Technology
Uxin Reports Unaudited Fourth Quarter and Fiscal Year 2024 Financial Results
Published
2 years agoon
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BEIJING, July 31, 2024 /PRNewswire/ — Uxin Limited (“Uxin” or the “Company”) (Nasdaq: UXIN), China’s leading used car retailer, today announced its unaudited financial results for the fourth quarter and fiscal year ended March 31, 2024.
Dear Shareholders,
First and foremost, on behalf of Uxin, I would like to extend our heartfelt gratitude for your unwavering support and trust. It is my pleasure to share with you the remarkable business progress we have made over the past fiscal year, as well as our strategic outlook for the future through this shareholder letter.
The current economic landscape in China is entering a new phase of development, bringing numerous challenges to various industries, including the used car sector. Notably, the competitive pricing strategies initiated by car manufacturers early last year have severely disrupted the price structure of the used car market, leading to a substantial decline in profitability across the industry.
However, we are pleased to see opportunities amidst these challenges. Over the past year, China’s used car market has continued its rapid growth trajectory, with national used car transactions surpassing 18 million units in 2023, reflecting a near 15% year-over-year increase. The government’s series of favorable policies to encourage the development of the used car industry, coupled with substantial incentives for trading in old cars for new ones, have spurred consumption growth in the sector. In an increasingly complex and dynamic operating environment, resources are beginning to concentrate towards leading used car dealers, providing long-term sustainable growth and profitability opportunities for companies that excel in scale, branding, and efficiency.
Uxin’s unique business model, characterized by our flagship used car superstores, has demonstrated strong competitive advantages across various dimensions, becoming increasingly prominent in the cities where our superstores are located. In the four quarters of fiscal year 2024, our retail sales continued to grow, with a total of 10,179 units sold throughout the year. From January to March 2024, even during the traditional slow season of the Spring Festival, we achieved retail sales of 3,124 units, a 38% increase compared to the same period last year. Our superstores have become the leading brand in their respective regions, with a Net Promoter Score (NPS) consistently around 60 points for 10 consecutive quarters, the highest level in the industry, and a regional market share of 10% and growing. Our overall vehicle inventory turnover days are around 30 days, and our standardized, streamlined, and digitalized operating system has matured over the past year, significantly surpassing the industry average in operational capability and efficiency.
Reflecting on the past year, we have made substantial progress in numerous areas of our business, positioning us well for scalable profitability. I will highlight three key achievements:
First, our branding and sales capabilities have generated a positive flywheel effect, further enhancing sales efficiency. By connecting with customers through superior products and services, we have built a stronger network effect in regional markets as customer trust and reputation have grown, further boosting sales conversion rates. As a result, our in-store customer conversion rate has reached approximately 40%. Despite intense industry competition, our retail vehicle inventory turnover rate has improved by over 60% compared to the previous fiscal year, allowing us to achieve higher retail sales with the same inventory size.
Uxin’s decade-long industry experience has greatly empowered our sales capabilities through digitalization. Our AI pricing model dynamically monitors six hundred thousands of used car data points across the internet, creating competitive models based on factors such as a car’s model, age, condition, and mileage. This system, combined with customer viewing records and offline test drives, can generate purchase and sale prices and adjust them promptly to ensure Uxin’s vehicles remain highly competitive in the market. During the new car price cuts, our pricing system responded quickly to adjust the acquisition and selling prices of similar models to accelerate the sales of impacted inventories. By adjusting our prices faster, we can accelerate vehicle sales, mitigate the effects of new car price reductions, and transition into the next regular sales cycle sooner.
Second, while increasing sales volume, we have also boosted our gross profit per vehicle. Our gross profit margin has risen from 1.2% in fiscal year 2023 to 5.9% in fiscal year 2024. In the used car industry, prices typically decrease as inventory ages. Therefore, by accelerating our sales turnover, we have naturally enhanced our gross profit per vehicle.
Meanwhile, leveraging our one-stop shopping experience at offline superstores and reconditioning factories, we have continuously expanded our high-margin value-added services. These include financing services, insurance, extended warranties, premium accessories, and maintenance. Over the past year, the penetration rate of these value-added services has rapidly increased, boosting our gross profit margin.
Additionally, our per-vehicle reconditioning costs have significantly decreased. Uxin’s transparent factory is now fully operational, with vehicles taking an average of only three days to move from warehousing to sales, allowing for faster sales entry. Through bulk procurement of parts, SMART repairs, and the application of 3D printing technology, our reconditioning cost per vehicle in fiscal year 2024 has decreased by 50% compared to the previous fiscal year.
Third, we have continued to reduce costs, improve efficiency, and optimize our operating expenses. Adjusted EBITDA[1] for fiscal year 2024 was a loss of RMB176 million, representing a nearly 40% reduction in losses compared to fiscal year 2023. This year, we implemented a series of cost-reduction and efficiency-enhancement measures. Looking forward, we expect fixed costs and expenses in fiscal year 2025 to be reduced by over RMB100 million compared to fiscal year 2024, driving faster overall Adjusted EBITDA profitability at the company level.
Take marketing as an example, we have developed a highly cost-effective customer acquisition strategy, reducing advertising and promotion expenses by more than 50% compared to last year. Leveraging our large venues, we actively explored community-integrated marketing strategies by organizing events such as sports meetings, anime conventions, job fairs, and vehicle test drives etc. These activities increased our regional market exposure, generating substantial organic traffic and significantly lowering customer acquisition costs.
In the past year, our offline superstore model has proven successful, placing Uxin on a rapid growth trajectory. Looking ahead to the new fiscal year, we have set three primary business objectives, aligning with our current development plan.
First, we aim to significantly increase sales volume, projecting a year-over-year retail sales growth of 150% for fiscal year 2025. We are confident in maintaining our current sales efficiency and will gradually ramp up inventory, expecting inventory levels to increase 2-3 times compared to the beginning of the fiscal year. This will drive continuous retail sales growth in the coming quarters, ensuring the achievement of our sales targets for the new fiscal year.
Second, we plan to achieve company-wide profitability at scale. Our goal is to achieve positive Adjusted EBITDA for the entire company in the quarter between October and December 2024. With new car prices stabilizing, the profitability of used cars is beginning to recover, and our inventory scales and sales continue to climb. We are confident in meeting this profitability target.
Third, we will finalize the location selection and operational preparations for 2-3 new superstores, enhancing our integrated online and offline superstore network. Recently, we announced a strategic partnership with the Zhengzhou Airport District government, with a joint investment of RMB170 million to establish a new Uxin used car superstore in Zhengzhou city. As a transportation hub in central China and one of the most active cities for used car transactions, Zhengzhou boasts a population of over 13 million and a car ownership of 5 million, making it an ideal location for operating a large-scale used car superstore. Besides Zhengzhou, we are also advancing implementation plans in several other cities, which will drive Uxin’s national expansion and business growth in the coming years.
Everything is in place for us to achieve our goals. We have confidence in the competitive advantage of Uxin’s superstore model and the momentum driving our business growth. We remain dedicated to leading the transformation and upgrading of China’s used car industry with a steadfast commitment to customer-centric value creation. Once again, we sincerely thank you for your continued trust and support. We look forward to achieving new breakthroughs together in the coming fiscal year.
Kun Dai
Chairman and Chief Executive Officer of Uxin
[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 July 31, 2024 with the SEC, “Unaudited Reconciliations of GAAP And Non-GAAP Results” for a reconciliation and additional information on non-GAAP measures.
Highlights for the Quarter Ended March 31, 2024
Transaction volume was 4,058 units for the three months ended March 31, 2024, a decrease of 6.8% from 4,354 units in the last quarter and an increase of 12.5% from 3,607 units in the same period last year.Retail transaction volume was 3,124 units, an increase of 1.4% from 3,081 units in the last quarter and an increase of 38.3% from 2,259 units in the same period last year.Total revenues were RMB319.2 million (US$44.2 million) for the three months ended March 31, 2024, a decrease of 22.3% from RMB410.5 million in the last quarter and a decrease of 7.2% from RMB343.8 million in the same period last year.Gross margin was 6.6% for the three months ended March 31, 2024, compared with 4.8% in the last quarter and 2.3% in the same period last year.Loss from operations was RMB109.8 million (US$15.2 million) for the three months ended March 31, 2024, compared with RMB73.1 million in the last quarter and RMB57.4 million in the same period last year.Non-GAAP adjusted EBITDA was a loss of RMB39.7 million (US$5.5 million), compared with a loss of RMB43.8 million in the last quarter and a loss of RMB40.8 million in the same period last year.
Highlights for the Fiscal Year Ended March 31, 2024
Transaction volume was 15,550 units for the fiscal year ended March 31, 2024, a decrease of 22.4% from 20,029 units in the prior fiscal year.Retail transaction volume was 10,179 units for the fiscal year ended March 31, 2024, a decrease of 4.9% from 10,703 units in the prior fiscal year.Total revenues were RMB1,374.7 million (US$190.4 million) for the fiscal year ended March 31, 2024, a decrease of 33.2% from RMB2,059.2 million in the prior fiscal year.Gross margin was 5.9% for the fiscal year ended March 31, 2024, compared with 1.2% in the prior fiscal year.Loss from operations was RMB312.5 million (US$43.3 million) for the fiscal year ended March 31, 2024, compared with RMB356.9 million in the prior fiscal year.Non-GAAP adjusted EBITDA was a loss of RMB176.1 million (US$24.4 million) for the fiscal year ended March 31, 2024, compared with RMB280.3 million in the prior fiscal year.
Mr. Feng Lin, Chief Financial Officer of Uxin, stated, “Despite the traditional slow season for used car sales in China due to the Chinese New Year holiday, we continued to deliver solid results in the quarter, with retail transaction volume reaching 3,124 units, representing a 38% year-over-year increase. Additionally, the improvement in vehicle turnover and the increased penetration of value-added services significantly enhanced our profitability. As a result, our gross profit margin in the quarter was 6.6%, an improvement of 1.8 percentage points from the previous quarter.”
Mr. Lin added, “For the full fiscal year of 2024, we achieved a retail transaction volume of 10,179 units, and narrowed our Adjusted EBITDA loss by RMB104 million compared to the previous fiscal year to RMB176 million. We have started to expand our inventory levels, and we expect retail sales to continue growing in the coming quarters. Looking ahead to fiscal year 2025, we anticipate a year-over-year retail transaction volume growth by 150% with a further reduction in fixed costs by over RMB100 million year-over-year. We are fully committed to achieving company-wide Adjusted EBITDA profitability starting from the third quarter of the fiscal year.”
Financial Results for the Quarter Ended March 31, 2024
Total revenues were RMB319.2 million (US$44.2 million) for the three months ended March 31, 2024, a decrease of 22.3% from RMB410.5 million in the last quarter and a decrease of 7.2% from RMB343.8 million in the same period last year. The quarter-over-quarter decreases were mainly due to the decline of wholesale transaction volume as well as the decrease in vehicle average selling price. The year-over-year decreases were mainly due to the decline of wholesale vehicle sales revenue.
Retail vehicle sales revenue was RMB269.4 million (US$37.3 million) for the three months ended March 31, 2024, representing a decrease of 15.6% from RMB319.2 million in the last quarter and an increase of 2.2% from RMB263.7 million in the same period last year. For the three months ended March 31, 2024, retail transaction volume was 3,124 units, an increase of 1.4% from 3,081 units last quarter and an increase of 38.3% from 2,259 units in the same period last year. The Chinese New Year was on February 9, 2024, which is the traditional used car off-season. However, the quarter-over-quarter retail transaction volume maintained stable. The quarter-over-quarter decrease in retail vehicle sales was mainly due to the decline of retail average selling price. The year-over-year increase was mainly due to the retail transaction volume increase by 38.3% while partially offset by the decline of retail average selling price.
Wholesale vehicle sales revenue was RMB39.7 million (US$5.5 million) for the three months ended March 31, 2024, compared with RMB82.2 million in the last quarter and RMB73.6 million in the same period last year. For the three months ended March 31, 2024, wholesale transaction volume was 934 units, representing a decrease of 26.6% from 1,273 units last quarter and a decrease of 30.7% from 1,348 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. The quarter-over-quarter decreases in wholesale vehicle sales were mainly due to the decline of wholesale vehicle sales volume during the traditional used car off-season. In addition, as the Company continued to improve its inventory capacity and reconditioning capabilities, an increased number of acquired vehicles were reconditioned to meet the Company’s retail standards, rather than being sold through wholesale channels. As a result, the year-over-year wholesale vehicle sales revenue decreased.
Other revenue was RMB10.1 million (US$1.4 million) for the three months ended March 31, 2024, compared with RMB9.1 million in the last quarter and RMB6.5 million in the same period last year. The year-over-year increase was mainly due to an increase in the value-added services such as revenue from sales of vehicle accessories and revenue from vehicle repair services.
Cost of revenues was RMB298.1 million (US$41.3 million) for the three months ended March 31, 2024, compared with RMB390.6 million in the last quarter and RMB336.0 million in the same period last year.
Gross margin was 6.6% for the three months ended March 31, 2024, compared with 4.8% in the last quarter and 2.3% in the same period last year. The quarter-over-quarter increase in gross margin was mainly due to the Company’s capacity to respond to market fluctuations enhanced and the Company’s pricing adjustments became more prompt. The year-over-year increase in gross margin was mainly due to the acceleration of the inventory turnover rate and the improvement of pricing and sales capabilities.
Total operating expenses were RMB131.8 million (US$18.3 million) for the three months ended March 31, 2024. Total operating expenses excluding the impact of share-based compensation were RMB91.4 million.
Sales and marketing expenses were RMB50.8 million (US$7.0 million) for the three months ended March 31, 2024, a decrease of 10.4% from RMB56.7 million in the last quarter and a decrease of 3.0% from RMB52.4 million in the same period last year.
General and administrative expenses were RMB75.3 million (US$10.4 million) for the three months ended March 31, 2024, representing an increase of 122.7% from RMB33.8 million in the last quarter and an increase of 96.7% from RMB38.3 million in the same period last year. The increase was mainly due to an increase in shared-based compensation for personnel performing general and administrative functions, including the share-based compensation expense of US$4.0 million (equivalent to RMB28.7 million) resulting from the issuance of the senior convertible preferred shares to Xin Gao Group Limited (“Xin Gao“), which is controlled by Mr. Kun Dai, the Chairman of the Board of Directors and Chief Executive Officer of the Company.
Research and development expenses were RMB6.0 million (US$0.8 million) for the three months ended March 31, 2024, representing a decrease of 37.9% from RMB9.7 million in the last quarter and a decrease of 35.4% from RMB9.3 million in the same period last year. The 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 a gain of RMB0.9 million (US$0.1 million) for the three months ended March 31, 2024, compared with a gain of RMB6.9 million in the last quarter. The decrease was mainly due to the reduction in liability waiver gain, which was recognized as the Company fulfilled its payment conditions under the operating payable waiver agreements the Company had entered into with several suppliers.
Loss from operations was RMB109.8 million (US$15.2 million) for the three months ended March 31, 2024, compared with RMB73.1 million in the last quarter and RMB57.4 million in the same period last year.
Interest expenses were RMB24.0 million (US$3.3 million) for the three months ended March 31, 2024, representing a decrease of 7.1% from RMB25.8 million in the last quarter and an increase of 322.3% from RMB5.7 million in the same period last year. The year-over-year increase was mainly due to the interest expenses on finance lease liabilities relating to the lease of Hefei Superstore in September 2023.
Fair value impact of the issuance of senior convertible preferred shares was nil for the three months ended March 31, 2024, compared with a gain of RMB20.1 million in the last quarter.
Net loss from operations was net loss of RMB142.7 million (US$19.8 million) for the three months ended March 31, 2024, compared with net loss of RMB78.1 million in the last quarter and net loss of RMB79.8 million in the same period last year.
Non-GAAP adjusted EBITDA was a loss of RMB39.7 million (US$5.5 million) for the three months ended March 31, 2024, compared with a loss of RMB43.8 million in the last quarter and a loss of RMB40.8 million in the same period last year.
In order to cope with the intensified competition within the industry and the challenging external conditions, following the Spring Festival, the Company executed a series of initiatives to realign its organizational structure to better meet the development needs of its superstores and to further reduce company-wide costs and expenses. The Company defines Adjusted EBITDA as EBITDA excluding the severance payment and other realignment related charges recorded in general and administrative expenses and other operating income, net relating to the aforementioned structure realignment.
Financial Results for the Fiscal Year Ended March 31, 2024
Total revenues were RMB1,374.7 million (US$190.4 million) for the fiscal year ended March 31, 2024, a decrease of 33.2% from RMB2,059.2 million in the prior fiscal year. The decreases were driven by the decrease of wholesale vehicle sales revenue, mainly due to a decline in wholesale transaction volume, and the decrease of retail vehicle sales revenue, mainly due to a decline in retail average selling price.
Retail vehicle sales revenue was RMB1,024.4 million (US$141.9 million) for the fiscal year ended March 31, 2024, representing a decrease of 22.0% from RMB1,312.9 million in the prior fiscal year. For the fiscal year ended March 31, 2024, retail transaction volume was 10,179 units, a decrease of 4.9% from 10,703 units in the prior fiscal year. The decrease in retail vehicle sales revenue was mainly due to a decline in retail average selling price by 18.0% year-over-year. Besides, the decrease in retail vehicle sales revenue was also driven by a decline in retail transaction volume. The decrease in retail transaction volume was mainly related to the lower inventory level. The Company has maintained a prudent inventory procurement strategy and keeps a low inventory level as compared with the same period last year, which constrained retail sales growth.
Wholesale vehicle sales revenue was RMB315.9 million (US$43.8 million) for the fiscal year ended March 31, 2024, compared with RMB707.4 million in the prior fiscal year. For the fiscal year ended March 31, 2024, wholesale transaction volume was 5,371 units, representing a decrease of 42.4% from 9,326 units in the prior fiscal 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. As the Company is focusing on creating value for its customers through retail transactions and continuing to improve its inventory capacity and reconditioning capabilities, the wholesale transaction volume decreased accordingly. The Company expects that its wholesale transaction volume will gradually represent a lower portion of the Company’s total transaction volume.
Other revenue was RMB34.4 million (US$4.7 million) for the fiscal year ended March 31, 2024, compared with RMB38.9 million in the prior fiscal year. The decrease was mainly due to a decrease in the Company’s value-added services such as rebate received from certain financing partners for referring them to the Company’s retail customers with financing needs, a decrease in revenue from sales of vehicle accessories and a decrease in revenue from vehicle repair services.
Cost of revenues was RMB1,294.2 million (US$179.2 million) for the fiscal year ended March 31, 2024, compared with RMB2,033.8 million in the prior fiscal year. The decrease was mainly due to a decrease in cost for acquiring used vehicles as a result of the Company’s prudent inventory procurement strategy implemented.
Gross margin was 5.9% for the fiscal year ended March 31, 2024, compared with 1.2% in the prior fiscal year. The increase was mainly due to the acceleration of the inventory turnover rate, the improvement of pricing and sales capabilities, the increase of the Company’s value-added services penetration rate and the decrease of the Company’s per-vehicle reconditioning costs.
Total operating expenses were RMB411.1 million (US$56.9 million) for the fiscal year ended March 31, 2024. Total operating expenses excluding the impact of share-based compensation were RMB335.3 million.
Sales and marketing expenses were RMB202.5 million (US$28.0 million) for the fiscal year ended March 31, 2024, representing a decrease of 14.3% from RMB236.3 million in the prior fiscal year. The decrease was mainly due to the decrease in marketing expenses driven by the adoption of more cost-effective promotion measures and the decrease of outbound logistic expenses, partially offset by the increase in right-of-use assets depreciation expenses as a result of relocation to the Company’s Hefei Superstore.
General and administrative expenses were RMB177.4 million (US$24.6 million) for the fiscal year ended March 31, 2024, representing an increase of 7.8% from RMB164.5 million in the prior fiscal year. The increase was mainly due to an increase in shared-based compensation for personnel performing general and administrative functions, including the share-based compensation expense of US$4.0 million (equivalent to RMB28.7 million) resulting from the issuance of the senior convertible preferred shares to Xin Gao, which is controlled by Mr. Kun Dai, the Chairman of the Board of Directors and Chief Executive Officer of the Company.
Research and development expenses were RMB33.8 million (US$4.7 million) for the fiscal year ended March 31, 2024, representing a decrease of 10.3% from RMB37.7 million in the prior fiscal year. The 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 RMB18.0 million (US$2.5 million) for the fiscal year ended March 31, 2024, compared with RMB70.0 million in the prior fiscal year.
Loss from operations was RMB312.5 million (US$43.3 million) for the fiscal year ended March 31, 2024, compared with RMB356.9 million in the prior fiscal year.
Interest expenses were RMB62.6 million (US$8.7 million) for the fiscal year ended March 31, 2024, representing an increase of 194.7% from RMB21.2 million in the prior fiscal year.
Fair value impact of the issuance of senior convertible preferred shares resulted in a loss of RMB11.8 million (US$1.6 million) for the fiscal year ended March 31, 2024, compared with a gain of RMB242.7 million in the prior fiscal year. The impact was mainly due to the fair value change of the warrants issued in relation to the senior convertible preferred shares during the period. The warrants to purchase 261,810,806 senior convertible preferred shares held by Alpha were terminated in December 2023. The fair value impact was a non-cash gain.
Net loss from operations was net loss of RMB369.5 million (US$51.2 million) for the fiscal year ended March 31, 2024, compared with net loss of RMB137.2 million in the prior fiscal year.
Non-GAAP adjusted EBITDA was a loss of RMB176.1 million (US$24.4 million) for the fiscal year ended March 31, 2024, compared with a loss of RMB280.3 million in the prior fiscal year.
Liquidity
As of March 31, 2024, the Company had cash and cash equivalents of RMB23.3 million, compared to RMB92.7 million as of March 31, 2023.
The Company has incurred accumulated and recurring losses from operations, and cash outflows from operating activities. In addition, the Company’s current liabilities exceeded its current assets by approximately RMB658.8 million as of March 31, 2024.
The Company’s ability to continue as a going concern is dependent on management’s ability to increase sales, achieve higher gross profit margin and control operating costs and expenses to reduce the cash that will be used in operating cash flows, and to enter into financing arrangements, including but not limited to renewal of the existing borrowings and obtaining new debt and equity financings. There is uncertainty regarding the implementation of these business and financing plans, which raises substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited financial information does not include any adjustment that is reflective of these uncertainties.
Recent Development
On July 8, 2024, the Company, through its wholly-owned subsidiary Uxin (Anhui) Industrial Investment Co., Ltd., or Uxin Anhui, entered into an equity investment agreement with Zhengzhou Airport Automobile Industry Co., Ltd., or Zhengzhou Airport Industry, to establish a subsidiary of the Company, Uxin (Zhengzhou) Intelligent Remanufacturing Co., Ltd., or Uxin Zhengzhou, in Zhengzhou. Uxin Anhui will contribute RMB120.0 million and Zhengzhou Airport Industry will contribute RMB50.0 million, representing approximately 70% and 30% of Uxin Zhengzhou’s total registered capital, respectively.
Uxin Zhengzhou aims to support Uxin’s plan to establish a new used car super store in Zhengzhou. This initiative is a key collaboration between Uxin and Zhengzhou Airport Industry to promote the development of the automotive aftermarket industry in the Henan Province and to build a leading brand in China’s used car industry.
Business Outlook
For the three months ended June 30, 2024, the Company expects its retail transaction volume to be around 4,000 units and wholesale transaction volume to be around 1,500 units. The Company estimates that its total revenues including retail vehicle sales revenue, wholesale vehicle sales revenue and value-add-services revenue to be within the range of RMB390 million to RMB410 million. The Company expects its gross profit margin to remain stable. 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 Wednesday, July 31, 2024, 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/10191411/fd2f7ea0a4
A telephone replay of the call will be available after the conclusion of the conference call until August 7, 2024. The dial-in details for the replay are as follows:
U.S.:
+1 877 344 7529
International:
+1 412 317 0088
Replay PIN:
2653168
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, fair value impact of the issuance of senior convertible preferred shares, foreign exchange losses, other income/(expenses), dividend from long-term investment, structure realignment cost which was mainly severance cost, equity in loss of affiliates and dividend from 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, fair value impact of the issuance of senior convertible preferred shares, 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 facilitates 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 believes 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, fair value impact of the issuance of senior convertible preferred shares, other income/(expenses) and dividend from long-term investment 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 RMB7.2203 to US$1.00, representing the index rate as of March 29, 2024 set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ 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
Phone: +86 10 5691-6765
Email: ir@xin.com
The Blueshirt Group
Mr. Jack Wang
Phone: +86 166-0115-0429
Email: Jack@blueshirtgroup.com
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,
For the twelve months ended March 31,
2023
2024
2023
2024
RMB
RMB
US$
RMB
RMB
US$
Revenues
Retail vehicle sales
263,695
269,421
37,314
1,312,857
1,024,401
141,878
Wholesale vehicle sales
73,557
39,722
5,501
707,385
315,909
43,753
Others
6,534
10,008
1,386
38,999
34,419
4,767
Total revenues
343,786
319,151
44,201
2,059,241
1,374,729
190,398
Cost of revenues
(335,984)
(298,109)
(41,288)
(2,033,797)
(1,294,161)
(179,239)
Gross profit
7,802
21,042
2,913
25,444
80,568
11,159
Operating expenses
Sales and marketing
(52,392)
(50,815)
(7,038)
(236,307)
(202,493)
(28,045)
General and administrative
(38,308)
(75,336)
(10,434)
(164,505)
(177,386)
(24,568)
Research and development
(9,329)
(6,027)
(835)
(37,704)
(33,820)
(4,684)
(Provision for)/reversal of credit losses, net
(13,084)
359
50
(13,844)
2,631
364
Total operating expenses
(113,113)
(131,819)
(18,257)
(452,360)
(411,068)
(56,933)
Other operating income, net
47,907
935
129
69,990
18,001
2,493
Loss from operations
(57,404)
(109,842)
(15,215)
(356,926)
(312,499)
(43,281)
Interest income
146
8
1
603
169
23
Interest expenses
(5,676)
(23,970)
(3,320)
(21,243)
(62,598)
(8,670)
Other income
907
622
86
17,088
15,870
2,198
Other expenses
(18,317)
(4,086)
(566)
(24,153)
(5,941)
(823)
Losses from extinguishment of debt
–
–
–
(2,778)
–
–
Foreign exchange gains/(losses)
122
511
71
(2,457)
1,525
211
Fair value impact of the issuance of senior
convertible preferred shares
507
–
–
242,733
(11,776)
(1,631)
Loss before income tax expense
(79,715)
(136,757)
(18,943)
(147,133)
(375,250)
(51,973)
Income tax expense
(81)
(12)
(2)
(366)
(311)
(43)
Dividend from long-term investment
–
–
–
10,374
11,970
1,658
Equity in loss of affiliates and dividend from
affiliate, net of tax
–
(5,951)
(824)
(44)
(5,951)
(824)
Net loss, net of tax
(79,796)
(142,720)
(19,769)
(137,169)
(369,542)
(51,182)
Add: net loss/(profit) attribute to redeemable non-
controlling interests and non-controlling interests
shareholders
9
(1,629)
(226)
12
(2,845)
(394)
Net loss attributable to UXIN LIMITED
(79,787)
(144,349)
(19,995)
(137,157)
(372,387)
(51,576)
Deemed dividend to preferred shareholders due to
triggering of a down round feature (i)
–
(1,781,454)
(246,729)
(755,635)
(2,060,254)
(285,342)
Net loss attributable to ordinary shareholders
(79,787)
(1,925,803)
(266,724)
(892,792)
(2,432,641)
(336,918)
Net loss
(79,796)
(142,720)
(19,769)
(137,169)
(369,542)
(51,182)
Foreign currency translation, net of tax nil
12,057
66
9
(68,276)
4,905
679
Total comprehensive loss
(67,739)
(142,654)
(19,760)
(205,445)
(364,637)
(50,503)
Add: net loss/(profit) attribute to redeemable non-
controlling interests and non-controlling interests
shareholders
9
(1,629)
(226)
12
(2,845)
(394)
Total comprehensive loss attributable to UXIN
LIMITED
(67,730)
(144,283)
(19,986)
(205,433)
(367,482)
(50,897)
Net loss attributable to ordinary shareholders
(79,787)
(1,925,803)
(266,724)
(892,792)
(2,432,641)
(336,918)
Weighted average shares outstanding – basic
1,419,079,968
4,465,415,461
4,465,415,461
1,344,536,565
2,185,363,635
2,185,363,635
Weighted average shares outstanding – diluted
1,419,079,968
4,465,415,461
4,465,415,461
1,344,536,565
2,185,363,635
2,185,363,635
Net loss per share for ordinary shareholders, basic
(0.06)
(0.43)
(0.06)
(0.66)
(1.11)
(0.15)
Net loss per share for ordinary shareholders, diluted
(0.06)
(0.43)
(0.06)
(0.66)
(1.11)
(0.15)
(i) Each senior convertible preferred share shall be convertible, at any time and from time to time from and after the applicable original issue date. The original conversion price for each senior
convertible preferred share shall be US$0.3433 per Class A ordinary share for the subscription in 2021.
The conversion price down round feature is triggered when the Company provides for a lower conversion price in subsequent convertible preferred offerings. The provision of a lower
conversion price results in the repricing of existing convertible preferred offerings to match any such lower stated conversion rate.
At the closing of 2022 subscription in July 2022, the conversion price for each senior convertible preferred share issued were adjusted to US$0.14 per Class A ordinary shares. In August
2023, Joy Capital exercised its warrants to purchase senior convertible preferred shares and the Company issued senior convertible preferred shares to Joy Capital at conversion price of
US$0.0457 per Class A ordinary shares. The conversion price for each senior convertible preferred share outstanding as of the date were further adjusted to US$0.0457 per Class A ordinary
share. On March 26, 2024, the Company issued senior convertible preferred shares to Xin Gao Group Limited at conversion price of US$0.004858 per Class A ordinary share. As a result, the
conversion price for each senior convertible preferred share outstanding as of the date was further adjusted to US$0.004858 per Class A ordinary share.
The Company determined that, the reduction of the conversion price for senior convertible preferred shares in July 2022, August 2023 and March 2024 triggered the down round feature
operative within the then existing senior convertible preferred shares. The fair value impact related to the reduction in the conversion price of the senior convertible preferred shares in July
2022, August 2023 and March 2024, amounting to RMB755.6 million, RMB278.8 million and RMB1,781.5 million respectively, was recorded as a charge to accumulated deficit and a credit to
additional paid in capital in permanent equity.
Uxin Limited
Unaudited Consolidated Balance Sheets
(In thousands except for number of shares and per share data)
As of March 31,
As of March 31,
2023
2024
RMB
RMB
US$
ASSETS
Current assets
Cash and cash equivalents
92,713
23,339
3,232
Restricted cash
618
594
82
Accounts receivable, net
790
2,089
289
Loans recognized as a result of payments under
guarantees, net of provision for credit losses of
RMB10,337 and RMB7,995 as of March 31,
2023 and 2024, respectively
–
–
–
Other receivables, net of provision for credit
losses of RMB26,541 and RMB22,739 as of
March 31, 2023 and 2024, respectively
15,345
18,080
2,504
Inventory, net
110,893
110,494
15,303
Prepaid expenses and other current assets
61,390
71,787
9,942
Total current assets
281,749
226,383
31,352
Non-current assets
Property, equipment and software, net
63,725
74,243
10,283
Long-term investments
288,712
279,300
38,683
Other non-current assets
–
268
37
Finance lease right-of-use assets, net (i)
–
1,339,537
185,524
Operating lease right-of-use assets, net
84,461
168,418
23,326
Total non-current assets
436,898
1,861,766
257,853
Total assets
718,647
2,088,149
289,205
LIABILITIES, MEZZANINE EQUITY AND
SHAREHOLDERS’ DEFICIT
Current liabilities
Accounts payable
80,668
80,745
11,182
Warrant liabilities
8
–
–
Other payables and other current liabilities
336,835
370,802
51,355
Current portion of operating lease liabilities
7,667
12,310
1,705
Current portion of finance lease liabilities (i)
–
51,160
7,086
Short-term borrowing
20,000
78,181
10,828
Current portion of long-term debt
158,736
291,950
40,435
Total current liabilities
603,914
885,148
122,591
Non-current liabilities
Long-term borrowings
291,950
–
–
Consideration payable to WeBank
58,559
–
–
Finance lease liabilities (i)
–
1,191,246
164,986
Operating lease liabilities
77,462
154,846
21,446
Long-term debt
264,560
–
–
Total non-current liabilities
692,531
1,346,092
186,432
Total liabilities
1,296,445
2,231,240
309,023
Mezzanine equity
Senior convertible preferred shares (US$0.0001
par value,1,720,000,000 and 9,900,000,000
shares authorized as of March 31, 2023 and
2024, respectively; 1,151,221,338 and nil
shares issued and outstanding as of March 31,
2023 and 2024, respectively) (iii)
1,245,721
–
–
Subscription receivable from preferred shareholders
(550,074)
–
–
Redeemable non-controlling interests (ii)
–
149,991
20,774
Total Mezzanine equity
695,647
149,991
20,774
Shareholders’ deficit
Ordinary shares
806
39,806
5,513
Additional paid-in capital
15,451,803
18,928,837
2,621,613
Subscription receivable from shareholders
–
(107,879)
(14,941)
Accumulated other comprehensive income
220,185
225,090
31,175
Accumulated deficit
(16,946,064)
(19,378,705)
(2,683,920)
Total Uxin’s shareholders’ deficit
(1,273,270)
(292,851)
(40,560)
Non-controlling interests
(175)
(231)
(32)
Total shareholders’ deficit
(1,273,445)
(293,082)
(40,592)
Total liabilities, mezzanine equity and
shareholders’ deficit
718,647
2,088,149
289,205
(i) On September 24, 2021, a subsidiary of the Company, Youxin (Hefei) Automobile Intelligent Remanufacturing Co., Ltd.
(“UXIN Hefei”) entered into a lease and purchase agreement with Hefei Construction Investment North City Industrial
Investment Co., Ltd (“Hefei Construction Investment”) to set up an inspection and reconditioning center (the “IRC”) in Hefei.
Pursuant to the agreement, Hefei Construction Investment was responsible for the construction of the IRC and we will lease the
IRC including the respective land use right after the completion of its construction with a 10-year lease term and a purchase
option of the underlying assets. The IRC was completed and transferred to the Company on September 20, 2023.
(ii) On October 23, 2023, Hefei Construction Investment completed the transfer of the first-year rent of the IRC in Hefei into
its investment of RMB147.1 million in UXIN Hefei and acquired 12.02% equity interests of UXIN Hefei with certain
preferential rights. The investment was recognized as redeemable non-controlling interests.
(iii) On March 26, 2024, the Company entered into definitive agreements with Xin Gao Group Limited (“Xin Gao”) and issued
1,440,922,190 senior convertible preferred shares at conversion price of US$0.004858 per Class A ordinary shares for an
aggregate amount of US$7.0 million. As Xin Gao is controlled by Mr. Kun Dai, the Chairman of the Board of Directors and
Chief Executive Officer of Company and the fair value of the senior convertible preferred shares is higher than the consideration
received from Xin Gao, a share-based compensation expense of US$4.0 million (equivalent to RMB28.7 million) equal to the
difference between the fair value of the preferred shares issued and the consideration received was recorded in general and
administrative expenses in March 2024.
On March 27, 2024, as agreed by all the preferred shareholders, all of the Company’s 2,810,961,908 outstanding senior
convertible preferred shares were converted into 54,960,889,255 Class A ordinary shares.
* Share-based compensation charges included are as follows:
For the three months ended March 31,
For the twelve months ended March 31,
2023
2024
2023
2024
RMB
RMB
US$
RMB
RMB
US$
Sales and marketing
408
—
—
1,516
1,444
200
General and administrative
9,830
40,388
5,594
44,088
72,942
10,102
Research and development
474
—
—
1,709
1,420
197
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,
For the twelve months ended March 31,
2023
2024
2023
2024
RMB
RMB
US$
RMB
RMB
US$
Net loss, net of tax
(79,796)
(142,720)
(19,769)
(137,169)
(369,542)
(51,182)
Add: Income tax expense
81
12
2
366
311
43
Interest income
(146)
(8)
(1)
(603)
(169)
(23)
Interest expenses
5,676
23,970
3,320
21,243
62,598
8,670
Depreciation
5,900
15,760
2,183
32,111
46,671
6,464
EBITDA
(68,285)
(102,986)
(14,265)
(84,052)
(260,131)
(36,028)
Add: Share-based compensation expenses
10,712
40,388
5,594
47,313
75,806
10,499
– Sales and marketing
408
–
–
1,516
1,444
200
– General and administrative
9,830
40,388
5,594
44,088
72,942
10,102
– Research and development
474
–
–
1,709
1,420
197
Other income
(907)
(622)
(86)
(17,088)
(15,870)
(2,198)
Other expenses
18,317
4,086
566
24,153
5,941
823
Foreign exchange (gains)/losses
(122)
(511)
(71)
2,457
(1,525)
(211)
Structure realignment cost
–
13,948
1,932
–
13,948
1,932
Equity in loss of affiliates, net of tax
–
5,951
824
–
5,951
824
Dividend from long-term investment
–
–
–
(10,374)
(11,970)
(1,658)
Fair value impact of the issuance of senior
convertible preferred shares
(507)
–
–
(242,733)
11,776
1,631
Non-GAAP adjusted EBITDA
(40,792)
(39,746)
(5,506)
(280,324)
(176,074)
(24,386)
For the three months ended March 31,
For the twelve months ended March 31,
2023
2024
2023
2024
RMB
RMB
US$
RMB
RMB
US$
Net loss attributable to ordinary
shareholders
(79,787)
(1,925,803)
(266,724)
(892,792)
(2,432,641)
(336,918)
Add: Share-based compensation expenses
10,712
40,388
5,594
47,313
75,806
10,499
– Sales and marketing
408
–
–
1,516
1,444
200
– General and administrative
9,830
40,388
5,594
44,088
72,942
10,102
– Research and development
474
–
–
1,709
1,420
197
Fair value impact of the issuance of senior
convertible preferred shares
(507)
–
–
(242,733)
11,776
1,631
Add: accretion on redeemable non-
controlling interests
–
1,650
229
–
2,901
402
Deemed dividend to preferred
shareholders due to triggering of a down
round feature
–
1,781,454
246,729
755,635
2,060,254
285,342
Non-GAAP adjusted net loss attributable
to ordinary shareholders
(69,582)
(102,311)
(14,172)
(332,577)
(281,904)
(39,044)
Net loss per share for ordinary shareholders –
basic
(0.06)
(0.43)
(0.06)
(0.66)
(1.11)
(0.15)
Net loss per share for ordinary shareholders –
diluted
(0.06)
(0.43)
(0.06)
(0.66)
(1.11)
(0.15)
Non-GAAP adjusted net loss to ordinary
shareholders per share – basic and diluted
(0.05)
(0.02)
–
(0.25)
(0.13)
(0.02)
Weighted average shares outstanding – basic
1,419,079,968
4,465,415,461
4,465,415,461
1,344,536,565
2,185,363,635
2,185,363,635
Weighted average shares outstanding – diluted
1,419,079,968
4,465,415,461
4,465,415,461
1,344,536,565
2,185,363,635
2,185,363,635
Note: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00 = RMB7.2203 as of March 29, 2024 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-fourth-quarter-and-fiscal-year-2024-financial-results-302210844.html
SOURCE Uxin Limited
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LOS ANGELES, April 19, 2026 /PRNewswire/ — The Breakthrough Prize Foundation today announced the winners of the 2026 Breakthrough Prizes, honoring scientists whose discoveries are significantly driving growth of human knowledge. In the Life Sciences, their work has led to gene therapies for three devastating diseases – inherited blindness, sickle cell disease and beta-thalassemia, and identified a key genetic cause of two more – ALS and frontotemporal dementia. In Physics and Mathematics, they have constructed theories of the fundamental forces of nature and probed them to mind-blowing precision, and revealed deep truths about the mathematical behavior of waves.
The Breakthrough Prizes – popularly known as the “Oscars® of Science” – were created to celebrate the wonders of our scientific age. Co-founded by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki, the prizes are now in their 14th year.
This year, six Breakthrough Prizes of $3 million each were awarded. In addition, the Foundation recognized 15 early-career physicists and mathematicians, who share six $100,000 New Horizons Prizes. Three women mathematicians recently completing PhDs each receives a $50,000 Maryam Mirzakhani New Frontiers Prize.
This year’s prize money totals $18.75 million, bringing the amount conferred over the 15 years of the Breakthrough Prize to more than $340 million.
“This year’s laureates show what great science can do — deepen our understanding of the world and lead to discoveries that improve millions of lives,” said Mark Zuckerberg and Dr. Priscilla Chan, founders of Biohub. “We’re proud to recognize their work.”
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Jean Bennett, Katherine A. High and Albert Maguire share the Breakthrough Prize in Life Sciences. This prize recognizes work that led to the first FDA–approved gene replacement therapy. It has transformed the lives of people born with Leber congenital amaurosis, a rare inherited retinal disease that usually results in total blindness in early adulthood, enabling children who had been going blind to gain their independence, attend regular schools, play outside at night, and in some cases even qualify for driver’s licenses. The therapy replaces the defective RPE65 gene, which produces a malfunctioning version of a protein critical to the visual cycle – the process by which the retina responds to light. The husband-and-wife team of molecular biologist Bennett and ophthalmic surgeon Maguire invented and developed the therapy from first conception to an effective treatment in animal models (including restoring sight to a number of Swedish Briard dogs which they went on to adopt). In 2005, High, a physician-scientist at Children’s Hospital of Philadelphia (CHOP) invited Bennett and Maguire to collaborate on a human trial. High’s laboratory and clinical gene therapy expertise proved crucial in the development of the approved drug, including gaining regulatory approval to conduct the initial clinical trials, and in directing the production and characterization of high-quality viral vector preparations used to introduce the replacement gene. The three physician-scientists worked together to design the pivotal trial, including developing and validating a novel clinical endpoint to measure the vector’s clinical effect.
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In beta-thalassemia the body fails to produce enough healthy hemoglobin; while in sickle cell disease, defective hemoglobin causes red blood cells to become stiff, sticky and sickle-shaped. But people who produce elevated levels of fetal form of hemoglobin as adults, rather than switching entirely to adult hemoglobin, have much milder forms of the diseases. This presented a tantalizing possibility for translational medicine: genetically switching fetal hemoglobin production back on, and so mitigating disease symptoms. Thein mapped the trait of persistent fetal hemoglobin production to chromosome 2, and subsequently identified the gene BCL11A as the key genetic player. Orkin demonstrated that BCL11A functions as the master repressor of fetal hemoglobin, shutting down its production after birth, and that inactivating it restored fetal hemoglobin production in mice and eliminated sickle cell disease symptoms. His laboratory identified a specific DNA enhancer region that controls BCL11A expression itself, but crucially only in red blood cells, providing a precise and safe target for therapeutic intervention without affecting other cells.
The translation of these discoveries into a CRISPR-based gene therapy (Casgevy) that edits this enhancer region in patients’ own blood stem cells resulted in the first CRISPR-based medicine approved for any disease. This work has revolutionized treatment for sickle cell disease and beta-thalassemia, providing a potentially curative one-time therapy for conditions affecting millions worldwide.
Rosa Rademakers and Bryan Traynor independently solved a decades-old mystery in neurodegenerative disease by discovering the most common genetic cause of both amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s disease, and frontotemporal dementia (FTD), the second leading cause of early-onset dementia. Through multi-year, international collaborations, they collected large-scale data from families where both ALS and FTD appeared together; and through painstaking genetic analysis they zeroed in on a key genetic trigger for both diseases. In 2011, their labs simultaneously identified a mutation in the C9orf72 gene. It is an expansion mutation – a repeat of the same six-letter sequence of DNA, occurring hundreds to thousands of times in affected individuals.
The discovery represents a landmark moment in the study of these diseases. This single mutation explains about a third of familial cases of both diseases in European populations, as well as more than five percent of cases in patients with no family history of the diseases. It sheds light on the disease mechanisms, pointing in particular to multiple effects of toxic RNA and proteins in brain cells. It has established ALS and FTD – previously considered two largely separate disorders – on a disease spectrum, sharing risk factors and molecular causes. And perhaps most significantly it has enabled genetic testing for affected families, and opened new pathways for the development of treatments for these currently incurable diseases – including at least two therapies currently undergoing clinical trials. While ALS and FTD remain incurable, thanks to the C9orf72 discovery they are now conditions with plausible molecular causes and promising therapeutic targets.
Breakthrough Prize in Mathematics
Frank Merle’s work has significantly advanced the modern understanding of nonlinear evolution equations – the mathematical descriptions of how waves, fluids, and other dynamic systems change over time. His work has a particular focus on singularities: points where solutions to the equations surge to infinity. Alone and in collaborations, he has solved several fundamental problems, including proving that certain equations long thought to be well-behaved actually “blow up” – become infinite – in finite time.
Working on the soliton resolution conjecture (which predicts that any wave disturbance will eventually decompose into a set of stable, shape-preserving waves), Merle and Carlos Kenig, joined later by Thomas Duyckaerts, developed the powerful channels of energy technique coupled with the concentration compactness method. With Yvan Martel and Pierre Raphael, he revealed how singularities form in the KdV type equation (which describes various wave phenomena from shallow waves to rogue waves). Perhaps most remarkable is his work on the nonlinear version of the famous Schrödinger equation from quantum physics. In early work, he made a complete classification of all the ways this equation’s solutions can blow up. Later he proved, with Pierre Raphael, Igor Rodnianski, and Jérémie Szeftel, that the defocusing version of the equation – long believed to be inherently stable – can in fact blow up in finite time. This highly surprising result exploited an unexpected connection to fluid dynamics: it helped to resolve a major open problem, identifying smooth solutions to the compressible Euler and Navier-Stokes equations where the fluid’s density and velocity become infinite – representing a complete breakdown of the fluid description. Throughout his career, Merle’s insights have overturned fundamental assumptions in the field, forged deep connections between mathematics and physics, and opened new avenues toward some of the most celebrated unsolved problems.
Breakthrough Prize in Fundamental Physics
Across more than six decades, scientists and engineers from three “muon g-2” collaborations, representing dozens of institutions, have pushed experimental precision ever higher in pursuit of a single, very significant number: the anomalous magnetic moment of the muon. The muon is a heavy, unstable cousin of the electron, and like the electron it can behave like a tiny magnet. The physicists are looking to capture how the muon’s magnetic strength is subtly affected by the “foam” of virtual particles constantly popping in and out of empty space around it. Measuring the muon’s magnetism and comparing it to theoretical predictions allows physicists to test whether any unknown particles or forces are hidden in this foam. In other words, to probe for new physics beyond the Standard Model, our most successful theory of particles and forces.
The CERN collaboration’s pioneering storage ring experiments of the 1960s and 1970s first measured the anomalous magnetic moment with meaningful precision. Then in the 1990s, Brookhaven National Laboratory’s reimagining of the experiment achieved a major improvement in precision. And after the audacious transportation of Brookhaven’s 50-ton, 15-meter-diameter storage ring 3,200 miles by road and barge to Fermilab in 2013, the experiment was systematically refined to achieve a final precision of 127 parts per billion – a mind-boggling 30,000 times more precise than the first g-2 experiment in 1965. The results had shown a tantalizing discrepancy with the value predicted by theory; and in 2023, Fermilab’s new results pushed that discrepancy close to the threshold considered evidence for new physics. Since then, the final, even more precise results, compared to newly evolved theoretical calculations narrowed the gap, but considerable uncertainty remains for the moment. Whatever the final verdict, this experiment represents a remarkable theoretical, experimental and technological endeavor, achieving extraordinary precision in the quest for fundamental understanding.
Special Breakthrough Prize in Fundamental Physics
David J. Gross has been a leading figure in fundamental physics for six decades. In the early 1970s, there was a gap in quantum field theory, our best theory of particles and forces. The theory could not describe or accurately predict the strong nuclear force, which holds the nucleus of the atom together. But in 1973, Gross and his graduate student Frank Wilczek (as well as, independently, David Politzer) solved the mystery. They discovered that the strong force works the opposite way to familiar forces like gravity: it gets weaker as particles approach each other, but stronger as they move apart. This explained why quarks, the particles inside the atomic nucleus, can never escape or be observed in isolation, and it enabled the development of quantum chromodynamics – the theory of the strong force and the final foundation stone of the Standard Model of particle physics.
Gross has gone on to make seminal contributions across multiple areas of theoretical physics. For example, he and his collaborators developed a simplified quantum field theory that helped explain how particles can acquire mass; and developed new theoretical approaches attempting to unify all fundamental forces, including gravity, in a single framework known as heterotic string theory.
Alongside his theoretical work, Gross has a longstanding record of leadership in the physics community, in roles including Director of the Kavli Institute for Theoretical Physics, and President of the American Physical Society. He has helped establish physics institutes in India, China, and South America. He directed the Jerusalem Winter School in Theoretical Physics and chaired the Solvay Physics Conferences for the last 25 years. In 2025 he was one of the authors of an ambitious 40-year plan for physics on behalf of the National Academies of Sciences, Engineering, and Medicine. And over the course of his career, he has been a mentor to numerous brilliant students who became leaders themselves, passing on his vision of physics as a collaborative international endeavor.
Inaugural Vera Rubin New Frontiers Prize
A new physics prize, the Vera Rubin New Frontiers Prize, will be announced during the ceremony, along with the inaugural recipient, Carolina Figueiredo, from Princeton University. One $50,000 prize is awarded this year; from 2027 there will be 3 per year.
The prize is named in tribute to the great astronomer Vera Rubin, who discovered key evidence for dark matter, and in homage to whom NVIDIA’s new chip platform is named. The new prize recognizes women physicists within two years of their PhDs who have already made important contributions to science.
Carolina Figueiredo discovered that three apparently unrelated theories — two governing nuclear particles called gluons and pions, and the third describing particles in a “toy model” that does not describe the existing world — all forbid exactly the same set of particle collisions. This was a big surprise, as the three theories are quite different, with no reason to think they are connected. Figueiredo’s discovery revealed that the common behavior reflects a single underlying geometric structure: curves drawn on surfaces, within a framework now known as surfaceology. Intriguingly, this structure makes no reference to particles moving through space and time; yet it reproduces the predictions of conventional physics far more efficiently than the traditional approach, which tracks each particle’s movement through these dimensions. Figueiredo’s work thus advances – and perhaps brings closer to the real world – a broader program to reformulate the foundations of particle physics in purely geometric terms, with spacetime as an emergent phenomenon arising from a new set of principles.
New Horizons in Physics Prize
Benjamin R. Safdi has made wide-ranging contributions to the search for the axion, a hypothetical particle that would explain a long-standing puzzle about the strong nuclear force, and could account for the mysterious dark matter that makes up 85 percent of the Universe’s mass. He has proposed ingenious new strategies for detecting axion-like particles using observations of astronomical objects, from radio emissions of neutron stars to X-rays from white dwarfs.
Clay Córdova, Thomas Dumitrescu, Shu-Heng Shao, and Yifan Wang have discovered and developed the theory of “generalized symmetries” in quantum field theory. Symmetries have long been among the most powerful tools in physics. The work of these researchers has shown that the Standard Model of particle physics, as well as other quantum field theories, possess previously unrecognised symmetry structures. Their work has opened a broad new field with applications ranging from falsifying theories beyond the Standard Model to simulating fundamental particles on a lattice.
Dillon Brout, J. Colin Hill, Mathew Madhavacheril, Maria Vincenzi, Daniel Scolnic, and W. L. Kimmy Wu have gleaned powerful new results from the two most important tools for measuring the expansion and composition of the Universe: the cosmic microwave background (CMB) radiation left over from the Big Bang, and light from exploding stars known as Type Ia supernovae. Hill, Madhavacheril, and Wu have pushed analyses of CMB data beyond previous limits, producing the most precise tests to date of the standard cosmological model as well as of gravitational lensing of the CMB – the subtle bending of light from the early Universe by the matter it passes on its way to us. Meanwhile Brout, Scolnic, and Vincenzi built and analysed the largest modern supernova datasets – including Pantheon+, now the most cited supernova analysis in cosmology – delivering tight constraints on dark energy and the rate of expansion of the cosmos.
New Horizons in Mathematics Prize
Otis Chodosh has settled several questions in differential geometry that had been open since the 1970s and 1980s. With Chao Li, he proved a central conjecture in the field concerning a broad class of higher-dimensional spaces known as “aspherical manifolds.” With Christos Mantoulidis, he resolved a key problem in geometric analysis of minimal surfaces – surfaces that locally minimise their area, like soap films.
Vesselin Dimitrov and Yunqing Tang have solved long-standing problems in number theory that had resisted all previous approaches. With Frank Calegari, they proved the “unbounded denominators conjecture,” about a fundamental class of objects known as modular forms, using methods that surprised experts in the field. Most recently, again with Calegari, they proved the irrationality of a number related to a basic infinite series – the first result of its kind since Apéry’s celebrated work forty-five years ago.
Hong Wang has resolved or made advances on a family of notoriously difficult problems in harmonic analysis – a branch of mathematics that studies functions by decomposing them into fundamental components. With Josh Zahl, she proved the Kakeya conjecture in three dimensions, one of the most famous open problems in the field: it concerns how much space is needed to rotate a needle through every possible direction.
Maryam Mirzakhani New Frontiers Prize
Amanda Hirschi has produced a number of significant papers in symplectic topology, a field studying higher-dimensional surfaces with a geometric structure that generalises the mathematics of classical mechanics. With co-authors, she developed a powerful new framework that leads to major simplifications in the foundations of Gromov-Witten theory. Anna Skorobogatova has made notable contributions in geometric measure theory, which uses techniques from analysis to tackle geometric problems such as finding surfaces of minimal area. In a series of papers with collaborators, she resolved a long-standing question about the structure of singularities of area-minimising surfaces, completing a programme that spanned over sixty years. Mingjia Zhang works on higher-dimensional objects in number theory called Shimura varieties. She provided a way to better understand the geometry of Mantovan’s celebrated “product formula” in number theory.
Citations for 2026 Laureates
2026 Breakthrough Prize in Life Sciences
Jean Bennett, University of Pennsylvania
Katherine A. High, University of Pennsylvania, Children’s Hospital of Philadelphia, and Rockefeller University
Albert Maguire, University of Pennsylvania
For developing a therapy for inherited retinal degeneration that became the first FDA-approved gene therapy for a genetic disease.
Rosa Rademakers, VIB, University of Antwerp, and Mayo Clinic
Bryan Traynor, National Institute on Aging, National Institutes of Health
For the discovery of the most common genetic cause of ALS and frontotemporal dementia which charted the path for new mechanistic studies of these diseases.
Stuart H. Orkin, Boston Children’s Hospital, Dana-Farber Cancer Institute, Harvard Medical School, and Howard Hughes Medical Institute
Swee Lay Thein, National Heart, Lung and Blood Institute, National Institutes of Health
For elucidating the mechanism driving the switch from fetal to adult hemoglobin and validating it as a therapeutic target for sickle-cell disease and beta-thalassemia.
2026 Breakthrough Prize in Mathematics
Frank Merle, CY Cergy Paris Université and Institut des Hautes Études Scientifiques
For breakthroughs in nonlinear evolution equations, with regards to their stability, singularity formation, or resolution into solitons.
2026 Breakthrough Prize in Fundamental Physics
The Muon g-2 Collaborations at CERN, Brookhaven National Laboratory, and Fermilab
For multi-decade, groundbreaking contributions to the measurement of the muon’s anomalous magnetic moment, pushing the boundaries of experimental precision and igniting a new era in the quest for physics beyond the Standard Model.
2026 Special Breakthrough Prize in Fundamental Physics
David J. Gross, Kavli Institute for Theoretical Physics, University of California, Santa Barbara
For a lifetime of groundbreaking contributions to theoretical physics, from the strong force to string theory, and for tireless advocacy for basic science worldwide.
2026 Vera Rubin New Frontiers Prize
Carolina Figueiredo, Princeton University
For contributions to the geometric structure of scattering amplitudes, revealing hidden relations among quantum field theories.
2026 Maryam Mirzakhani New Frontiers Prize
Amanda Hirschi, IMJ-PRG, Sorbonne Université
For contributions to symplectic topology.
Anna Skorobogatova, Clay Research Fellow and ETH Zürich
For contributions to geometric measure theory.
Mingjia Zhang, Princeton University and Institute for Advanced Study
For contributions to the theory of Shimura varieties.
2026 New Horizons in Mathematics Prize
Otis Chodosh, Stanford University
For contributions to differential geometry and the calculus of variations, including work on minimal surfaces and manifolds with positive scalar curvature.
Hong Wang, Institut des Hautes Études Scientifiques and New York University
For work in harmonic analysis, partial differential equations, and geometric measure theory, including the local smoothing conjecture, Furstenberg set conjecture, and the Kakeya conjecture.
Vesselin Dimitrov, Caltech
Yunqing Tang, University of California, Berkeley
For work in Diophantine geometry, including the proof of the Atkin-Swinnerton-Dyer unbounded denominators conjecture and new irrationality results for special values of Dirichlet L-series (both joint with Frank Calegari).
2026 New Horizons in Physics Prize
Benjamin R. Safdi, University of California, Berkeley
For proposing new ways to seek axion-like particles with laboratory experiments and astronomical observations.
Clay Córdova, University of Chicago
Thomas Dumitrescu, Mani L. Bhaumik Institute for Theoretical Physics, UCLA
Shu-Heng Shao, MIT
Yifan Wang, New York University
For generalizing the notion of symmetry in various ways, and for exploring the consequences of these generalized symmetries, in quantum field theory, particle physics, condensed matter physics, string theory, and quantum information theory.
Dillon Brout, Boston University
J. Colin Hill, Columbia University
Mathew Madhavacheril, University of Pennsylvania
Maria Vincenzi, University of Oxford
Daniel Scolnic, Duke University
W. L. Kimmy Wu, Caltech
For advances in cosmic microwave background and supernovae cosmology.
Videos and Photos
Assets, including headshots of this year’s winners, can be downloaded for media use here.
Images and select video from the 2026 Breakthrough Prize Gala — red carpet and ceremony — can be downloaded for media use here.
The show will premiere on YouTube on Sunday, April 26th at 3PM Eastern / 12PM Pacific.
For the 14th year, the Breakthrough Prize, renowned as the “Oscars® of Science,” recognizes the world’s top scientists. Each prize is $3 million and presented in the fields of Life Sciences, Fundamental Physics and Mathematics. In addition, up to three New Horizons in Physics Prizes, up to three New Horizons in Mathematics Prizes and up to three Maryam Mirzakhani New Frontiers Prizes are given out to early-career researchers each year. Laureates attend a gala award ceremony designed to celebrate their achievements and inspire the next generation of scientists.
The Breakthrough Prizes were founded by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki and have been sponsored by foundations established by them. Selection Committees composed of previous Breakthrough Prize laureates in each field choose the winners. Information on the Breakthrough Prize is available at breakthroughprize.org.
SOURCE Breakthrough Prize
Technology
Huawei Cloud Strengthens Thailand’s Insurance Industry with Next-Generation Digital Technologies
Published
3 hours agoon
April 19, 2026By
BANGKOK, April 19, 2026 /PRNewswire/ — Huawei Cloud Thailand in collaboration with The Thai Life Assurance Association, hosted an executive forum bringing together more than 30 senior executives and technology leaders from leading insurance companies. The initiative reflects Huawei Cloud’s commitment to strengthening its role as a strategic partner in advancing Thailand’s digital and AI-driven economy, supporting insurance companies in accelerating secure, flexible, and scalable digital transformation through cloud-native infrastructure, advanced database technologies, and industry-specific solutions.
The event served as a platform for industry leaders to exchange insights on the future of the insurance industry in the era of cloud and AI-driven innovation, while exploring how cloud and AI technologies can modernize core insurance systems and enhance operational stability and resilience.
Driving the Future of Digital Insurance
As the insurance industry continues to accelerate its digital transformation, insurers are under increasing pressure to modernize legacy systems in order to support real-time services, rapidly growing data volumes, and evolving customer expectations.
Huawei Insurance Day event aims to position Huawei Cloud as a Strategic Digital Transformation Partner for the insurance industry, helping insurance companies build secure, scalable, and resilient digital infrastructures that can support long-term business growth.
During the event, Huawei Cloud showcased its end-to-end capabilities for the insurance sector, including cloud infrastructure, cloud-native databases, and specialized industry solutions designed to support mission-critical insurance systems.
Key Solutions for Insurance Digital Transformation
Digital Core Insurance Solution
A modernization solution that transform insurance companies migrate from legacy system such as AS/400 systems to cloud-native architectures with A next-generation core insurance architecture that enables insurers to rapidly launch new products, enhance system flexibility, simplifying maintenance and improve overall customer experience.
GaussDB for Mission-Critical Insurance Systems
Huawei’s enterprise-grade database that has been trusted by large financial organization globally, including Thailand. GaussDB designed to support critical workloads with high reliability, security and performance across multiple data centers on Huawei Cloud.
Piyatida Itiravivongs, President of Huawei Cloud Thailand said:
“Digital transformation has become a strategic priority for the insurance industry. Huawei Cloud is committed to supporting insurers in building a strong digital service by combining cloud infrastructure, advanced database technologies, and industry-specific solutions to improve operational efficiency and deliver better customer experiences.”
Meanwhile, Huang Hu, Solution Architect of Sinosoft, said:
“Sinosoft has extensive experience in developing technology platforms for the insurance industry. Through our collaboration with Huawei Cloud, we have successfully modernized insurance systems by adopting cloud-based architectures, helping organizations enhance the performance and stability of their core insurance platforms while supporting long-term business growth.
The success of these projects demonstrates the strong synergy between Sinosoft’s insurance technology expertise and Huawei Cloud’s advanced cloud infrastructure. We hope the experience and case studies shared at this event will provide valuable insights for insurance companies in Thailand as they accelerate their journey toward digital insurance.”
Thailand’s insurance industry is entering a new era in which digital technologies play an increasingly important role in enhancing operational efficiency and improving customer services. Forums such as this provide a valuable platform for industry stakeholders to exchange knowledge and perspectives on emerging technologies and innovations in cloud and digital infrastructure. Such knowledge sharing supports insurance companies in Thailand as they prepare for the ongoing evolution of the digital insurance landscape.
Huawei Cloud will continue to invest in cloud innovation to support the financial services and insurance sectors with secure, reliable, and scalable technologies, enabling sustainable business growth in the digital economy.
About Huawei Cloud Thailand
Huawei Cloud Thailand is a leading cloud service provider committed to accelerating Thailand’s digital transformation under the mission of “In Thailand, For Thailand.” According to the latest report from Gartner, Huawei Cloud is ranked No.2 by revenue in Thailand’s Infrastructure as a Service (IaaS) market, solidifying its position as one of the most trusted and fastest-growing international cloud providers in the country.
As the first international public cloud vendor to establish local data centers in Thailand, Huawei Cloud now operates three Availability Zones, ensuring high reliability and low-latency connectivity for local users. Leveraging Huawei’s 30-plus years of expertise in ICT infrastructure, it integrates cutting-edge Artificial Intelligence (AI), Cloud-Native 2.0, and Big Data technologies to empower over 40 government agencies and thousands of enterprises across the Kingdom. By building a robust digital ecosystem and fostering local talent, Huawei Cloud aims to drive Thailand’s “Digital Economy” forward, bringing cloud and intelligence to every corner of the country for a fully connected, intelligent future.
For more information, please visit Huawei Cloud Thailand online at
https://www.huaweicloud.com/intl/th-th/ or follow us on:
https://www.facebook.com/HuaweiCloudTH
https://www.youtube.com/@HuaweiCloudAPAC
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SOURCE Huawei Cloud Thailand
Technology
Breakthrough Prize Foundation Announces Winner of the 11th Annual Breakthrough Junior Challenge
Published
5 hours agoon
April 19, 2026By
Matea Cañizarez, Age 18, of Quito, Ecuador, Receives Top Honors and $400,000 in Education Prizes for her Original Video Explaining Quark-Gluon Plasma
SAN FRANCISCO, April 18, 2026 /PRNewswire/ — The Breakthrough Prize Foundation today announced Ecuador-based student Matea Cañizarez as the winner of the 11th annual Breakthrough Junior Challenge, a global competition that empowers young people to creatively communicate complex ideas in the life sciences, physics, and mathematics.
The Breakthrough Junior Challenge will provide $400,000 in educational awards to Matea and her teacher, Roberto Procel. As the student winner, Matea will be granted a $250,000 college scholarship. In recognition of his work as a science teacher, Mr. Procel will receive a $50,000 award. The prize package also includes a cutting-edge science laboratory, designed by Cold Spring Harbor Laboratory and valued at $100,000, to be installed at Colegio Johannes Kepler, Matea’s current school, located in Quito, Ecuador.
Matea was honored alongside the 2026 Breakthrough Prize laureates at The Breakthrough Prize Ceremony in Los Angeles on April 18, 2026.
“It’s exhilarating to meet bright, curious young people like Matea,” said Julia Milner, co-founder of the Breakthrough Junior Challenge, “And to see them pursuing their passion for ideas and communicating it to others makes me truly hopeful for the future,” said Julia Milner, co-founder of the Breakthrough Prize.
Matea’s winning entry explains quark-gluon plasma, an extreme state of matter that existed just after the Big Bang, in which quarks and gluons move freely instead of being bound inside protons and neutrons. Her short video can be seen here. This was Matea’s first entry to the Breakthrough Junior Prize, and she is currently applying for college next fall.
“Coming from a rural town in Ecuador, my passion for science was not a given. I am humbled by the honor of winning the Breakthrough Junior Challenge and hope to work in the service of society and nature by making the most of this opportunity,” said Matea.
“Congratulations on your beautiful video explaining the quark-gluon plasma,” said David Gross, winner of the 2026 Special Breakthrough Prize in Fundamental Physics, whose theories led directly to the discovery of the phenomenon in Matea’s video. Gross continued, “Very exciting, very well done, and I hope you stay in physics and help us understand even better the properties of the quark-gluon plasma in the laboratory, in the early Universe, and perhaps in the core of neutron stars.”
The Breakthrough Junior Challenge is a global program designed to showcase and advance young people’s understanding of science and core scientific principles, spark enthusiasm for STEM fields, encourage pursuit of STEM careers, and engage the broader public in fundamental scientific concepts. Each year, students ages 13 to 18 are invited to produce original videos of up to two minutes that explain a concept or theory in life sciences, physics, or mathematics.
Entries are judged on how effectively participants communicate complex scientific ideas in clear, compelling, and creative ways.
“Seeing students take on complex topics and explain them with enthusiasm and creativity is inspiring,” said Sal Khan, founder and CEO of Khan Academy and Vision Steward of TED. “Their work is a reminder that when young people are given access and opportunity to explore their interests, they can achieve great things.”
This year, the Breakthrough Junior Challenge attracted more than 2,500 applicants from around the world. Submissions were narrowed down to 30 semifinalists, which represented the top submissions after two rounds of judging: first, a mandatory peer review, followed by an evaluation panel of judges. Sixteen finalists were selected in December 2025.
Celebrating its 11th year, the Breakthrough Junior Challenge has reached a global community of more than 100,000 students, parents, and educators, drawing upwards of 30,000 applications from students in over 200 countries, including Canada, Nigeria, Kazakhstan, the Philippines, Singapore, and the United States. Since its launch, the program has distributed more than $2.5 million in college scholarships, invested $1 million in state-of-the-art science laboratories, and awarded $500,000 to exceptional science and mathematics teachers. Winning submissions have explored subjects ranging from Mechanogenetic Cellular Engineering, Einstein’s Theory of Relativity, Circadian Rhythms, Neutrino Astronomy, and more. Challenge alumni have continued their academic journeys at top-tier universities such as MIT, Harvard, Princeton, and Stanford.
This year’s Selection Committee was comprised of: Thea Booysen, MsC, social media director for neurologist Dr. Richard Isaacson and founder of MadeByHuman; Rachel Crane, space and science correspondent, CNN; Pascale Ehrenfreund, PhD, president, Committee on Space Research COSPAR; Dennis Gaitsgory, professor, Max Planck Institute for Mathematics, and Breakthrough Prize in Mathematics Laureate; John Grunsfelt, PhD astronaut, associate administrator for science, chief scientist at NASA Headquarters; Mae Jemison, physician, former astronaut, entrepreneur; Jeffery W. Kelly, professor of chemistry, Scripps Research Institute and Breakthrough Prize in Life Sciences laureate; Scott Kelly, retired NASA astronaut; Salman Khan, founder and CEO, Khan Academy; Ijad Madisch, CEO, co-founder, ResearchGate; Samaya Nissanke, University of Amsterdam, Breakthrough Prize in Fundamental Physics laureate; Nicole Stott, NASA astronaut, and co-founder of the Space for Art Foundation; Andrew Strominger, professor of physics, Harvard University, and Breakthrough Prize in Fundamental Physics laureate; Terence Tao, UCLA professor and Breakthrough Prize in Mathematics laureate; Esther Wojcicki, founder, Palo Alto High Media Arts Center; Richard Youle, National Institutes of Health, and Breakthrough Prize in Life Sciences laureate; and S. Pete Worden, chairman, Breakthrough Prize Foundation.
Partners
The Breakthrough Junior Challenge
The Breakthrough Junior Challenge, co-founded by Julia and Yuri Milner, is a global science video competition, aiming to develop and demonstrate young people’s knowledge of science and scientific principles and communications skills; generate excitement in these fields; support STEM career choices; and engage the imagination and interest of the public-at-large in key concepts of fundamental science.
The Breakthrough Prize
The Breakthrough Prize, renowned as the “Oscars of Science,” recognizes the world’s top scientists. Each prize is $3 million and presented in the fields of Life Sciences, Fundamental Physics (one per year) and Mathematics (one per year). In addition, up to three New Horizons in Physics Prizes, up to three New Horizons in Mathematics Prizes and up to three Maryam Mirzakhani New Frontiers Prizes are given out to early-career researchers each year. Laureates attend a gala award ceremony designed to celebrate their achievements and inspire the next generation of scientists.
The Breakthrough Prizes were founded by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki. The Prizes have been sponsored by the personal foundations established by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner and Anne Wojcicki. Selection Committees composed of previous Breakthrough Prize laureates in each field choose the winners. Information on the Breakthrough Prize is available at breakthroughprize.org.
About Khan Academy
Khan Academy is a 501(c)(3) nonprofit organization with the mission of providing a free, world-class education for anyone, anywhere. Since 2008, Khan Academy has provided an education safety net, a free platform designed to provide global access to high-quality learning for students and free resources for teachers. Khan Academy partners with more than 600 school districts in the United States and works with school systems in countries around the world, providing tools that personalize education. Khan Academy is at the forefront of using AI in education to support students while ensuring educators remain at the heart of the classroom. Worldwide, more than 200 million registered learners have used Khan Academy in 190 countries and more than 50 languages. For more information, please see research findings about Khan Academy and our press center.
Cold Spring Harbor Laboratory (CSHL)
The Breakthrough Prize Lab for the winning student’s school is designed in partnership with Cold Spring Harbor Laboratory (CSHL). Founded in 1890, CSHL, an independent 501(c)(3) nonprofit, powers transformational discoveries in cancer, neuroscience, artificial intelligence, plant biology, and quantitative biology. Through world-renowned science and education divisions, CSHL nurtures a culture of curiosity, discovery, and innovation to make lives better. CSHL’s DNA Learning Center (DNALC) is the largest provider of hands-on instruction in genetics and biotechnology, reaching nearly 40,000 middle and high school students through field trips, day camps, summer camps, mentored research projects, and teacher training. For more than a century, CSHL has been a powerful and productive environment for developing, connecting, and sharing world-changing ideas. For more information, visit www.cshl.edu<http://www.cshl.edu/>>.
Contact
For more information, including competition rules, video submission guidelines and queries, go to: breakthroughjuniorchallenge.org.
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SOURCE Breakthrough Prize
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