securities and

derivative assets

4,986

(12,124)

6,833

962

(63,390)

12,938

1,822

Other income, net

5,085

116,885

2,457

346

230,631

130,264

18,347

Share of loss in equity method investees

(73)

(236)

(825)

(116)

(1,246)

(2,067)

(291)

Total other income

215,065

424,964

344,425

48,510

669,937

1,336,468

188,237

Net income before income tax

209,795

672,024

595,241

83,838

507,935

2,333,897

328,724

Income tax expense

(14,110)

(53,601)

(6,991)

(985)

(96,035)

(106,804)

(15,043)

Net income

195,685

618,423

588,250

82,853

411,900

2,227,093

313,681

Less: net (loss) income attributable to

          non-controlling interests

(675)

(591)

(83)

539

(1,252)

(176)

Less: measurement adjustment

         attributable to redeemable non-

         controlling interest

1,845

4,745

4,752

669

4,599

15,457

2,177

Net income attributable to

ordinary shareholders

193,840

614,353

584,089

82,267

406,762

2,212,888

311,680

 

FULL TRUCK ALLIANCE CO. LTD.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three months ended

Year ended

December 31,

September 30,

December 31,

December 31,

December 31,

December 31,

December 31,

2022

2023

2023

2023

2022

2023

2023

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income per ordinary

share

—Basic 

0.01

0.03

0.03

0.00

0.02

0.10

0.01

—Diluted

0.01

0.03

0.03

0.00

0.02

0.10

0.01

Net income per ADS*

—Basic

0.18

0.58

0.56

0.08

0.38

2.10

0.30

—Diluted

0.18

0.58

0.56

0.08

0.38

2.09

0.29

Weighted average number

of ordinary shares used

in computing net 

income per share

—Basic

21,246,855,688

21,025,267,682

20,949,011,129

20,949,011,129

21,517,856,981

21,111,924,886

21,111,924,886

—Diluted(2)

21,305,376,233

21,059,252,652

21,016,273,541

21,016,273,541

21,579,616,389

21,162,351,461

21,162,351,461

Weighted average number

of ADS used in

computing net 

income per ADS

—Basic

1,062,342,784

1,051,263,384

1,047,450,556

1,047,450,556

1,075,892,849

1,055,596,244

1,055,596,244

—Diluted(2)

1,065,268,812

1,052,962,633

1,050,813,677

1,050,813,677

1,078,980,819

1,058,117,573

1,058,117,573

*    Each ADS represents 20 ordinary shares.

(1)    Share-based compensation expense in operating expenses are as follows:

Three months ended

Year ended

December 31,

September 30,

December 31,

December 31,

December 31,

December 31,

December 31,

2022

2023

2023

2023

2022

2023

2023

RMB

RMB

RMB

US$

RMB

RMB

US$

Cost of revenues

1,812

2,796

2,593

365

6,406

8,576

1,208

Sales and marketing

expenses

12,163

15,217

16,014

2,256

39,771

55,503

7,817

General and administrative

expenses

201,514

81,249

89,255

12,571

809,194

297,469

41,898

Research and development

expenses

19,749

22,938

22,813

3,213

63,884

80,279

11,307

Total

235,238

122,200

130,675

18,405

919,255

441,827

62,230

(2)    Weighted average number of ordinary shares/ADS used in computing diluted net income per share/ADS are adjusted by
the potentially dilutive effects of ordinary shares/ADS issuable upon the exercise of outstanding share options. 

 

FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three months ended

Year ended

December 31,

September 30,

December 31,

December 31,

December 31,

December 31,

December 31,

2022

2023

2023

2023

2022

2023

2023

RMB

RMB

RMB

US$

RMB

RMB

US$

(Loss) income from

operations

(5,270)

247,060

250,816

35,328

(162,002)

997,429

140,487

Add:

Share-based

compensation

expense

235,238

122,200

130,675

18,405

919,255

441,827

62,230

Amortization of

intangible assets

resulting from

business acquisitions

14,121

13,021

13,021

1,834

56,484

52,084

7,336

Compensation cost 

incurred in relation

to acquisitions

4,281

4,281

4,281

603

21,914

17,124

2,412

Settlement in principle

of U.S. securities

class action

71,900

71,900

10,127

Non-GAAP adjusted

operating income

248,370

458,462

398,793

56,170

835,651

1,580,364

222,592

Net income

195,685

618,423

588,250

82,853

411,900

2,227,093

313,681

Add:

Share-based

compensation

expense

235,238

122,200

130,675

18,405

919,255

441,827

62,230

Amortization of

intangible assets

resulting from

business acquisitions

14,121

13,021

13,021

1,834

56,484

52,084

7,336

Compensation cost 

incurred in relation

to acquisitions

4,281

4,281

4,281

603

21,914

17,124

2,412

Settlement in principle

of U.S. securities

class action

71,900

71,900

10,127

Tax effects of

non-GAAP

adjustments

(3,530)

(3,255)

(3,255)

(459)

(14,120)

(13,021)

(1,834)

Non-GAAP adjusted net

income

445,795

826,570

732,972

103,236

1,395,433

2,797,007

393,952

 

FULL TRUCK ALLIANCE CO. LTD.

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED)

(All amounts in thousands, except share, ADS, per share and per ADS data)

Three months ended

Year ended

December 31,

September 30,

December 31,

December 31,

December 31,

December 31,

December 31,

2022

2023

2023

2023

2022

2023

2023

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income attributable

to ordinary

shareholders

193,840

614,353

584,089

82,267

406,762

2,212,888

311,680

Add:

Share-based

compensation

expense

235,238

122,200

130,675

18,405

919,255

441,827

62,230

Amortization of

intangible assets

resulting from

business acquisitions

14,121

13,021

13,021

1,834

56,484

52,084

7,336

Compensation cost 

incurred in relation

 to acquisitions

4,281

4,281

4,281

603

21,914

17,124

2,412

Settlement in principle

of U.S. securities

class action

71,900

71,900

10,127

Tax effects of

non-GAAP

adjustments

(3,530)

(3,255)

(3,255)

(459)

(14,120)

(13,021)

(1,834)

Non-GAAP adjusted net

income attributable to

ordinary shareholders

443,950

822,500

728,811

102,650

1,390,295

2,782,802

391,951

Non-GAAP adjusted net

income per ordinary

share

—Basic

0.02

0.04

0.03

0.00

0.06

0.13

0.02

—Diluted

0.02

0.04

0.03

0.00

0.06

0.13

0.02

Non-GAAP adjusted net

income per ADS

—Basic

0.42

0.78

0.70

0.10

1.29

2.64

0.37

—Diluted

0.42

0.78

0.69

0.10

1.29

2.63

0.37

 

 

View original content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-fourth-quarter-and-fiscal-year-2023-unaudited-financial-results-302082633.html

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Technology

75th Annual Regeneron International Science and Engineering Fair Awards Teen Scientists from Around the World More Than $9 Million in 2025 Competition

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Adam Kovalčík, 19, receives $100,000 Top Award for his development of a medicine that can stop viruses from copying genes and controlling infections at the world’s largest pre-college STEM competition in Columbus, Ohio

TARRYTOWN, N.Y. and WASHINGTON, May 16, 2025 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. and Society for Science (the Society) announced that Adam Kovalčík, 19, of Dulovce, Slovakia, won the $100,000 George D. Yancopoulos Innovator Award at the 75th Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. The award is named in honor of pioneering drug developer and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer. Other top prizes went to projects in sustainable plastics engineering, air quality detection and advancement in prosthetics.

The top winners were recognized during two award ceremonies: the Special Awards on May 15 and the Grand Awards Ceremony on May 16. In total, more than $9 million in awards and scholarships were distributed, honoring finalists for their creativity, innovative thinking and scientific rigor. The competition brought together nearly 1,700 young scientists representing 48 U.S. states and more than 60 countries, regions and territories.

Adam Kovalčík, 19, of Dulovce, Slovakia, won first place and received the $100,000 George D. Yancopoulos Innovator Award for his new way of making the investigational antiviral drug galidesivir. Early clinical trials have shown this drug to be safe in humans. Animal tests show it may be effective against a broad spectrum of viruses. But it is expensive to produce. By starting with cheap materials from corn husk waste, he designed a shorter, more efficient way of making galidesivir. He cut the process from 15 to 10 steps and made almost twice as much drug in less time. He then used these reactions to create a new antiviral drug that may work even better. His new way to make these medicines can greatly decrease their cost, from $75/gram to about $12.50/gram. By making these medicines easier to produce, they are also easier to study, and if approved, more accessible, giving us more options to treat viral infections.

Benjamin Davis, 16, of Wrentham, Massachusetts, received the $75,000 Regeneron Young Scientist Award for creating a desktop plastic recycling system. The user-friendly system can recycle 3D printer waste and other plastics. It turns them into filaments for 3D printing. Up to 67% of the filament used in a typical 3D printing project may end up as waste. Using electrical, mechanical and chemical engineering methods, Benjamin combined pultrusion (push-through) and extrusion (pull-through) processes. Together, this made the process about 45% more efficient. His device is faster than other home recyclers and creates a higher quality product. Its easy operation means nontechnical users can recycle and 3D print more efficiently. His design is an effective recycling machine that costs 90% less than commercial options.

Siyaa Poddar, 16, of Chandler, Arizona, received the $75,000 Regeneron Young Scientist Award for her device, which rapidly detects toxic dusts. In the U.S. Southwest, toxic silica and uranium dusts from abandoned mines are a public health challenge. They contaminate the soil, air and groundwater, and can trigger autoimmune diseases like Sjögren’s syndrome. Rates of Sjögren’s syndrome are disproportionately high on Indigenous reservations in the Southwest, where many abandoned mines remain. Currently, there’s no easy, fast or affordable way to measure how much of these toxins are in the air. Siyaa designed two low-cost detectors using chemicals that easily react with uranium or silica by changing color. She trapped these chemicals in a framework made of metal atoms and organic molecules to stabilize them. Her system is an affordable, easy-to-use way to monitor air quality.

Samuel Skotnikov, 17, of Highland Village, Texas, and Chanyoung Kim and Eeshaan Prashanth, both 16, of Flower Mound, Texas, received the $50,000 Gordon E. Moore Award for Positive Outcomes for Future Generations for creating a brain-controlled bionic prosthetic leg. Current robotic limbs are expensive and can make movements feel unnatural. The team started by measuring the walking motion of their classmate, Aiden, with his usual prosthetic leg. They saw that the prosthetic’s stiffness forced the remaining part of his amputated leg to work much harder than his other leg. They designed their prosthetic leg, Neuroflex, to read the wearer’s brain signals through an EEG headband. The signals tell Neuroflex how the wearer wants to move, and Neuroflex uses its motors to support that movement. They also designed an ankle with more realistic joints. When the team tested their prototype on Aiden, it guessed the right movement 98% of the time. Their adaptable model could also relieve some of the cost burden of prosthetic limbs.

“Congratulations to the winners of this year’s Regeneron International Science and Engineering Fair,” said Maya Ajmera, President and CEO of Society for Science and Executive Publisher of Science News. “I am deeply inspired by the creative, passionate and dedicated finalists from around the world who have come together—across borders, cultures and scientific disciplines —in the shared pursuit of science. Adam’s research into antiviral medicines has the potential to change the impact and scale of how people can benefit from such important life-saving treatments. His research gives me great hope for the future of global health and scientific innovation.”

Now in its landmark 75th year, Regeneron ISEF remains the premier global stage for the next generation of scientists and engineers. This milestone year celebrates decades of scientific discovery, boundary-pushing innovation and international collaboration, uniting students from around the world in a powerful exchange of ideas. Through Regeneron ISEF and other STEM programming, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to over 3.2 million students, surpassing its goal of 2.5 million by 2025.

“Congratulations to this year’s extraordinary Regeneron ISEF finalists and winners,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “My own high school science project lit a fire in me that changed the course of my life. Today, I see these students carrying that same spark forward by asking bold questions, pushing boundaries and proving that innovative science can take on humanity’s biggest challenges.”

Other top honors from the competition include:

XinYan Chen, 17, of San Gabriel, California, received the $10,000 Craig R. Barrett Award for Innovation for her mobile indoor formaldehyde detector. Formaldehyde is a chemical found in many household goods that can cause disease, including cancer. Other detectors work by either trapping chemicals until they are full, or by breaking them down with expensive materials. XinYan designed a low-cost material that breaks down formaldehyde into carbon dioxide and water. She used the material to build a device that measures and destroys the poison at the same time. Her device lowered the amount of formaldehyde in a closed box by almost 90% in 18 hours. XinYan’s device makes it cheaper and easier to both measure and improve indoor air quality.

Aleksandra Petkova, 18, of Sofia, Bulgaria, received the $10,000 H. Robert Horvitz Prize for Fundamental Research for her research on the relationship between a boat’s speed and the shape of its wake. When a boat travels faster than the waves it makes in the water, it makes a narrower wake. This type of wake creates more drag on the boat, which slows it down. Aleksandra looked at aerial photos of wakes and tested wake angles using a remote-controlled boat and a yacht. She figured out how to use a ship’s size to predict the speed it can travel before it starts leaving a narrow wake. Aleksandra’s ship wake model could help ship operators minimize drag by traveling at the ideal speeds for their ships.

Cory Seelenfreund, 17, of New Rochelle, New York, received the $10,000 Peggy Scripps Award for Science Communication for his study of the relevance of memory in the Prisoner’s Dilemma. Prisoner’s Dilemma is a classic game theory problem where two people accused of a crime decide whether to snitch or stay silent. Cory created computer simulations and mathematical models to test how selfishness and memory affect the game. Memory of just one game often improved results, but players with better memory won in more complex scenarios. He found the best outcomes when players had a variety of self-interested and altruistic behaviors. These findings can help design smarter AI bots and other programs that need to “get along” with humans.

Uma Sthanu, 17, of Austin, Texas, received the $10,000 Mary Sue Coleman Award for Life Science Innovation & Impact for her research on regenerating nerve cells. The neurons making up the human brain are powerful but fragile. Disease and injury can damage neurons and scientists have not yet found a way to regrow them. Uma studied the effects of an important hormone-like compound called PGE2 on damaged brain cells. She used advanced techniques to study how PGE2 treatment affects these broken neurons in the lab. She hopes this work will help researchers find better treatments for brain diseases and traumatic brain injuries.

Pragathi Kasani-Akula, 17, of Cumming, Georgia; Aarushi Pandey, 17, of Conroe, Texas; and Vrishank Chandrasekhar, 18, of San Jose, California, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.

Ethan Yan, 15, of Burlingame, California, and Abigail Qi, 16, of Baton Rouge, Louisiana, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Riga, Latvia.

For more information about the top winners and access to visual assets visit our media kit: https://www.societyforscience.org/regeneron-isef-2025-media-kit/ 

The full list of Special Award ISEF 2025 Finalists can be found at: https://www.societyforscience.org/press-release/regeneron-isef-2025-special-awards-winners

In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $6,000 prize.

The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:

Animal Sciences, sponsored by Society for Science

Matthew Lo, 16, of Berwyn, Pennsylvania

Behavioral and Social Sciences, sponsored by Society for Science

Ameya Kharade, 16, of Nashua, New HampshireJesse Rumball-Smith, 17, of Wellington, New Zealand

Biochemistry, sponsored by Regeneron

Pragathi Kasani-Akula, 17, of Cumming, Georgia 

Biomedical and Health Sciences, sponsored by Regeneron

Edward Kang, 17, of Upper Saddle River, New JerseyUma Sthanu, 17, of Austin, Texas 

Biomedical Engineering, sponsored by Regeneron

Chanyoung Kim, 16, of Flower Mound, TexasEeshaan Prashanth, 17, of Flower Mound, TexasSamuel Skotnikov, 17, of Highland Village, Texas

Cellular and Molecular Biology, sponsored by Regeneron

Lilly Horowitz, 17, of Jericho, New York

Chemistry, sponsored by Arc Institute

Adam Kovalčík, 19, of Dulovce, Slovakia

Computational Biology and Bioinformatics, sponsored by Regeneron

Arnav Sharma, 15, of Troy, MichiganSamarth Dunakhe, 15, of Chandler, ArizonaAryav Das, 16, of Noblesville, IndianaQianheng Xu, 16, of Millburn, New Jersey

Earth and Environmental Sciences, sponsored by Society for Science

Lakshmi Agrawal, 17, of Bellevue, WashingtonMiriam Haddad, 18, of Saginaw, Michigan

Embedded Systems, sponsored by HP

Maya Trutschl, 17, of Shreveport, Louisiana

Energy: Sustainable Materials and Design, sponsored by Siemens Energy

Oliver Wang, 17, of Falls Church, Virginia

Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace Foundation

Benjamin Davis, 16, of Wrentham, Massachusetts

Environmental Engineering, sponsored by Jacobs

Bennett Huang, 16, of Great Falls, VirginiaJason Pan, 16, of Great Falls, VirginiaXinYan Chen, 17, of San Gabriel, California

Materials Science, sponsored by Howmet Aerospace Foundation

Siyaa Poddar, 16, of Chandler, Arizona

Mathematics, sponsored by Akamai Foundation

Cory Seelenfreund, 17, of New Rochelle, New York

Microbiology, sponsored by Schattner Foundation

Abigail Qi, 16, of Baton Rouge, Louisiana

Physics and Astronomy, sponsored by Jane Street

Aiden Kwon, 17, of Rolling Hills Estates, California             Aleksandra Petkova, 18, of Sofia, Bulgaria 

Plant Sciences, sponsored by Society for Science

Aarushi Pandey, 17, of Conroe, Texas

Robotics and Intelligent Machines, sponsored by Liquid AI

Chinmayi Goyal, 17, of Yorktown, New YorkTimothy Wilson, 18, of Pennant Hills, Australia

Systems Software, sponsored by Microsoft

Ram Sivaraman, 17, of Acton, Massachusetts

Technology Enhances the Arts, sponsored by Midjourney

Punnawit Ponnirun, 17, of Chiang Mai, ThailandSataporn Thanapanyakul, 17, of Chiang Mai, ThailandSiwakorn Suwannahong, 17, of Chiang Mai, Thailand

Translational Medical Science, sponsored by Regeneron

Audrey Zheng, 16, of Wexford, PennsylvaniaVrishank Chandrasekhar, 18, of San Jose, California

The full list of all award-winning ISEF 2025 finalists is available here.

View all the finalists’ research here.

About the Regeneron International Science and Engineering Fair

The Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science celebrating 75 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.

In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, Adam R. Scripps Foundation, Akamai Foundation, Aramco, Arc Institute, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, Insaco, Intel, Jacobs, Jane Street, Liquid AI, Microsoft, Midjourney, Schattner Foundation, Siemens Energy, The Ohio State University, Battelle, Caltech, Cesco, Cisco, COSI, GoFundMe, Jeni’s Splendid Ice Creams, JobsOhio, Johnson Energy Holdings.   Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.

About Society for Science 

Society for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its STEM Outreach programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).

About Regeneron 

Regeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, hematologic conditions, infectious diseases and rare diseases.

Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious disease, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro-bono and matching gift programs. Our most significant philanthropic commitments are in the area of science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF)

For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X

Media Contacts
Joseph Brown, Regeneron
386-283-1323, joseph.brown2@regeneron.com    

Gayle Kansagor, Society for Science
703-489-1131, gkansagor@societyforscience.org   

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SOURCE Society for Science

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Technology

Fairmint Releases Whitepaper for Open Captable Protocol (OCP) to Advance On-Chain Equity Securities

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NEW YORK, May 16, 2025 /PRNewswire/ — Fairmint, Inc., a registered SEC Transfer Agent, today published the whitepaper for the Open Captable Protocol (OCP), an open-source, industry-grade standard for recording, managing, and transferring equity ownership on-chain.

The release comes as regulatory momentum builds for on-chain securities innovation, highlighted by SEC Chairman Atkins’ recent address at the Crypto Task Force Roundtable, where he noted that “the migration to on-chain securities has the potential to remodel aspects of the securities market.”

The Open Captable Protocol whitepaper outlines the technical approach to bringing equity securities on-chain through a standardized, legally-compatible framework already adopted by companies ranging from early-stage startups to established private enterprises.

“Private equity has long been held back by fragmented files and manual workflows,” said Joris Delanoue, Co-founder and CEO of Fairmint. “The Open Captable Protocol builds on the foundation set by the Open Cap Table Coalition to bring standardization and speed, reducing transfer times from weeks to seconds while preserving full regulatory compliance. This turns static securities into dynamic financial instruments that can be leveraged in ways previously too complex or expensive to execute.”

Fairmint’s design emphasizes compliance, legal clarity, and operational simplicity. Unlike token-centric frameworks, OCP implements cap tables as programmable smart contracts with embedded rules and legal enforceability, minimizing issuer risk while enabling programmatic compliance.

“We’ve built this technology to work within today’s regulatory environment while creating new possibilities for tomorrow,” explained Thibauld Favre, Co-founder and Chief Technical Officer.

Fairmint encourages regulated intermediaries—transfer agents, broker-dealers, custodians, and infrastructure providers—to adopt OCP as a shared standard for compliant, on-chain equity management.

“The Open Captable Protocol provides a secure, compliant foundation that regulated agents can immediately implement to enhance their service offerings,” added Delanoue. “By adopting a common standard, we can collectively build a more efficient private securities ecosystem while maintaining the regulatory guardrails that investors and issuers expect.”

The whitepaper details real-world implementations, with use cases such as Fairmint, Inc., Transfer Agent XYZ, and Plural Brokerage LLC, a registered broker-dealer and FINRA/SIPC member, all of which use OCP as a settlement layer.

The complete OCP whitepaper is available at fairmint.com/whitepaper/open-cap-table-protocol

About Fairmint, Inc.
Fairmint, Inc. provides infrastructure for on-chain equity management, enabling efficient issuance, administration, and compliant transfer of private securities. Founded in 2019 by Joris Delanoue and Thibauld Favre, Fairmint is headquartered in New York, NY, and serves private companies, financial institutions, and infrastructure providers looking to modernize their equity workflows. Fairmint operates as a registered U.S. Transfer Agent.

For more information, please visit www.fairmint.com

Contact:
Joris Delanoue
***@fairmint.com

PRLog ID: www.prlog.org/13077076

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SOURCE Fairmint, Inc.

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New Healthcare AI Models Could Reshape Everything From Burnout to Diagnostics

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Equity Insider News Commentary

Issued on behalf of Avant Technologies Inc.

VANCOUVER, BC, May 16, 2025 /PRNewswire/ — Equity Insider News Commentary – AI is no longer just assisting healthcare — it’s beginning to rewire it from the ground up. From streamlining diagnostics and automating clinical documentation to predicting disease and optimizing hospital operations, generative AI is now touching every layer of the care continuum. As policymakers in places like Connecticut debate how to regulate this growing influence, and initiatives like OpenAI’s HealthBench push the frontier of model evaluation, a new class of enterprise-scale innovators is already moving ahead. Among them are several public companies straddling health tech, cloud AI, and data infrastructure — including Avant Technologies, Inc. (OTCQB: AVAI), Palantir Technologies Inc. (NASDAQ: PLTR), GE HealthCare Technologies Inc. (NASDAQ: GEHC), Salesforce, Inc. (NYSE: CRM), and Alphabet Inc. (NASDAQ: GOOG, GOOGL).

Industry analysts at MarketsandMarkets project that the AI in healthcare market will expand at a compound annual growth rate of 38.6%, reaching over $110 billion by 2030. Looking further ahead, Accenture estimates that AI could unlock an additional $461 billion in value by 2035—augmenting a global healthcare sector already expected to exceed $2.26 trillion.

Avant Technologies, Inc. (OTCQB: AVAI) is quietly but deliberately advancing its position in AI-powered healthcare through a proposed acquisition of its joint venture partner, Ainnova Tech. The two companies, already aligned under the Ai-nova Acquisition Corp. (AAC) banner, are now moving to unify operations—an intentional step that comes just ahead of their scheduled FDA pre-submission meeting this July. If completed, the merger would remove internal friction, streamline clinical trial planning, and strengthen their regulatory posture ahead of potential U.S. market entry.

“We believe bringing the two companies together will offer tremendous value for shareholders,” said Vinicio Vargas, CEO at Ainnova and a member of the Board of Directors of Ai-nova Acquisition Corp. “It will simplify the process of advancing our technology to market, and it will deliver value to our customers and partners as we promote our technology portfolio globally.”

At the core of this effort is Vision AI, a non-invasive clinical screening platform that combines retinal imaging, vital sign capture, and machine-learning algorithms to detect early signals of chronic illness—including diabetic retinopathy, cardiovascular disease, kidney and liver conditions, and type 2 diabetes. Operating under AAC, the joint venture holds global rights to the platform, which has shown more than 90% sensitivity in early detection, according to NIH-cited research.

“This milestone reflects our two-tiered strategy, rapid deployment in low-regulation markets where Vision AI operates as a screening tool, and simultaneous progress toward FDA clearance for the U.S. market,” said Vargas. “Entering the U.S. will unlock significant commercial potential, and early engagement with regulators ensures we do so with speed, credibility, and a validated product.”

Unlike many healthcare AI startups still stuck at concept stage, Avant’s technology is already deployed in Latin America—including Chile, Mexico, and Brazil—where it’s being tested in real-world clinical workflows. These field programs are not only helping build a safety and efficacy track record, they’re also providing critical user feedback that shapes the platform’s refinement and usability.

To support broader clinical reach, AAC recently integrated four new diagnostic algorithms into Vision AI. Trained on over 2.3 million clinical cases, these additions enhance the system’s utility across a wider range of chronic conditions. With proven traction abroad and a pending regulatory milestone in the U.S., Avant is moving from potential to presence—and may soon find itself on the radar of a much larger healthcare conversation.

CONTINUED… Read this and more news for Avant Technologies at:

https://equity-insider.com/2025/03/21/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/ 

Palantir Technologies Inc. (NASDAQ: PLTR) has entered a long-term partnership with The Joint Commission, the leading healthcare accreditation body in the U.S., to apply its AI and data analytics platform to improve patient safety and operational efficiency.

“The Joint Commission is committed to building the accreditation and certification process of the future, today,” says Alex Karp, co-founder and CEO of Palantir Technologies. “This work will improve global health outcomes by utilizing AI to drive performance improvements around the world.”

The collaboration aims to modernize how hospitals manage quality standards, streamline certification processes, and enhance clinical performance. Palantir’s platform is already delivering results across major healthcare systems, including Tampa General and Cleveland Clinic.

GE HealthCare Technologies Inc. (NASDAQ: GEHC) recently unveiled CleaRecon DL, an FDA-cleared, AI-based solution aimed at elevating image quality in cone-beam CT (CBCT) procedures. Powered by deep learning, the tool addresses long-standing image distortion challenges caused by blood flow and contrast variability, especially in interventional settings like liver and neuro procedures. Clinical validation shows a 94% increase in interpretation confidence and a 98% improvement in image clarity compared to traditional CBCT.

“The introduction of CleaRecon DL represents a leap forward in the interventional suite and for the advancement of CBCT,” said Arnaud Marie, General Manager, Interventional Solutions at GE HealthCare. “By improving image quality and reducing artifacts, this technology can empower clinicians to perform procedures with greater precision and confidence. This solution builds on our portfolio of tools aimed at improving the user experience and workflow efficiency, enabling clinicians to deliver more accurate and effective interventions for enhanced patient outcomes.”

Salesforce, Inc. (NYSE: CRM) is expanding its healthcare footprint with the launch of a global Life Sciences Partner Network and broader deployment of its Agentforce digital labor platform. Designed to unify clinical, commercial, and manufacturing data, the initiative enables pharmaceutical and medtech organizations to transition from legacy systems to AI-enabled, compliant workflows.

“We are in an unprecedented market moment where, with digital labor grounded in rich data, international life sciences organizations have the opportunity to completely reimagine the way they interact with patients and HCPs,” said Frank Defesche, Senior Vice President and General Manager, Salesforce Life Sciences. “Backed by over two decades of industry expertise, Salesforce is uniquely equipped to pioneer this next era with our deeply unified Platform that brings together apps, data, life sciences-specific workflows, and AI – all wrapped in trust and compliance.”

With integrations from partners like athenahealth, Viz.ai, and H1, the platform supports real-time insights, patient engagement, and automated compliance across the healthcare lifecycle. This marks a major step in Salesforce’s push to become the digital backbone of modern life sciences operations.

Alphabet Inc. (NASDAQ: GOOG, GOOGL), through Google Cloud and Google Public Sector, has partnered with Drive Health and the State of Illinois to launch Healthy Baby, a multi-year AI-powered maternal health pilot targeting underserved communities. The program equips expectant mothers with Google Pixel phones and Fitbit devices, delivering personalized care through Nurse Avery, an AI health assistant.

“The Healthy Baby pilot represents a critical step in maternal healthcare, showing how AI can help deliver personalized, proactive health support directly to underserved mothers,” said Chris Hein, Field Chief Technology Officer, Google Public Sector. “Using the AI agent, Nurse Avery, and delivering it through Google Pixel phones and Fitbit devices, the program provides real-time support – managing appointments, monitoring vitals, and offering health guidance directly, aiming to make essential resources more readily available.”

Backed by Google Cloud’s secure infrastructure, the initiative aims to reduce maternal mortality, improve birth outcomes, and close care gaps across rural populations.

Source: https://equity-insider.com/2025/03/21/unlocking-the-trillion-dollar-ai-market-what-investors- need-to-know/ 

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