ATRenew Inc., a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced its unaudited financial results.
The first quarter of the year.
The founder, chairman, and chief executive officer of ATRenew commented, "We are pleased to see that our total net revenues in the first quarter of 2024 once again reached the high-end of our guidance, achieving 27.1% year-over-year growth."
The Chief Financial Officer of ATRenew stated that the company achieved an adjusted income from operations of 80.2 million.
The financial results for the first quarter of the year.
REVENUE.
The total net revenues increased from the same period in the previous year.
Expenditures and costs are calculated.
The operating costs and expenses were up by 25.9% compared to the same period in the previous year.
There was a loss from operations.
The loss from operations was US$ 6.0 million compared to the same period in the previous year.
The adjusted income from operations was more than double what it was in the same period of the previous year.
Net loss.
The net loss was more than double that of the same period in the previous year.
The adjusted net income was US$2.9 million compared to the same period in the previous year.
Net loss per share is a basic measure.
The basic and diluted net loss per ordinary share was higher in the same period.
The adjusted basic andDiluted net income per ordinary share were less than in the same period of the previous year.
Third party payment service providers provide cash and cash equivalents.
As of March 31, 2024, cash and cash equivalents, restricted cash, short-term investments and funds receivable from third party payment service providers were US$365.1 million.
Business outlook
The Company expects its total revenues to be between 3,670.0 million and 3,770.0 million, representing an increase of 23.8% to 27.2% year-over-year.
Recent developments.
Effective immediately, Mr. Mervin Ye Zhou has been appointed to the Board, the compensation committee, and the nominating and corporate governance committee.
Information on the conference call.
The Company's management will hold a conference call on Monday, May 20, 2024 at 08:00 A.M. Eastern Time (or 08:00 P.M. Beijing Time on the same day) to discuss the financial results.
The replay can be accessed by calling the following numbers.
You can listen to the conference call at the investor relations website at ir.atrenew.com.
About ATRenew Inc.
ATRenew is a leading technology-driven pre-owned consumer electronics transactions and services platform in China.
Exchange rate information.
Unless otherwise stated, all translations from RMB to U.S. dollars are made at the exchange rate set forth in the announcement.
Non- GAAP financial measures are used.
For example, the Company uses adjusted income from operations, adjusted net income and adjusted net income per ordinary share as supplemental measures to review and assess its financial and operating performance.
The Company presents non- GAAP financial measures because they are used by the management to evaluate the Company's financial and operating performance.
The financial measures are not presented in accordance with GAAP.
When evaluating the Company's performance, GAAP performance measures should be considered.
There is a safe harbor statement.
The "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 allow forward-looking statements to be made.
Contact investor relations
In China, ATRenew Inc.Investor Relations Email: [email protected]
In the United States, the email address is ICR.
SOURCE ATRenew Inc.
ATRenew is a leading technology-driven pre-owned consumer electronics transactions and services platform.
ATRenew is a leading technology-driven pre-owned consumer electronics transactions and services platform.

Source prnewswire