Smart Share Global Limited Announces First Quarter 2024 Results

Core Insights - Smart Share Global Limited, also known as Energy Monster, reported a significant decrease in revenues for the first quarter of 2024, primarily due to changes in its contractual arrangements with network partners [8][9][10]. Operational Highlights - As of March 31, 2024, 79.7% of Points of Interest (POIs) were operated under the network partner model, an increase from 72.8% as of December 31, 2023 [2]. - The company had 1,245 thousand POIs available, up from 1,234 thousand at the end of 2023 [2]. - The number of available power banks reached 9.4 million, an increase from 9.2 million at the end of 2023 [2]. - Cumulative registered users reached 404.3 million, with 12.8 million new users registered during the quarter [2]. Financial Performance - Total revenues for Q1 2024 were RMB 397.2 million (approximately US$55.0 million), representing a 51.7$ 52.4 million) compared to RMB 813.0 million in Q1 2023 [9]. - Revenues from the direct model decreased by 45.1% to RMB 155.2 million, while revenues from the network partner model decreased by 58.0% to RMB 222.9 million [9]. - Other revenues, primarily from advertising services and new business initiatives, increased by 95.4% to RMB 19.1 million [10]. Cost and Expenses - Cost of revenues increased by 31.7% to RMB 167.7 million [10]. - Research and development expenses decreased by 8.3% to RMB 19.7 million [11]. - Sales and marketing expenses saw a significant decrease of 69.3% to RMB 204.5 million, primarily due to reduced incentive fees paid to network partners [11]. Loss and Net Income - The company reported a loss from operations of RMB 22.8 million for Q1 2024, compared to a loss of RMB 15.8 million in the same period last year [12]. - Net loss for the quarter was RMB 0.3 million, a decline from a net income of RMB 10.8 million in Q1 2023 [12]. - Adjusted net income for Q1 2024 was RMB 3.8 million, down from RMB 17.1 million in the same period last year [12]. Cash Position - As of March 31, 2024, the company had cash and cash equivalents, restricted cash, and short-term investments totaling RMB 3.3 billion (approximately US$ 454.1 million) [13].