BEIJING, June 12, 2025 /PRNewswire/ -- Uxin Limited ("Uxin" or the "Company") (Nasdaq: UXIN), China's leading used car retailer, today announced its unaudited financial results for the quarter ended March 31, 2025.
Highlights for the Quarter Ended March 31, 2025
-- Transaction volume was 8,264 units for the three months ended March 31,
2025, a decrease of 12.4% from 9,439 units in the last quarter and an
increase of 103.6% from 4,058 units in the same period last year.
-- Retail transaction volume was 7,545 units, a decrease of 11.8% from 8,554
units in the last quarter and an increase of 141.5% from 3,124 units in
the same period last year.
-- Total revenues were RMB504.2 million (US$69.5 million) for the three
months ended March 31, 2025, a decrease of 15.5% from RMB596.8 million in
the last quarter and an increase of 58.0% from RMB319.2 million in the
same period last year.
-- Gross margin was 7.0% for the three months ended March 31, 2025, compared
with 7.0% in the last quarter and 6.6% in the same period last year.
-- Loss from operations was RMB35.3 million (US$4.9 million) for the three
months ended March 31, 2025, compared with RMB73.4 million in the last
quarter and RMB109.8 million in the same period last year.
-- Non-GAAP adjusted EBITDA[1] was a loss of RMB8.9 million (US$1.2 million),
compared with a gain of RMB2.0 million in the last quarter and a loss of
RMB39.7 million in the same period last year.
([1]) This is a non-GAAP measure. We believe non-GAAP measures help investors
and users of our financial information understand the effect of adjusting
items on our selected reported results and provide alternate measurements of
our performance, both in the current period and across periods. See our
Financial Supplement, filed as Exhibit 99.1 to our Current Report on Form 6-K
on June 12, 2025 with the SEC, "Unaudited Reconciliations of GAAP And Non-GAAP
Results" for a reconciliation and additional information on non-GAAP
measures.
Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, commented, "we once again delivered strong performance in the first quarter of 2025, achieving retail vehicle transaction volume of 7,545 units, representing a 142% year-over-year increase, despite the temporary impact of the Chinese New Year holiday. Our inventory structure remained healthy with turnover days around 30, and our industry-leading NPS (net promoter score) of 65 underscores the strength of our customer experience. Additionally, our newly launched superstore in Wuhan began trial operations during the quarter, with both inventory and sales ramping up rapidly. As we continue to expand our footprint and scale our operations, we expect our retail transaction volume in the second quarter to exceed 10,000 units, setting a new record for Uxin."
Mr. Feng Lin, Chief Financial Officer of Uxin, stated, "despite the seasonal slowdown during the Chinese New Year in the quarter, we continued to improve our financial performance with retail revenue reaching RMB466 million, a 73% year-over-year increase. Gross margin also expanded by 40 basis points year-over-year to 7%,and remained consistent with the prior quarter. Importantly, we maintained our commitment to disciplined cost management and further enhancement in operational efficiency. While we incurred some upfront expenses associated with the launch of our new superstore in Wuhan, our non-GAAP adjusted EBITDA loss narrowed significantly to RMB8.9 million, representing a 78% year-over-year reduction. As our new superstore scales and sales volume at existing locations continues to grow, we remain confident in our trajectory toward sustainable growth and improved profitability."
Financial Results for the Quarter Ended March 31, 2025
Total revenues were RMB504.2 million (US$69.5 million) for the three months ended March 31, 2025, a decrease of 15.5% from RMB596.8 million in the last quarter and an increase of 58.0% from RMB319.2 million in the same period last year. The quarter-over-quarter decrease was mainly due to the decrease in retail vehicle sales revenue. The year-over-year increase was mainly due to the increase in retail vehicle sales revenue.
Retail vehicle sales revenue was RMB465.5 million (US$64.2 million) for the three months ended March 31, 2025, representing a decrease of 15.8% from RMB553.1 million in the last quarter and an increase of 72.8% from RMB269.4 million in the same period last year. For the three months ended March 31, 2025, retail transaction volume was 7,545 units, a decrease of 11.8% from 8,554 units last quarter and an increase of 141.5% from 3,124 units in the same period last year. The quarter-over-quarter decrease in retail vehicle sales revenue was mainly due to the decrease in retail transaction volume resulting from seasonality. The Chinese New Year holiday lasted from January 28 to February 4, 2025, which is the traditional used car off-season. The year-over-year increase was mainly due to the increase in retail transaction volume by 141.5% while partially offset by the decline of retail average selling price.
Wholesale vehicle sales revenue was RMB22.5 million (US$3.1 million) for the three months ended March 31, 2025, compared with RMB25.5 million in the last quarter and RMB39.7 million in the same period last year. For the three months ended March 31, 2025, wholesale transaction volume was 719 units, representing a decrease of 18.8% from 885 units last quarter and a decrease of 23.0% from 934 units in the same period last year. Wholesale vehicle sales refer to vehicles purchased by the Company from individuals that do not meet the Company's retail standards and are subsequently sold through online and offline channels.
Other revenue was RMB16.2 million (US$2.2 million) for the three months ended March 31, 2025, compared with RMB18.2 million in the last quarter and RMB10.1 million in the same period last year.
Cost of revenues was RMB468.9 million (US$64.6 million) for the three months ended March 31, 2025, compared with RMB554.9 million in the last quarter and RMB298.1 million in the same period last year.
Gross margin was 7.0% for the three months ended March 31, 2025, compared with 7.0% in the last quarter and 6.6% in the same period last year. The Company's gross margin remained stable quarter-over-quarter. The year-over-year increase in gross margin was mainly due to the increase in our value-added services penetration rate, which generally have higher gross profit margin.
Total operating expenses were RMB82.5 million (US$11.4 million) for the three months ended March 31, 2025. Total operating expenses excluding the impact of share-based compensation were RMB72.7 million.
-- Sales and marketing expenses were RMB61.7 million (US$8.5 million) for
the three months ended March 31, 2025, a decrease of 0.1% from RMB61.8
million in the last quarter and an increase of 21.4% from RMB50.8 million
in the same period last year. The year-over-year increase was mainly due
to the increased salaries for the sales teams.
-- General and administrative expenses were RMB18.3 million (US$2.5 million)
for the three months ended March 31, 2025, representing a decrease of
73.6% from RMB69.3 million in the last quarter and a decrease of 75.7%
from RMB75.3 million in the same period last year. The decreases were
mainly due to the impact of share-based compensation expenses.
-- Research and development expenses were RMB2.9 million (US$0.4 million)
for the three months ended March 31, 2025, representing an increase of
21.0% from RMB2.4 million in the last quarter and a decrease of 51.9%
from RMB6.0 million in the same period last year. The year-over-year
decrease was mainly due to a decrease of the salaries and benefits
expenses of employees engaged in research and development.
Other operating income, net was RMB11.9 million (US$1.6 million) for the three months ended March 31, 2025, compared with RMB18.1 million for the last quarter and RMB0.9 million in the same period last year. The quarter-over-quarter decrease was mainly due to the decline of proceeds from government grant. The year-over-year increase was mainly due to the increase in liability waiver gain.
Loss from operations was RMB35.3 million (US$4.9 million) for the three months ended March 31, 2025, compared with RMB73.4 million in the last quarter and RMB109.8 million in the same period last year.
Interest expenses were RMB22.5 million (US$3.1 million) for the three months ended March 31, 2025, representing an increase of 2.0% from RMB22.1 million in the last quarter and a decrease of 6% from RMB24.0 million in the same period last year.
Net loss from operations was net loss of RMB51.4 million (US$7.1 million) for the three months ended March 31, 2025, compared with net loss of RMB90.3 million in the last quarter and net loss of RMB142.7 million in the same period last year.
Non-GAAP adjusted EBITDA was a loss of RMB8.9 million (US$1.2 million) for the three months ended March 31, 2025, compared with a gain of RMB2.0 million in the last quarter and a loss of RMB39.7 million in the same period last year.
The Company has incurred net losses since inception. For the quarter ended March 31, 2025, the Company incurred net loss of RMB51.4 million and operating cash outflow of RMB24.4 million, and the Company's current liabilities exceeded current assets by approximately RMB373.5 million and the Company had accumulated deficit in the amount of RMB19.6 billion as of March 31, 2025. Based on the Company's liquidity assessment, which considers the management's plan to address these adverse conditions and events including growing its vehicle sales revenue by increasing the sales volume, improving the gross profit margin by increasing the value-added services offered to its customers, maintaining vehicle turnover rate by managing reasonable vehicle prices, and raising funds from planned equity and debt financings, and also adjusting its operation scale if and when necessary, the Company believes that it is probable to effectively implement these plans and accordingly, its current cash and cash equivalents which included funds from the equity financings completed during the first quarter of 2025, funds from the planned equity and debt financings and the cash flows from operations are sufficient for the Company to meet its anticipated working capital requirements and other capital commitments and the Company will be able to meet its payment obligations when liabilities that fall due within the next twelve months from the date of this release.
Business Outlook
For the three months ended June 30, 2025, the Company expects its retail transaction volume to range between 10,000 units and 10,500 units. The Company estimates that its total revenues including retail vehicle sales revenue, wholesale vehicle sales revenue and other revenue to range between RMB630 million and RMB660 million. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to changes.
Conference Call
Uxin's management team will host a conference call on Thursday, June 12, 2025, at 8:00 A.M. U.S. Eastern Time (8:00 P.M. Beijing/Hong Kong time on the same day) to discuss the financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this conference including an event passcode, a unique access PIN, dial-in numbers, and an e-mail with detailed instructions to join the conference call.
Conference Call Preregistration https://dpregister.com/sreg/10200426/ff57bc0784
A telephone replay of the call will be available after the conclusion of the conference call until June 19, 2025. The dial-in details for the replay are as follows:
U.S.: +1 877 344 7529 International: +1 412 317 0088 Replay PIN: 3857318
A live webcast and archive of the conference call will be available on the Investor Relations section of Uxin's website at http://ir.xin.com.
About Uxin
Uxin is China's leading used car retailer, pioneering industry transformation with advanced production, new retail experiences, and digital empowerment. We offer high-quality and value-for-money vehicles as well as superior after-sales services through a reliable, one-stop, and hassle-free transaction experience. Under our omni-channel strategy, we are able to leverage our pioneering online platform to serve customers nationwide and establish market leadership in selected regions through offline inspection and reconditioning centers. Leveraging our extensive industry data and continuous technology innovation throughout more than ten years of operation, we have established strong used car management and operation capabilities. We are committed to upholding our customer-centric approach and driving the healthy development of the used car industry.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses certain non-GAAP measures, including Adjusted EBITDA and adjusted net loss from operations per share -- basic and diluted, as supplemental measures to review and assess its operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines Adjusted EBITDA as EBITDA excluding share-based compensation, foreign exchange (losses)/gain, other income/(expenses), structure realignment cost which was mainly severance cost and equity in income of affiliates. The Company defines adjusted net loss attributable to ordinary shareholders per share -- basic and diluted as net loss attributable to ordinary shareholders per share excluding impact of share-based compensation, deemed dividend to preferred shareholders due to triggering of a down round feature and accretion on redeemable non-controlling interests. The Company presents the non-GAAP financial measures because they are used by the management to evaluate the operating performance and formulate business plans. The Company also believes that the use of the non-GAAP measures facilitate investors' assessment of its operating performance as this measure excludes certain finance or non-cash items that the Company does not believe directly reflect its core operations. The Company believe that excluding these items enables us to evaluate our performance period-over-period more effectively and relative to our competitors.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using Adjusted EBITDA is that it does not reflect all items of income and expenses that affect the Company's operations. Share-based compensation, other income/(expenses) and foreign exchange (losses)/gain have been and may continue to be incurred in the business. Further, the non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.
Reconciliations of Uxin's non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader, except for those transaction amounts that were actually settled in U.S. dollars. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2567 to US$1.00, representing the index rate as of March 31, 2025 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ 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 United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Uxin's strategic and operational plans, contain forward-looking statements. Uxin may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Uxin's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: impact of the COVID-19 pandemic, Uxin's goal and strategies; its expansion plans; its future business development, financial condition and results of operations; Uxin's expectations regarding demand for, and market acceptance of, its services; its ability to provide differentiated and superior customer experience, maintain and enhance customer trust in its platform, and assess and mitigate various risks, including credit; its expectations regarding maintaining and expanding its relationships with business partners, including financing partners; trends and competition in China's used car e-commerce industry; the laws and regulations relating to Uxin's industry; the general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Uxin's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Uxin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media enquiries, please contact:
Uxin Limited Investor Relations
Uxin Limited
Email: ir@xin.com
The Blueshirt Group
Mr. Jack Wang
Phone: +86 166-0115-0429
Email: Jack@blueshirtgroup.co
Uxin Limited
Unaudited Consolidated Statements of Comprehensive
Loss
(In thousands except for number of shares and per
share data)
For the three months ended March 31,
----------------------------------------------------
2024 2025
---------------- ----------------------------------
RMB RMB US$
Revenues
Retail vehicle
sales 269,421 465,518 64,150
Wholesale vehicle
sales 39,722 22,547 3,107
Others 10,008 16,164 2,227
---------------- ---------------- ----------------
Total revenues 319,151 504,229 69,484
---------------- ---------------- ----------------
Cost of revenues (298,109) (468,888) (64,614)
---------------- ---------------- ----------------
Gross profit 21,042 35,341 4,870
---------------- ---------------- ----------------
Operating
expenses
Sales and
marketing (50,815) (61,703) (8,503)
General and
administrative (75,336) (18,334) (2,526)
Research and
development (6,027) (2,899) (399)
Reversal of credit
losses, net 359 395 54
----------------
Total operating
expenses (131,819) (82,541) (11,374)
---------------- ---------------- ----------------
Other operating
income, net 935 11,948 1,646
Loss from
operations (109,842) (35,252) (4,858)
---------------- ---------------- ----------------
Interest income 8 7 1
Interest expenses (23,970) (22,542) (3,106)
Other income 622 6,285 866
Other expenses (4,086) (655) (90)
Foreign exchange
gains 511 776 107
Loss before income
tax expense (136,757) (51,381) (7,080)
Income tax expense (12) - -
Equity in loss of
affiliates, net
of tax (5,951) - -
Net loss, net of
tax (142,720) (51,381) (7,080)
Add: net profit
attribute to
redeemable non-
controlling
interests and
non-controlling
interests
shareholders (1,629) (1,690) (233)
----------------
Net loss
attributable to
UXIN LIMITED (144,349) (53,071) (7,313)
Deemed dividend to
preferred
shareholders due
to triggering of
a down round
feature (1,781,454) - -
---------------- ---------------- ----------------
Net loss
attributable to
ordinary
shareholders (1,925,803) (53,071) (7,313)
================ ================ ================
Net loss (142,720) (51,381) (7,080)
Foreign currency
translation, net
of tax nil 66 75 10
Total
comprehensive
loss (142,654) (51,306) (7,070)
---------------- ---------------- ----------------
Add: net profit
attribute to
redeemable non-
controlling
interests and
non-controlling
interests
shareholders (1,629) (1,690) (233)
Total
comprehensive
loss attributable
to UXIN LIMITED (144,283) (52,996) (7,303)
================ ================ ================
Net loss
attributable to
ordinary
shareholders (1,925,803) (53,071) (7,313)
Weighted average
shares
outstanding --
basic 4,465,415,461 58,275,586,722 58,275,586,722
Weighted average
shares
outstanding --
diluted 4,465,415,461 58,275,586,722 58,275,586,722
Net loss per share
for ordinary
shareholders,
basic (0.43) (0.00) (0.00)
Net loss per share
for ordinary
shareholders,
diluted (0.43) (0.00) (0.00)
Uxin Limited
Unaudited Consolidated Balance Sheets
(In thousands except for number of shares and per share data)
As of December 31, As of March 31,
------------------
2024 2025
------------------ -------------------------
RMB RMB US$
ASSETS
Current assets
Cash and cash equivalents 25,112 103,366 14,244
Restricted cash 767 668 92
Accounts receivable, net 4,150 2,750 379
Loans recognized as a
result of payments under
guarantees, net of
provision for credit
losses of RMB7,710 and
RMB7,707 as of December
31, 2024 and March 31,
2025, respectively - - -
Other receivables, net of
provision for credit
losses of RMB21,113 and
RMB15,149 as of December
31, 2024 and March 31,
2025, respectively 14,998 12,468 1,718
Inventory, net 207,390 189,905 26,170
Prepaid expenses and
other current assets 86,977 81,259 11,198
Total current assets 339,394 390,416 53,801
------------------ ------------ -----------
Non-current assets
Property, equipment and
software, net 71,420 73,931 10,188
Finance lease
right-of-use assets,
net 1,346,728 1,339,818 184,632
Operating lease
right-of-use assets,
net 194,388 193,232 26,628
Total non-current assets 1,612,536 1,606,981 221,448
------------------ ------------ -----------
Total assets 1,951,930 1,997,397 275,249
================== ============ ===========
LIABILITIES, MEZZANINE
EQUITY AND SHAREHOLDERS'
DEFICIT
Current liabilities
Accounts payable 81,584 83,892 11,561
Other payables and other
current liabilities 306,391 275,278 37,934
Current portion of
operating lease
liabilities 14,563 13,345 1,839
Current portion of
finance lease
liabilities 183,852 184,752 25,460
Short-term borrowing from
third parties 174,616 167,285 23,052
Short-term borrowings
from related parties
(i) 1,000 39,383 5,427
Total current liabilities 762,006 763,935 105,273
------------------ ------------ -----------
Non-current liabilities
Long-term borrowings from
related party (i) 53,913 - -
Long-term borrowings from
third party - 14,356 1,978
Consideration payable to
WeBank 27,237 19,838 2,734
Finance lease liabilities 1,141,118 1,159,433 159,774
Operating lease
liabilities 180,920 180,207 24,833
Total non-current
liabilities 1,403,188 1,373,834 189,319
------------------ ------------ -----------
Total liabilities 2,165,194 2,137,769 294,592
================== ============ ===========
Mezzanine equity
Redeemable
non-controlling
interests (ii) 154,977 170,666 23,518
Total Mezzanine equity 154,977 170,666 23,518
------------------ ------------ -----------
Shareholders' deficit
Ordinary shares (iii) 39,816 42,621 5,873
Additional paid-in
capital (iii) 19,007,948 19,151,216 2,639,108
Subscription receivable
from shareholders (iii) (60,467) (96,343) (13,276)
Accumulated other
comprehensive income 227,718 227,793 31,391
Accumulated deficit (19,583,017) (19,636,088) (2,705,924)
Total Uxin's
shareholders' deficit (368,002) (310,801) (42,828)
------------------ ------------ -----------
Non-controlling interests (239) (237) (33)
------------------ ------------
Total shareholders'
deficit (368,241) (311,038) (42,861)
================== ============ ===========
Total liabilities,
mezzanine equity and
shareholders' deficit 1,951,930 1,997,397 275,249
================== ============ ===========
(i) Long-term borrowing from related party outstanding as of December 31, 2024
amounted to RMB53.9 million. On September 12, 2024, the Company's Anhui
subsidiary ("Uxin Anhui") entered into a loan agreement with Pintu (Beijing)
information Technology Co., Ltd. ("Pintu Beijing"), pursuant to which Pintu
Beijing agreed to extend loan to Uxin Anhui in a principal amount of the RMB
equivalent of US$7.5 million for a term of 18 months from the drawdown date
unless other repayment schedule is negotiated and mutually agreed by Uxin
Anhui and Pintu Beijing. The interest rate is 5.35% per annum within 12 months
after the drawdown date, and 8% per annum after 12 months until the loan is
repaid in full. The loan is guaranteed by Uxin's Shaanxi subsidiary pursuant
to a guarantee agreement entered on the same date. On September 13, 2024, Uxin
Anhui made the drawdown of this loan, and the total RMB amount received was
classified as "Long-term borrowings from related party" in non-current
liabilities. Subsequently in November 2024, the Company entered into a Share
Subscription Agreement with Lightwind Global Limited ("Lightwind", a
wholly-owned subsidiary of Pintu Beijing). Pursuant to this agreement and
subject to the fulfilment of specified conditions, Uxin agreed to allot and
issue, while Lightwind agreed to subscribe for, a total of 1,543,845,204 Class
A Ordinary Shares of the Company, with an aggregate subscription amount of
US$7.5 million. When the specified conditions were fulfilled and a repayment
schedule of the long-term loan of US$7.5 million was mutually agreed,
Lightwind shall invest equivalent amount in the Company after Uxin Anhui
repays the loan under the repayment schedule to Pintu Beijing. In March 2025,
a revised repayment schedule was mutually agreed by Uxin Anhui and Pintu
Beijing. Pursuant to which, Uxin Anhui fully repaid the total amount of
principal and interests, amounting to RMB55.0 million, to Pintu Beijing by 2
installments, RMB15.0 million in March 2025 and RMB40.0 million in April 2025.
Concurrently, Lightwind made an equivalent investment in the Company as the
specified conditions for the investment had been fulfilled. As of March 31,
2025, the Company classified all remaining borrowings of RMB38.4 million as
"Short-term borrowings from related parties" in current liabilities based on
the revised repayment schedule. (ii) On October 16, 2024, the Company, through
Uxin Anhui, entered into an agreement with Wuhan Junshan Urban Asset Operation
Co.,Ltd. ("Wuhan Junshan"), a company indirectly controlled by Wuhan City
Economic & Technological Development Zone, to establish a subsidiary, Wuhan
Youxin Intelligent Remanufacturing Co., Ltd. ("Uxin Wuhan"). Uxin Anhui will
contribute RMB66.7 million and Wuhan Junshan will contribute RMB33.3 million,
representing approximately 66.7% and 33.3% of Uxin Wuhan's total registered
capital, respectively. As of March 31, 2025, the Company and Wuhan Junshan
each made contributions of RMB14.0 million to Uxin Wuhan, respectively, and
the investment from Wuhan Junshan was recognized as redeemable non-controlling
interests. (iii) On March 4, 2025, the Company entered into a share
subscription agreement with Fame Dragon Global Limited (the "Investor"), an
investment vehicle of NIO Capital, pursuant to which the Investor agreed to
purchase 5,738,268,233 Class A Ordinary Shares of the Company for a total
consideration of US$27.8 million. As of March 31, 2025, the Company has issued
3,911,092,516 Class A Ordinary Shares of the Company to the Investor and
entities designated by the Investor with the receipts of US$14.0 million in
March 2025 and US$5.0 million in April 2025, respectively. For the
consideration of US$5.0 million that had not been received as of March 31,
2025 while the corresponding shares had been issued in advance in March 2025,
the Group classified it as "Subscription Receivable from Shareholders" under
the shareholders' deficit. In substance, the Company issued a forward contract
to the Investor, as the Investor is obligated to purchase the shares, and the
Company is required to issue them upon the satisfaction of the closing
conditions at the pre-agreed price and amount which shall be a deemed dividend
to the forward contract holder recorded in the additional paid-in capital. In
addition, given that this forward contract is considered indexed to the
Company's own stock and meet the requirement for equity classification, it was
also classified under the Company's equity and was initially measured at fair
value amounting to RMB180.8 million with no subsequent remeasurement.
* Share-based compensation charges included are as follows:
For the three months ended March 31,
----------------------------------------
2024 2025
----------------- ---------------------
RMB RMB US$
Sales and marketing -- 1,166 161
General and administrative 40,388 8,025 1,106
Research and development -- 617 85
Uxin Limited
Unaudited Reconciliations of GAAP And Non-GAAP Results
(In thousands except for number of shares and per share data)
For the three months ended March 31,
---------------------------------------------
2024 2025
------------- ------------------------------
RMB RMB US$
Net loss, net of tax (142,720) (51,381) (7,080)
Add: Income tax expense 12 - -
Interest income (8) (7) (1)
Interest expenses 23,970 22,542 3,106
Depreciation 15,760 16,593 2,287
EBITDA (102,986) (12,253) (1,688)
------------- -------------- --------------
Add: Share-based
compensation expenses 40,388 9,808 1,352
- Sales and marketing - 1,166 161
- General and
administrative 40,388 8,025 1,106
- Research and
development - 617 85
Other income (622) (6,285) (866)
Other expenses 4,086 655 90
Foreign exchange gains (511) (776) (107)
Structure realignment
cost 13,948 - -
Equity in loss of
affiliates, net of tax 5,951 - -
------------- -------------- --------------
Non-GAAP adjusted EBITDA (39,746) (8,851) (1,219)
============= ============== ==============
For the three months ended March 31,
---------------------------------------------
2024 2025
------------- ------------------------------
RMB RMB US$
Net loss attributable to
ordinary shareholders (1,925,803) (53,071) (7,313)
Add: Share-based
compensation expenses 40,388 9,808 1,352
- Sales and marketing - 1,166 161
- General and
administrative 40,388 8,025 1,106
- Research and
development - 617 85
Add: accretion on
redeemable
non-controlling
interests 1,650 1,688 233
Deemed dividend to
preferred shareholders
due to triggering of a
down round feature 1,781,454 - -
------------- -------------- --------------
Non-GAAP adjusted net
loss attributable to
ordinary shareholders (102,311) (41,575) (5,728)
============= ============== ==============
Net loss per share for
ordinary shareholders -
basic (0.43) (0.00) (0.00)
Net loss per share for
ordinary shareholders
-- diluted (0.43) (0.00) (0.00)
Non-GAAP adjusted net
loss to ordinary
shareholders per share
-- basic and diluted (0.02) - -
Weighted average shares
outstanding -- basic 4,465,415,461 58,275,586,722 58,275,586,722
Weighted average shares
outstanding -- diluted 4,465,415,461 58,275,586,722 58,275,586,722
Note: The conversion of Renminbi (RMB) into U.S. dollars $(USD)$ is based on the
certified exchange rate of USD1.00 = RMB7.2567 as of March 31, 2025 set forth
in the H.10 statistical release of the Board of Governors of the Federal
Reserve System.
View original content:https://www.prnewswire.com/news-releases/uxin-reports-unaudited-financial-results-for-the-quarter-ended-march-31-2025-302480076.html
SOURCE Uxin Limited
(END) Dow Jones Newswires
June 12, 2025 04:50 ET (08:50 GMT)
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