Technology
Cheche Group Reports Second Quarter 2024 Unaudited Financial Results
Published
3 weeks agoon
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BEIJING, Aug. 29, 2024 /PRNewswire/ — Cheche Group Inc. (NASDAQ: CCG) (“Cheche”, the “Company” or “we”), China’s leading auto insurance technology platform, today announced its unaudited financial results for the second quarter ended June 30, 2024.
Financial and Operational Highlights
Net revenues for the quarter increased 2.5% year-over-year to RMB851.8 million (US$117.2 million), while net revenues for the first half of 2024 increased 1.8% over the comparable prior year period to RMB1.6 billion (US$225.5million).Net loss for the quarter decreased 16.4% year-over-year to RMB23.6 million (US$3.2 million), while net loss for the first half of 2024 decreased 24.0% to RMB54.9 million (US$7.6 million) over the prior-year period.Adjusted net loss (1) for the quarter decreased 38.8%, from RMB20.0 million in the prior-year period to RMB12.2 million (US$1.7 million), while adjusted net loss for the first half of 2024 decreased 12.0% to RMB24.4 million (US$3.4 million), compared to the prior-year period.Total written premiums placed for the quarter was RMB5.6 billion (US$0.78 billion) and remained stable as compared to the prior-year period, while total written premiums placed for the first half of 2024 increased 4.2% over the comparable prior-year period to RMB11.1 billion (US$ 1.5 billion).Total number of policies issued for the quarter increased 11.1% to 4.0 million from 3.6 million for the prior-year quarter, while the total number of policies issued over the first half of 2024 increased 15.9% over the comparable prior-year period to 8.0 million.Partnerships with New Energy Vehicle (NEV) companies (2) numbered 12 in the quarter and led to 225,000 policies embedded in new NEV deliveries with corresponding written premium of RMB662.6 million (US$91.2 million), representing an increase of 147.3% and 99.6% compared to the prior-year quarter, respectively. Policies embedded in the new NEV deliveries and corresponding written premium for the first half of 2024 reached 344,000 and RMB1.0 billion (US$142.1 million), respectively, representing growth of 140.6% for policies embedded and 91.3% for written premium compared to the prior-year period.
(1) Adjusted Net Loss is a non-GAAP measure. For further information on the non-GAAP financial measures presented above, see the “Non-GAAP Financial Measures” section below.
(2) The rapid growth of the NEV market has created new opportunities for auto insurance offerings and propelled revenue growth of auto insurance providers. Cheche started to collaborate with NEV manufacturers in 2022, and such collaborations yielded considerable results in 2023. Cheche believes that the further growth of the NEV market and the introduction of innovative NEV auto insurance solutions will further fuel the revenue contribution of its partnership with NEV manufacturers. The management of Cheche utilizes the number of partnerships with NEV manufacturers, the number of insurance policies embedded in the new NEV deliveries, and the amount of corresponding premium generated from such embedded policies as the main operating metrics to evaluate its business and presents such operating metrics for investors to better understand and evaluate Cheche’s business.
Management Comments
“Cheche reported positively-trending bottom-line results and continues to see revenue growth driven in part by increased engagement with our ever-evolving technology platform,” said Lei Zhang, Founder, CEO, and Chairman of Cheche. “As we continue to gain scale as the technology partner for NEVs and our visibility increases with traditional vehicle manufacturers, our market influence and ability to generate efficiencies continues to improve.
“The first two months of this quarter have seen retail sales of NEVs rebound to the second highest sales on record in China and the NEV penetration rate reach a new high in June as more Chinese consumers adopt electric vehicles. Through our new and ongoing partnerships with Volkswagen (Anhui), Xiaomi Group, and other NEV manufacturers we’re able to effectively meet the ever-changing, intelligent insurance needs of car owners.”
Unaudited Second Quarter 2024 Financial Results
Net Revenues were RMB851.8 million (US$117.2 million), representing a 2.5% year-over-year increase from the prior-year quarter. The growth was driven by the increase in insurance transactions conducted through Cheche’s platform by referral partners and third-party platform partners.
Cost of Revenues increased 1.9% year-over-year to RMB820.9 million (US$113.0 million) from the prior-year quarter, which was consistent with the growth of business volume and net revenues.
Selling and Marketing Expenses increased 14.2% to RMB19.3 million (US$2.7 million) from RMB16.9 million in the prior-year quarter, mainly due to the increase in staff cost, marketing, and share-based compensation expenses. Excluding share-based compensation expenses, selling and marketing expenses were RMB18.3 (US$2.5 million) million, an increase of 12.2% compared to the prior-year quarter.
General and Administrative Expenses increased 41.8% to RMB27.7 million (US$3.8 million) from RMB19.6 million for the prior-year quarter, mainly due to the increase of share-based compensation and dispute resolution expenses. Excluding share-based compensation and dispute resolution expenses and listing-related professional service fees, general and administrative expenses increased by RMB2.4 million from RMB14.7 million to RMB17.1 million (US$2.3 million), primarily as a result of post-listing professional service fees of RMB4.1 million.
Research and Development Expenses decreased 21.1% to RMB9.1 million (US$1.3 million) from RMB11.6 million in the prior-year quarter. The change was mainly driven by decreased staff costs. Excluding share-based compensation expenses, research and development expenses decreased 24.7% to RMB8.6 million (US$1.2 million) from RMB11.5 million in the prior-year quarter.
Total Cost and Operating Expenses increased 2.7% to RMB877.1 million (US$120.7 million) from RMB854.1 million in the prior-year quarter, mainly due to the increase in cost of revenues and share-based compensation expenses. Excluding share-based compensation expenses, amortization of intangible assets related to acquisition, listing-related professional service fees and dispute resolution expenses, total cost and operating expenses increased 1.9% from the prior-year quarter.
Net Loss decreased 16.4% to RMB23.6 million (US$3.2 million) over the prior-year quarter. Excluding non-GAAP expenses, the Adjusted Net Loss decreased 38.8% to RMB12.2 million (US$1.7 million) from RMB20.0 million for the prior-year quarter.
Net Loss attributable to Cheche’s shareholders decreased 80.0% to RMB23.6 million (US$3.2 million) from RMB117.7 million for the prior-year quarter.
Adjusted Net Loss attributable to Cheche’s shareholders decreased 88.8% to RMB12.2 million (US$1.7 million) from RMB109.4 million for the prior-year quarter.
Net Loss Per Share, basic and diluted, was RMB0.31 (US$0.04), representing a decrease of 91.3% compared to a loss of RMB3.56 for the prior-year quarter.
Adjusted Net Loss Per Share, basic and diluted, was RMB0.16 (US$0.02), representing a decrease of 95.2% compared to a loss of RMB3.31 for the prior-year quarter.
2Q24 and Subsequent Business Highlights
On May 13, 2024, Cheche announced its partnership with Volkswagen (Anhui) Digital Sales and Services Co., Ltd., the exclusive service provider of NEV insurance business for Volkswagen (Anhui) Automotive Company Limited (“Volkswagen Anhui”). Cheche aims to support Volkswagen Anhui’s branded insurance needs and enhance the attractiveness of Volkswagen Anhui’s branded insurance products, boosting its penetration rate.On June 20, 2024, Cheche announced its partnership with NIO Insurance Broker Co., Ltd. (“NIO Insurance Broker”) to provide its accessible digital platform powered by industry-leading technology, simplifying the process of securing auto insurance for NIO’s customers, while reducing front-end insurance delivery costs and enabling NIO to digitally manage its insurance business. Cheche is committed to creating value for its partners throughout the product lifecycle.On June 27, 2024, Cheche announced a strategic partnership with Beijing Anpeng Insurance Broker Co., Ltd. (“Beijing Anpeng”), a subsidiary of Beijing Automotive Group Co., Ltd. (“BAIC Group”). BAIC Group is one of the largest auto manufacturers in China, producing and selling vehicles through its own brands as well as foreign-branded joint-ventures, with Beijing Anpeng handling the insurance business for the brands, which encompass ARCFOX, Beijing Automotive, Beijing Hyundai, Beijing Benz, and Beijing Off-road, among others. The partnership names Cheche as the core partner of BAIC Group, providing digital insurance solutions for brands. The opportunity is already off to a strong start with ARCFOX’s service system being launched as a direct-sales channel, the system for Beijing Automotive, expected to cover 200 dealerships by the end of the year, in the process of being rolled out, and Beijing Hyundai’s planned service system expected to cover 100 dealerships at year end.On August 15, 2024, Cheche announced a strategic partnership with Dongfeng Motor Group Company Limited’s (“Dongfeng Motor Group”) insurance provider, Wuhan Dongfeng Insurance Broker Co., Ltd. (“Dongfeng Insurance”). Dongfeng Insurance designated Cheche as an approved provider for Dongfeng Motor Group’s NEV brands, such as VOYAH, a luxury EV brand that recently engaged the services of Cheche’s digital insurance solutions platform.On August 19, 2024, Cheche Group announced its latest progress with BAIC Group’s NEV brand ARCFOX. Cheche has successfully launched a full-service insurance platform for ARCFOX that provides its car owners with a comprehensive insurance application system. The collaboration with ARCFOX allows Cheche to gradually introduce high-margin insurance products, while continuing to grow its NEV insurance presence, thereby diversifying Cheche’s revenue mix and boosting the Company’s reputation among automotive enterprises.
Balance Sheet
As of June 30, 2024, the Company had RMB204.6 million (US$28.2 million) in total cash and cash equivalents and short-term investments.
Business Outlook
Cheche affirms its full year 2024 outlook, anticipating:
Net revenues to range from RMB3.5 billion to RMB3.7 billion, representing an increase of 6.1% to 12.1%, compared to the full year of 2023.Total written premiums placed to range from RMB24.5 billion to RMB26.5 billion, representing an increase of 8.4% to 17.3%, compared to the full year of 2023.
Conference Call
Cheche will host a webcast and conference call to discuss its second quarter 2024 results today at 8:00 a.m. EDT. This earnings release and a related investor deck will be available prior to the event in the “Quarterly Results” section under “Financials”, while. the live webcast will be available in the “Events” section under the “News & Events” header on the investor relations website at ir.chechegroup.com.
The dial-in numbers for the conference call are as follows:
Participant (toll-free): 1-888-346-8982Participant (international): 1-412-902-4272Hong Kong LT: 852-301-84992Hong Kong Toll Free: 800-905945China Toll-Free: 4001-201203
Please dial in 10 to 15 minutes before the scheduled start time and request Cheche’s second quarter earnings call.
A webcast replay will be available for one year following the call.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the reader’s convenience. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2672 to US$1.00, the exchange rate on June 28, 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 referenced could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.
About Cheche Group Inc.
Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 108 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche has evolved into a comprehensive, data-driven technology platform that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. Learn more at https://www.chechegroup.com/en.
Non-GAAP Financial Measures
Cheche has provided non-GAAP financial measures in this press release that have not been prepared in accordance with generally accepted accounting principles (GAAP) in the United States.
Cheche uses adjusted cost of revenues, adjusted selling and marketing expenses, adjusted general and administrative expenses, adjusted research and development expenses, adjusted total cost and operating expenses, adjusted net loss, and adjusted net loss per share, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes.
Cheche defines adjusted total cost and operating expenses as total cost and operating expenses adjusted for the impact of share-based compensation, listing-related professional service fees and dispute resolution expenses, which represents expenses incurred by Cheche in connection with settling a dispute with a certain security holder. Cheche defines adjusted net loss as net loss adjusted for the impact of share-based compensation expenses, amortization of intangible assets, and changes in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, listing related professional service fees and dispute resolution expenses. Adjusted net loss per share, basic and diluted, is calculated as adjusted net loss divided by weighted-average ordinary shares outstanding.
Cheche believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the impact of share-based compensation expenses, amortization of intangible assets related to acquisition, and change in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, and listing related professional service fees and dispute resolution expenses. Cheche believes that such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance or as an indicator of Cheche’s operating performance. Further, these non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Cheche encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure. Investors are encouraged to compare the historical non-GAAP financial measures with the most directly comparable GAAP measures. Cheche 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 its performance.
Safe Harbor Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding projections, estimations, and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale and grow its business, the Company’s advantages and expected growth, and its ability to source and retain talent, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause the Company’s actual results, levels of activity, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The forward-looking statements in this press release represent the views of the Company as of the date of this press release. Subsequent events and developments may cause those views to change. Except as may be required by law, the Company does not undertake any duty to update these forward-looking statements.
Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and
per share data)
December 31,
June 30,
June 30,
2023
2024
2024
RMB
RMB
USD
ASSETS
Current assets:
Cash and cash equivalents
243,392
133,117
18,318
Short-term investments
21,474
71,494
9,838
Accounts receivable, net
466,066
639,233
87,961
Prepayments and other current assets
49,321
52,912
7,281
Total current assets
780,253
896,756
123,398
Non-current assets:
Restricted Cash
5,000
5,000
688
Property, equipment and leasehold improvement, net
1,667
2,479
341
Intangible assets, net
8,050
7,000
963
Right-of-use assets
10,249
10,021
1,379
Goodwill
84,609
84,609
11,643
Other non-current assets
4,149
3,908
538
Total non-current assets
113,724
113,017
15,552
Total assets
893,977
1,009,773
138,950
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
316,868
467,552
64,337
Short-term borrowings
20,000
15,000
2,064
Contract liabilities
4,295
3,274
451
Salary and welfare benefits payable
73,609
73,313
10,088
Tax payable
950
875
120
Amounts due to related party
55,251
58,801
8,091
Accrued expenses and other current liabilities
25,759
23,452
3,228
Short-term lease liabilities
3,951
4,730
651
Warrant
850
1
–
Total current liabilities
501,533
646,998
89,030
Non-current liabilities:
Deferred tax liabilities
2,013
1,750
241
Long-term lease liabilities
5,398
4,485
617
Deferred revenue
1,432
1,432
197
Warrant
5,419
2,921
402
Total non-current liabilities
14,262
10,588
1,457
Total liabilities
515,795
657,586
90,487
Ordinary shares
5
5
1
Treasury stock
(1,025)
(1,025)
(141)
Additional paid-in capital
2,491,873
2,518,989
346,624
Accumulated deficit
(2,113,821)
(2,168,693)
(298,422)
Accumulated other comprehensive income
1,150
2,911
401
Total Cheche’s shareholders’ equity
378,182
352,187
48,463
Total liabilities and shareholders’ equity
893,977
1,009,773
138,950
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (All amounts
in thousands, except for share and per share data)
For the Three Months Ended
For the Six Months Ended
June 30,
June 30,
June 30,
June 30,
June 30,
June 30,
2023
2024
2024
2023
2024
2024
RMB
RMB
USD
RMB
RMB
USD
Net revenues
830,721
851,842
117,217
1,610,371
1,638,986
225,532
Cost and Operating expenses:
Cost of revenues
(806,036)
(820,913)
(112,961)
(1,551,979)
(1,574,285)
(216,629)
Selling and marketing expenses
(16,943)
(19,342)
(2,662)
(47,755)
(41,661)
(5,733)
General and administrative expenses
(19,567)
(27,745)
(3,818)
(49,694)
(61,753)
(8,497)
Research and development expenses
(11,569)
(9,128)
(1,256)
(31,303)
(18,525)
(2,549)
Total cost and operating expenses
(854,115)
(877,128)
(120,697)
(1,680,731)
(1,696,224)
(233,408)
Other expenses:
Interest income
1,108
1,282
176
1,483
3,257
448
Interest expense
(320)
(206)
(28)
(541)
(440)
(61)
Foreign exchange losses
(7,781)
(803)
(110)
(6,334)
(1,055)
(145)
Government grants
4,193
–
–
7,240
234
32
Changes in fair value of warrant
(104)
2,908
400
(127)
3,376
465
Changes in fair value of amounts due to
related party
(2,075)
(1,555)
(214)
(3,836)
(3,286)
(452)
Others, net
2
(33)
(5)
29
180
25
Loss before income tax
(28,371)
(23,693)
(3,261)
(72,446)
(54,972)
(7,564)
Income tax credit
130
92
13
258
100
14
Net loss
(28,241)
(23,601)
(3,248)
(72,188)
(54,872)
(7,550)
Accretions to preferred shares redemption
value
(89,452)
–
–
(109,991)
–
–
Net loss attributable to the Cheche’s
ordinary shareholders
(117,693)
(23,601)
(3,248)
(182,179)
(54,872)
(7,550)
Net loss
Other comprehensive income/(loss):
Foreign currency translation adjustments,
net of nil tax
10,138
1,442
198
7,410
2,016
277
Fair value changes of amounts due to
related party due to own credit risk
47
(245)
(34)
(300)
(254)
(35)
Total other comprehensive income
10,185
1,197
164
7,110
1,762
242
Total comprehensive loss
(18,056)
(22,404)
(3,084)
(65,078)
(53,110)
(7,308)
Net loss per ordinary shares
outstanding
Basic
(3.56)
(0.31)
(0.04)
(5.57)
(0.72)
(0.10)
Diluted
(3.56)
(0.31)
(0.04)
(5.57)
(0.72)
(0.10)
Weighted average number of ordinary
shares outstanding
Basic
33,098,269
77,045,425
77,045,425
32,705,091
76,264,603
76,264,603
Diluted
33,098,269
77,045,425
77,045,425
32,705,091
76,264,603
76,264,603
Reconciliation of GAAP Cost and Operating Expenses to Non-GAAP Cost and Operating Expenses
(Unaudited)
(All amounts in thousands)
For the Three Months Ended
For the Six Months Ended
June 30,
June 30,
June 30,
June 30,
June 30,
June 30,
2023
2024
2024
2023
2024
2024
RMB
RMB
USD
RMB
RMB
USD
Cost of revenues
(806,036)
(820,913)
(112,961)
(1,551,979)
(1,574,285)
(216,629)
Add: Share-based compensation expenses
2
3
–
72
6
1
Amortization of intangible assets related to
acquisition
525
525
72
1,050
1,050
144
Adjusted Cost of revenues
(805,509)
(820,385)
(112,889)
(1,550,857)
(1,573,229)
(216,484)
Selling and marketing expenses
(16,943)
(19,342)
(2,662)
(47,755)
(41,661)
(5,733)
Add: Share-based compensation expenses
614
1,025
141
9,673
3,632
500
Adjusted Selling and marketing expenses
(16,329)
(18,317)
(2,521)
(38,082)
(38,029)
(5,233)
General and administrative expenses
(19,567)
(27,745)
(3,818)
(49,694)
(61,753)
(8,497)
Add: Share-based compensation expenses
1,654
8,325
1,146
15,355
22,146
3,047
Listing related professional expenses
3,176
–
–
5,537
–
–
Dispute resolution expenses (3)
–
2,355
324
–
2,355
324
Adjusted General and administrative
expenses
(14,737)
(17,065)
(2,348)
(28,802)
(37,252)
(5,126)
Research and development expenses
(11,569)
(9,128)
(1,256)
(31,303)
(18,525)
(2,549)
Add: Share-based compensation expenses
110
496
68
8,775
1,333
183
Adjusted Research and development
expenses
(11,459)
(8,632)
(1,188)
(22,528)
(17,192)
(2,366)
Total cost and operating expenses
(854,115)
(877,128)
(120,697)
(1,680,731)
(1,696,224)
(233,408)
Adjusted total cost and operating
expenses
(848,034)
(864,399)
(118,946)
(1,640,269)
(1,665,702)
(229,209)
(3) represents expenses incurred by Cheche in connection with settling a dispute with a certain security holder, which
are not directly related to the core operations of Cheche’s business.
Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
(All amounts in thousands, except for share data and per share data)
For the Three Months Ended
For the Six Months Ended
June 30,
June 30,
June 30,
June 30,
June 30,
June 30,
2023
2024
2024
2023
2024
2024
RMB
RMB
USD
RMB
RMB
USD
Net loss
(28,241)
(23,601)
(3,248)
(72,188)
(54,872)
(7,550)
Add: Share-based compensation expenses
2,380
9,849
1,355
33,875
27,117
3,731
Amortization of intangible assets related to acquisition
525
525
72
1,050
1,050
144
Listing related professional expenses
3,176
–
–
5,537
–
–
Change in fair value of warrant
104
(2,908)
(400)
127
(3,376)
(465)
Changes in fair value of amounts due to related party
2,075
1,555
214
3,836
3,286
452
Dispute resolution expenses
–
2,355
324
–
2,355
324
Adjusted net loss
(19,981)
(12,225)
(1,683)
(27,763)
(24,440)
(3,364)
Accretions to preferred shares redemption value
(89,452)
–
–
(109,991)
–
–
Adjusted net loss attributable to Cheche’s
ordinary shareholders
(109,433)
(12,225)
(1,683)
(137,754)
(24,440)
(3,364)
Weighted average number of ordinary shares used
in computing non-GAAP adjusted net loss per
ordinary share
Basic
33,098,269
77,045,425
77,045,425
32,705,091
76,264,603
76,264,603
Diluted
33,098,269
77,045,425
77,045,425
32,705,091
76,264,603
76,264,603
Net loss per ordinary share
Basic
(3.56)
(0.31)
(0.04)
(5.57)
(0.72)
(0.10)
Diluted
(3.56)
(0.31)
(0.04)
(5.57)
(0.72)
(0.10)
Non-GAAP adjustments to net loss per ordinary
share
Basic
0.25
0.15
0.02
1.36
0.40
0.06
Diluted
0.25
0.15
0.02
1.36
0.40
0.06
Adjusted net loss per ordinary share
Basic
(3.31)
(0.16)
(0.02)
(4.21)
(0.32)
(0.04)
Diluted
(3.31)
(0.16)
(0.02)
(4.21)
(0.32)
(0.04)
View original content:https://www.prnewswire.com/news-releases/cheche-group-reports-second-quarter-2024-unaudited-financial-results-302233771.html
SOURCE Cheche Group Inc.
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Technology
Schematic Raises $4.8M in Funding For the Last Mile of Pricing and Packaging For SaaS Companies
Published
16 mins agoon
September 20, 2024By
Schematic is transforming pricing and packaging for B2B SaaS companies, allowing product and engineering teams to implement flexible models with minimal maintenance. By eliminating fragmented, homegrown systems, Schematic helps businesses adapt to modern buying preferences and maximize revenue. Now publicly available, the platform includes embeddable UI components and integrates deeply with Stripe. Backed by $4.8M in seed funding, Schematic offers a streamlined solution for managing the full pricing and packaging lifecycle.
BOULDER, Colo., Sept. 20, 2024 /PRNewswire-PRWeb/ — Schematic is transforming pricing and packaging for B2B SaaS companies by getting product and engineering teams out of billing projects. With just a few lines of code, businesses can implement pricing and packaging into any application, bridging the gap between outdated, inflexible billing tools and the demands of modern software businesses.
The company announced today that it is now available to the public after a year in development with a select set of beta customers, and that it is launching Components – embeddable UI elements for purchasing experiences – and a deep integration with Stripe providing a full stack solution for pricing and packaging.
The current pricing and packaging landscape is dominated by fragmented systems and frankenstein implementations. Schematic surveyed 100s of product and engineering leaders and found that their homegrown systems and processes weren’t built for flexibility or to support modern buying preferences such as metering and modular packaging. Consistently, teams struggled to adequately resource pricing and packaging initiatives and, as a result, left significant money on the table.
“Historically, maintaining pricing and packaging for product and engineering teams has been a mess. The market has tools for finance teams in spades, but none that bridge the gap to the application to support feature fulfillment, the end user experience, and internal tools, so we end up building them from scratch. We built Schematic to address that gap, and our product allows businesses to handle the entire lifecycle of a feature from rollout to revenue, offering best-in-class control and transparency to end users out of the box,” said Fynn Glover, CEO of Schematic.
The company wants to eliminate the need for businesses to reinvent the wheel to support pricing and packaging in applications. Schematic offers the flexibility to launch, package, meter, and monitor features from one place, without the tax of architecting and maintaining homegrown systems.
Pricing and packaging sits within a $30B market that includes the tools to license, fulfill, and bill end customers. It faces significant challenges due to the consumerization of B2B SaaS that has led to evolving buying preferences and expectations, pressure on back office operations, and legacy tools that are difficult to implement, costly, and do not integrate well with modern tools and applications. This has led to fragmented, homegrown systems and processes that divert resources to maintain and delay growth initiatives.
Schematic believes that an integrated platform, rather than disconnected tools and processes, should support customers from purchase to feature delivery and the operators tasked with supporting them. The launch of Components extends Schematic’s value proposition with embeddable UI elements that deliver best-in-class purchasing experiences to SaaS customers.
Schematic’s co-founders Jasdeep Garcha, Benjamin Papillon, Giovanni Hobbins, and Fynn Glover are seasoned entrepreneurs with experience on many sides of this problem having most recently led Operations, Product, Growth, and Engineering functions at Automox, Twilio, and Relay Payments. They have previously built successful startups and bring their expertise to Schematic to address the evolving needs of B2B SaaS companies.
The company is launching with $4.8M in seed funding led by MHS Capital with participation from NextView Ventures, Active Capital, Atlanta Ventures, and the founders of LaunchDarkly, Salesloft, Salesforce Pardot, and Crowdstrike.
“The decision to back Schematic was easy, given the clear market need and the team’s proven track record. Schematic is poised for rapid growth by providing an integrated solution for SaaS pricing and packaging,” said Vijay Naggapan, partner with MHS Capital.
Schematic’s platform allows businesses to outsource pricing and packaging with a few lines of code, enabling them to quickly launch new packaging models, take the burden off of engineering almost entirely, and flexibly adjust their pricing and packaging to individual customer preferences. The product has been in beta for a year with customers ranging from early-stage startups to growth-stage scale-ups, all benefiting from the flexibility and control it provides.
“There should be a standard for how digital businesses operate pricing and packaging. Schematic provides that standard, eliminating fragmented systems that frustrate teams and slow down businesses,” said Fynn.
“Schematic has allowed us to manage entitlements and metering with ease, setting us up in just a few days,” said Daniel Chalef, CEO of Zep, an early-stage SaaS company that replaced manual processes with Schematic’s automation. By implementing Schematic Zep has adapted to customer demands for new offerings easily without major engineering investments.
Learn more about Schematic. The product is free for early stage businesses.
Media Contact
Jasdeep Garcha, Schematic, 1 9192158521, jasdeep@schematichq.com, https://schematichq.com/
View original content to download multimedia:https://www.prweb.com/releases/schematic-raises-4-8m-in-funding-for-the-last-mile-of-pricing-and-packaging-for-saas-companies-302252844.html
SOURCE Schematic
Technology
Edifier Announces Opening of SoundStudio Showroom in New York
Published
16 mins agoon
September 20, 2024By
Edifier, a leading audio brand, is thrilled to introduce its cutting-edge audio products to the American market with a pop-up showroom, allowing customers to explore and experience the latest innovations in audio technology firsthand.
RICHMOND, BC, Sept. 20, 2024 /PRNewswire/ — Edifier, the renowned audio brand, is set to open its SOUNDSTUDIO pop-up showroom in New York City from September 21 to September 28, 2024. Located at 545 W 23rd St, New York, the event will showcase Edifier’s flagship products, offering attendees a unique opportunity to experience top-tier audio equipment.
Visitors will have a chance to explore a wide range of Edifier products, including Planar Magnetic Headphones (STAX SPIRIT S10, S5, S3), Earbuds (NeoDots, NeoBuds Pro 2), Over-ear Headphones (WH950NB, W830NB, W800BT Pro), Table Speakers (D32, D12, MP230), 2.0 Speakers (R1280DB, S1000W, S3000MKII), and the Q Series Speakers (QR65, QD35, QS30). This carefully curated lineup is designed to cater to different audio preferences, from high-fidelity listening to immersive soundscapes.
Edifier is hosting this event to highlight its audio products and further solidify its position as a leader in the American audio market, offering attendees the chance to engage with the brand, share their “Passion for Sound,” and be among the first to experience the brand’s innovative audio solutions.
The showroom will feature Edifier’s latest state-of-the-art speakers and headphones in a stylish studio space, allowing visitors to experience their performance and design in real-life settings. This immersive environment will enable the American public to appreciate Edifier’s meticulous attention to audio quality and design, while fostering a friendly atmosphere for social gatherings and hands-on testing of the Edifier audio range.
The event will include special appearances from NBA, NFL, and AFL stars, including Edifier W830NB ambassadors Jared McCain (Philadelphia 76ers) and Donte DiVincenzo (New York Knicks), Tyrod Taylor (New York Jets) and Tyler Nubin (New York Giants). Attendees will have the opportunity to see how Edifier’s W830NB headphones play a vital role in keeping these sports stars connected to their passion for sound.
Attendees will not only have the chance to experience Edifier’s cutting-edge products but will also be treated to exclusive giveaways. Prizes include W800BT Plus headphones, W320TN earbuds, MP100 Plus speakers, NeoBuds Pro 2, W830NB headphones, and the Comfo Run series.
Frank He, Marketing Director at Edifier, stated “Edifier are delighted to be holding this event in New York. The event is crucial for showcasing the company’s leading products and innovative technology. The presence of the AFL, NFL and NBA stars discussing their use of the Edifier W830NB headphones reinforces Edifier’s status as a top contender in the consumer audio market.”
There are many surprises to explore throughout the week! Don’t miss out on this unique opportunity to meet your favorite athletes and experience EDIFIER’s cutting-edge audio technology firsthand. More highlights and sidelights will be detailed on the Edifier global Instagram account (@edifier_global).
Full Event Schedule:
Sep 21st: Kick off the week with our Grand Opening, featuring electrifying beats by DJ Leisan Valieva.Sept 22nd: Get close with Tyrod Taylor of the New York Jets at an exclusive Meet and Greet.Sept 23rd: Get close with Tyler Nubin of the New York Giants at an exclusive Meet and Greet.Sept 24th: Join us for an incredible appearance with Jared McCain of the 76ers and Donte DiVincenzo of the New York Knicks!
About Edifier:
Edifier specializes in the design and manufacture of premium audio solutions that showcase technological innovation and design excellence. Founded in 1996 and headquartered in Beijing, China, Edifier delivers outstanding sound experience through a wide range of audio systems for personal entertainment and professional use. Renowned for its award-winning design philosophy, expertise and innovation in acoustic technology, and superior manufacturing standards, Edifier is one of today’s leading innovators of audio electronics.
More information about Edifier is available online at www.edifier.com/global
View original content to download multimedia:https://www.prnewswire.com/news-releases/edifier-announces-opening-of-soundstudio-showroom-in-new-york-302254188.html
SOURCE Edifier
Technology
Volar Air Mobility and Exim Finance Partner to Pioneer Green Financing Solutions for Sustainable Aviation
Published
16 mins agoon
September 20, 2024By
MONTREAL, Sept. 20, 2024 /PRNewswire/ — Volar Air Mobility has formed a strategic partnership with Exim Finance to accelerate the commercialization of electric aircraft. This collaboration, formalized by a Memorandum of Understanding (MoU), focuses on developing innovative green financing solutions to support sustainable aviation globally.
The partnership centers around Volar’s RX-series Electric Aircraft, including the RX4E, the world’s first four-seater electric plane expected to receive commercial approval. Together, Volar and Exim Finance will create financial models that include green financing options and carbon credit offsets, making eco-friendly aircraft more accessible.
Key highlights of the collaboration include:
Development of sustainable financing models for RX-series Electric Aircraft.Introduction of carbon credit offsets to promote green aviation.Broadening access to electric aircraft in emerging markets.Aligning with global decarbonization goals like the UAE’s Net Zero by 2050.
Revolutionizing Air Mobility, Driving Innovation and Sustainability
Volar Air Mobility sets itself apart with an aircraft-agnostic technology platform, allowing it to integrate a variety of sustainable aircraft. The RX4E, a fully electric four-seater, is leading the charge toward a greener aviation future. Volar’s focus is on making electric air travel affordable and accessible in developing regions, supporting environmental goals while boosting local economies. By collaborating with Volar, Exim Finance is breaking new ground in green aviation. Exim Finance offers a range of financial services across Asia, Africa, Europe, and North America.
Industry Leaders Comment on the Partnership
Mr. Salah Ibrahim Al Nasser, Chairman of Exim Finance, commented: “We are honored to be part of this significant initiative aimed at transforming the future of aviation through sustainable practices. As a financial institution committed to supporting innovation and environmental responsibility, EXIM Finance recognizes the critical importance of green aviation in reducing the industry’s carbon footprint. By partnering with key stakeholders, this Memorandum of Understanding represents a major step forward in creating a more sustainable aviation ecosystem.”
Mr. Henry Hooi, Chairman of Volar Air Mobility Holding Company Limited, added: “Volar Air Mobility is honored to be working with EXIM Finance on a pioneering initiative to develop a series of green financing solutions to enable green aviation. The opportunity is to co-develop pioneering solutions in UAE to enable broader adoption of green aviation globally, thus contributing meaningful environmental impacts and fulfilling the aspirations of many, including those outlined in the UAE Net Zero by 2050.”
Mr. Saif Aldarmaki, Founding Partner of Volar Air Mobility Industries, stated: “This partnership reflects our shared commitment to revolutionizing the green aviation sector. By working with Exim Finance, we are taking a bold step forward in realizing the promise of electric aviation and supporting the global transition to sustainable technologies.”
Mr. Anwar Hussein, Managing Partner and Co-founder of Volar Air Mobility Industries, emphasized the collaboration’s significance, stating: “With this MoU, we are laying the groundwork for the future of green aviation financing. Our combined expertise will allow us to create financing structures that support early adopters of electric aircraft and help expand the global market for eco-friendly aviation solutions.”
About Volar Air Mobility
Volar Air Mobility is a green air mobility technology company focused on the commercialization of electric aircraft worldwide. The company holds exclusive commercialization rights for the RX-series Electric Aircraft, developed by the Liaoning General Aviation Academy (LGAA), and is dedicated to fostering sustainable aviation technologies that contribute to a greener future.
About Exim Finance
Exim Finance provides investment, corporate, and commercial banking solutions across several continents, helping drive growth through innovative financial solutions. With a strong global presence, Exim Finance leverages a diverse team whose extensive connections with Export Banks and Credit Insurance providers enable them to deliver tailored financial solutions that empower clients’ success.
For more information, visit www.volarairmobility.com and www.eximfinance.ae.
Media Contact:
Miss Wyam Amiri
Inovartic Investment
Abu Dhabi, UAE
Email: 383409@email4pr.com
Phone: +971561090758
View original content to download multimedia:https://www.prnewswire.com/news-releases/volar-air-mobility-and-exim-finance-partner-to-pioneer-green-financing-solutions-for-sustainable-aviation-302254332.html
SOURCE Volar Air Mobility
Schematic Raises $4.8M in Funding For the Last Mile of Pricing and Packaging For SaaS Companies
Edifier Announces Opening of SoundStudio Showroom in New York
Volar Air Mobility and Exim Finance Partner to Pioneer Green Financing Solutions for Sustainable Aviation
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