From GlobeNewswire: 2025-03-06 07:30:00

Smart Share Global Limited (Nasdaq: EM) announced its third-quarter 2024 financial results, reporting growth in mobile device charging services. With 430.2 million cumulative registered users and 96.8% of points of interests (POIs) operated under the network partner model, the company saw a 20.0% revenue decrease but a 10.7% increase in network partner model revenue to RMB 309.8 million. Operating losses were RMB 5.1 million, and net income was RMB 4.2 million. As of September 30, 2024, the company had RMB 3.0 billion in cash and cash equivalents, restricted cash, and short-term investments.

The company identified errors in the accrual for tax surcharges, commissions to location partners, impairment of prepayments, and expected credit losses. These errors were corrected for the relevant financial statements. The corrections were made to previously announced interim financial information and previously issued financial statements to ensure accuracy and compliance.

Non-GAAP adjusted net income for the third quarter of 2024 was RMB 9.2 million, compared to RMB 54.2 million in the same period last year. The company uses this measure to evaluate operating performance and formulate business plans. The presentation of this non-GAAP financial measure helps identify trends, provide further information about results, and enhance understanding of performance and prospects. The company reconciles this measure to the nearest U.S. GAAP performance measure for evaluation.

The company operates through a network partner model with an extensive network of partners and power banks in various locations. With a mission to energize everyday life, Energy Monster provides mobile device charging services in China. The company’s services are available in over 1.2 million POIs, offering convenience and accessibility to users across the country.

For the third quarter of 2024, the company’s revenues were RMB 490.8 million (US$ 69.9 million), with a 20.0% decrease from the same period in 2023. Despite the revenue decline, the company’s shift towards the network partner model led to an increase in revenues generated under this model. The company continues to focus on expanding its network and providing reliable mobile device charging services to users.



Read more at GlobeNewswire:: Smart Share Global Limited Announces Third Quarter 2024