Zeekr Intelligent Technology-ZEEKR Reports First Quarter 2024 Unaudited Financial Results

Core Insights - The company reported strong financial results for the first quarter of 2024, with total revenues increasing by 71.0% year-over-year and gross profit surging by 154.9% year-over-year, despite a decrease in both metrics compared to the previous quarter [2][17][42]. Financial Performance - Vehicle sales reached RMB8,174.1 million (US $1,132.1 million) for Q1 2024, marking a 73.0% increase from RMB4,725.2 million in Q1 2023, but a 22.8% decrease from RMB10,592.6 million in Q4 2023 [2][18]. - Total revenues for Q1 2024 were RMB14,736.8 million (US$ 2,041.0 million), up 71.0% from RMB8,620.4 million in Q1 2023, but down 9.9% from RMB16,357.9 million in Q4 2023 [2][42]. - Gross profit was RMB1,739.4 million (US $240.9 million) for Q1 2024, a 154.9% increase from RMB682.5 million in Q1 2023, but a decrease of 25.3% from RMB2,328.3 million in Q4 2023 [2][52]. - The gross margin improved to 11.8% in Q1 2024 from 7.9% in Q1 2023, but decreased from 14.2% in Q4 2023 [2][19]. Loss Metrics - The company reported a loss from operations of RMB2,086.9 million (US$ 289.0 million) for Q1 2024, which is an 11.2% decrease from RMB2,349.2 million in Q1 2023 and a 29.3% decrease from RMB2,950.1 million in Q4 2023 [2][66]. - The net loss for Q1 2024 was RMB2,022.1 million (US $280.1 million), down 18.0% from RMB2,465.4 million in Q1 2023 and down 31.2% from RMB2,937.9 million in Q4 2023 [2][21]. - Non-GAAP net loss, excluding share-based compensation, was RMB2,019.4 million (US$ 279.7 million) for Q1 2024, representing a decrease of 17.0% from RMB2,432.6 million in Q1 2023 and a decrease of 30.4% from RMB2,902.6 million in Q4 2023 [2][54]. Vehicle Deliveries - The company delivered 33,059 vehicles in Q1 2024, reflecting a 117% year-over-year increase [41]. - In April 2024, vehicle deliveries reached 16,089, a 99% increase from April 2023 [4]. Operational Insights - The vehicle margin for Q1 2024 was 14.0%, up from 10.1% in Q1 2023, but down from 15.3% in Q4 2023 [2][65]. - Research and development expenses were RMB1,925.3 million (US $266.6 million) for Q1 2024, a 6.7% increase from RMB1,805.1 million in Q1 2023, but a 39.1% decrease from RMB3,162.5 million in Q4 2023 [30]. - Selling, general and administrative expenses were RMB1,951.5 million (US$ 270.3 million) for Q1 2024, a 51.9% increase from RMB1,284.4 million in Q1 2023, but a decrease of 11.6% from RMB2,207.9 million in Q4 2023 [53]. Cash Position - As of March 31, 2024, the company had cash and cash equivalents of RMB3,791.1 million (US$525.1 million) [11].