Technology
GBank Financial Holdings Inc. Announces Second Quarter 2024 Financial Results
Published
4 months agoon
By
LAS VEGAS, July 30, 2024 /PRNewswire/ — GBank Financial Holdings Inc. (the “Company”) (OTCQX: GBFH), the parent company of GBank (the “Bank”), today reported record net income for the quarter ended June 30, 2024, of $4.7 million, or $0.35 per diluted share. This represents an increase from $2.3 million, or $0.18 per diluted share, for the same period in 2023. For the six months ended June 30, 2024, net income was $8.4 million, or $0.63 per diluted share, compared to $5.6 million, or $0.43 per diluted share, for the comparable period of 2023.
Click here: Quarterly Detailed Financials and Key Metrics
Financial Highlights
Record net income of $4.7 million and diluted earnings per share of $0.35Record net revenue of $15.5 millionGain on sale of loans of $3.2 million, representing an increase of $1.1 million, or 52%, compared to the first quarter of 2024Net interest margin of 4.82%Gross loan growth of $35.6 million, or 5% sequentiallyTotal on-balance sheet guaranteed loans of $252.2 millionLoans sold of $77.9 million, an increase of $9.3 million, or 14%, compared to the first quarter of 2024, and an increase of $42.2 million, or 118%, compared to the second quarter of 2023Total non-performing assets were $7.6 million, representing 0.75% of total assetsNon-performing assets, excluding guaranteed portions, were $2.2 million, representing 0.22% of total assets
Edward M. Nigro, Executive Chairman, stated, “This quarter marks significant milestones for our Company – $1 billion in total assets – the most profitable quarter in history – and the completion of our 32.99% investment in BCS. These are all powerful foundations for our future growth.”
Non-voting Equity Investment in BankCard Services, LLC
On June 26, 2024, the Company announced the acquisition of a 32.99% non-voting equity interest in BankCard Services, LLC (“BCS“). This acquisition was completed by exchanging 231,508 shares of restricted, non-voting GBFH common stock for 143,371 shares of non-voting BCS common stock. The GBFH non-voting stock must be held by BCS for a minimum of one year and can only be converted into voting shares upon a disposition by BCS, in accordance with applicable Federal Reserve regulations.
Financial Results
Income Statement
Net interest income totaled $11.3 million in the second quarter of 2024, an increase of $546 thousand, or 5.1%, from $10.8 million in the first quarter of 2024, and an increase of $2.6 million, or 29.9%, compared to the second quarter of 2023. The increase in net interest income from the first quarter of 2024 was primarily due to higher average loan balances, partially offset by an increase in deposit balances and rates. The increase in net interest income from the second quarter of 2023 was driven by an increase in average loan balances and yields, along with a decrease in lower-yield investment securities. These increases were partially offset by higher balances and rates on deposits.
The Company recorded a provision for credit losses on loans of $283 thousand in the second quarter of 2024, compared to no provision recorded in the first quarter of 2024, and a decrease of $125 thousand from $408 thousand in the second quarter of 2023. The provision for credit losses on loans in the second quarter of 2024 primarily reflects growth in non-guaranteed loans.
The Company’s net interest margin in the second quarter of 2024 was 4.82%, a decrease from 4.85% in the first quarter of 2024, and a decrease from 5.40% in the second quarter 2023. The decrease in net interest margin from the first quarter of 2024 was primarily due to higher balances and rates on interest-bearing deposits. The decrease in net interest margin from the second quarter 2023 was also driven by higher balances and rates on interest-bearing deposits, which offset higher balances and rates on total earning assets.
Non-interest income was $4.2 million for the second quarter of 2024, compared to $2.4 million for the first quarter of 2024, and $2.3 million for the second quarter of 2023. The $1.8 million increase in non-interest income from the first quarter of 2024 was primarily due to a $1.1 million increase in income from gain on sale of loans and a $474 thousand increase in loan servicing income. The $1.9 million increase in non-interest income from the second quarter of 2023 was mainly driven by a $1.5 million increase in income from gain on sale of loans.
Net revenue totaled $15.5 million for the second quarter of 2024, representing an increase of $2.3 million or 17.5%, compared to $13.2 million in the first quarter of 2024. This also marks an increase of $4.5 million, or 40.9%, compared to $11.1 million in the second quarter of 2023.
Non-interest expense was $9.1 million for the second quarter of 2024, compared to $8.4 million for the first quarter of 2024 and $7.6 million for the second quarter of 2023. The Company’s efficiency ratio was 58.9% for the second quarter of 2024, compared to 63.4% in the first quarter of 2024 and 69.0% for the second quarter of 2023. The increase in non-interest expense from the first quarter of 2024 is primarily due to an increase of $462 thousand in employee compensation costs, largely driven by higher incentive commissions on increased loan origination volume during the quarter by the Bank’s SBA Lending Division. Additionally, there were non-recurring expenses of approximately $268 thousand related to the Company’s non-voting equity investment in BCS. The increase in non-interest expense from the second quarter of 2023 is also primarily attributable to a $1.1 million increase in employee compensation costs, again largely due to higher incentive commissions on increased loan origination volume, as well as the aforementioned non-recurring expenses.
Income tax expense was $1.4 million for the second quarter of 2024, compared to $1.1 million for the first quarter of 2024 and $725 thousand for the second quarter of 2023. The increase in income tax expense from both the first quarter of 2024 and the second quarter of 2023 is primarily due to increased earnings. The increase in income tax expense from the second quarter of 2023 was partially offset by a decrease in the effective tax rate, which declined to 23.2% from 24.0%.
Net income was $4.7 million for the second quarter of 2024, an increase of $975 thousand from $3.7 million for the first quarter of 2024, and an increase of $2.4 million from $2.3 million in the second quarter of 2023. Earnings per share totaled $0.35 for the second quarter of 2024, compared to $0.28 for the first quarter of 2024 and $0.18 for the second quarter of 2023.
The Company had 155 full-time equivalent employees as of June 30, 2024, compared to 150 full-time equivalent employees as of March 31, 2024, and 158 full-time equivalent employees as of June 30, 2023.
Balance Sheet
Total gross loans were $812.3 million as of June 30, 2024, compared to $776.7 million as of March 31, 2024, and $458.0 million as of June 30, 2023. The increase in gross loans of $35.6 million from the prior quarter was primarily driven by an increase of $43.1 million in commercial real estate loans, partially offset by decreases of $4.4 million in guaranteed loans held for sale and $3.0 million in guaranteed loans held for investment. The increase in gross loans of $354.2 million from June 30, 2023, was primarily driven by increases of $212.9 million in guaranteed loans held for investment and $123.9 million in commercial real estate loans. This increase was partially offset by a decrease of $8.3 million in guaranteed loans held for sale. Total guaranteed loans as a percentage of gross loans were 31.0% as of June 30, 2024, compared to 33.4% as of March 31, 2024, and 10.4% as of June 30, 2023.
The Company’s allowance for credit losses totaled $7.3 million as of June 30, 2024. The allowance for loan losses as a percentage of total gross loans was 0.90% as of June 30, 2024, compared to 0.91% as of March 31, 2024, and 1.56% as of June 30, 2023. The allowance for loan losses as a percentage of total net loans, excluding guaranteed portions, was 1.31% as of June 30, 2024, compared to 1.37% as of March 31, 2024, and 1.76% as of June 30, 2023.
Deposits totaled $840.4 million as of June 30, 2024, an increase of $33.4 million from $806.9 million as of March 31, 2024, and an increase of $287.9 million from $552.5 million as of June 30, 2023. By deposit type, the increase from the prior quarter was driven by an increase of $22.6 million in savings and money market accounts and a $5.4 million increase in certificates of deposit. From June 30, 2023, certificates of deposit increased by $225.0 million, and savings and money market accounts increased by $74.0 million. Non-interest bearing deposits totaled $220.4 million as of June 30, 2024, an increase of $4.1 million from $216.3 million as of March 31, 2024, and an increase of $2.1 million from $218.3 million as of June 30, 2023.
The Company’s ratio of gross loans to deposits was 96.7% as of June 30, 2024, compared to 96.3% as of March 31, 2024, and 82.9% as of June 30, 2023.
Short-term borrowings were $12.0 million as of June 30, 2024, compared to $10.0 million as of March 31, 2024, and no short-term borrowings as of June 30, 2023. The Company had approximately $454 million in available borrowing capacity from the Federal Reserve Bank, the Federal Home Loan Bank, and through its various Fed Funds lines as of June 30, 2024.
Subordinated notes totaled $26.1 million as of June 30, 2024, compared to $26.0 million as of March 31, 2024, and June 30, 2023.
Stockholders’ equity was $110.9 million as of June 30, 2024, compared to $102.6 million as of March 31, 2024, and $92.6 million as of June 30, 2023. The increase in stockholders’ equity from March 31, 2024, and June 30, 2023, is attributable to net income and an increase in common stock and paid-in capital resulting from the issuance of non-voting common shares related to the Company’s investment in BCS during the second quarter 2024.
The Company’s tangible common equity to tangible assets ratio was 11.0% as of June 30, 2024, compared to 10.6% as of March 31, 2024, and 13.5% as of June 30, 2023. The Bank’s Tier 1 leverage ratio was 12.9% as of June 30, 2024, compared to 13.0% as of March 31, 2024, and 15.9%as of June 30, 2023. The Company’s tangible book value per share was $8.49 as of June 30, 2024, an increase of 6.2% from $8.00 as of March 31, 2024, and an increase of 16.5% from $7.29 as of June 30, 2023. The increase in tangible book value per share from March 31, 2024, and June 30, 2023, is attributable to net income as well as the increase in common stock and paid-in capital resulting from the issuance of non-voting common shares related to the Company’s investment in BCS during the second quarter 2024.
Total assets increased 4.8% to $1.0 billion as of June 30, 2024, from $963.5 million as of March 31, 2024, and increased 47.4% from $684.9 million as of June 30, 2023. The increase in total assets from March 31, 2024, was primarily driven by an increase in gross loans and interest-bearing deposit cash equivalents, partially offset by a decrease in investment securities. The increase in total assets from June 30, 2023, was primarily driven by an increase in gross loans, partially offset by a decrease in investment securities.
Asset Quality
The provision for credit losses on loans totaled $283 thousand for the second quarter of 2024, compared to no provision for the first quarter of 2024 and $408 thousand for the second quarter of 2023. Net loan charge-offs in the second quarter of 2024 totaled $29 thousand, or 0.01% of average net loans (annualized), compared to no net loan charge-offs in the first quarter of 2024 and $100 thousand, or 0.09% of average net loans (annualized), in the second quarter of 2023.
Nonaccrual loans increased by $374 thousand to $6.5 million during the second quarter and decreased by $648 thousand from June 30, 2023. Loans past due 90 days and still accruing interest increased to $1.1 million compared to $33 thousand at March 31, 2024, and no loans past due 90 days and still accruing interest as of June 30, 2023.
There was no other real estate owned as of June 30, 2024, March 31, 2024, and June 30, 2023.
Total non-performing assets totaled $7.6 million as of June 30, 2024, an increase of $1.5 million from $6.1 million as of March 31, 2024, and an increase of $494 thousand from $7.1 million as of June 30, 2023. Non-performing assets, excluding guaranteed portions, totaled $2.2 million as of June 30, 2024, an increase of $659 thousand from $1.6 million as of March 31, 2024, and an increase of $362 thousand from $1.9 million as of June 30, 2023.
Loans past due 30-89 days and still accruing interest totaled $1.1 million as of June 30, 2024, a decrease from $3.4 million as of March 31, 2024, and a decrease from $3.1 million as of June 30, 2023.
The ratio of total non-performing assets to total assets was 0.75% as of June 30, 2024, compared to 0.64% as of March 31, 2024, and 1.04% as of June 30, 2023. The ratio of non-performing assets, excluding guaranteed portions, to total assets was 0.22% as of June 30, 2024, compared to 0.16% as of March 31, 2024, and 0.27% as of June 30, 2023.
Segment Highlights
SBA Lending and Commercial Banking
Loan originations by the Bank’s SBA and Commercial Banking Divisions totaled $126.9 million, compared to $136.6 million in the first quarter of 2024 and $80.2 million in the second quarter 2023. Loan sale volume increased by 14% to $77.9 million, compared to $68.6 million in the first quarter of 2024, and increased by 118% from $35.7 million in the second quarter of 2023. Gain on sale of loans increased by 52% to $3.2 million, compared to $2.1 million in the first quarter of 2024, and increased 96% from $1.6 million in the second quarter of 2023. The average pretax gain on sale of loans margin was 4.36%, compared to 3.04% in the first quarter of 2024, and 4.53% in the second quarter of 2023.
Gaming FinTech
GBank’s partner, BankCard Services, LLC (“BCS”), has been actively developing its Pooled Player and Pooled Consumer Accounts “Powered by PIMS and CIMS”™, recently securing its third patent for this intellectual property. BCS is carving out a niche by referring startup digital wallet companies in both gaming and consumer programs/applications. BCS and GBank now have 14 active prepaid access and PPA/PCA clients. Currently, BCS and GBank are conducting due diligence for 4 new prepaid access and PPA/PCA clients, with anticipated onboarding in future quarters. Gaming FinTech deposits averaged $32.4 million during the quarter, compared to $34.1 million in the first quarter of 2024.
Credit Card
The Bank launched its GBank Visa Signature® Card in the second quarter of 2023. The GBank Visa Signature® Card targets prime and super-prime consumers, offering 1% cash rewards on gaming transactions and 2% cash rewards on all other purchases. Since the product launch in 2023, the Bank has entered into several marketing referral agreements, with four such agreements in place as of June 30, 2024.
Credit card balances were $919 thousand as of June 30, 2024, compared to $439 thousand as of March 31, 2024. Total open credit card lines were $3.7 million as of June 30, 2024, compared to $2.1 million as of March 31, 2024. Through July 11, 2024, the Bank has processed over $10 million in gaming transactions through its credit card product.
Earnings Call
The Company will host its Q2 2024 quarterly earnings call on Wednesday, July 31, 2024, at 2:00 p.m. PST. Interested parties can participate remotely via Internet connectivity. There will be no physical location for attendance.
Interested parties may join online, via the ZOOM app on their smartphones, or by telephone:
ZOOM Video Conference ID 826 3030 7240Passcode: 549549
Joining by ZOOM Video Conference:
Log in on your computer at
https://us02web.zoom.us/j/82630307240?pwd=TU4yZXJqMEc2VGZoUm5rRTl0OVFxdz09
or use the ZOOM app on your smartphone.
Joining by Telephone
Dial (408) 638-0968. The conference ID is 826 3030 7240. Passcode: 549549.
Click here to learn more about GBank Financial Holdings Inc.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding certain of the Company’s goals and expectations with respect to future events that are subject to various risks and uncertainties, and statements preceded by, followed by, or that include the words “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursuant,” “target,” “continue,” and similar expressions. These statements are based upon the current belief and expectations of the Company’s management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). Factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations include, but are not limited to: the impact on us or our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from bank failures and any continuation of uncertainty in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response thereto; increased competition for deposits and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to continued elevated interest rates or potential reductions in interest rates and a resulting decline in net interest income; the persistence of the inflationary pressures, or the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; effects of declines in housing prices in the United States and our market areas; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; regulatory considerations; our ability to recognize the expected benefits and synergies of our completed acquisitions; the maintenance and development of well-established and valued client relationships and referral source relationships; acquisition or loss of key production personnel; changes in tax laws; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential increased regulatory requirements and costs related to the transition and physical impacts of climate change; and current or future litigation, regulatory examinations or other legal and/or regulatory actions. These forward-looking statements are based on current information and/or management’s good faith belief as to future events. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. The forward-looking statements are made as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.
View original content:https://www.prnewswire.com/news-releases/gbank-financial-holdings-inc-announces-second-quarter-2024-financial-results-302210261.html
SOURCE GBank Financial Holdings Inc.
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View original content:https://www.prnewswire.com/news-releases/avathon-partners-with-cp-plus-largest-cctv-manufacturer-in-india-to-enhance-public-safety-while-strengthening-community-bonds-302304865.html
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Belgian Unicorn Odoo Celebrates Remarkable First Anniversary in Indonesia
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Odoo-Xendit Integration
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ZEEKR Reports Third Quarter 2024 Unaudited Financial Results
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HANGZHOU, China, Nov. 14, 2024 /PRNewswire/ — ZEEKR Intelligent Technology Holding Limited (“ZEEKR” or the “Company”) (NYSE: ZK), a global premium electric mobility technology company, today announced its unaudited financial results for the third quarter ended September 30, 2024.
Operating Highlights for the Third Quarter of 2024
Total vehicle deliveries were 55,003 units for the third quarter of 2024, representing a 51% year-over-year increase.
Deliveries
2024 Q3
2024 Q2
2024 Q1
2023 Q4
55,003
54,811
33,059
39,657
Deliveries
2023 Q3
2023 Q2
2023 Q1
2022 Q4
36,395
27,399
15,234
32,467
Financial Highlights for the Third Quarter of 2024
Vehicle sales were RMB14,401.3 million (US$2,052.2 million)[1] for the third quarter of 2024, representing an increase of 42.0% from the third quarter of 2023 and an increase of 7.2% from the second quarter of 2024.
Vehicle margin[2] was 15.7% for the third quarter of 2024, compared with 18.1% for the third quarter of 2023 and 14.2% for the second quarter of 2024.
Total revenues were RMB18,358.0 million (US$2,616.0 million) for the third quarter of 2024, representing an increase of 30.7% from the third quarter of 2023 and a decrease of 8.4% from the second quarter of 2024.
Gross profit was RMB2,941.8 million (US$419.2 million) for the third quarter of 2024, representing an increase of 28.5% from the third quarter of 2023 and a decrease of 14.7% from the second quarter of 2024.
Gross margin was 16.0% for the third quarter of 2024, compared with 16.3% for the third quarter of 2023 and 17.2% for the second quarter of 2024.
Loss from operations was RMB1,216.4 million (US$173.3 million) for the third quarter of 2024, representing a decrease of 19.3% from the third quarter of 2023 and a decrease of 29.3% from the second quarter of 2024. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP)[3] was RMB1,169.8 million (US$166.7 million) for the third quarter of 2024, representing a decrease of 20.8% from the third quarter of 2023 and an increase of 50.5% from the second quarter of 2024.
Net loss was RMB1,139.1 million (US$162.3 million) for the third quarter of 2024, representing a decrease of 21.7% from the third quarter of 2023 and a decrease of 37.0% from the second quarter of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB1,092.6 million (US$155.7 million) for the third quarter of 2024, representing a decrease of 23.4% from the third quarter of 2023 and an increase of 26.3% from the second quarter of 2024.
[1] All conversions from Renminbi(“RMB”) to U.S. dollars (“US$”) are made at an exchange rate of RMB7.0176 to US$1.00, set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 2024.
[2] Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of revenues derived from vehicle sales only.
[3] The Company’s non-GAAP financial measures exclude share-based compensation expenses. See “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this announcement.
Key Financial Results
(in RMB millions, except for percentages)
2024 Q3
2024 Q2
2023 Q3
% Change i
YoY
QoQ
Vehicle sales
14,401.3
13,438.2
10,143.7
42.0 %
7.2 %
Vehicle margin
15.7 %
14.2 %
18.1 %
(2.4)pts
1.5pts
Total revenues
18,358.0
20,040.1
14,044.6
30.7 %
(8.4) %
Gross profit
2,941.8
3,449.8
2,289.4
28.5 %
(14.7) %
Gross margin
16.0 %
17.2 %
16.3 %
(0.3)pts
(1.2)pts
Loss from operations
(1,216.4)
(1,721.0)
(1,507.8)
(19.3) %
(29.3) %
Non-GAAP loss from operations
(1,169.8)
(777.1)
(1,477.6)
(20.8) %
50.5 %
Net loss
(1,139.1)
(1,808.8)
(1,455.7)
(21.7) %
(37.0) %
Non-GAAP net loss
(1,092.6)
(864.9)
(1,425.6)
(23.4) %
26.3 %
i
Except for vehicle margin and gross margin, absolute changes instead of percentage changes are presented.
Recent Developments
Delivery Update
In October 2024, the Company delivered 25,049 vehicles, representing an increase of 92% from October 2023.
New Model Launches
On October 23, 2024, ZEEKR officially launched and commenced deliveries of the ZEEKR MIX, a five-seat, family-oriented vehicle. The ZEEKR MIX redefines the concept of an everyday driver, seamlessly combining ample space, outstanding safety, and agile handling. As the first model built on the Company’s SEA-M architecture, the ZEEKR MIX boasts up to 93% in-cabin space utilization, maximizing interior space through innovative packaging and a capsule-style exterior. Two front-row seats that can swivel 270 degrees and a movable central console enhance cabin versatility, enabling “9+N” cabin scenario modes and flexible seating arrangements.
CEO and CFO Comments
“Our performance remained strong and resilient this quarter, marked by record-high deliveries and successful new model launches,” said Mr. Andy An, ZEEKR’s chief executive officer. “In the third quarter, we set a new record with 55,003 vehicle deliveries, representing a 51% year-over-year increase, and reached an additional milestone in October with monthly deliveries of 25,049 units. Notably, the ZEEKR 7X’s deliveries exceeded 20,000 units within 50 days since its launch, marking a robust achievement in the highly competitive mainstream SUV market. As we expand our product lineup and strengthen each model’s position in its respective category, we are delivering ZEEKR’s ultimate driving experience to more users, further cementing ZEEKR’s industry leadership.”
Mr. Jing Yuan, ZEEKR’s chief financial officer, added, “Our disciplined cost control measures, coupled with ongoing optimization of product structure, economies of scale, and technological innovation, drove a 30.7% year-over-year increase in revenue. Vehicle sales for the quarter grew by 42.0% and 7.2% year-over-year and quarter-over-quarter, respectively. Meanwhile, vehicle margin remained on an upward trajectory, rising to 15.7% in the third quarter of 2024, highlighting our consistent progress in profitability enhancement. Looking ahead, we will continue to consolidate resources, strengthen product capabilities, and expand our industry presence to propel our sustainable growth.”
Financial Results for the Third Quarter of 2024
Revenues
Total revenues were RMB18,358.0 million (US$2,616.0 million) for the third quarter of 2024, representing an increase of 30.7% from RMB14,044.6 million for the third quarter of 2023 and a decrease of 8.4% from RMB20,040.1 million for the second quarter of 2024.
Revenues from vehicle sales were RMB14,401.3 million (US$2,052.2 million) for the third quarter of 2024, representing an increase of 42.0% from RMB10,143.7 million for the third quarter of 2023, and an increase of 7.2% from RMB13,438.2 million for the second quarter of 2024. The year-over-year increase was due to the increase in new product delivery volume, partially offset by the lower average selling price due to the different product mix and pricing strategy changes between the two quarters. The quarter-over-quarter increase was mainly attributable to the launch of the ZEEKR 7X new model in the third quarter of 2024 and the higher average selling price resulting from changes in product mix.
Revenues from sales of batteries and other components were RMB3,245.3 million (US$462.5 million) for the third quarter of 2024, representing a decrease of 1.3% from RMB3,288.8 million for the third quarter of 2023 and a decrease of 38.8% from RMB5,299.2 million for the second quarter of 2024. The revenues from sales of batteries and other components remained relatively stable compared with the third quarter of 2023. The quarter-over-quarter decrease was mainly driven by lower sales volume of battery packs in the domestic market.
Revenues from research and development service and other services were RMB711.4 million (US$101.4 million) for the third quarter of 2024, representing an increase of 16.2% from RMB612.1 million for the third quarter of 2023 and a decrease of 45.4% from RMB1,302.6 million for the second quarter of 2024. The year-over-year increase was mainly due to the increased sales of after-sales vehicle services. The quarter-over-quarter decrease was mainly due to the decreased sales of research and development services to related parties.
Cost of Revenues and Gross Margin
Cost of revenues was RMB15,416.2 million (US$2,196.8 million) for the third quarter of 2024, representing an increase of 31.1% from RMB11,755.2 million for the third quarter of 2023 and a decrease of 7.1% from RMB16,590.2 million for the second quarter of 2024. The year-over-year increase was mainly attributable to the increase in vehicle delivery volume and the quarter-over-quarter decrease was mainly attributable to the decrease in sales of batteries and other components.
Gross profit was RMB2,941.8 million (US$419.2 million) for the third quarter of 2024, representing an increase of 28.5% from RMB2,289.4 million for the third quarter of 2023 and a decrease of 14.7% from RMB3,449.8 million for the second quarter of 2024.
Gross margin was 16.0% for the third quarter of 2024, compared with 16.3% for the third quarter of 2023 and 17.2% for the second quarter of 2024. The gross margin remained relatively stable compared with the third quarter of 2023. The quarter-over-quarter decrease was mainly attributable to the decreased margins on batteries and other components.
Vehicle margin was 15.7% for the third quarter of 2024, compared with 18.1% for the third quarter of 2023 and 14.2% for the second quarter of 2024. The year-over-year decrease was primarily attributed to the lower average selling price of ZEEKR vehicles due to the different product mix and pricing strategy changes between the two quarters, partially offset by the procurement savings as the cost of auto parts and materials decreased. The quarter-over-quarter increase was mainly due to the change in product mix.
Operating Expenses
Research and development expenses were RMB1,966.2 million (US$280.2 million) for the third quarter of 2024, representing a decrease of 2.6% from RMB2,018.1 million for the third quarter of 2023 and a decrease of 25.1% from RMB2,623.5 million for the second quarter of 2024. Research and development expenses remained relatively stable compared with the third quarter of 2023. The quarter-over-quarter decrease was mainly due to a one-off, large quantity of share-based compensation expenses in the second quarter, conditioned on the Company’s initial public offering.
Selling, general and administrative expenses were RMB2,274.8 million (US$324.1 million) for the third quarter of 2024, representing an increase of 25.4% from RMB1,813.9 million for the third quarter of 2023 and a decrease of 12.7% from RMB2,604.7 million for the second quarter of 2024. The year-over-year increase was mainly due to increased expenses related to the expansion of offline channels in China and overseas as well as the marketing activities of the launch of new models. The quarter-over-quarter decrease was mainly due to a one-off, large quantity of share-based compensation expenses in the second quarter, conditioned on the Company’s initial public offering.
Loss from Operations
Loss from operations was RMB1,216.4 million (US$173.3 million) for the third quarter of 2024, representing a decrease of 19.3% from RMB1.507.8 million for the third quarter of 2023 and a decrease of 29.3% from RMB1,721.0 million for the second quarter of 2024.
Non-GAAP loss from operations, which excludes share-based compensation expenses from loss from operations, was RMB1,169.8 million (US$166.7 million) for the third quarter of 2024, representing a decrease of 20.8% from RMB1,477.6 million for the third quarter of 2023 and an increase of 50.5% from RMB777.1 million for the second quarter of 2024.
Net Loss and Net Loss Per Share
Net loss was RMB1,139.1 million (US$162.3 million) for the third quarter of 2024, representing a decrease of 21.7% from RMB1,455.7 million for the third quarter of 2023 and a decrease of 37.0% from RMB1,808.8 million for the second quarter of 2024.
Non-GAAP net loss, which excludes share-based compensation expenses from net loss, was RMB1,092.6 million (US$155.7 million) for the third quarter of 2024, representing a decrease of 23.4% from RMB1,425.6 million for the third quarter of 2023 and an increase of 26.3% from RMB864.9 million for the second quarter of 2024.
Net loss attributable to ordinary shareholders of ZEEKR was RMB1,226.3 million (US$174.7 million) for the third quarter of 2024, representing a decrease of 16.9% from RMB1,476.1 million for the third quarter of 2023 and a decrease of 44.0% from RMB2,190.2 million for the second quarter of 2024.
Non-GAAP net loss attributable to ordinary shareholders of ZEEKR, which excludes share-based compensation expenses from net loss attributable to ordinary shareholders, was RMB1,179.7 million (US$168.1 million) for the third quarter of 2024, representing a decrease of 18.4% from RMB1,445.9 million for the third quarter of 2023 and a decrease of 5.3% from RMB1,246.3 million for the second quarter of 2024.
Basic and diluted net loss per share attributed to ordinary shareholders were RMB0.48 (US$0.07) each for the third quarter of 2024, compared with RMB0.74 each for the third quarter of 2023 and RMB0.95 each for the second quarter of 2024.
Non-GAAP basic and diluted net loss per share attributed to ordinary shareholders were both RMB0.46 (US$0.07) each for the third quarter of 2024, compared with RMB0.72 each for the third quarter of 2023 and RMB0.54 each for the second quarter of 2024.
Basic and diluted net loss per American Depositary Share (“ADS[4]”) attributed to ordinary shareholders were RMB4.80 (US$0.68) each for the third quarter of 2024, compared with RMB9.51 each for the second quarter of 2024.
Non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders were RMB4.62 (US$0.66) each for the third quarter of 2024, compared with RMB5.41 each for the second quarter of 2024.
[4] Each ADS represents ten ordinary shares.
Balance Sheets
Cash and cash equivalents and restricted cash was RMB8,297.7 million (US$1,182.4 million) as of September 30, 2024.
Conference Call
The Company’s management will host an earnings conference call on Thursday, November 14, 2024, at 7:00 A.M. U.S. Eastern Time (8:00 P.M. Beijing/Hong Kong Time on the same day).
All participants who wish to join the call are requested to complete the online registration using the link provided below. After registration, each participant will receive by email a set of dial-in numbers, a passcode and a unique access PIN to join the conference call. Participants may pre-register at any time, including up to and after the call start time.
Participant Online Registration: https://dpregister.com/sreg/10194063/fdd5d5735e
A live webcast of the conference call will be available on the Company’s investor relations website at https://ir.zeekrlife.com/.
About ZEEKR
ZEEKR (NYSE: ZK) is a global premium electric mobility technology brand from Geely Holding Group. ZEEKR aims to create a fully integrated user ecosystem with innovation as a standard. ZEEKR utilizes Sustainable Experience Architecture (SEA) and develops its own battery technologies, battery management systems, electric motor technologies, and electric vehicle supply chains. ZEEKR’s value is equality, diversity, and sustainability. Its ambition is to become a true mobility solution provider.
ZEEKR operates its R&D centers and design studios in Ningbo, Hangzhou, Gothenburg, and Shanghai and boasts state-of-the-art facilities and world-class expertise. Since ZEEKR began delivering vehicles in October 2021, the brand has developed a diversified product portfolio that primarily includes the ZEEKR 001, a luxury shooting brake; the ZEEKR 001 FR, a hyper-performing electric shooting brake; the ZEEKR 009, a pure electric luxury MPV; the ZEEKR 009 Grand, a four-seat ultra-luxury flagship MPV; the ZEEKR X, a compact SUV; the ZEEKR 7X, a premium electric five-seater SUV; the ZEEKR MIX; and an upscale sedan model. ZEEKR has announced plans to sell vehicles in global markets, and has an ambitious roll-out plan over the next 5 years to satisfy the rapidly expanding global EV demand.
For more information, please visit https://ir.zeekrlife.com/.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic and diluted net loss per ordinary share attributed to ordinary shareholders, non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, 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 net loss or other consolidated statements of comprehensive loss data 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 Reconciliations of GAAP and non-GAAP Results” set forth in this announcement.
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 RMB7.0176 to US$1.00, the exchange rate on September 30, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “future,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any duty to update such information, except as required under applicable law.
For Investor Enquiries
ZEEKR
Investor Relations
Email: ir@zeekrlife.com
For Media Enquiries
ZEEKR
Media Relations
Email: Globalcomms@zeekrlife.com
ZEEKR INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
As of
December 31
September 30
September 30
2023
2024
2024
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
3,260,670
5,640,993
803,835
Restricted cash
844,079
2,656,734
378,582
Notes receivable
487,851
952,108
135,674
Accounts receivable
1,104,450
2,096,355
298,728
Inventories
5,228,689
4,745,085
676,169
Amounts due from related parties
7,256,861
6,535,623
931,319
Prepayments and other current assets
2,294,508
2,711,024
386,317
Total current assets
20,477,108
25,337,922
3,610,624
Property, plant and equipment, net
2,914,274
3,265,370
465,312
Intangible assets, net
410,912
624,404
88,977
Land use rights, net
51,755
62,185
8,861
Operating lease right-of-use assets
2,443,545
2,225,175
317,085
Deferred tax assets
86,395
195,175
27,812
Long-term investments
459,794
629,383
89,686
Other non-current assets
273,717
367,752
52,404
Total non-current assets
6,640,392
7,369,444
1,050,137
TOTAL ASSETS
27,117,500
32,707,366
4,660,761
ZEEKR INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Amounts in thousands)
As of
December 31
September 30
September 30
2023
2024
2024
RMB
RMB
US$
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term Borrowings
–
30,000
4,275
Accounts payable
4,104,717
3,589,418
511,488
Notes payable
5,504,945
12,474,151
1,777,552
Amounts due to related parties
16,355,902
15,008,230
2,138,656
Income tax payable
108,083
172,826
24,628
Accruals and other current liabilities
6,243,956
8,114,841
1,156,354
Total current liabilities
32,317,603
39,389,466
5,612,953
Long-term borrowings
–
414,630
59,084
Operating lease liabilities, non-current
1,807,159
1,577,950
224,856
Amounts due to related parties, non-current
1,100,000
–
–
Other non-current liabilities
563,001
540,082
76,961
Deferred tax liability
8,337
8,224
1,172
Total non-current liabilities
3,478,497
2,540,886
362,073
TOTAL LIABILITIES
35,796,100
41,930,352
5,975,026
SHAREHOLDERS’ EQUITY
Ordinary shares
2,584
3,361
479
Convertible preferred shares
362
–
–
Shares subscription receivable
–
(66)
(9)
Additional paid-in capital
11,213,798
15,683,094
2,234,823
Accumulated deficits
(20,865,686)
(26,296,475)
(3,747,218)
Accumulated other comprehensive income/(loss)
17,555
(26,402)
(3,762)
Total ZEEKR shareholders’ deficit
(9,631,387)
(10,636,488)
(1,515,687)
Non-controlling interest
952,787
1,413,502
201,422
TOTAL SHAREHOLDERS’ DEFICIT
(8,678,600)
(9,222,986)
(1,314,265)
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
27,117,500
32,707,366
4,660,761
ZEEKR INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME
(Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted)
Three Months Ended
September 30
June 30
September 30
September 30
2023
2024
2024
2024
RMB
RMB
RMB
US$
Revenues:
Vehicle sales
10,143,742
13,438,241
14,401,309
2,052,170
Sales of batteries and other components
3,288,766
5,299,171
3,245,331
462,456
Research and development service and
other services
612,103
1,302,639
711,362
101,368
Total revenues
14,044,611
20,040,051
18,358,002
2,615,994
Cost of revenues:
Vehicle sales
(8,308,327)
(11,533,020)
(12,146,781)
(1,730,902)
Sales of batteries and other components
(3,050,588)
(4,223,452)
(2,808,646)
(400,229)
Research and development service and
other services
(396,289)
(833,756)
(460,775)
(65,660)
Total cost of revenues
(11,755,204)
(16,590,228)
(15,416,202)
(2,196,791)
Gross profit
2,289,407
3,449,823
2,941,800
419,203
Operating expenses:
Research and development expenses
(2,018,136)
(2,623,471)
(1,966,167)
(280,177)
Selling, general and administrative
expenses
(1,813,890)
(2,604,665)
(2,274,751)
(324,149)
Other operating income, net
34,851
57,287
82,747
11,791
Total operating expenses
(3,797,175)
(5,170,849)
(4,158,171)
(592,535)
Loss from operations
(1,507,768)
(1,721,026)
(1,216,371)
(173,332)
Interest expense
(28,186)
(23,396)
(8,088)
(1,153)
Interest income
27,614
42,537
43,255
6,163
Other income/(expense), net
6,020
(7,809)
54,967
7,833
Loss before income tax expense and
share of losses in equity method
investments
(1,502,320)
(1,709,694)
(1,126,237)
(160,489)
Share of income in equity method
investments
33,021
85,852
81,500
11,614
Income tax benefits/(expense)
13,605
(184,980)
(94,409)
(13,453)
Net loss
(1,455,694)
(1,808,822)
(1,139,146)
(162,328)
Less: income attributable to non-
controlling interest
20,368
381,363
87,134
12,416
Net loss attributable to shareholders
of ZEEKR
(1,476,062)
(2,190,185)
(1,226,280)
(174,744)
ZEEKR INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME (CONTINUED)
(Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted)
Three Months Ended
September 30
June 30
September 30
September 30
2023
2024
2024
2024
RMB
RMB
RMB
US$
Net loss per share attributed to
ordinary shareholders:
Basic and diluted
(0.74)
(0.95)
(0.48)
(0.07)
Weighted average shares used in
calculating net loss per share:
Basic and diluted
2,000,000,000
2,301,866,887
2,552,901,668
2,552,901,668
Net loss per ADS attributed to
ordinary shareholders:
Basic and diluted
–
(9.51)
(4.80)
(0.68)
Weighted average ADS used in
calculating net loss per ADS:
Basic and diluted
–
230,186,689
255,290,167
255,290,167
Net loss
(1,455,694)
(1,808,822)
(1,139,146)
(162,328)
Other comprehensive income/(loss),
net of tax of nil:
Foreign currency translation
adjustments
(35,240)
74,670
(75,858)
(10,810)
Comprehensive loss
(1,490,934)
(1,734,152)
(1,215,004)
(173,138)
Less: comprehensive income/(loss)
attributable to non-controlling interest
20,368
381,363
87,134
12,416
Comprehensive loss attributable to
shareholders of ZEEKR
(1,511,302)
(2,115,515)
(1,302,138)
(185,554)
ZEEKR INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted)
Three Months Ended
September 30
June 30
September 30
September 30
2023
2024
2024
2024
RMB
RMB
RMB
US$
Loss from operations
(1,507,768)
(1,721,026)
(1,216,371)
(173,332)
Share-based compensation expenses
30,142
943,921
46,595
6,640
Non-GAAP loss from operations
(1,477,626)
(777,105)
(1,169,776)
(166,692)
Net loss
(1,455,694)
(1,808,822)
(1,139,146)
(162,328)
Share-based compensation expenses
30,142
943,921
46,595
6,640
Non-GAAP net loss
(1,425,552)
(864,901)
(1,092,551)
(155,688)
Net loss attributable to ordinary
shareholders
(1,476,062)
(2,190,185)
(1,226,280)
(174,744)
Share-based compensation expenses
30,142
943,921
46,595
6,640
Non-GAAP net loss attributable to
ordinary shareholders of ZEEKR
(1,445,920)
(1,246,264)
(1,179,685)
(168,104)
Weighted average number of
ordinary shares used in calculating
Non-GAAP net loss per share
Basic and diluted
2,000,000,000
2,301,866,887
2,552,901,668
2,552,901,668
Non-GAAP net loss per ordinary
share attributed to ordinary
shareholders
Basic and diluted
(0.72)
(0.54)
(0.46)
(0.07)
Weighted average number of ADS
used in calculating Non-GAAP net
loss per ADS
Basic and diluted
–
230,186,689
255,290,167
255,290,167
Non-GAAP net loss per ADS
attributed to ordinary shareholders
Basic and diluted
–
(5.41)
(4.62)
(0.66)
View original content:https://www.prnewswire.com/news-releases/zeekr-reports-third-quarter-2024-unaudited-financial-results-302305084.html
SOURCE ZEEKR Intelligent Technology Holding Limited
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