Revenues increased 52.9% year-over-year for the second quarter of 2021
Number of POIs1 reached 771 thousand as of the end of the second quarter of 2021
HIGHLIGHTS FOR THE SECOND QUARTER OF 2021
- Revenues for the second quarter of 2021 were
RMB972.4 million (US$150.6 million 2), an increase of 52.9% from the second quarter of 2020. - As of
June 30, 2021 , our services were available in 771 thousand POIs, compared with 716 thousand as ofMarch 31, 2021 . - As of
June 30, 2021 , our available-for-use power banks3 were 6.0 million, compared with 5.6 million as ofMarch 31, 2021 . - As of
June 30, 2021 , cumulative registered users4 reached 255.1 million, with 19.4 million newly registered users acquired during the quarter. - Adjusted net income5 for the second quarter of 2021 was
RMB17.2 million (US$2.7 million ).
“We are pleased to announce solid second quarter results with revenues growing 52.9% year-over-year, which is above the upper end of our previous guidance range, despite the negative impact of COVID,” said Mars
“Efficiency has always been the hallmark of Energy Monster that differentiated us from our peers,” said
“Looking into the third quarter, we continue to see headwinds that will impact what traditionally has been the peak quarter of the year,” said
FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2021
Revenues were
- Revenues from mobile device charging business increased by 51.6% to
RMB931.6 million (US$144.3 million ) for the second quarter of 2021 fromRMB614.5 million in the same period of 2020. The increase was primarily attributable to the increase in the number of POIs and available-for-use power banks. - Revenues from power bank sales increased by 83.2% to
RMB31.6 million (US$4.9 million ) for the second quarter of 2021 fromRMB17.2 million in the same period of 2020. The increase was primarily attributable to the increase in the number of POIs, available-for-use power banks and customers that select to purchase the power bank. - Revenues from other revenues, which mainly comprise of revenue from adverting services, increased by 111.1% to
RMB9.2 million (US$1.4 million ) for the second quarter of 2021 fromRMB4.4 million in the same period of 2020. The increase was primarily attributable to the increase in users and advertisement efficiency.
Cost of revenues increased by 44.8% to
Research and development expenses increased by 25.3% to
Sales and marketing expenses increased by 64.6% to
General and administrative expenses increased by 49.3% to
Income from operations for the second quarter of 2021 was
Net income for the second quarter of 2021 was
Net income attributable to ordinary shareholders for the second quarter of 2021 was
As of June 30, 2021, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB3.1 billion (
BUSINESS OUTLOOK
For the third quarter of 2021 ending
CONFERENCE CALL INFORMATION
The company will hold a conference call at
International: | +65-6713-5330 |
+1-347-549-4094 | |
Mainland | 400-820-6895 |
China | +852-3018-8307 |
Conference ID / Passcode: | 8113308 |
Participants may also access the call via webcast: https://edge.media-ser›ver.com/mmc/p/9yz2ecex
A telephone replay will be available through
International: | +61-2-8199-0299 |
+1-646-254-3697 | |
Mainland | 400-632-2162 |
China | +852-3051-2780 |
Access Code: | 8113308 |
A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.enmonster.com/
ABOUT
CONTACT US
Investor Relations
ir@enmonster.com
SAFE HARBOR STATEMENT
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
NON-GAAP FINANCIAL MEASURE
In evaluating its business, the Company considers and uses non-GAAP adjusted net income/(loss) in reviewing and assessing its operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents this non-GAAP financial measure because it is used by management to evaluate operating performance and formulate business plans. The Company believes that this non-GAAP financial measure helps identify underlying trends in its business, provide further information about its results of operations, and enhance the overall understanding of its past performance and future prospects.
Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP, and have limitations as analytical tools. The Company's non-GAAP financial measure does not reflect all items of expenses that affect its operations and does not represent the residual cash flow available for discretionary expenditures. Further, the Company's non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling its non-GAAP financial measure to the nearest U.S. GAAP performance measure, which should be considered when evaluating performance. Investors and others are encouraged to review the Company's financial information in its entirety and not rely on a single financial measure.
The Company defines non-GAAP adjusted net income/(loss) as net income/(loss) excluding share-based compensation expenses and change in fair value of warrant liabilities in connection with a warrant to purchase Series A-1 Preferred Shares at a fixed price provided to one of the Company's shareholders. For more information on the non-GAAP financial measure, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.
Unaudited Consolidated Balance Sheets | ||||||||||||
(In thousands, except share and per share data, unless otherwise noted) | ||||||||||||
RMB | RMB | US$ | ||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | 1,252,493 | 2,888,758 | 447,412 | |||||||||
Restricted cash | 51,008 | 24,342 | 3,770 | |||||||||
Short-term investments | 170,552 | 160,948 | 24,928 | |||||||||
Accounts receivable, net | 18,743 | 22,849 | 3,539 | |||||||||
Notes receivable | - | 1,246 | 193 | |||||||||
Inventory | - | 3,633 | 563 | |||||||||
Amounts due from related parties | - | 462 | 72 | |||||||||
Prepayments and other current assets | 253,020 | 363,725 | 56,334 | |||||||||
Total current assets | 1,745,816 | 3,465,963 | 536,811 | |||||||||
Non-current assets: | ||||||||||||
Property, equipment and software, net | 963,453 | 964,057 | 149,313 | |||||||||
Long-term prepayments to related parties | 23,591 | 12,503 | 1,936 | |||||||||
Other non-current assets | 52,775 | 119,239 | 18,467 | |||||||||
Total non-current assets | 1,039,819 | 1,095,799 | 169,716 | |||||||||
Total assets | 2,785,635 | 4,561,762 | 706,527 | |||||||||
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' (DEFICIT)/EQUITY | ||||||||||||
Current liabilities: | ||||||||||||
Short-term borrowings | 24,500 | - | - | |||||||||
Accounts and notes payable | 406,760 | 553,405 | 85,712 | |||||||||
Amounts due to related parties-current | 77,939 | 38,237 | 5,922 | |||||||||
Salary and welfare payable | 72,436 | 91,257 | 14,134 | |||||||||
Taxes payable | 7,134 | 7,985 | 1,237 | |||||||||
Financing payable-current | 46,854 | 61,424 | 9,513 | |||||||||
Accruals and other current liabilities | 219,212 | 218,902 | 33,904 | |||||||||
Total current liabilities | 854,835 | 971,210 | 150,422 | |||||||||
Non-current liabilities: | ||||||||||||
Financing payable-non-current | 197,297 | 143,815 | 22,274 | |||||||||
Amounts due to related parties-non-current | 1,000 | 1,000 | 155 | |||||||||
Deferred tax liabilities, net | 33,891 | 34,445 | 5,334 | |||||||||
Total non-current liabilities | 232,188 | 179,260 | 27,763 | |||||||||
Total liabilities | 1,087,023 | 1,150,470 | 178,185 | |||||||||
MEZZANINE EQUITY | ||||||||||||
Mezzanine equity | 5,137,872 | - | - | |||||||||
SHAREHOLDERS' (DEFICIT)/EQUITY | ||||||||||||
Ordinary shares | 83 | 329 | 51 | |||||||||
Additional paid-in capital | - | 11,786,014 | 1,825,421 | |||||||||
Statutory reserves | 16,592 | 16,592 | 2,570 | |||||||||
Accumulated other comprehensive income | 201,823 | 68,423 | 10,597 | |||||||||
Accumulated deficit | (3,657,758 | ) | (8,460,066 | ) | (1,310,297 | ) | ||||||
Total shareholders' (deficit)/equity | (3,439,260 | ) | 3,411,292 | 528,342 | ||||||||
Total liabilities, mezzanine equity and shareholders' (deficit)/equity | 2,785,635 | 4,561,762 | 706,527 | |||||||||
Unaudited Consolidated Statements of Comprehensive Income/(Loss) | |||||||||||||||||||
(In thousands, except share and per share data, unless otherwise noted) | |||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||
Revenues: | |||||||||||||||||||
Mobile device charging business | 614,543 | 931,564 | 144,281 | 923,319 | 1,748,327 | 270,781 | |||||||||||||
Power bank sales | 17,228 | 31,554 | 4,887 | 28,141 | 56,565 | 8,761 | |||||||||||||
Others | 4,375 | 9,235 | 1,430 | 7,351 | 14,339 | 2,221 | |||||||||||||
Total revenues | 636,146 | 972,353 | 150,598 | 958,811 | 1,819,231 | 281,763 | |||||||||||||
Cost of revenues | (95,765 | ) | (138,687 | ) | (21,480 | ) | (204,577 | ) | (263,309 | ) | (40,781 | ) | |||||||
Research and development expenses | (16,359 | ) | (20,504 | ) | (3,176 | ) | (32,963 | ) | (41,132 | ) | (6,371 | ) | |||||||
Sales and marketing expenses | (468,449 | ) | (771,041 | ) | (119,419 | ) | (787,527 | ) | (1,432,716 | ) | (221,899 | ) | |||||||
General and administrative expenses | (19,211 | ) | (28,685 | ) | (4,443 | ) | (36,417 | ) | (55,504 | ) | (8,596 | ) | |||||||
Other operating income | 2,815 | 5,410 | 838 | 12,640 | 16,115 | 2,496 | |||||||||||||
Income/(loss) from operations | 39,177 | 18,846 | 2,918 | (90,033 | ) | 42,685 | 6,612 | ||||||||||||
Interest and investment income | 2,514 | 6,081 | 942 | 3,674 | 9,350 | 1,448 | |||||||||||||
Interest expense to third parties | (9,665 | ) | (10,173 | ) | (1,576 | ) | (18,511 | ) | (20,612 | ) | (3,192 | ) | |||||||
Interest expense to a related party | (276 | ) | - | - | (276 | ) | - | - | |||||||||||
Foreign exchange losses, net | (80 | ) | (4,472 | ) | (693 | ) | (485 | ) | (2,031 | ) | (315 | ) | |||||||
Other income/(loss), net | 160 | (1 | ) | - | 340 | (202 | ) | (31 | ) | ||||||||||
Change in fair value of warrant liabilities | (1,894 | ) | - | - | (2,257 | ) | - | - | |||||||||||
Income/(loss) before income tax expense | 29,936 | 10,281 | 1,591 | (107,548 | ) | 29,190 | 4,522 | ||||||||||||
Income tax expense | - | (2,069 | ) | (320 | ) | - | (5,882 | ) | (911 | ) | |||||||||
Net income/(loss) | 29,936 | 8,212 | 1,271 | (107,548 | ) | 23,308 | 3,611 | ||||||||||||
Accretion of convertible redeemable preferred shares | (671,294 | ) | - | - | (804,978 | ) | (4,729,719 | ) | (732,540 | ) | |||||||||
Deemed dividend to preferred shareholders | - | - | - | - | (104,036 | ) | (16,113 | ) | |||||||||||
Net (loss)/income attributable to ordinary shareholders of | (641,358 | ) | 8,212 | 1,271 | (912,526 | ) | (4,810,447 | ) | (745,042 | ) | |||||||||
Net income/(loss) | 29,936 | 8,212 | 1,271 | (107,548 | ) | 23,308 | 3,611 | ||||||||||||
Other comprehensive income | |||||||||||||||||||
Foreign currency translation adjustments, net of nil tax | (7,585 | ) | (34,364 | ) | (5,322 | ) | (19,290 | ) | (133,400 | ) | (20,661 | ) | |||||||
Total comprehensive income/(loss) | 22,351 | (26,152 | ) | (4,051 | ) | (126,838 | ) | (110,092 | ) | (17,050 | ) | ||||||||
Accretion of convertible redeemable preferred shares | (671,294 | ) | - | - | (804,978 | ) | (4,729,719 | ) | (732,540 | ) | |||||||||
Deemed dividend to preferred shareholders | - | - | - | - | (104,036 | ) | (16,113 | ) | |||||||||||
Comprehensive loss attributable to ordinary shareholders of | (648,943 | ) | (26,152 | ) | (4,051 | ) | (931,816 | ) | (4,943,847 | ) | (765,703 | ) | |||||||
Weighted average number of ordinary shares used in computing net (loss)/income per share | |||||||||||||||||||
- basic | 45,416,423 | 512,597,960 | 512,597,960 | 44,094,274 | 292,227,312 | 292,227,312 | |||||||||||||
- diluted | 45,416,423 | 525,284,968 | 525,284,968 | 44,094,274 | 292,227,312 | 292,227,312 | |||||||||||||
Net (loss)/income per share attributable to ordinary shareholders | |||||||||||||||||||
- basic | (14.12 | ) | 0.02 | 0.01 | (20.69 | ) | (16.46 | ) | (2.55 | ) | |||||||||
- diluted | (14.12 | ) | 0.02 | 0.01 | (20.69 | ) | (16.46 | ) | (2.55 | ) | |||||||||
Net income/(loss) per ADS attributable to ordinary shareholders | |||||||||||||||||||
- basic | - | 0.04 | 0.01 | - | (32.92 | ) | (5.10 | ) | |||||||||||
- diluted | - | 0.04 | 0.01 | - | (32.92 | ) | (5.10 | ) | |||||||||||
Unaudited Reconciliation of GAAP and Non-GAAP Results | |||||||||||||
(In thousands, except share and per share data, unless otherwise noted) | |||||||||||||
Three months ended | Six months ended | ||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||
Net income/(loss) | 29,936 | 8,212 | 1,271 | (107,548 | ) | 23,308 | 3,611 | ||||||
Add: | |||||||||||||
Share-based compensation | 6,989 | 8,945 | 1,385 | 13,005 | 17,086 | 2,646 | |||||||
Change in fair value of warrant liabilities | 1,894 | - | - | 2,257 | - | - | |||||||
Adjusted net income/(loss) (non-GAAP) | 38,819 | 17,157 | 2,656 | (92,286 | ) | 40,394 | 6,257 | ||||||
________________
1 The Company defines number of points of interests, or POIs, as of a certain day as the total number of unique locations whose proprietors (location partners) have entered into contracts with us or our network partners on that day.
2 The
3 The Company defines available-for-use power banks as of a certain date as the number of power banks in circulation on that day.
4 The Company defines cumulative registered users as the total number of users who have agreed to register their mobile phone numbers with the Company via its mini programs since inception, and the number of cumulative registered users of the Company on a certain date is the number of unique mobile phone numbers that have been registered with the Company since inception on that date;
5 See the sections entitled “Non-GAAP Financial Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” for more information about the non-GAAP measures referred to in this press release.
Source:
2021 GlobeNewswire, Inc., source