HANGZHOU, China--(BUSINESS WIRE)--June 22, 2026--
MOGU Inc. $(MOGU)$ ("MOGU" or the "Company"), a KOL-driven online fashion and lifestyle destination in China, today announced its unaudited financial results for the six months ended March 31, 2026 and fiscal year 2026.
Mr. Fan Yiming, Chief Executive Officer of MOGU, commented, "In the second half of the fiscal year 2026, we continued to implement tailored sales incentive strategies to drive promotional activity by our key opinion leaders (KOLs), resulting in a significant increase in live-streaming hours among our streamers. However, the heightened competitive environment among major e-commerce platforms, especially during the peak season in the third quarter, impacted our performance. Gross merchandise value (GMV) decreased by 16.0% year-over-year in the second half of fiscal year 2026 while full-year GMV recorded a modest increase of 0.3%. Total revenues in the second half dropped by 28.5% year-over-year, with a full-year decline of 11.2%. On a brighter note, our MCN business on external platforms, including RedNote, performed well throughout the year, consistently ranking among the top three live-streaming agencies, generating more than RMB350 million in transaction volume and attracting many celebrities and influencers to join with the agency. Looking ahead, we will remain focused on narrowing our losses while actively exploring growth opportunities in new businesses."
"During the second half of fiscal year 2026, our total revenues decreased by 28.5% to RMB56.7 million from the same period of fiscal year 2025, and loss from operations narrowed to RMB40.2 million from RMB59.7 million in the prior-year period. Beyond our continued focus on cost optimization and efficiency improvements over the past six months, we have identified new revenue growth opportunities through our MCN operations on external platforms. For the upcoming fiscal year, we plan to build upon this momentum while steadily narrowing our overall losses, " added Ms. Qi Feng, Financial Controller.
Highlights For the Six Months Ended March 31, 2026
-- Total revenues for the six months ended March 31, 2026 decreased by
28.5% to RMB56.7 million (US$8.2 million1) from RMB79.4 million during
the same period of fiscal year 2025.
-- Live video broadcast ("LVB") associated GMV for the six months ended
March 31, 2026 decreased by 16.0% period-over-period to RMB1,760 million
(US$255.2 million).
-- GMV2 for the six months ended March 31, 2026 was RMB1,818 million
(US$263.6 million), a decrease of 15.6% period-over-period.
Financial Results For the Six Months Ended March 31, 2026
Total revenues for the six months ended March 31, 2026 decreased by 28.5% to RMB56.7 million (US$8.2 million) from RMB79.4 million during the same period of fiscal year 2025.
-- Commission revenues for the six months ended March 31, 2026 decreased
by 18.4% to RMB32.2 million (US$4.7 million) from RMB39.4 million in the
same period of fiscal year 2025, primarily attributable to the lower GMV
due to the heightened competitive environment.
-- Financing solutions revenues for the six months ended March 31, 2026
decreased by 18.8% to RMB3.3 million (US$0.5 million) from RMB4.0 million
in the same period of fiscal year 2025. The decrease was primarily due to
the decrease in the service fee of loans to users in line with the lower
GMV.
-- Technology service revenues for the six months ended March 31,2026
decreased by 88.5% to RMB3.5 million (US$0.5 million) from RMB30.5
million in the same period of fiscal year 2025, primarily attributable to
the deconsolidation of Hangzhou Ruisha Technology Co. Ltd. ("Ruisha
Technology"), as the Company's share interest in Ruisha Technology
decreased from 59.6% to 48.2% since August 31, 2025.
-- Other revenues for the six months ended March 31, 2026 increased by
228.9% to RMB17.8 million (US$2.6 million) from RMB5.4 million in the
same period of fiscal year 2025, primarily attributable to an increase of
service revenue through providing advertising and promotion services
through KOLs to brands, online retailers and other merchants on social
media platforms, as well as an increase of service revenue through
providing talent management services to online platform operator.
Cost of revenues for the six months ended March 31, 2026 increased by 2.2% to RMB46.2 million (US$6.7 million) from RMB45.2 million in the same period of fiscal year 2025 primarily due to an increase of the costs related to talent management services of RMB4.0 million, partially offset by a decrease in costs related to technology services of RMB3.3 million due to the of deconsolidation of Ruisha Technology.
Sales and marketing expenses for the six months ended March 31, 2026 decreased by 44.8% to RMB17.4 million (US$2.5 million) from RMB31.6 million in the same period of fiscal year 2025, primarily due to a decrease in promotion expenses of RMB5.6 million, payroll cost of RMB3.0 million and administrative expenses of RMB2.3 million, attributable to the Company's ongoing expense optimization efforts.
Research and development expenses for the six months ended March 31, 2026 decreased by 34.5% to RMB11.6 million (US$1.7 million) from RMB17.6 million in the same period of fiscal year 2025, primarily due to a decrease in payroll cost of RMB6.0 million, as a result of the deconsolidation of Ruisha Technology and the Company's efforts to better allocate its human resources.
General and administrative expenses for the six months ended March 31, 2026 decreased by 15.0% to RMB25.1 million (US$3.6 million) from RMB29.5 million in the same period of fiscal year 2025, primarily due to a decrease in other operating expenses of RMB4.3 million, attributable to the Company's ongoing expense optimization efforts.
Amortization of intangible assets for the six months ended March 31, 2026 remained relatively stable as compared with the same period of the fiscal year 2025.
Impairment of long-lived assets for the six months ended March 31, 2026 decreased by 100.0% to nil from RMB18.0 million in the same period of fiscal year 2025, primarily due to the cyclical fluctuations of the real estate market.
Loss from operations for the six months ended March 31, 2026 was RMB40.2 million (US$5.8 million), compared to the loss from operations of RMB59.7 million in the same period of fiscal year 2025.
Net loss attributable to MOGU Inc. for the six months ended March 31, 2026 was RMB48.6 million (US$7.0 million), compared to the net loss attributable to MOGU Inc. of RMB38.4 million in the same period of fiscal year 2025.
Adjusted EBITDA(3) for the six months ended March 31, 2026 was negative RMB34.1 million (US$4.9 million), compared to negative RMB35.7 million in the same period of fiscal year 2025.
Adjusted net loss(4) for the six months ended March 31, 2026 was RMB39.1 million (US$5.7 million), compared to the adjusted net loss of RMB41.5 million in the same period of fiscal year 2025.
Basic and diluted loss per ADS for the six months ended March 31, 2026 were RMB5.94 (US$0.86) and RMB5.94 (US$0.86), respectively, compared with RMB4.37 and RMB4.37, respectively, in the same period of fiscal year 2025. One ADS represents 300 Class A ordinary shares.
Cash and cash equivalents, Restricted cash and Short-term investments were RMB295.6 million (US$42.9 million) as of March 31, 2026, compared with RMB380.1 million as of March 31, 2025.
Fiscal Year 2026 Financial Results
Total revenues decreased by 11.2% to RMB125.4 million (US$18.2 million) from RMB141.2 million in fiscal year 2025.
-- Commission revenues decreased by 11.8% to RMB65.8 million (US$9.5
million) from RMB74.7 million in fiscal year 2025, primarily attributable
to the lower GMV due to the heightened competitive environment.
-- Financing solutions revenues decreased by 13.5% to RMB6.8 million
(US$1.0 million) from RMB7.9 million in fiscal year 2025. The decrease
was primarily due to the decrease in service fees of loans to users in
line with the lower GMV.
-- Technology service revenues decreased by 47.4% to RMB26.9 million
(US$3.9 million) from RMB51.2 million in the fiscal year 2025, primarily
attributable to the deconsolidation of Ruisha Technology, as the
Company's share interest in Ruisha Technology decreased from 59.6% to
48.2%, and the Company deconsolidated Ruisha Technology since August 31,
2025.
-- Other revenues increased by 248.0% to RMB25.8 million (US$3.7 million)
from RMB7.4 million in fiscal year 2025, primarily attributable to the
increase of service revenue through providing advertising and promotion
services through KOLs to brands, online retailers and other merchants on
social media platforms, as well as an increase of service revenue through
providing talent management services to online platform operator.
Cost of revenues increased by 5.7% to RMB89.6 million (US$13.0 million) from RMB84.8 million in fiscal year 2025, which was primarily due to an increase in costs of talent management services of RMB4.2 million.
Sales and marketing expenses decreased by 35.2% to RMB37.6 million (US$5.4 million) from RMB58.0 million in fiscal year 2025, primarily due to a decrease in spending on branding and user acquisition and incentives activities of RMB7.6 million, a decrease in other promotion expense of RMB6.6 million and payroll cost of RMB3.7 million, attributable to the Company's ongoing expense optimization efforts.
Research and development expenses decreased by 4.0% to RMB28.8 million (US$4.2 million) from RMB30.0 million in fiscal year 2025, primarily due to a decrease in payroll expense of RMB1.5 million as a result of the Company's efforts to better allocate its human resources.
General and administrative expenses decreased by 12.9% to RMB49.4 million (US$7.2 million) from RMB56.7 million in fiscal year 2025, primarily due to a decrease in other operating expenses of RMB6.7 million, attributable to the Company's ongoing expense optimization efforts.
Amortization of intangible assets in fiscal year 2026 remained relatively stable as compared with fiscal year 2025.
Impairment of long-lived assets decreased by 100% to nil from RMB18.0 million in the same period of fiscal year 2025, primarily due to the cyclical fluctuations of the real estate market.
Loss from operations was RMB72.2 million (US$10.5 million), compared to the loss from operations of RMB101.1 million in fiscal year 2025.
Net income attributable to MOGU Inc. was RMB1.8 million (US$0.3 million), compared to the net loss attributable to MOGU Inc. of RMB62.6 million in fiscal year 2025.
Adjusted EBITDA was negative RMB60.7 million (US$8.8 million), compared to negative RMB70.7 million in fiscal year 2025.
Adjusted net loss was RMB72.1 million (US$10.5 million), compared to the adjusted net loss of RMB79.8 million in fiscal year 2025.
Basic and diluted income per ADS were RMB0.23 (US$0.03) and RMB0.21 (US$0.03) respectively, compared with loss per ADS of RMB7.14 and RMB7.14, respectively, in fiscal year 2025. One ADS represents 300 Class A ordinary shares.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses nonSHYGAAP measures, such as Adjusted EBITDA and Adjusted net (loss)/income as supplemental measures to review and assess operating performance. The presentation of these nonSHYGAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Company defines Adjusted EBITDA as net (loss)/income before interest income, interest expense, fair value changes of crypto assets, gain/(loss) from investments, net, gain on deconsolidation of a subsidiary, income tax expenses, share of results of equity investees, impairment of long-lived assets, share-based compensation expenses, amortization of intangible assets, and depreciation of property and equipment. The Company defines Adjusted net (loss)/income as net loss excluding fair value changes of crypto assets, gain/(loss) from investments, net, gain on deconsolidation of a subsidiary, impairment of long-lived assets, share-based compensation expenses, and adjustments for tax effects. See "Unaudited Reconciliations of GAAP and NonSHYGAAP Results" at the end of this press release.
The Company presents these nonSHYGAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the nonSHYGAAP financial measures help identify underlying trends in its business by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are nonSHYrecurring in nature or may not be indicative of the Company's core operating results and business outlook. The Company also believes that the nonSHYGAAP financial measures could provide further information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects.
The nonSHYGAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-SHYGAAP financial measures have limitations as analytical tools. The Company's non-GAAP financial measures do not reflect all items of income and expense that affect the Company's operations and do not represent the residual cash flow available for discretionary expenditures. Further, these nonSHYGAAP 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 nonSHYGAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company's financial information in its entirety and not rely on a single financial measure.
For more information on the nonSHYGAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and NonSHYGAAP Results" set forth at the end of this press release.
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. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continue" or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as MOGU's strategic and operational plans, contain forward-looking statements. MOGU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (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 but not limited to statements about MOGU'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: MOGU's growth strategies; the risk that natural disasters or other health epidemics and other outbreaks in China or globally could adversely affect its operations or financial results; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China's eSHYcommerce market; changes in its revenues and certain cost or expense items; the expected growth of China's eSHYcommerce market; PRC governmental policies and regulations relating to MOGU's industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in MOGU'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 MOGU undertakes no obligation to update any forward-looking statement, except as required under applicable law.
About MOGU Inc.
MOGU Inc. (NYSE: MOGU) is a KOL-driven online fashion and lifestyle destination in China. MOGU provides people with a more accessible and enjoyable shopping experience for everyday fashion, particularly as they increasingly live their lives online. By connecting merchants, KOLs and users together, MOGU's platform serves as a valuable marketing channel for merchants, a powerful incubator for KOLs, and a vibrant and dynamic community for people to discover and share the latest fashion trends with others, where users can enjoy a truly comprehensive online shopping experience.
MOGU INC.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands, except for share and per share data)
As of March
31, As of March 31,
------------- -----------------------
2025 2026
------------- -----------------------
RMB RMB US$
ASSETS
Current assets:
Cash and cash
equivalents 82,021 133,627 19,372
Restricted cash 511 511 74
Short-term
investments 297,571 161,507 23,414
Inventories 11 46 7
Loan
receivables,
net 31,108 19,913 2,887
Prepayments,
receivables
and other
current
assets 59,208 11,602 1,682
Amounts due
from related
parties 15,131 14,916 2,162
------------- ---------- ----------
Total current
assets 485,561 342,122 49,598
------------- ---------- ----------
Non-current
assets:
Property and
equipment,
net 281,277 273,980 39,719
Intangible
assets, net 718 536 78
Crypto assets -- 4,691 680
Right-of-use
assets 941 1,054 153
Investments 49,971 165,008 23,921
Other
non-current
assets 39,759 39,520 5,729
------------- ---------- ----------
Total non-current
assets 372,666 484,789 70,280
------------- ---------- ----------
Total assets 858,227 826,911 119,878
============= ========== ==========
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Current
liabilities:
Accounts
payable 4,500 3,549 514
Salaries and
welfare
payable 7,873 7,909 1,147
Advances from
customers 57 57 8
Taxes payable 3,144 9,105 1,320
Amounts due to
related
parties 3,477 5,407 784
Current portion
of lease
liabilities 620 529 77
Accruals and
other current
liabilities 301,204 291,992 42,331
------------- ---------- ----------
Total current
liabilities 320,875 318,548 46,181
------------- ---------- ----------
Non-current
liabilities:
Non-current
lease
liabilities 352 239 35
------------- ---------- ----------
Total non-current
liabilities 352 239 35
------------- ---------- ----------
Total liabilities 321,227 318,787 46,216
------------- ---------- ----------
Shareholders'
equity
Ordinary shares 181 181 26
Treasury stock (138,269) (138,262) (20,044)
Statutory
reserves 6,705 9,462 1,372
Additional
paid-in
capital 9,490,093 9,490,109 1,375,777
Accumulated
other
comprehensive
income 72,670 69,975 10,144
Accumulated
deficit (8,922,425) (8,923,341) (1,293,613)
------------- ---------- ----------
Total MOGU Inc.
shareholders'
equity 508,955 508,124 73,662
------------- ---------- ----------
Non-controlling
interests 28,045 -- --
------------- ---------- ----------
Total
shareholders'
equity 537,000 508,124 73,662
------------- ---------- ----------
Total liabilities
and shareholders'
equity 858,227 826,911 119,878
============= ========== ==========
MOGU INC.
Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss)/Income
(All amounts in thousands, except for share and per share data)
For the six months ended For the years ended
March 31, March 31,
---------------------------------------------- ---------------------------------------------
2025 2026 2025 2026
-------------- ----------------------------- ------------- -----------------------------
RMB RMB US$ RMB RMB US$
Net revenues
Commission
revenues 39,422 32,178 4,665 74,697 65,847 9,546
Financing
solutions
revenues 4,049 3,289 477 7,876 6,809 987
Technology
services
revenues 30,503 3,497 507 51,236 26,941 3,906
Other revenues 5,407 17,783 2,578 7,424 25,835 3,745
------------- ------------- ------------- ------------- ------------- -------------
Total revenues 79,381 56,747 8,227 141,233 125,432 18,184
Cost of revenues
(exclusive of
amortization of
intangible assets
shown separately
below) (45,202) (46,181) (6,695) (84,762) (89,578) (12,986)
Sales and
marketing
expenses (31,591) (17,442) (2,529) (57,953) (37,556) (5,444)
Research and
development
expenses (17,635) (11,550) (1,674) (29,967) (28,776) (4,172)
General and
administrative
expenses (29,532) (25,096) (3,638) (56,675) (49,390) (7,160)
Amortization of
intangible
assets (81) (88) (13) (156) (176) (26)
Impairment of
long-lived
assets (17,953) -- -- (17,953) -- --
Other income, net 2,921 3,386 491 5,093 7,832 1,135
------------- ------------- ------------- ------------- ------------- -------------
Loss from operations (59,692) (40,224) (5,831) (101,140) (72,212) (10,469)
Interest income 2,784 591 86 5,905 2,282 331
Interest expense (1) -- -- (1) (11) (2)
Fair value changes
of crypto assets -- (3,789) (549) -- (3,789) (549)
Gain/(loss) from
investments, net 21,582 (5,738) (832) 38,050 42,264 6,127
Gain on
deconsolidation
of a subsidiary -- -- -- -- 36,909 5,351
------------- ------------- ------------- ------------- ------------- -------------
(Loss)/income before
income tax and share
of results of equity
investees (35,327) (49,160) (7,126) (57,186) 5,443 789
Income tax
expenses (832) (2,000) (290) (839) (6,129) (889)
Share of results
of equity method
investees (1,848) 2,550 370 (2,548) 3,906 566
------------- ------------- ------------- ------------- ------------- -------------
Net (loss)/income (38,007) (48,610) (7,046) (60,573) 3,220 466
Net income
attributable to
non-controlling
interests 421 -- -- 1,984 1,379 200
------------- ------------- ------------- ------------- ------------- -------------
Net (loss)/income
attributable to MOGU
Inc. (38,428) (48,610) (7,046) (62,557) 1,841 266
============= ============= ============= ============= ============= =============
Net (loss)/income (38,007) (48,610) (7,046) (60,573) 3,220 466
Other comprehensive
(loss)/income:
Foreign currency
translation
adjustments, net
of nil tax 1,757 (1,930) (280) 526 (2,695) (391)
Unrealized
securities
holding losses,
net of tax (1,171) -- -- (17,423) -- --
------------- ------------- ------------- ------------- ------------- -------------
Total comprehensive
(loss)/income (37,421) (50,540) (7,326) (77,470) 525 75
Total comprehensive
income attributable
to non-controlling
interests 421 -- -- 1,984 1,379 200
------------- ------------- ------------- ------------- ------------- -------------
Total comprehensive
loss attributable to
MOGU Inc. (37,842) (50,540) (7,326) (79,454) (854) (125)
============= ============= ============= ============= ============= =============
Net (loss)/income
per share
attributable to
ordinary
shareholders
Basic (0.01) (0.02) (0.00) (0.02) 0.00 0.00
Diluted (0.01) (0.02) (0.00) (0.02) 0.00 0.00
Net (loss)/income
per ADS
Basic (4.37) (5.94) (0.86) (7.14) 0.23 0.03
Diluted (4.37) (5.94) (0.86) (7.14) 0.21 0.03
Weighted average
number of shares
used in computing
net (loss)/income
per share
Basic 2,636,960,610 2,453,953,099 2,453,953,099 2,628,575,500 2,453,174,723 2,453,174,723
Diluted 2,636,960,610 2,453,953,099 2,453,953,099 2,628,575,500 2,637,344,662 2,637,344,662
Share-based
compensation
expenses included
in:
Cost of revenues 34 -- -- 68 1 --
General and
administrative
expenses 23 6 1 627 9 1
Sales and
marketing
expenses 13 -- -- 27 1 --
Research and
development
expenses 29 -- -- 117 5 1
MOGU INC.
Unaudited Condensed Consolidated Statements of Cash Flows
(All amounts in thousands, except for share and per share data)
For the six months ended For the years ended
March 31, March 31,
--------------------------- ---------------------------
2025 2026 2025 2026
-------- ---------------- -------- ----------------
RMB RMB US$ RMB RMB US$
Net cash used in
operating activities (38,963) (8,648) (1,254) (67,916) (47,417) (6,874)
Net cash provided
by/(used in)
investing activities 36,082 8,809 1,277 (207,930) 99,334 14,400
Net cash provided
by/(used in)
financing activities -- 1 -- (822) 8 1
Effect of foreign
exchange rate changes
on cash and cash
equivalents and
restricted cash 546 (237) (34) (98) (319) (46)
Net
(decrease)/increase
in cash and cash
equivalents and
restricted cash (2,335) (75) (11) (276,766) 51,606 7,481
Cash and cash
equivalents and
restricted cash at
beginning of period 84,867 134,213 19,457 359,298 82,532 11,965
Cash and cash
equivalents and
restricted cash at
end of period 82,532 134,138 19,446 82,532 134,138 19,446
MOGU INC.
Unaudited Reconciliations of GAAP and Non-GAAP Results
(All amounts in thousands, except for share and per share data)
For the six months ended For the years ended
March 31, March 31,
----------------------------------- -----------------------------------
2025 2026 2025 2026
-------- -------------------- ------- ---------------------
RMB RMB US$ RMB RMB US$
Net (loss)/income (38,007) (48,610) (7,046) (60,573) 3,220 466
Interest expense 1 -- -- 1 11 2
Income tax
expenses 832 2,000 290 839 6,129 889
Interest income (2,784) (591) (86) (5,905) (2,282) (331)
Amortization of
intangible
assets 81 88 13 156 176 26
Depreciation of
property and
equipment 5,814 6,030 874 11,450 11,289 1,637
------- ------- ------ ------- ------- -------
EBITDA (34,063) (41,083) (5,955) (54,032) 18,543 2,689
Impairment of
long-lived
assets 17,953 -- -- 17,953 -- --
Share-based
compensation
expenses 99 6 1 839 16 2
Share of result of
equity investees 1,848 (2,550) (370) 2,548 (3,906) (566)
Fair value changes
of crypto assets -- -- 3,789 -- 549 -- -- 3,789 -- 549
(Gain)/loss from
investments, net (21,582) 5,738 -- 832 (38,050) (42,264) -- (6,127)
Gain on
deconsolidation
of a subsidiary -- -- -- -- (36,909) (5,351)
------- ------- ------ ------- ------- -------
Adjusted EBITDA (35,745) (34,100) (4,943) (70,742) (60,731) (8,804)
======= ======= ====== ======= ======= =======
Net (loss)/income (38,007) (48,610) (7,046) (60,573) 3,220 466
Fair value changes
of crypto assets -- -- 3,789 -- 549 -- -- -- 3,789 -- 549
(Gain)/loss from
investments, net (21,582) 5,738 832 (38,050) (42,264) (6,127)
Gain on
deconsolidation
of a subsidiary -- -- -- -- (36,909) (5,351)
Share-based
compensation
expenses 99 6 1 839 16 2
Impairment of
long-lived
assets 17,953 -- -- 17,953 -- --
Adjustments for
tax effects -- -- -- -- -- --
------- ------- ------ ------- ------- -------
Adjusted net loss (41,537) (39,077) (5,664) (79,831) (72,148) (10,461)
======= ======= ====== ======= ======= =======
(1) The U.S. dollar (US$) amounts disclosed in this press release, except for
those transaction amounts that were actually settled in U.S. dollars, are
presented solely for the convenience of the readers. The conversion of
Renminbi (RMB) into US$ in this press release is based on the exchange rate
set forth in the H.10 statistical release of the Board of Governors of the
Federal Reserve System as of March 31, 2026, which was RMB6.8980 to US$1.00.
The percentages stated in this press release are calculated based on the RMB
amounts.
(2) GMV are to gross merchandise volume, refers to the total value of orders
placed on the MOGU platform regardless of whether the products are sold,
delivered or returned, calculated based on the listed prices of the ordered
products without taking into consideration any discounts on the listed prices.
Buyers on the MOGU platform are not charged for separate shipping fees over
the listed price of a product. If merchants include certain shipping fees in
the listed price of a product, such shipping fees will be included in GMV. As
a prudent matter aiming at eliminating any influence on MOGU's GMV of
irregular transactions, the Company excludes from its calculation of GMV
transactions over a certain amount (RMB100,000) and transactions by users over
a certain amount (RMB1,000,000) per day.
(3) Adjusted EBITDA represents as net (loss)/income before (i) interest
income, interest expense, fair value changes of crypto assets, gain/(loss)
from investments, net, gain on deconsolidation of a subsidiary, income tax
expenses and share of results of equity investees, impairment of long-lived
assets and (ii) certain non-cash expenses, consisting of share-based
compensation expenses, amortization of intangible assets, and depreciation of
property and equipment. See "Unaudited Reconciliations of GAAP and NonSHYGAAP
Results" at the end of this press release.
(4) Adjusted net loss represents net (loss)/income excluding (i) fair value
changes of crypto assets, gain/(loss) from investments, net, gain on
deconsolidation of a subsidiary, (ii) share-based compensation expenses, (iii)
impairment of long-lived assets, (iv) adjustments for tax effects. See
"Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this
press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260622086516/en/
CONTACT:
For investor and media inquiries, please contact:
MOGU Inc.
Ms. Qi Feng
Phone: +86-571-8530-8201
E-mail: ir@mogu.com
Christensen
Mr. Christian Arnell
Phone: +852-2117-0861
Email: christian.arnell@christensencomms.com
(END) Dow Jones Newswires
June 22, 2026 06:34 ET (10:34 GMT)