Smart Share Global (EM) Q4 2024 earnings summary

Executive summary

• Completed transition to network partner model, with 96.8% of POIs under this model as of September 30, 2024.

• Cumulative registered users reached 430.2 million, with 13.1 million new users in Q3 2024.

• Mobile device charging orders declined to 148.1 million in Q3 2024 from 176.5 million in Q3 2023.

• Services available in 1,274,000 POIs and 9.5 million power banks deployed as of Q3 2024.

Financial highlights

• Q3 2024 revenue was RMB490.8 million (US$69.9 million), down 20.0% year-over-year.

• Mobile device charging revenue fell 34.8% to RMB367.9 million, while network partner model revenue rose 10.7% to RMB309.8 million.

• Other revenues, mainly from new business initiatives, surged 149.4% to RMB122.9 million.

• Net income for Q3 2024 was RMB4.2 million, down from RMB49.0 million in Q3 2023; non-GAAP adjusted net income was RMB9.2 million, down from RMB54.2 million.

• Cash, cash equivalents, restricted cash, and short-term investments totaled RMB3.0 billion (US$432.0 million) as of September 30, 2024.

Segment performance

• Network partner model revenue increased due to higher POI count, with solution fees up 12.2% and related sales up 10.3% year-over-year.

• Direct model revenue dropped 79.6% to RMB58.0 million, reflecting the strategic shift.