Technology
BEST Inc. Announces Unaudited First Quarter 2024 Financial Results
Published
2 years agoon
By
HANGZHOU, China, June 6, 2024 /PRNewswire/ — BEST Inc. (NYSE: BEST) (“BEST” or the “Company”), a leading integrated smart supply chain solutions and logistics services provider in China and Southeast Asia (“SEA”), today announced its unaudited financial results for the first quarter ended March 31, 2024.
FINANCIAL HIGHLIGHTS (1)
For the First Quarter Ended March 31, 2024:(2)
Revenue was RMB1,942.0 million (US$269.0 million), compared to RMB1,715.3 million in the first quarter of 2023. The increase was primarily due to increased revenue of BEST Freight and BEST Global.Gross Profit was RMB55.2 million (US$7.6 million), compared to gross loss of RMB8.5 million in the first quarter of 2023. The increase was primarily due to increased volume and further improvements of operating efficiency for both BEST Freight and BEST Global. Gross Profit Margin was 2.8% for the first quarter of 2024, compared to Gross Loss Margin of 0.5% in the same period of 2023.Net Loss from continuing operations was RMB172.1 million (US$23.8 million), compared to RMB257.6 million in the first quarter of 2023; which represented approximately 33% improvement year over year. Non-GAAP Net Loss from continuing operations(3)(4) was RMB164.9 million (US$22.8 million), compared to RMB245.5 million in the first quarter of 2023.Diluted loss per ADS(5) from continuing operations was RMB8.69 (US$1.20), compared to RMB12.38 in the first quarter of 2023. Non-GAAP diluted loss per ADS(3)(4) from continuing operations was RMB8.30 (US$1.15), compared to RMB11.77 in the first quarter of 2023.EBITDA(6) from continuing operations was negative RMB133.5 million (US$18.5 million), compared to negative RMB218.9 million in the first quarter of 2023. Adjusted EBITDA(6) from continuing operations was negative RMB126.3 million (US$17.5 million), compared to negative RMB206.8 million in the first quarter of 2023.
BEST Freight – BEST Freight recorded a revenue growth of 16.3% in the first quarter of 2024, year over year. Freight’s gross margin was 3.4%, representing a 3.6 percentage points improvement from the same period of 2023 as we continued to reduce operating expenses and improve efficiency.
BEST Supply Chain Management – BEST Supply Chain Management’s revenue decreased by 6.6% in the first quarter of 2024 compared with the same period of last year as we discontinued certain not-profitable key account customers.
BEST Global – In the first quarter of 2024, BEST Global continued its robust e-commerce growth. BEST Global’s first quarter’s revenue increased by 42.6% while its parcel volumes increased by 39.4% compared with the same quarter of 2023. In additional, for the first quarter of 2024, parcel volumes in Vietnam and Malaysia increased by 120.0% and 23.8%, respectively and total volume of the cross-border business increased by 256.4%; year over year.
Key Operational Metrics
Three Months Ended
% Change YOY
March 31,
2022
March 31,
2023
March 31,
2024
2023 vs
2022
2024 vs
2023
Freight Volume (Tonne in ‘000)
1,683
1,769
1,987
5.1 %
12.4 %
Supply Chain Management
Volume (Tonne in ‘000)
330
390
360
97.0 %
(7.7 %)
Global Parcel Volume in SEA
(in ‘000)
38,390
27,053
37,715
(29.5 %)
39.4 %
FINANCIAL RESULTS (7)
For the First Quarter Ended March 31, 2024:
Revenue
The following table sets forth a breakdown of revenue by business segment for the periods indicated.
Table 1 – Breakdown of Revenue by Business Segment
Three Months Ended
March 31, 2023
March 31, 2024
(In ‘000, except for %)
RMB
% of
Revenue
RMB
US$
% of
Revenue
% Change
YOY
Freight
1,051,873
61.3 %
1,223,486
169,451
63.0 %
16.3 %
Supply Chain Management
440,254
25.7 %
411,009
56,924
21.2 %
(6.6 %)
Global
197,028
11.5 %
280,874
38,901
14.4 %
42.6 %
Others(8)
26,107
1.5 %
26,666
3,693
1.4 %
2.1 %
Total Revenue
1,715,262
100.0 %
1,942,035
268,969
100.0 %
13.2 %
Freight Service Revenue was RMB1,223.5 million (US$169.5 million) for the first quarter of 2024, compared to RMB1,051.9 million in the same period of last year. Freight service revenue increased by 16.3% year over year, primarily due to increase in both volume and average selling price per tonne.Supply Chain Management Service Revenue decreased by 6.6% year over year to RMB411.0 million (US$56.9 million) for the first quarter of 2024 from RMB440.3 million in the same period of last year as we discontinued certain not-profitable key account customers.Global Service Revenue increased by 42.6% year over year to RMB280.9 million (US$38.9 million) for the first quarter of 2024 from RMB197.0 million in the same period of last year, primarily due to volume growth in Vietnam, Malaysia and cross-border business.
Cost of Revenue
The following table sets forth a breakdown of cost of revenue by business segment for the periods indicated.
Table 2 – Breakdown of Cost of Revenue by Business Segment
Three Months Ended
% of Revenue
Change
YOY
March 31, 2023
March 31, 2024
(In ‘000, except for %)
RMB
% of
Revenue
RMB
US$
% of
Revenue
Freight
(1,054,635)
100.3 %
(1,182,417)
(163,763)
96.6 %
(3.6 %)
Supply Chain Management
(404,350)
91.8 %
(383,345)
(53,093)
93.3 %
1.4 %
Global
(249,204)
126.5 %
(313,793)
(43,460)
111.7 %
(14.8 %)
Others
(15,538)
59.5 %
(7,256)
(1,004)
27.2 %
(32.3 %)
Total Cost of Revenue
(1,723,727)
100.5 %
(1,886,811)
(261,320)
97.2 %
(3.3 %)
Cost of Revenue for Freight was RMB1,182.4 million (US$163.8 million), or 96.6% of revenue in the first quarter of 2024. The 3.6 percentage points year-over-year decrease in cost of revenue as a percentage of revenue was mainly due to higher volume and improved efficiency.Cost of Revenue for Supply Chain Management was RMB383.3 million (US$53.1 million), or 93.3% of revenue, in the first quarter of 2024, compared to cost of revenue as a percentage of revenue of 91.8% in the first quarter of 2023. The increase of cost of revenue was mainly due to new business development with lower growth margin.Cost of Revenue for Global was RMB313.8 million (US$43.5 million), or 111.7% of revenue, in the first quarter of 2024. The 14.8 percentage points year-over-year decrease in cost of revenue as a percentage of revenue due to increased parcel volume and operating efficiency.
Gross Profit was RMB55.2 million (US$7.6 million) in the first quarter of 2024, compared to gross loss of RMB8.5 million in the first quarter of 2023; Gross Margin was 2.8%, compared to negative 0.5% in the first quarter of 2023.
Operating Expenses
Selling, General and Administrative (“SG&A”) Expenses were RMB220.4 million (US$30.5 million), or 11.3% of revenue in the first quarter of 2024, compared to RMB247.7 million, or 14.4% of revenue in the same quarter of 2023, as we continued to optimize our organizational structure.
Research and Development Expenses were RMB29.3 million (US$4.1 million), or 1.5% of revenue in the first quarter of 2024, compared to RMB28.7 million, or 1.7% of revenue in the first quarter of 2023.
Share-based Compensation (“SBC”) Expenses included in the cost and expense items above were RMB7.2 million (US$1.0 million) in the first quarter of 2024, compared to RMB12.1 million in the same period of 2023. Of the total SBC expenses, RMB0.04 million (US$0.01 million) was allocated to cost of revenue, RMB0.3 million (US$0.03 million) was allocated to selling expenses, RMB6.3 million (US$0.9 million) was allocated to general and administrative expenses, and RMB0.7 million (US$0.09 million) was allocated to research and development expenses.
Net Loss and Non-GAAP Net Loss from continuing operations
Net Loss from continuing operations in the first quarter of 2024 was RMB172.1 million (US$23.8 million), compared to RMB257.6 million in the same period of 2023. Non-GAAP Net Loss from continuing operations in the first quarter of 2024 was RMB164.9 million (US$22.8 million), compared to RMB245.5 million in the first quarter of 2023.
Diluted loss per ADS and Non-GAAP diluted loss per ADS from continuing operations
Diluted loss per ADS from continuing operations in the first quarter of 2024 was RMB8.69 (US$1.20), compared to a loss of RMB12.38 in the same period of 2023. Non-GAAP diluted loss per ADS from continuing operations in the first quarter of 2024 was RMB8.30 (US$1.15), compared to a loss of RMB11.77 in the first quarter of 2023. A reconciliation of non-GAAP diluted loss per ADS to diluted loss per ADS is included at the end of this results announcement.
Adjusted EBITDA and Adjusted EBITDA Margin from continuing operations
Adjusted EBITDA from continuing operations in the first quarter of 2024 was negative RMB126.3 million (US$17.5 million), compared to negative RMB206.8 million in the same period of 2023. Adjusted EBITDA Margin from continuing operations in the first quarter of 2024 was negative 6.5%, compared to negative 12.1% in the same period of 2023.
Cash and Cash Equivalents, Restricted Cash and Short-term Investments
As of March 31, 2024, cash and cash equivalents, restricted cash and short-term investments were RMB2,095.8 million (US$290.3 million), compared to RMB3,171.8 million as of March 31, 2023. In July 2023, the Company repurchased approximately US$75 million (RMB542 million) aggregate principal amount of its existing Convertible Senior Notes due 2024.
Net Cash Used In Continuing Operating Activities
Net cash used in continuing operating activities in the first quarter of 2024 was RMB138.5 million (US$19.2 million), compared to RMB163.2 million of net cash used in continuing operating activities in the same period of 2023.
SHARES OUTSTANDING
As of May 17, 2024, the Company had approximately 401.9 million ordinary shares outstanding(9). Each American Depositary Share represents twenty (20) Class A ordinary shares.
As previously announced, effective from April 4, 2023, the Company changed the ratio of its American Depositary Shares to its Class A ordinary shares, par value US$0.01 per share, from the original ADS ratio of one (1) ADS to five (5) Class A ordinary share, to a new ADS ratio of one (1) ADS to twenty (20) Class A ordinary shares.
Effective as of September 25, 2023, the Company’s board of directors terminated its previously announced share repurchase program, under which the Company could repurchase up to US$20 million worth of its outstanding American Depositary Shares over a 12-month period. Prior to the program’s termination, the Company repurchased a total of 1,265,685 ADSs for a total amount paid of approximately US$3.3 million (excluding commissions) under the program.
ABOUT BEST INC.
BEST Inc. (NYSE: BEST) is a leading integrated smart supply chain solutions and logistics services provider in China and SEA. Through its proprietary technology platform and extensive networks, BEST offers a comprehensive set of logistics and value-added services, including freight delivery, supply chain management, cross-border and global logistics services. BEST’s mission is to empower business and enrich life by leveraging technology and business model innovation to create a smarter, more efficient integrated supply chain management eco-system. For more information, please visit: http://www.best-inc.com/en/.
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,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as BEST’s strategic and operational plans, contain forward-looking statements. BEST 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 statements about BEST’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: BEST’s goals and strategies; BEST’s future business development, results of operations and financial condition; BEST’s ability to maintain and enhance its ecosystem; BEST’s ability to compete effectively; BEST’s ability to continue to innovate, meet evolving market trends, adapt to changing customer demands and maintain its culture of innovation; fluctuations in general economic and business conditions in China and other countries in which BEST operates, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in BEST’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 BEST does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
USE OF NON-GAAP FINANCIAL MEASURES
In evaluating its business, BEST considers and uses non-GAAP measures, such as non-GAAP net loss/income, non-GAAP net loss/income margin, adjusted EBITDA, adjusted EBITDA margin, EBITDA, and non-GAAP Diluted earnings/loss per ADS, as supplemental measures in the evaluation of the Company’s operating results and in the Company’s financial and operational decision-making. The Company believes these non-GAAP financial measures that help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of the expenses and gains that the Company includes in loss from operations and net loss. The Company believes that these non-GAAP financial measures provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The presentation of these non-GAAP financial measures 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. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures” in the results announcement.
The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the Company’s current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company’s calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.
Summary of Unaudited Condensed Consolidated Income Statements
(In Thousands)
Three Months Ended March 31,
2023
2024
RMB
RMB
US$
Revenue
Freight
1,051,873
1,223,486
169,451
Supply Chain Management
440,254
411,009
56,924
Global
197,028
280,874
38,901
Others
26,107
26,666
3,693
Total Revenue
1,715,262
1,942,035
268,969
Cost of Revenue
Freight
(1,054,635)
(1,182,417)
(163,763)
Supply Chain Management
(404,350)
(383,345)
(53,093)
Global
(249,204)
(313,793)
(43,460)
Others
(15,538)
(7,256)
(1,004)
Total Cost of Revenue
(1,723,727)
(1,886,811)
(261,320)
Gross (Loss)/Profit
(8,465)
55,224
7,649
Selling Expenses
(53,817)
(68,145)
(9,438)
General and Administrative Expenses
(193,890)
(152,225)
(21,083)
Research and Development Expenses
(28,697)
(29,284)
(4,056)
Other operating expense, net
(1,366)
(3,272)
(453)
Loss from Operations
(286,235)
(197,702)
(27,381)
Interest Income
21,678
15,688
2,173
Interest Expense
(17,621)
(12,445)
(1,724)
Foreign Exchange Gain/(loss)
14,724
(314)
(43)
Other Income
5,224
2,285
316
Other Expense
(651)
(1,875)
(260)
Gain on changes in the fair value of derivative assets/liabilities
5,392
22,365
3,098
Loss before Income Tax and Share of Net Loss of
Equity Investees
(257,489)
(171,998)
(23,821)
Income Tax Expense
(138)
(103)
(15)
Net Loss from continuing operations
(257,627)
(172,101)
(23,836)
Net (loss)/gain from discontinued operations
–
–
–
Net Loss
(257,627)
(172,101)
(23,836)
Net Loss from continuing operations attributable to
non-controlling interests
(13,428)
(11,169)
(1,547)
Net Loss attributable to BEST Inc.
(244,199)
(160,932)
(22,289)
Summary of Unaudited Condensed Consolidated Balance Sheets
(In Thousands)
As of December 31,2023
As of March 31, 2024
RMB
RMB
US$
Assets
Current Assets
Cash and Cash Equivalents
425,976
232,923
32,259
Restricted Cash
1,008,318
1,349,705
186,932
Accounts and Notes Receivables
829,802
750,916
104,001
Inventories
7,794
8,116
1,124
Prepayments and Other Current Assets
674,100
757,848
104,961
Short‑term Investments
35,888
61,749
8,552
Amounts Due from Related Parties
60,394
48,916
6,775
Lease Rental Receivables
47,925
25,234
3,495
Total Current Assets
3,090,197
3,235,407
448,099
Non‑current Assets
Property and Equipment, Net
624,205
594,836
82,384
Intangible Assets, Net
93,173
91,196
12,631
Long‑term Investments
156,859
156,859
21,725
Goodwill
54,135
54,135
7,498
Non‑current Deposits
81,869
52,971
7,336
Other Non‑current Assets
46,913
43,931
6,084
Restricted Cash
812,371
451,431
62,522
Lease Rental Receivables
314
–
–
Operating Lease Right-of-use Assets
1,293,526
1,216,540
168,488
Total non‑current Assets
3,163,365
2,661,899
368,668
Total Assets
6,253,562
5,897,306
816,767
Liabilities and Shareholders’ Equity
Current Liabilities
Long-term borrowings-current
721
55
8
Long-term Bank Loans-current
794,679
956,858
132,523
Convertible Senior Notes held by related parties
531,202
106,425
14,740
Convertible Senior Notes held by third parties
78
78
11
Short‑term Bank Loans
401,755
459,400
63,626
Accounts and Notes Payable
1,640,864
1,483,687
205,488
Income Tax Payable
2,777
2,604
361
Customer Advances and Deposits and
Deferred Revenue
288,184
286,732
39,711
Accrued Expenses and Other Liabilities
1,091,573
1,057,814
146,506
Financing Lease Liabilities
418
474
66
Operating Lease Liabilities
509,450
551,756
76,417
Amounts Due to Related Parties
1,119
1,196
166
Total Current Liabilities
5,262,820
4,907,079
679,623
Summary of Unaudited Condensed Consolidated Balance Sheets (Cont’d)
(In Thousands)
As of December 31, 2023
As of March 31, 2024
RMB
RMB
US$
Non-current Liabilities
Convertible senior notes held by related parties
–
425,700
58,959
Operating Lease Liabilities
876,854
776,519
107,547
Financing Lease Liabilities
1,231
1,202
166
Other Non‑current Liabilities
22,837
18,009
2,494
Long-term Bank Loans
159,729
133
18
Total Non‑current Liabilities
1,060,651
1,221,563
169,184
Total Liabilities
6,323,471
6,128,642
848,807
Mezzanine Equity:
Convertible Non-controlling Interests
191,865
191,865
26,573
Total mezzanine equity
191,865
191,865
26,573
Shareholders’ Deficit
Ordinary Shares
25,988
25,988
3,599
Treasury Shares
(23,853)
(23,853)
(3,304)
Additional Paid‑In Capital
19,529,806
19,537,054
2,705,851
Accumulated Deficit
(19,749,262)
(19,910,194)
(2,757,530)
Accumulated Other Comprehensive Income
119,169
122,595
16,979
BEST Inc. Shareholders’ Deficit
(98,152)
(248,410)
(34,405)
Non-controlling Interests
(163,622)
(174,791)
(24,208)
Total Shareholders’ Deficit
(261,774)
(423,201)
(58,613)
Total Liabilities, Mezzanine Equity and
Shareholders’ Deficit
6,253,562
5,897,306
816,767
Summary of Unaudited Condensed Consolidated Statements of Cash Flows
(In Thousands)
Three Months Ended March 31,
2023
2024
RMB
RMB
US$
Net cash used in continuing operating activities
(163,187)
(138,518)
(19,185)
Net cash used in operating activities
(163,187)
(138,518)
(19,185)
Net cash generated from/(used in) continuing investing
activities
683,000
(132,734)
(18,383)
Net cash generated from/(used in) investing activities
683,000
(132,734)
(18,383)
Net cash generated from continuing financing activities
117,619
52,007
7,203
Net cash generated from financing activities
117,619
52,007
7,203
Exchange Rate Effect on Cash and Cash Equivalents, and
Restricted Cash
(13,222)
6,639
919
Net increase/(decrease) in Cash and Cash Equivalents,
and Restricted Cash
624,210
(212,606)
(29,446)
Cash and Cash Equivalents, and Restricted Cash at
Beginning of Period
2,478,423
2,246,665
311,160
Cash and Cash Equivalents, and Restricted Cash at
End of Period
3,102,633
2,034,059
281,714
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES
For the Company’s continuing operations, the table below sets forth a reconciliation of the Company’s net loss to EBITDA, adjusted EBITDA and adjusted EBITDA margin for the periods indicated:
Table 3 – Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
Three Months Ended March 31, 2024
(In RMB’000)
Freight
Supply Chain
Global
Others
Unallocated(10)
Total
Net Loss
(42,439)
(13,438)
(100,337)
(6,040)
(9,847)
(172,101)
Add
Depreciation & Amortization
18,243
8,602
10,921
54
3,902
41,722
Interest Expense
–
–
–
–
12,445
12,445
Income Tax Expense
–
–
–
103
–
103
Subtract
Interest Income
–
–
–
–
(15,688)
(15,688)
EBITDA
(24,196)
(4,836)
(89,416)
(5,883)
(9,188)
(133,519)
Add
Share-based
Compensation Expenses
1,271
696
265
6
5,010
7,248
Adjusted EBITDA
(22,925)
(4,140)
(89,151)
(5,877)
(4,178)
(126,271)
Adjusted EBITDA Margin
(1.87 %)
(1.01 %)
(31.74 %)
(22.04 %)
–
(6.50 %)
Three Months Ended March 31, 2023
(In RMB’000)
Freight
Supply Chain
Global
Others
Unallocated
Total
Net Loss
(80,238)
376
(111,867)
(20,362)
(45,536)
(257,627)
Add
Depreciation & Amortization
19,316
8,648
9,232
509
4,952
42,657
Interest Expense
–
–
–
–
17,621
17,621
Income Tax Expense/(Benefit)
–
–
(11)
149
–
138
Subtract
Interest Income
–
–
–
–
(21,678)
(21,678)
EBITDA
(60,922)
9,024
(102,646)
(19,704)
(44,641)
(218,889)
Add
Share-based
Compensation Expenses
1,852
788
650
20
8,783
12,093
Adjusted EBITDA
(59,070)
9,812
(101,996)
(19,684)
(35,858)
(206,796)
Adjusted EBITDA Margin
(5.62 %)
2.23 %
(51.77 %)
(75.40 %)
–
(12.06 %)
For the Company’s continuing operations, the table below sets forth a reconciliation of the Company’s net loss to non-GAAP net loss, non-GAAP net loss margin for the periods indicated:
Table 4 – Reconciliation of Non-GAAP Net Loss and Non-GAAP Net Loss Margin
Three Months Ended March 31, 2024
(In RMB’000)
Freight
Supply Chain
Global
Others
Unallocated(11)
Total
Net Loss
(42,439)
(13,438)
(100,337)
(6,040)
(9,847)
(172,101)
Add
Share-based
Compensation Expenses
1,271
696
265
6
5,010
7,248
Non-GAAP Net Loss
(41,168)
(12,742)
(100,072)
(6,034)
(4,837)
(164,853)
Non-GAAP Net Loss Margin
(3.36 %)
(3.10 %)
(35.63 %)
(22.63 %)
–
(8.49 %)
Three Months Ended March 31, 2023
(In RMB’000)
Freight
Supply Chain
Global
Others
Unallocated(12)
Total
Net Loss
(80,238)
376
(111,867)
(20,362)
(45,536)
(257,627)
Add
Share-based
Compensation Expenses
1,852
788
650
20
8,783
12,093
Non-GAAP Net Loss
(78,386)
1,164
(111,217)
(20,342)
(36,753)
(245,534)
Non-GAAP Net Loss Margin
(7.45 %)
0.26 %
(56.45 %)
(77.92 %)
–
(14.31 %)
For the Company’s continuing operations, the table below sets forth a reconciliation of the Company’s diluted loss per ADS to Non-GAAP diluted loss per ADS for the periods indicated:
Table 5 – Reconciliation of diluted loss per ADS and Non-GAAP diluted loss per ADS
Three Months Ended March 31,
2024
(In ‘000)
RMB
US$
Net Loss Attributable to Ordinary Shareholders
(160,932)
(22,289)
Add
Share-based Compensation Expenses
7,248
1,004
Non-GAAP Net Loss Attributable to Ordinary Shareholders
(153,684)
(21,285)
Weighted Average Diluted Ordinary Shares Outstanding During
the Quarter
Diluted
370,219,148
370,219,148
Diluted (Non-GAAP)
370,219,148
370,219,148
Diluted loss per ordinary share
(0.43)
(0.06)
Add
Non-GAAP adjustment to net loss per ordinary share
0.01
0.00
Non-GAAP diluted loss per ordinary share
(0.42)
(0.06)
Diluted loss per ADS
(8.69)
(1.20)
Add
Non-GAAP adjustment to net loss per ADS
0.39
0.05
Non-GAAP diluted loss per ADS
(8.30)
(1.15)
(1) All numbers presented have been rounded to the nearest integer, tenth, or hundredth, and year over year comparisons are based on figures before rounding.
(2) In December 2021, BEST sold its China express business, the principal terms of which were previously announced. As a result, China express business has been deconsolidated from the Company and its historical financial results are reflected in the Company’s consolidated financial statements as discontinued operations accordingly. The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated.
(3) Non-GAAP net income/loss represents net income/loss excluding share-based compensation expenses.
(4) See the sections entitled “Use of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures” for more information about the non-GAAP measures referred to within this results announcement.
(5) Diluted earnings/loss per ADS, is calculated by dividing net income/loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares expressed in ADS outstanding during the period.
(6) EBITDA represents net income/loss excluding depreciation, amortization, interest expense and income tax expense and minus interest income. Adjusted EBITDA represents EBITDA excluding share-based compensation expenses.
(7) All numbers represented the financial results from continuing operations, unless otherwise stated.
(8) “Others” Segment primarily represents Capital business units.
(9) The total number of shares outstanding excludes shares reserved for future issuances upon exercise or vesting of awards granted under the Company’s share incentive plans.
(10) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.
(11) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.
(12) Unallocated expenses are primarily related to corporate administrative expenses and other miscellaneous items that are not allocated to individual segments.
View original content:https://www.prnewswire.com/news-releases/best-inc-announces-unaudited-first-quarter-2024-financial-results-302165920.html
SOURCE BEST Inc.
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Technology
Global Security & Technology Summit Unveils Month-Long Program of Activities Ahead of December Event
Published
32 minutes agoon
October 24, 2026By
RIYADH, Saudi Arabia, Oct. 24, 2026 /PRNewswire/ — The Organizing Committee of the Global Security & Technology Summit (GSTS) held an introductory session today at the Ministry of Interior’s headquarters in Riyadh, bringing together representatives from the government, private, and nonprofit sectors to introduce the program of activities leading up to the summit. The upcoming summit will be held in Riyadh under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, under the supervision of HRH Prince Abdulaziz bin Saud bin Naif bin Abdulaziz Al Saud, Minister of Interior, and organized by the Ministry of Interior in cooperation with Tuwaiq Academy.
During the session, the Organizing Committee presented the comprehensive GSTS program, comprising three key components: GSTS Month, running from November 1 to 30, 2026; the Global Security & Innovation Fair (SAIF), taking place from November 24 to 26, 2026; and the main Summit, scheduled for December 18 to 20, 2026, in Riyadh. Together, these events form an integrated program designed to advance security and technology innovation, strengthen national capabilities, and foster international cooperation.
GSTS Month will feature working groups, boot camps, training programs, knowledge-sharing sessions, and technical workshops across Saudi Arabia’s 13 administrative regions, delivered both in person and remotely in collaboration with specialized entities. The month-long program aims to develop national capabilities, identify emerging talent, enrich knowledge-sharing opportunities, and equip professionals with the knowledge and skills needed to develop innovative solutions to future security and technology challenges.
The main Summit will bring together global leaders, decision-makers, experts, and innovators to explore the future of security and technology, promote the integration of advanced technologies within the security sector, strengthen national capabilities, support innovation, and foster international cooperation, further positioning the Kingdom as a global hub for security and technology.
Showcasing the latest technological breakthroughs and security solutions, the summit will bring together government entities, private sector organizations, academic institutions, and research centers to facilitate knowledge exchange and collaboration across key fields, including cybersecurity, artificial intelligence (AI), the Internet of Things (IoT), smart security solutions, emerging technologies, and crisis management. The program will also feature main sessions, specialized discussions, and interactive exhibitions. Registration is available at gsts.sa.
Advisor to HRH the Minister of Interior and Chairman of the GSTS Organizing Committee, Ahmed Altowayan, stated that the summit builds on Saudi Arabia’s efforts to establish an advanced security and technology ecosystem focused on knowledge and innovation, keeping pace with rapid developments and future challenges.
Mr. Altowayan noted that the summit is a global platform for strengthening cooperation and exchanging expertise, anticipating future developments in security and technology, and developing strategic partnerships and innovative solutions that enhance the efficiency and readiness of security systems.
Vice Chairman of the GSTS Organizing Committee, Eng. Abdulaziz Alhammadi, said that the summit will offer a range of integrated programs and activities focused on enhancing national skills, encouraging innovation, and supporting international cooperation.
He added that GSTS Month will help build national capabilities, discover talent, and develop skills, with SAIF providing a platform for innovators and researchers from around the world to showcase leading technological solutions, while the main Summit will bring together leaders and experts to discuss the future of security and technology and explore new strategic partnership opportunities.
SAIF will take place at the Riyadh International Convention & Exhibition Center, bringing together innovators, researchers, technology talents, and industry experts from around the world to showcase promising innovations and projects across 14 fields of technology and innovation. The fair will provide opportunities to engage with project owners, including students, graduates, and entrepreneurs, and explore the different stages of innovation development through interactive zones, panel discussions on emerging security and innovation trends, and knowledge-sharing workshops led by specialists. Visitor registration is open to participants from within and outside the Kingdom through saifair.sa.
The introductory session also featured contributions from representatives of government, private, and nonprofit sector entities, alongside members of the media. Discussions focused on developing national capabilities in security and technology, strengthening students’ technical expertise, translating scientific research into practical solutions, and supporting Saudi companies in developing security and technology solutions and advancing digital transformation.
Organized by the Ministry of Interior in cooperation with Tuwaiq Academy, GSTS is produced by Tahaluf, with the Ministry of Education serving as Strategic Scientific Partner, Tahakom as Founding Partner, and Elm as Principal Partner.
Registration for participants from within and outside the Kingdom is available at gsts.sa.
Click here to view the media kit.
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Technology
Axon Announces Body 5: Next-Generation Camera Built for the AI Era
Published
6 hours agoon
October 24, 2026By
Axon Body 5 delivers 25x the AI processing power of earlier-generation cameras, with upgraded connectivity, audio and battery life to support real-time situational awareness in the field
SCOTTSDALE, Ariz., Oct. 24, 2026 /PRNewswire/ — Axon (Nasdaq: AXON), the global leader in public safety technology, today announced Axon Body 5, its newest body-worn camera designed to bring more powerful intelligence, connectivity and real-time support directly to officers in the field.
For years, Axon body cameras have helped agencies capture critical evidence and create greater transparency. Body 5 is built to help officers during the call, with information, assistance and backup on the spot.
“Officers shouldn’t have to choose between getting information and watching the scene. With Axon Body 5, they don’t,” said Rick Smith, Axon Founder and CEO. “They capture a license or document with the camera, keep their hands free and eyes up, and get information faster than writing it down and calling it in by radio. An officer fully engaged with the person in front of them, not down at a notepad, is a safer officer and a better-served community.”
Axon Body 5: Built for the AI Era
Built from the ground up for the AI era, Axon Body 5 delivers 25x the AI processing power than earlier generation Axon body cameras, alongside advancements in connectivity, audio, video and battery life. Together, these upgrades give the camera the physical power to run smarter AI features — both today and as new AI tools are developed in the future — while also making it more dependable for officers to use every day.
For the first time, Axon is also introducing two versions of its latest flagship camera: Axon Body 5 and Axon Body 5 Pro.
Both models feature several key advancements, including:
25x more processing power for AI: A powerful new computing architecture creates the capacity to support current and future AI features directly on the body camera.Enhanced video: Improved video captures clearer evidence across challenging environments, including better low-light performance.Improved connectivity: Seamless connectivity in urban and remote environments – and more precise location capability – helps officers, cameras and remote support teams stay connected when timely information matters most.Longer battery life: 20% more battery life than the previous generation helps keep the camera ready and connected throughout an officer’s shift.
The Axon Body 5 Pro will continue to gain new AI capabilities as they become available, growing along with the AI Era Plan. Additionally, new hardware features include:
A near-focus camera: An additional dedicated camera lens lets officers scan driver’s licenses to check status and search for wants or warrants in seconds, without returning to the patrol vehicle, with relevant information sent to Axon Fusus to support real-time operations.Front-facing speakers: Four additional speakers project even more powerful audio toward the person an officer is speaking with, helping real-time translations from Axon Assistant carry more clearly over heavy traffic or crowd noise. Additional memory: Extra space lets the camera run several AI tools at once, helping officers stay better informed and work faster.
Bringing More of Axon’s AI Era Into the Field
Axon Body 5 helps officers get more out of the Axon AI Era Plan by bringing smart tools right to the scene. Axon’s portfolio already supports public safety professionals across a growing range of tasks. For example, Draft One helps officers turn body-camera audio into high-quality report drafts and Axon Assistant provides voice-based information access and real-time translation.
Increasingly, Axon is also bringing AI into real-time operations.
Axon Guardian is a new category of AI features within the AI Era Plan that was specifically created to work with an officer’s field-based devices – starting with body cameras and in-car cameras – to improve safety. Guardian is designed to flag potential risks as situations unfold and create alerts when additional attention may be needed. Two of the first features include:
Escalation Detection: When an Axon Body 4 or Axon Body 5 camera is activated and recording, Guardian has the ability to detect potential conflicts in real time and create an alert in Axon Fusus. A human reviews the livestream and decides if additional support or action is needed.Approach Alert: When active on Axon Fleet 3, Guardian can detect if the door of a stopped vehicle opens and alert the officer through the in-car display and their body-worn camera.
Combined, Axon Body 5 and the expanding AI Era portfolio demonstrate the importance of AI as a critical resource to assist public safety professionals before, during and after an incident — reducing administrative burden, improving situational awareness and helping protect more lives.
Innovating Responsibly
Axon’s Responsible Innovation framework guides the development of all of its products. Designed with this in mind, Axon Body 5 and Guardian prioritize human oversight and maintain agency control over data. As a key part of the responsible innovation process, Axon’s independent Ethics and Equity Advisory Council was created to help responsibly develop and deploy new technologies with transparency, while aligning with community expectations.
General availability dates for Axon Body 5 and Axon Guardian will be announced soon. Product features and capabilities vary by configuration. For more information on Axon’s current products and services: Axon Product Catalog – Axon.com.
About Axon
Axon (Nasdaq: AXON) is the global leader in public safety technology supporting state, local, federal and international public safety agencies with technology designed to Protect Life. Complementing its mission, Axon’s growing Enterprise market focuses on protecting critical infrastructure and frontline workers across multiple industries including corporate security, hospitality, retail and healthcare. Founder-led since 1993, Axon builds products with transparency and responsibility. From TASER energy devices to today’s connected network of hardware – including cameras, drones, and robotics – cloud software, sensors, and AI-tools, the Axon ecosystem helps seamlessly protect people and places when it matters most. To ensure these technologies align with community expectations, Axon’s independent Ethics & Equity Advisory Council guides the ethical, inclusive, and accountable design of its products and services. Learn more about the EEAC and Axon’s Responsible Innovation framework at Axon Responsibility.
Non-Axon trademarks are the property of their respective owners. Axon, TASER and the Delta Logo are trademarks of Axon Enterprise, Inc., some of which are registered in the US and other countries. For more information, visit www.axon.com/legal. All rights reserved.
Please visit https://investor.axon.com and https://www.axon.com/newsroom for more information.
Media Contact:
Kate MacKinnon
Vice President, Communications
press@axon.com
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SOURCE Axon
Technology
In HelloNation, Custom Fabrication Expert Mark Coyle Explains a Common Mistake in Custom Aluminum Design
Published
7 hours agoon
October 24, 2026By
The article explains why smart geometry, not thicker walls, creates stronger, more efficient aluminum components.
ROCHESTER, N.Y., Oct. 24, 2026 /PRNewswire/ — What early design choice causes many custom aluminum projects to become heavier, costlier, or harder to manufacture? That question is addressed in a HelloNation article featuring insights from Custom Fabrication Expert Mark Coyle of American Custom Metals, Inc. in Rochester, New York, that outlines how misunderstanding aluminum behavior leads designers to rely on thick walls instead of stronger geometry.
The article begins by explaining that many people assume thicker walls automatically make aluminum parts stronger. It notes that aluminum does not respond to wall thickness the way steel does. Instead, its performance is shaped by how the metal flows through the extrusion die. The article states that custom aluminum design is more effective when profiles use ribs, chambers, and flanges to create stiffness without adding unnecessary weight. This guidance helps readers understand why adding material often increases cost without improving strength.
The article also highlights that thicker walls change how aluminum moves during extrusion. When heavy areas fill more slowly, the metal cools unevenly and can develop stress that only appears later. The HelloNation piece explains that well-balanced geometry keeps extrusion smooth and predictable. This consistency makes it easier to maintain dimensional accuracy across long production runs. By focusing on geometry, custom aluminum design avoids the problems that come with slow extrusion speeds and uneven cooling.
Another insight in the article centers on how ribs and internal supports influence stability. It describes how a thin wall supported by a properly placed rib often performs better than a thick wall with no reinforcement. This happens because the rib helps distribute load, improve stiffness, and guide the aluminum as it cools. The article explains that this structural approach makes custom aluminum design more efficient and gives designers more control over how the final part behaves under pressure.
The article also shows why early collaboration between designer and fabricator prevents costly changes. It states that a fabricator familiar with extrusion can catch potential issues before a die is built. Small adjustments to corners or transitions can remove weak points or improve metal flow. The article notes that this teamwork keeps the design aligned with real-world production. By working together early, both sides reduce the risk of redesigning the die after the first test run.
Machining is another area where the article explains how wall thickness affects performance. Features such as deep pockets or sharp internal angles may require slow feed rates or special tooling. When walls are thicker than needed, those areas can become difficult to machine cleanly. The article states that thoughtful custom aluminum design makes machining more predictable. Small changes, such as adding radiused edges or sizing features to match standard tools, help shorten cycle times and prevent tool wear.
Thermal behavior receives detailed attention as well. The article explains that aluminum retains heat differently depending on the mass of each section. Thicker walls hold heat longer, which increases the chance of distortion during extrusion, machining, or finishing. When a design uses geometry to create strength, the material cools more evenly. This reduces warping and helps long profiles stay aligned. The article notes that stable cooling is important for components that require a precise fit and consistent shape throughout an entire production run.
Cost is also a key topic in the article. It states that heavier profiles increase material use, extrusion time, and tooling needs. A custom aluminum design that relies on geometry instead of mass lowers material consumption and keeps the fabrication process efficient. The article explains that lighter parts are easier to handle, ship, and assemble. This saves money across multiple stages of production and supports long-term manufacturing efficiency.
The article also notes that smart custom aluminum design creates profiles that behave predictably during extrusion and machining. Smooth transitions, balanced wall dimensions, and structural features help reduce the chance of distortion or dimensional drift. These elements also lower scrap rates and support reliable performance. By using geometry instead of excess material, designers build parts that maintain strength without compromising manufacturability.
As the article concludes, it emphasizes that avoiding thick walls is one of the best ways to improve performance and lower cost. It states that the most dependable custom aluminum components come from designs that use structural features to strengthen the profile. When designers understand how aluminum behaves at each stage of extrusion and machining, they create parts that are strong, efficient, and consistent from batch to batch. This approach turns custom aluminum design into a predictable process rather than a series of uncertain adjustments.
A Common Mistake in Custom Aluminum Design features insights from Mark Coyle, Custom Fabrication Expert of Rochester, NY, in HelloNation.
About HelloNation
HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.
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SOURCE HelloNation
Global Security & Technology Summit Unveils Month-Long Program of Activities Ahead of December Event
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In HelloNation, Custom Fabrication Expert Mark Coyle Explains a Common Mistake in Custom Aluminum Design
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