Full Truck Alliance Co. Ltd. Announces Third Quarter 2025 Unaudited Financial Results

Core Insights - Full Truck Alliance Co. Ltd. (FTA) reported a strong performance in Q3 2025, with total net revenues reaching RMB3.36 billion (US$471.7 million), marking a 10.8% increase year-over-year [6][8][15] - The company achieved record high user engagement, with average monthly active shippers at 3.35 million, up 17.6% from the previous year, and active truckers reaching 4.48 million [3][8] - FTA's acquisition of Giga.AI Technology Limited enhanced its AI capabilities, positioning the company for future growth opportunities [3][8] Financial Performance - Total net revenues for Q3 2025 were RMB3,358.2 million (US$471.7 million), up from RMB3,031.4 million in Q3 2024 [6][8] - Revenue from freight matching services increased by 9.6% year-over-year to RMB2,797.6 million (US$393.0 million) [7][8] - Transaction service revenue surged by 39.0% year-over-year to RMB1,456.1 million (US$204.5 million), driven by increased order volume and service fees [9][8] Operational Highlights - Fulfilled orders on the platform reached 63.4 million, a 22.3% increase from 51.9 million in Q3 2024 [8] - Non-GAAP adjusted net income for Q3 2025 was RMB988.1 million (US$138.8 million), down from RMB1,241.2 million in the same period of 2024 [15][8] - The company reported a net income of RMB921.0 million (US$129.4 million) for Q3 2025, compared to RMB1,121.9 million in Q3 2024 [15][8] Cost and Expenses - Cost of revenues in Q3 2025 was RMB1,605.2 million (US$225.5 million), an increase from RMB1,364.9 million in Q3 2024, primarily due to higher VAT and tax costs [10][8] - Sales and marketing expenses rose to RMB438.8 million (US$61.6 million) from RMB412.5 million in the same period last year, reflecting increased investments in user ecosystem development [11][8] - Research and development expenses increased to RMB233.3 million (US$32.8 million), attributed to the consolidation of Giga.AI's R&D costs [13][8] Balance Sheet and Cash Flow - As of September 30, 2025, the company had total cash and cash equivalents of RMB31.1 billion (US$4.4 billion), up from RMB29.2 billion at the end of 2024 [17][8] - The total outstanding balance of on-balance sheet loans was RMB4,996.2 million (US$701.8 million), with a non-performing loan ratio of 2.2% [18][8] - Net cash provided by operating activities in Q3 2025 was RMB1,657.1 million (US$232.8 million) [19][8] Future Outlook - The company expects total net revenues for Q4 2025 to be between RMB3.08 billion and RMB3.18 billion, compared to RMB3.17 billion in Q4 2024 [23][8] - Excluding freight brokerage service, net revenues are projected to grow by 17.1% to 22.5% year-over-year [23][8]