Dada Announces Unaudited Third Quarter 2024 Financial Results

Core Insights - Dada Nexus Limited reported a year-on-year growth in monthly transacting users and orders through the JD App, with both increasing by over 100% in Q3 2024, reflecting strong customer engagement and trust [2][6] - The company achieved a 46% year-over-year revenue increase for Dada NOW in the first nine months of 2024, driven by enhanced partnerships with chain merchants and improved delivery service quality [2][6] - Total net revenues for Q3 2024 were RMB 2,429.4 million, a decrease from RMB 2,621.8 million in Q3 2023, indicating challenges in certain revenue streams [3][6] Financial Performance - The net revenues generated from JD NOW decreased to RMB 930.2 million in Q3 2024 from RMB 1,540.3 million in Q3 2023, primarily due to a decline in online advertising and fulfillment services revenues [6][9] - Dada NOW's net revenues increased by 38.6% from RMB 1,081.6 million in Q3 2023 to RMB 1,499.2 million in Q3 2024, mainly attributed to a rise in order volume for intra-city delivery services [6][9] - Total costs and expenses for Q3 2024 were RMB 2,656.7 million, down from RMB 2,862.6 million in Q3 2023, reflecting improved operational efficiency [7][8] Loss Metrics - The loss from operations was RMB 226.8 million in Q3 2024, compared to RMB 210.5 million in Q3 2023, indicating ongoing challenges in achieving profitability [9][10] - The net loss for Q3 2024 was RMB 197.3 million, up from RMB 166.0 million in the same quarter of the previous year [9][10] - Non-GAAP net loss for Q3 2024 was RMB 59.4 million, compared to RMB 9.2 million in Q3 2023, highlighting the impact of operational challenges [10][26] Operational Highlights - The number of orders delivered in Q3 2024 was 477.7 million, with gross billings amounting to RMB 2,323.1 million, reflecting the scale of operations [11][11] - The company has implemented a "Riders' Children Care Program" to support the families of delivery riders, enhancing its social responsibility initiatives [12][13] - Dada has launched various rider care activities in nearly 70 cities, focusing on improving the well-being of riders and fostering community engagement [13][13]