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Qudian Inc. Reports First Quarter 2024 Unaudited Financial Results
QDQudian(QD) Prnewswire·2024-06-13 09:00

Core Viewpoint - Qudian Inc. reported significant financial changes in the first quarter of 2024, with a notable increase in revenues driven by its last-mile delivery business, but also experienced substantial net losses compared to the previous year [2][3][5]. Financial Performance - Total revenues for Q1 2024 were RMB 55.8 million (US7.7million),a155.5 7.7 million), a 155.5% increase from RMB 21.9 million in Q1 2023 [3][5]. - Net loss attributable to Qudian's shareholders was RMB 73.6 million (US 10.2 million), a stark contrast to a net income of RMB 414.3 million in the same period last year [5][6]. - Non-GAAP net loss was RMB 73.5 million (US10.2million),comparedtoaNon−GAAPnetincomeofRMB416.0millioninQ12023[6][11].BusinessTransition−Thelast−miledeliverybusinessgeneratedapproximatelyRMB53.8millioninrevenueduringQ12024,upfromRMB0.3millioninQ12023,indicatingasuccessfultransitionfromthepreviouslywound−downQDFoodbusiness[2][3][8].−Thecompanyiscommittedtoexecutingitsbusinesstransitionwhilemaintainingprudentcashmanagementtoprotectitsbalancesheet[2].OperatingCosts−TotaloperatingcostsandexpensesrosetoRMB128.4million(US 10.2 million), compared to a Non-GAAP net income of RMB 416.0 million in Q1 2023 [6][11]. Business Transition - The last-mile delivery business generated approximately RMB 53.8 million in revenue during Q1 2024, up from RMB 0.3 million in Q1 2023, indicating a successful transition from the previously wound-down QD Food business [2][3][8]. - The company is committed to executing its business transition while maintaining prudent cash management to protect its balance sheet [2]. Operating Costs - Total operating costs and expenses rose to RMB 128.4 million (US 17.8 million) from RMB 83.9 million in Q1 2023 [3][4]. - Cost of revenues increased to RMB 58.0 million (US8.0million),primarilyduetoexpensesrelatedtothelast−miledeliverybusiness[3][4].CashFlowandFinancialPosition−AsofMarch31,2024,QudianhadcashandcashequivalentsofRMB7,040.0million(US 8.0 million), primarily due to expenses related to the last-mile delivery business [3][4]. Cash Flow and Financial Position - As of March 31, 2024, Qudian had cash and cash equivalents of RMB 7,040.0 million (US 975.0 million) and restricted cash of RMB 53.6 million (US7.4million)[7].−NetcashusedinoperatingactivitieswasRMB112.8million(US 7.4 million) [7]. - Net cash used in operating activities was RMB 112.8 million (US 15.6 million), while net cash provided by investing activities was RMB 111.1 million (US15.4million)[7].ShareRepurchaseProgram−QudianhasasharerepurchaseprograminitiatedinJune2022,allowingforthepurchaseofuptoUS 15.4 million) [7]. Share Repurchase Program - Qudian has a share repurchase program initiated in June 2022, allowing for the purchase of up to US 200 million worth of shares, with approximately US113.0millionspenttodate[9].−AnewsharerepurchaseprogramwasapprovedinMarch2024,allowingforanadditionalUS 113.0 million spent to date [9]. - A new share repurchase program was approved in March 2024, allowing for an additional US 300 million in purchases over the next 36 months [9].