HANGZHOU, China, June 11, 2024 /PRNewswire/ -- ZEEKR Intelligent Technology Holding Limited ("ZEEKR" or the "Company") (NYSE: ZK), a fast-growing intelligent battery electric vehicle ("BEV") technology company, today announced its unaudited financial results for the first quarter ended March 31, 2024.
Operating Highlights for the First Quarter of 2024
Deliveries | 2024 Q1 | 2023 Q4 | 2023 Q3 | 2023 Q2 | ||||
33,059 | 39,657 | 36,395 | 27,399 | |||||
Deliveries | 2023 Q1 | 2022 Q4 | 2022 Q3 | 2022 Q2 | ||||
15,234 | 32,467 | 20,464 | 10,769 |
Financial Highlights for the First Quarter of 2024
Key Financial Results
(in RMB millions, except for percentages)
2024 Q1 | 2023 Q4 | 2023 Q1 | % Change i | |||||||||||||
YoY | QoQ | |||||||||||||||
Vehicle sales | 8,174.1 | 10,592.6 | 4,725.2 | 73.0 % | (22.8) % | |||||||||||
Vehicle margin | 14.0 % | 15.3 % | 10.1 % | 3.9 % | (1.3) % | |||||||||||
Total revenues | 14,736.8 | 16,357.9 | 8,620.4 | 71.0 % | (9.9) % | |||||||||||
Gross profit | 1,739.4 | 2,328.3 | 682.5 | 154.9 % | (25.3) % | |||||||||||
Gross margin | 11.8 % | 14.2 % | 7.9 % | 3.9 % | (2.4) % | |||||||||||
Loss from operations | (2,086.9) | (2,950.1) | (2,349.2) | (11.2) % | (29.3) % | |||||||||||
Non-GAAP loss from operations | (2,084.2) | (2,914.8) | (2,316.5) | (10.0) % | (28.5) % | |||||||||||
Net loss | (2,022.1) | (2,937.9) | (2,465.4) | (18.0) % | (31.2) % | |||||||||||
Non-GAAP net loss | (2,019.4) | (2,902.6) | (2,432.6) | (17.0) % | (30.4) % | |||||||||||
i Except for vehicle margin and gross margin, where absolute changes instead of percentage changes | ||||||||||||||||
Recent Developments
Delivery Updates
In April 2024, the Company delivered 16,089 vehicles, representing an increase of 99% from April 2023.
In May 2024, the Company delivered 18,616 vehicles, representing an increase of 115% from May 2023.
New Model Launches
In February 2024, the Company launched the all-new ZEEKR 001 2024 model, a five-seater, cross-over shooting brake, and started deliveries in March 2024.
In April 2024, the Company launched the ZEEKR 009 Grand, a deluxe version of the ZEEKR 009, and started deliveries in May 2024.
CEO and CFO Comments
"We started our journey as a public company on a strong note with an excellent operational and financial performance for the first quarter of 2024," said Mr. Andy An, ZEEKR's chief executive officer. "First quarter deliveries soared to 33,059 vehicles, up 117% year-over-year to reach a new quarterly record high and propelling our progress toward our full-year goal of 230,000 vehicles. This sustained growth in deliveries also secured our position as the best-selling brand in the battery electric vehicle market segment priced over RMB200,000 in China. With multiple groundbreakings, feature-rich models in our production pipeline, ZEEKR continues to redefine the ultimate in handling, performance, innovation and luxury. Going forward, we will continue to push the boundaries of intelligent and autonomous technology, build out our ultra-fast charging ecosystem and expand our channel services, boosting our competitiveness on all fronts. Given these strengths and the strategic advantages and synergies we derive from our parent company, Geely Group, ZEEKR is well-positioned to drive sustainable, global growth."
"We delivered robust results across the board for the first quarter of 2024, with total revenues rising by 71.0% and gross profit surging by 154.9% year-over-year," added Mr. Jing Yuan, chief financial officer of ZEEKR. "Vehicle margin also increased, up by 3.9 percentage points year-over-year thanks to effective procurement cost control. Our successful initial public offering on the New York Stock Exchange in May significantly strengthened our balance sheet, setting the stage for our long-term development. We remain confident that our solid financial position and growing competitiveness will empower us to deliver long-term value to our shareholders and global stakeholders."
Financial Results for the First Quarter of 2024
Revenues
Cost of Revenues and Gross Margin
Operating Expenses
Loss from Operations
Net Loss and Net Loss Per Share
Balance Sheets
Cash and cash equivalents and restricted cash was RMB3,791.1 million (US$525.1 million) as of March 31, 2024.
Conference Call
The Company's management will host an earnings conference call on Tuesday, June 11, 2024, at 8:00 A.M. U.S. Eastern Time (8:00 P.M. Beijing/Hong Kong Time on the same day).
All participants who wish to join the call are requested to complete the online registration using the link provided below. After registration, each participant will receive by email a set of dial-in numbers, a passcode and a unique access PIN to join the conference call. Participants may pre-register at any time, including up to and after the call start time.
Participant Online Registration: https://dpregister.com/sreg/10189650/fca07ffcd6
A live webcast of the conference call will be available on the Company's investor relations website at https://ir.zeekrlife.com/.
About ZEEKR
ZEEKR is a fast-growing intelligent BEV technology company. The Company aspires to lead the electrification, intelligentization, and innovation of the automobile industry through the development and sales of next-generation premium BEVs and technology-driven solutions. Incorporated in March 2021, ZEEKR has focused on innovative BEV architecture, hardware, software, and the application of new technologies. Its current product portfolio primarily includes ZEEKR 001, a five-seater, cross-over shooting brake; ZEEKR 001 FR, its latest cross-over shooting brake; ZEEKR 009, a luxury six-seater MPV; ZEEKR 009 Grand, a four-seat deluxe version of ZEEKR 009; ZEEKR X, a compact SUV, and an upscale sedan model.
With a mission to create the ultimate mobility experience through technology and solutions, ZEEKR's efforts are backed by strong in-house R&D capabilities, a deep understanding of products, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, as well as the creation of a series of customer-oriented products and go-to-market strategies.
For more information, please visit https://ir.zeekrlife.com/.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.
For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and non-GAAP Results" set forth in this announcement.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2203 to US$1.00, the exchange rate on March 29, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "future," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any duty to update such information, except as required under applicable law.
For Investor Enquiries
ZEEKR
Investor Relations
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For Media Enquiries
ZEEKR
Media Relations
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ZEEKR INC. | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(Amounts in thousands, except share and per share data and otherwise noted) | ||||||
As of | ||||||
December 31 | March 31 | March 31 | ||||
2023 | 2024 | 2024 | ||||
RMB | RMB | US$ | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | 3,260,670 | 2,722,703 | 377,090 | |||
Restricted cash | 844,079 | 1,068,400 | 147,972 | |||
Notes receivable | 487,851 | 768,360 | 106,417 | |||
Accounts receivable | 1,104,450 | 1,240,508 | 171,808 | |||
Inventories | 5,228,689 | 4,927,757 | 682,486 | |||
Amounts due from related parties | 7,256,861 | 7,761,784 | 1,074,995 | |||
Prepayments and other current assets | 2,294,508 | 3,163,007 | 438,071 | |||
Total current assets | 20,477,108 | 21,652,519 | 2,998,839 | |||
Property, plant and equipment, net | 2,914,274 | 3,000,793 | 415,605 | |||
Intangible assets, net | 410,912 | 480,042 | 66,485 | |||
Land use rights, net | 51,755 | 51,461 | 7,127 | |||
Operating lease right-of-use assets | 2,443,545 | 2,369,528 | 328,176 | |||
Deferred tax assets | 86,395 | 109,177 | 15,121 | |||
Long-term investments | 459,794 | 550,674 | 76,267 | |||
Other non-current assets | 273,717 | 315,846 | 43,744 | |||
Total non-current assets | 6,640,392 | 6,877,521 | 952,525 | |||
TOTAL ASSETS | 27,117,500 | 28,530,040 | 3,951,364 | |||
ZEEKR INC. | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) | ||||||
(Amounts in thousands, except share and per share data and otherwise noted) | ||||||
As of | ||||||
December 31 | March 31 | March 31 | ||||
2023 | 2024 | 2024 | ||||
RMB | RMB | US$ | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Accounts payable | 4,104,717 | 4,578,825 | 634,160 | |||
Notes payable | 5,504,945 | 9,785,003 | 1,355,207 | |||
Amounts due to related parties | 16,355,902 | 13,245,235 | 1,834,444 | |||
Income tax payable | 108,083 | 85,691 | 11,868 | |||
Accruals and other current liabilities | 6,243,956 | 8,121,980 | 1,124,881 | |||
Total current liabilities | 32,317,603 | 35,816,734 | 4,960,560 | |||
Operating lease liabilities, non-current | 1,807,159 | 1,826,532 | 252,972 | |||
Amounts due to related parties, non-current | 1,100,000 | 1,100,000 | 152,348 | |||
Other non-current liabilities | 563,001 | 519,365 | 71,931 | |||
Deferred tax liability | 8,337 | 8,150 | 1,129 | |||
Total non-current liabilities | 3,478,497 | 3,454,047 | 478,380 | |||
TOTAL LIABILITIES | 35,796,100 | 39,270,781 | 5,438,940 | |||
SHAREHOLDERS' EQUITY | ||||||
Ordinary shares | 2,584 | 2,584 | 358 | |||
Convertible preferred shares | 362 | 362 | 50 | |||
Additional paid-in capital | 11,213,798 | 11,216,532 | 1,553,472 | |||
Accumulated deficits | (20,865,686) | (22,880,010) | (3,168,846) | |||
Accumulated other comprehensive income/(loss) | 17,555 | (25,214) | (3,492) | |||
Total ZEEKR shareholders' equity (deficit) | (9,631,387) | (11,685,746) | (1,618,458) | |||
Non-controlling interest | 952,787 | 945,005 | 130,882 | |||
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) | (8,678,600) | (10,740,741) | (1,487,576) | |||
TOTAL LIABILITIES AND SHAREHOLDERS' | 27,117,500 | 28,530,040 | 3,951,364 | |||
ZEEKR INC. | ||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE | ||||||||
(Amounts in thousands, except share and per share data and otherwise noted) | ||||||||
Three Months Ended | ||||||||
March 31 | December 31 | March 31 | March 31 | |||||
2023 | 2023 | 2024 | 2024 | |||||
RMB | RMB | RMB | US$ | |||||
Revenues: | ||||||||
Vehicle sales | 4,725,196 | 10,592,647 | 8,174,117 | 1,132,102 | ||||
Sales of batteries and other components | 3,471,469 | 4,038,075 | 6,318,535 | 875,107 | ||||
Research and development service and | 423,743 | 1,727,203 | 244,100 | 33,807 | ||||
Total revenues | 8,620,408 | 16,357,925 | 14,736,752 | 2,041,016 | ||||
Cost of revenues: | ||||||||
Vehicle sales | (4,248,677) | (8,974,061) | (7,026,741) | (973,192) | ||||
Sales of batteries and other components | (3,403,866) | (3,746,895) | (5,883,360) | (814,836) | ||||
Research and development service and | (285,395) | (1,308,642) | (87,301) | (12,091) | ||||
Total cost of revenues | (7,937,938) | (14,029,598) | (12,997,402) | (1,800,119) | ||||
Gross profit | 682,470 | 2,328,327 | 1,739,350 | 240,897 | ||||
Operating expenses: | ||||||||
Research and development expenses | (1,805,053) | (3,162,517) | (1,925,278) | (266,648) | ||||
Selling, general and administrative | (1,284,428) | (2,207,938) | (1,951,530) | (270,284) | ||||
Other operating income, net | 57,808 | 92,041 | 50,525 | 6,998 | ||||
Total operating expenses | (3,031,673) | (5,278,414) | (3,826,283) | (529,934) | ||||
Loss from operations | (2,349,203) | (2,950,087) | (2,086,933) | (289,037) | ||||
Interest expense | (104,801) | (35,730) | (10,700) | (1,482) | ||||
Interest income | 22,731 | 25,767 | 20,192 | 2,797 | ||||
Other income/(expense), net | 11,107 | 6,420 | (29,658) | (4,109) | ||||
Loss before income tax expense and | (2,420,166) | (2,953,630) | (2,107,099) | (291,831) | ||||
Share of (loss)/income in equity method | (44,150) | 109,061 | 90,882 | 12,588 | ||||
Income tax expense | (1,046) | (93,350) | (5,889) | (816) | ||||
Net loss | (2,465,362) | (2,937,919) | (2,022,106) | (280,059) | ||||
Less: (loss)/income attributable to non- | (71,029) | 48,969 | (7,782) | (1,078) | ||||
Net loss attributable to shareholders of | (2,394,333) | (2,986,888) | (2,014,324) | (278,981) | ||||
ZEEKR INC. | ||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE | ||||||||
(Amounts in thousands, except share and per share data and otherwise noted) | ||||||||
Three Months Ended | ||||||||
March 31 | December 31 | March 31 | March 31 | |||||
2023 | 2023 | 2024 | 2024 | |||||
RMB | RMB | RMB | US$ | |||||
Net loss per share: | ||||||||
Basic and diluted | (1.20) | (1.49) | (1.01) | (0.14) | ||||
Weighted average shares used in | ||||||||
Basic and diluted | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ||||
Net loss | (2,465,362) | (2,937,919) | (2,022,106) | (280,059) | ||||
Other comprehensive loss, net of | ||||||||
Foreign currency translation | (1,919) | 38,684 | (42,769) | (5,923) | ||||
Comprehensive loss | (2,467,281) | (2,899,235) | (2,064,875) | (285,982) | ||||
Less: comprehensive (loss)/income | (71,029) | 48,969 | (7,782) | (1,078) | ||||
Comprehensive loss attributable to | (2,396,252) | (2,948,204) | (2,057,093) | (284,904) | ||||
ZEEKR INC. | ||||||||
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS | ||||||||
(Amounts in thousands, except share and per share data and otherwise noted) | ||||||||
Three Months Ended | ||||||||
March 31 | December 31 | March 31 | March 31 | |||||
2023 | 2023 | 2024 | 2024 | |||||
RMB | RMB | RMB | US$ | |||||
Loss from operations | (2,349,203) | (2,950,087) | (2,086,933) | (289,037) | ||||
Share-based compensation expenses | 32,728 | 35,308 | 2,734 | 379 | ||||
Non-GAAP loss from operations | (2,316,475) | (2,914,779) | (2,084,199) | (288,658) | ||||
Net loss | (2,465,362) | (2,937,919) | (2,022,106) | (280,059) | ||||
Share-based compensation expenses | 32,728 | 35,308 | 2,734 | 379 | ||||
Non-GAAP net loss | (2,432,634) | (2,902,611) | (2,019,372) | (279,680) | ||||
Net loss attributable to ordinary | (2,394,333) | (2,986,888) | (2,014,324) | (278,981) | ||||
Share-based compensation expenses | 32,728 | 35,308 | 2,734 | 379 | ||||
Non-GAAP net loss attributable to | (2,361,605) | (2,951,580) | (2,011,590) | (278,602) | ||||
Weighted average number of ordinary | ||||||||
Basic and diluted | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ||||
Non-GAAP net loss per ordinary share | ||||||||
Basic and diluted | (1.18) | (1.48) | (1.01) | (0.14) | ||||
| Last Trade: | US$22.40 |
| Daily Change: | 0.30 1.36 |
| Daily Volume: | 946,861 |
| Market Cap: | US$5.550B |
November 13, 2024 October 31, 2024 September 30, 2024 September 01, 2024 August 21, 2024 | |
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