Qudian Inc. Reports First Quarter 2024 Unaudited Financial Results

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 (US$ 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 (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 (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 (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 (US$ 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 US$ 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].