Technology
ZEEKR Reports Third Quarter 2024 Unaudited Financial Results
Published
18 hours agoon
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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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Huawei Cloud in France: Building an AI-Native Cloud to Amplify Intelligence on the Tech Stage
Published
45 minutes agoon
November 14, 2024By
PARIS, Nov. 14, 2024 /PRNewswire/ — HUAWEI CONNECT 2024 PARIS commenced today, featuring the first Huawei Cloud Summit France. Huawei Cloud is building an AI-native cloud through systematic innovation and service reshaping. Moving forward, Huawei Cloud will continue to drive innovation in both the “AI for Cloud” and “Cloud for AI” directions, accelerating the intelligent transformation across industries in France.
Jacqueline Shi, President of Huawei Cloud Global Marketing and Sales Service, delivered a welcome speech in her digital presence built using Huawei Cloud MetaStudio. She stated, “Innovation is the heart of our success, our competitiveness, and our growth. That’s why we invest heavily in R&D to bring you the most secure and reliable cloud services possible, including cloud native, AI, and big data. In Europe, Huawei Cloud has collaborated with over 500 local partners to deliver a wide range of industry-specific solutions and proven expertise, enabling European businesses to expedite their cloud adoption, leverage global resources, and achieve leapfrog growth.”
In his keynote speech, William Dong, President of Huawei Cloud Marketing, highlighted the importance of AI in building economic moats. To this end, Huawei Cloud launches Pangu models to enable intelligent upgrades across industries, with over 400 use cases in 30 industries now benefiting from Huawei Cloud’s AI-native cloud infrastructure that extends cutting-edge technologies and premium experiences to European customers. On the tech stage, Huawei Cloud is set to amplify intelligence.
Huawei Cloud’s AI-native strategy has been a cornerstone of the company’s innovation. This strategy is twofold: AI for Cloud and Cloud for AI, marking significant advancements in Huawei Cloud’s capabilities. “AI for Cloud” means integrating Pangu models with cloud services for product R&D, data governance, security, and O&M to make them more intelligent and efficient.
With full-stack systemic innovations, “Cloud for AI” covers data centers, cloud platform architectures, and infrastructure services, enabling efficient and high-performance data preparation, training, inference, and application of foundation models. The distributed cloud database GaussDB features high performance, high intelligence, and easy migration. Huawei Cloud Stack 8.5 provides more than 120 locally deployed cloud services and 50 industry-specific solutions, building the optimal hybrid cloud for intelligent transformation.
At this summit, Huawei Cloud officially released the Flexus cloud services for small- and medium-sized enterprises (SMEs) in France. Flexus feature flexible specifications, AI-driven high speed, 6x burst speed, compute hot upgrade, and ultimate experience.
Presently, Huawei Cloud has more than 500 customers, partners, and developers in France. Song Wanying, President of Huawei Cloud France, shared insights on fostering business growth through cloud innovation and introduced new media & entertainment, e-commerce, and retail solutions for the French market, furthering intelligent initiatives.
Huawei Cloud has upgraded media services in a 3E approach: efficiency, experience, and evolution. For instance, AIGC for virtual humans can significantly reduce the time required for short video production from days to mere minutes. In terms of experience, Huawei Cloud leverages its self-developed RTP protocol to minimize latency to 500 ms and reduce frame freezing to 10%. For business model evolution, Huawei Cloud offers virtual human technology to facilitate efficient video production, leading to new business opportunities and growth.
In retail and e-commerce, Huawei Cloud has developed the B.R.A.N.D. model to assist retailers in driving innovation and growth. Through professional services, deterministic operations, security, reliability, and 16 sub-scenario solutions, B.R.A.N.D. enables retailers to build agile, efficient, and secure business systems.
In terms of ecosystem expansion, Huawei Cloud has partnered with Station F, the world’s largest startup incubator, to launch a sustainability-themed incubation program. This program aims to provide comprehensive support for startups, including cloud resources, investment opportunities, and dedicated office spaces. Additionally, Huawei Cloud and 20 ecosystem partners have unveiled the Industry Partner Innovation Program at the summit.
This two-day event features a packed agenda, including the partner forum and the Cloud Native Elite Club (CNEC) roundtable. At this year’s HUAWEI CONNECT Europe, CNEC returned to Europe and invited its first members to join this technical community built for European technology pioneers.
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View original content:https://www.prnewswire.co.uk/news-releases/huawei-cloud-in-france-building-an-ai-native-cloud-to-amplify-intelligence-on-the-tech-stage-302306351.html
Technology
ALBERT GAHFI, NEWCO CAPITAL GROUP CEO, NOMINATED FOR THE U.S. FINTECH AWARDS’ INNOVATOR OF THE YEAR
Published
45 minutes agoon
November 14, 2024By
NEW YORK, Nov. 14, 2024 /PRNewswire/ — NewCo Capital Group is proud to announce that Albert Gahfi, CEO of NewCo Capital Group and Co-Founder and Director of Bizcap, has been nominated for the prestigious Innovator of the Year Award by the U.S. FinTech Awards. This recognition highlights Albert’s groundbreaking contributions to the FinTech sector and his dedication to founding companies that empower small businesses with forward-thinking capital solutions.
As a proven enterprise-building founder and CEO, Albert co-founded Kings Cash Group and oversaw its merger with a large FinTech consortium that included an SEC-registered fund. As the Co-Founder and CEO of NewCo Capital Group, Capytal.com, and NewCo Canada, as well as the co-founder of Melbourne-based BizCap, Albert’s global expansion strategy has led to the opening of offices in New Zealand, the United Kingdom, and a recently announced strategic initiative in Asia via Singapore.
The nomination for Innovator of the Year underscores NewCo’s commitment to reshaping how small-to-medium businesses and enterprise companies access financing. Since its founding, NewCo has remained at the forefront of Specialty Finance within the FinTech sector, continually creating custom capital solutions that leverage advanced technology, nuanced underwriting, and a deep understanding of client needs.
Bruce Gurvitsch, Chief Revenue Officer for NewCo Capital Group and Capytal.com, commended the nomination, stating, “Albert’s nomination for Innovator of the Year reflects his unwavering pursuit of excellence—a drive that defines our mission at NewCo. We’re committed to pushing the boundaries of what’s possible in FinTech, ensuring that SMBs have access to the capital they need for growth, job creation, and long-term success.”
NewCo and its affiliate companies have transformed traditional financing models, making it easier, faster, and more efficient for businesses to secure funding. With over $1.8 billion deployed across 40,000+ businesses globally, NewCo continues to lead the charge in specialized financing and working capital.
Reflecting on the nomination, Gahfi remarked, ‘This recognition from the U.S. FinTech Awards validates our efforts and inspires us to continue delivering the most innovative solutions to the market.’ He emphasized NewCo’s long-term vision, adding, ‘We are focused on what’s next—continuing to build the tools and services that will drive the future of FinTech. Our mission has always been to empower small businesses globally.’
For more information about NewCo Capital Group, visit www.NewCoCapitalGroup.com or email Info@NewCoCapitalGroup.com.
About NewCo Capital Group & Capytal.com
Founded in 2020, NewCo Capital Group and its affiliate companies empower SMBs globally with fast, accessible financing and funding. The companies have successfully deployed $1.8 billion to over 40,000 SMBs while maintaining a 4.9/5 Trustpilot rating.
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SOURCE NewCo Capital Group
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Enrollsy Unveils Brand Refresh and New Website to Enhance Enrollment Experience for Schools, Camps, Nonprofits, and More
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November 14, 2024By
LEHI, Utah, Nov. 14, 2024 /PRNewswire/ — Enrollsy, the platform dedicated to making enrollment simple and accessible for organizations of all sizes, is thrilled to announce its brand refresh and launch of a new website at www.enrollsy.com. With a renewed focus on simplifying enrollment processes and delivering unparalleled support, Enrollsy’s brand refresh reinforces its commitment to empowering non-technical professionals with a seamless, user-friendly experience.
The name “Enrollsy” reflects the platform’s mission: combining “enroll” and “easy” to describe a solution that effortlessly manages the enrollment process—from sign-up to payments and communications—without requiring technical expertise or IT support. Enrollsy’s customizable platform is designed to solve enrollment challenges and make life easier for administrators everywhere.
Empowering Purpose, Mission, Vision, and Values
Driven by a purpose to create an exceptional experience from the first interaction to ongoing support, Enrollsy ensures every aspect of its service is tailored to customer needs. Enrollsy’s mission—to provide an amazing enrollment experience to 10 million people in a single year—drives the platform to innovate, simplify, and perfect enrollment solutions for organizations managing data, payments, and communications.
Enrollsy envisions a world where education, enrichment, and connection drive better outcomes, helping organizations fulfill their missions. As a trusted partner, Enrollsy shares its values with customers by prioritizing consistency, honoring commitments, and maintaining clear, actionable communication.
Unmatched Customer Experiences
Enrollsy’s brand refresh also highlights its commitment to delivering value through real-life customer success stories. Elizabeth Fizer, owner of Fizer Fine Art, shares, “Enrollsy transformed our registration process from an absolute nightmare to easily manageable. Their unmatched customer service and ability to tailor the software to meet our specific needs allowed us to offer flexible schedules and simplified invoicing—enabling me to focus on my family during a busy registration period. Parents found it easy and intuitive, which only enhanced our customer experience.”
Similarly, Matthew Vinson from Common Ground on the Hill, a nonprofit, noted, “Enrollsy exceeded our expectations by listening to our unique needs and creating a system that integrates with our existing applications seamlessly. They understood our operations and provided features we needed, making the registration process efficient and stress-free.”
Visit the New Enrollsy Website
Enrollsy’s reimagined website offers a refreshed look at how the platform simplifies enrollment, billing, and communication for education, enrichment, and nonprofit organizations across the U.S., Australia, and Canada. Visitors are invited to explore www.enrollsy.com to discover how Enrollsy’s solutions are transforming the enrollment experience and simplifying administrative processes.
About Enrollsy Enrollsy provides a complete, easy-to-use solution for managing enrollments, payments, and participant communications. Designed for non-technical professionals, Enrollsy’s mission is to simplify enrollment for organizations while delivering unmatched support and flexibility. Visit www.enrollsy.com to learn more about how Enrollsy is shaping the future of enrollment.
View original content to download multimedia:https://www.prnewswire.com/news-releases/enrollsy-unveils-brand-refresh-and-new-website-to-enhance-enrollment-experience-for-schools-camps-nonprofits-and-more-302306358.html
SOURCE Enrollsy, Inc.
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ALBERT GAHFI, NEWCO CAPITAL GROUP CEO, NOMINATED FOR THE U.S. FINTECH AWARDS’ INNOVATOR OF THE YEAR
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