Monster Charge released its financial report for the first quarter of 2022 as of March 31st today. According to the financial report, Monster Charge’s revenue in the first quarter was 737.1 million yuan (RMB, approximately US$116.3 million), down 13.0% from the same period in 2021 . The net loss was 96.4 million yuan ($15.2 million), compared with a net profit of 15.1 million yuan a year earlier. Non-GAAP adjusted net loss was 89.7 million yuan ($14.1 million), compared with an adjusted net profit of 23.2 million yuan a year earlier.
Operating results for the first quarter:
As of March 31, 2022, Monster Charge's services covered 861,000 POIs (points of interest), compared to 845,000 as of December 31, 2021.
As of March 31, 2022, approximately 38.9% of POIs operated through the network partner model, compared to 38.0% as of December 31, 2021.
As of March 31, 2022, the number of power banks provided by Monster Charge is 5.7 million.
As of March 31, 2022, the cumulative number of registered users of Monster Charge was 298.9 million , which means an additional 12 million registered users in the first quarter.
First quarter financial results:
Revenue was 737.1 million yuan (approximately US$116.3 million), down 13.0% from the same period in 2021.
Cost of revenue was 127.6 million yuan (approximately US$20.1 million), an increase of 2.4% compared with 124.6 million yuan in the same period last year.
Research and development expenses were 27.1 million yuan (about 4.3 million US dollars), an increase of 31.2% compared to 20.6 million yuan in the same period last year.
Selling and marketing expenses were 659.7 million yuan (about 104.1 million US dollars), down 0.3% from 661.7 million yuan in the same period last year.
General and administrative expenses were 27.4 million yuan (approximately US$4.3 million), an increase of 2.1% compared to 26.8 million yuan in the same period last year.
Operating loss was 99.3 million yuan ($15.7 million), compared with an operating profit of 23.8 million yuan a year earlier.
The net loss was 96.4 million yuan ($15.2 million), compared with a net profit of 15.1 million yuan a year earlier.
Non-GAAP adjusted net loss was 89.7 million yuan ($14.1 million), compared with an adjusted net profit of 23.2 million yuan a year earlier.
As of March 31, 2022, Monster Charge had cash and cash equivalents, restricted cash and short-term investments of 2.8 billion yuan (approximately $435.9 million).
Performance Outlook:
Monster Charge expects revenue in the second quarter of 2022 to reach 660 million to 690 million yuan .
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