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ZEEKR Reports Second Quarter 2024 Unaudited Financial Results

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HANGZHOU, China, Aug. 21, 2024 /PRNewswire/ — ZEEKR Intelligent Technology Holding Limited (“ZEEKR” or the “Company”) (NYSE: ZK), a fast-growing intelligent battery electric vehicle (“BEV”) technology company, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Operating Highlights for the Second Quarter of 2024

Total vehicle deliveries were 54,811 units for the second quarter of 2024, representing a 100% year-over-year increase.

Deliveries

2024 Q2

2024 Q1

2023 Q4

2023 Q3

54,811

33,059

39,657

36,395

Deliveries

2023 Q2

2023 Q1

2022 Q4

2022 Q3

27,399

15,234

32,467

20,464

Financial Highlights for the Second Quarter of 2024

Vehicle sales were RMB13,438.2 million (US$1,849.2 million)[1] for the second quarter of 2024, representing an increase of 59.0% from the second quarter of 2023 and an increase of 64.4% from the first quarter of 2024.Vehicle margin[2] was 14.2% for the second quarter of 2024, compared with 13.6% for the second quarter of 2023 and 14.0% for the first quarter of 2024.Total revenues were RMB20,040.1 million (US$2,757.6 million) for the second quarter of 2024, representing an increase of 58.4% from the second quarter of 2023 and an increase of 36.0% from the first quarter of 2024.Gross profit was RMB3,449.8 million (US$474.7 million) for the second quarter of 2024, representing an increase of 122.5% from the second quarter of 2023 and an increase of 98.3% from the first quarter of 2024.Gross margin was 17.2% for the second quarter of 2024, compared with 12.3% for the second quarter of 2023 and 11.8% for the first quarter of 2024.Loss from operations was RMB1,721.0 million (US$236.8 million) for the second quarter of 2024, representing an increase of 25.5% from the second quarter of 2023 and a decrease of 17.5% from the first quarter of 2024. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP)[3] was RMB777.1 million (US$106.9 million) for the second quarter of 2024, representing a decrease of 41.7% from the second quarter of 2023 and a decrease of 62.7% from the first quarter of 2024.Net loss was RMB1,808.8 million (US$248.9 million) for the second quarter of 2024, representing an increase of 28.7% from the second quarter of 2023 and a decrease of 10.5% from the first quarter of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB864.9 million (US$119.0 million) for the second quarter of 2024, representing a decrease of 36.8% from the second quarter of 2023 and a decrease of 57.2% from the first quarter of 2024.

[1] All conversions from Renminbi(“RMB”) to U.S. dollars (“US$”) are made at an exchange rate of RMB7.2672 to US$1.00, set forth in the H.10 statistical release of the Federal Reserve Board on June 28, 2024.

[2] Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of revenues derived from vehicle sales only.

[3] The Company’s non-GAAP financial measures exclude share-based compensation expenses. See “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this announcement.

Key Financial Results

(in RMB millions, except for percentages)

2024 Q2

2024 Q1

2023 Q2

% Change i 

YoY

QoQ

Vehicle sales

13,438.2

8,174.1

8,450.2

59.0 %

64.4 %

Vehicle margin

14.2 %

14.0 %

13.6 %

0.6pts

0.2pts

Total revenues

20,040.1

14,736.8

12,649.7

58.4 %

36.0 %

Gross profit

3,449.8

1,739.4

1,550.3

122.5 %

98.3 %

Gross margin

17.2 %

11.8 %

12.3 %

4.9pts

5.4pts

Loss from operations

(1,721.0)

(2,086.9)

(1,371.0)

25.5 %

(17.5) %

Non-GAAP loss from operations

(777.1)

(2,084.2)

(1,333.5)

(41.7) %

(62.7) %

Net loss

(1,808.8)

(2,022.1)

(1,405.2)

28.7 %

(10.5) %

Non-GAAP net loss

(864.9)

(2,019.4)

(1,367.7)

(36.8) %

(57.2) %

i Except for vehicle margin and gross margin, absolute changes instead of percentage changes are presented.

Recent Developments

Delivery Update

In July 2024, the Company delivered 15,655 vehicles, representing an increase of 30% from July 2023.

New Model Launches

On August 13, 2024, ZEEKR launched its updated ZEEKR 001 and upscale sedan models, both featuring the latest proprietary ADAS and AI OS technologies. The updated upscale sedan model, now equipped with enhanced batteries, can charge from 10% to 80% in just 10 to 11 minutes using ZEEKR’s ultra-charging piles.

On July 19, 2024, ZEEKR officially introduced its luxury flagship MPV, the all-new ZEEKR 009, with deliveries starting on July 22, 2024. Boasting an 800V battery electric platform and a Qilin 5C battery, the all-new ZEEKR 009 accelerates from 0 to 100 km/h in 3.9 seconds. It delivers a CLTC range of 702km with its 108kWh battery and a maximum CLTC range of 900km with the optional 140kWh battery.

In July, ZEEKR unveiled its mid-large SUV, the ZEEKR 7X, revealing further insights into its original “Hidden Energy” design. The ZEEKR 7X, with a wheelbase of 2,925mm, a length of 4,825mm, and a width of 1,930mm, exemplifies ZEEKR’s commitment to product excellence.

CEO and CFO Comments

“In the second quarter of 2024, we substantially improved our financial and operational performance, despite facing numerous challenges and economic headwinds. We delivered 54,811 vehicles, marking remarkable 100% year-over-year growth and a 66% increase quarter-over-quarter,” Mr. Andy An, ZEEKR’s chief executive officer commented. “In addition to accelerating deliveries, we successfully launched several new models during the second quarter. The innovative technologies and distinctive design elements embedded in these vehicles have set new industry benchmarks and quickly garnered exceptional market responses. Furthermore, our accelerated global expansion and effective marketing efforts enabled us to extend our customer base across a broader spectrum, driving a surge in sales and enhancing our brand. As we progress through the second half of 2024, our core objectives remain unchanged to continuously invest in research and development, ensuring we stay at the forefront of technological innovation to drive our business forward and deliver long-term value for our shareholders.”

“We are pleased to report another strong quarter, with total revenues reaching RMB20 billion, representing a 58.4% year-over-year increase and 36.0% growth quarter-over-quarter. We made significant strides in optimizing costs while maintaining high-quality delivery standards, contributing to sustainable margin and profitability improvement,” Mr. Jing Yuan, ZEEKR’s chief financial officer added. “Moving forward, we remain dedicated to improving product quality, expanding our market share and propelling the sustainable growth of our business.”

Financial Results for the Second Quarter of 2024

Revenues

Total revenues were RMB20,040.1 million (US$2,757.6 million) for the second quarter of 2024, representing an increase of 58.4% from RMB12,649.7 million for the second quarter of 2023 and an increase of 36.0% from RMB14,736.8 million for the first quarter of 2024.

Revenues from vehicle sales were RMB13,438.2 million (US$1,849.2 million) for the second quarter of 2024, representing an increase of 59.0% from RMB8,450.2 million for the second quarter of 2023, and an increase of 64.4% from RMB8,174.1 million for the first quarter of 2024. The year-over-year increase was due to the increased sales volume of ZEEKR vehicles, partially offset by the lower average selling price due to the different product mix and pricing strategy changes between the two quarters. The quarter-over-quarter increase was mainly attributable to the increased sales volume of ZEEKR vehicles.

Revenues from sales of batteries and other components were RMB5,299.2 million (US$729.2 million) for the second quarter of 2024, representing an increase of 36.1% from RMB3,894.3 million for the second quarter of 2023 and a decrease of 16.1% from RMB6,318.5 million for the first quarter of 2024. The year-over-year increase was mainly driven by higher sales volume of battery packs and electric drives, as well as the growth of battery components sales overseas. The quarter-over-quarter decrease was mainly attributable to the lower sales of battery modules in the domestic market compared with the prior period.

Revenues from research and development service and other services were RMB1,302.6 million (US$179.2 million) for the second quarter of 2024, representing an increase of 326.8% from RMB305.2 million for the second quarter of 2023 and an increase of 433.6% from RMB244.1 million for the first quarter of 2024. The year-over-year and quarter-over-quarter increases were mainly due to the increased sales of research and development services to related parties.

Cost of Revenues and Gross Margin

Cost of revenues was RMB16,590.2 million (US$2,282.9 million) for the second quarter of 2024, representing an increase of 49.5% from RMB11,099.3 million for the second quarter of 2023 and an increase of 27.6% from RMB12,997.4 million for the first quarter of 2024.

Gross profit was RMB3,449.8 million (US$474.7 million) for the second quarter of 2024, representing an increase of 122.5% from RMB1,550.3 million for the second quarter of 2023 and an increase of 98.3% from RMB1,739.4 million for the first quarter of 2024.

Gross margin was 17.2% for the second quarter of 2024, compared with 12.3% for the second quarter of 2023 and 11.8% for the first quarter of 2024. The year-over-year increase and quarter-over-quarter increase were mainly attributable to the increased margins on batteries and other components.

Vehicle margin was 14.2% for the second quarter of 2024, compared with 13.6% for the second quarter of 2023 and 14.0% for the first quarter of 2024. The year-over-year increase was primarily attributed to procurement savings as the cost of auto parts and materials decreased, partly offset by the lower average selling price of ZEEKR vehicles. The quarter-over-quarter increase was mainly due to the change in product mix. Vehicle margin remained generally stable in the second quarter of 2024.

Operating Expenses

Research and development expenses were RMB2,623.5 million (US$361.0 million) for the second quarter of 2024, representing an increase of 89.6% from RMB1,383.5 million for the second quarter of 2023 and an increase of 36.3% from RMB1,925.3 million for the first quarter of 2024. The year-over-year increase was mainly attributable to increased employee compensation due to an increased number of research and development staff and share-based compensation expenses recognized from the share-based awards granted to employees, including a one-off large amount recognized in the second quarter, conditional on the Company’s initial public offering. The quarter-over-quarter increase was mainly attributable to increased employee compensation due to the aforementioned share-based compensation expenses.

Selling, general and administrative expenses were RMB2,604.7 million (US$358.4 million) for the second quarter of 2024, representing an increase of 61.3% from RMB1,614.3 million for the second quarter of 2023 and an increase of 33.5% from RMB1,951.5 million for the first quarter of 2024. The year-over-year increase was mainly due to increased employee compensation due to share-based compensation expenses recognized from the share-based awards granted to employees, including a one-off large amount recognized in the second quarter, conditional on the Company’s initial public offering, and increased expenses related to the expansion of offline channels in China and overseas. The quarter-over-quarter increase was mainly due to increased employee compensation due to the aforementioned share-based compensation expenses.

Loss from Operations

Loss from operations was RMB1,721.0 million (US$236.8 million) for the second quarter of 2024, representing an increase of 25.5% from RMB1,371.0 million for the second quarter of 2023 and a decrease of 17.5% from RMB2,086.9 million for the first quarter of 2024.

Non-GAAP loss from operations, which excludes share-based compensation expenses from loss from operations, was RMB777.1 million (US$106.9 million) for the second quarter of 2024, representing a decrease of 41.7% from RMB1,333.5 million for the second quarter of 2023 and a decrease of 62.7% from RMB2,084.2 million for the first quarter of 2024.

Net Loss and Net Loss Per Share

Net loss was RMB1,808.8 million (US$248.9 million) for the second quarter of 2024, representing an increase of 28.7% from RMB1,405.2 million for the second quarter of 2023 and a decrease of 10.5% from RMB2,022.1 million for the first quarter of 2024.

Non-GAAP net loss, which excludes share-based compensation expenses from net loss, was RMB864.9 million (US$119.0 million) for the second quarter of 2024, representing a decrease of 36.8% from RMB1,367.7 million for the second quarter of 2023 and a decrease of 57.2% from RMB2,019.4 million for the first quarter of 2024.

Net loss attributable to ordinary shareholders of ZEEKR was RMB2,190.2 million (US$301.4 million) for the second quarter of 2024, representing an increase of 47.0% from RMB1,489.7 million for the second quarter of 2023 and an increase of 8.7% from RMB2,014.3 million for the first quarter of 2024.

Non-GAAP net loss attributable to ordinary shareholders of ZEEKR, which excludes share-based compensation expenses from net loss attributable to ordinary shareholders, was RMB1,246.3 million (US$171.5 million) for the second quarter of 2024, representing a decrease of 14.2% from RMB1,452.2 million for the second quarter of 2023 and a decrease of 38.0% from RMB2,011.6 million for the first quarter of 2024.

Basic and diluted net loss per share attributed to ordinary shareholders were RMB0.95 (US$0.13) each for the second quarter of 2024, compared with RMB0.74 each for the second quarter of 2023 and RMB1.01 each for the first quarter of 2024.

Non-GAAP basic and diluted net loss per share attributed to ordinary shareholders were both RMB0.54 (US$0.07) each for the second quarter of 2024, compared with RMB0.73 each for the second quarter of 2023 and RMB1.01 each for the first quarter of 2024.

Basic and diluted net loss per American Depositary Share (“ADS[4]”) attributed to ordinary shareholders were RMB9.51 (US$1.31) each for the second quarter of 2024.

Non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders were RMB5.41 (US$0.75) each for the second quarter of 2024.

[4] Each ADS represents ten ordinary shares.

Balance Sheets

Cash and cash equivalents and restricted cash was RMB8,048.1 million (US$1,107.5 million) as of June 30, 2024.

Conference Call

The Company’s management will host an earnings conference call on Wednesday, August 21, 2024, at 8:00 A.M. U.S. Eastern Time (8:00 P.M. Beijing/Hong Kong Time on the same day).

All participants who wish to join the call are requested to complete the online registration using the link provided below. After registration, each participant will receive by email a set of dial-in numbers, a passcode and a unique access PIN to join the conference call. Participants may pre-register at any time, including up to and after the call start time.

Participant Online Registration: https://dpregister.com/sreg/10191577/fd3dea2392

A live webcast of the conference call will be available on the Company’s investor relations website at https://ir.zeekrlife.com/.

About ZEEKR

ZEEKR is a fast-growing intelligent BEV technology company. The Company aspires to lead the electrification, intelligentization, and innovation of the automobile industry through the development and sales of next-generation premium BEVs and technology-driven solutions. Incorporated in March 2021, ZEEKR has focused on innovative BEV architecture, hardware, software, and the application of new technologies. Our diverse product lineup spans a range of vehicle models, including shooting brakes, MPVs and upscale sedans, all meticulously designed to cater to the evolving needs of our customer needs.

With a mission to create the ultimate mobility experience through technology and solutions, ZEEKR’s efforts are backed by strong in-house R&D capabilities, a deep understanding of products, high operational flexibility, and a flat, efficient organizational structure. Together, these features enable fast product development, launch, and iteration, as well as the creation of a series of customer-oriented products and go-to-market strategies.

For more information, please visit https://ir.zeekrlife.com/.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic and diluted net loss per ordinary share attributed to ordinary shareholders, non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and non-GAAP Results” set forth in this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2672 to US$1.00, the exchange rate on June 28, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars 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 U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “future,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any duty to update such information, except as required under applicable law.

For Investor Enquiries 
ZEEKR
Investor Relations
Email: ir@zeekrlife.com

For Media Enquiries 
ZEEKR
Media Relations
Email: Globalcomms@zeekrlife.com

 

 

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

As of

December 31

June 30

June 30

2023

2024

2024

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

3,260,670

5,495,539

756,211

Restricted cash

844,079

2,552,561

351,244

Notes receivable

487,851

1,502,984

206,817

Accounts receivable

1,104,450

1,206,222

165,982

Inventories

5,228,689

4,267,195

587,186

Amounts due from related parties

7,256,861

7,145,521

983,256

Prepayments and other current assets

2,294,508

3,062,405

421,401

Total current assets

20,477,108

25,232,427

3,472,097

Property, plant and equipment, net

2,914,274

3,320,738

456,949

Intangible assets, net

410,912

554,479

76,299

Land use rights, net

51,755

62,539

8,606

Operating lease right-of-use assets

2,443,545

2,319,631

319,192

Deferred tax assets

86,395

188,174

25,894

Long-term investments

459,794

638,097

87,805

Other non-current assets

273,717

362,830

49,927

Total non-current assets

6,640,392

7,446,488

1,024,672

TOTAL ASSETS

27,117,500

32,678,915

4,496,769

 

 

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(Amounts in thousands)

As of

December 31

June 30

June 30

2023

2024

2024

RMB

RMB

US$

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term Borrowings

–

30,000

4,128

Accounts payable

4,104,717

4,293,914

590,862

Notes payable

5,504,945

10,662,344

1,467,187

Amounts due to related parties

16,355,902

13,770,683

1,894,909

Income tax payable

108,083

239,300

32,929

Accruals and other current liabilities

6,243,956

8,697,194

1,196,775

Total current liabilities

32,317,603

37,693,435

5,186,790

Long-term borrowings

–

414,680

57,062

Operating lease liabilities, non-current

1,807,159

1,662,850

228,816

Amounts due to related parties, non-current

1,100,000

450,000

61,922

Other non-current liabilities

563,001

505,010

69,492

Deferred tax liability

8,337

8,149

1,121

Total non-current liabilities

3,478,497

3,040,689

418,413

TOTAL LIABILITIES

35,796,100

40,734,124

5,605,203

SHAREHOLDERS’ EQUITY

Ordinary shares

2,584

3,361

462

Convertible preferred shares

362

–

–

Shares subscription receivable

–

(66)

(9)

Additional paid-in capital

11,213,798

15,635,867

2,151,567

Accumulated deficits

(20,865,686)

(25,070,195)

(3,449,774)

Accumulated other comprehensive income

17,555

49,456

6,806

Total ZEEKR shareholders’ deficit

(9,631,387)

(9,381,577)

(1,290,948)

Non-controlling interest

952,787

1,326,368

182,514

TOTAL SHAREHOLDERS’ DEFICIT

(8,678,600)

(8,055,209)

(1,108,434)

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 

27,117,500

32,678,915

4,496,769

 

 

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME

(Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted)

Three Months Ended

June 30

March 31

June 30

June 30

2023

2024

2024

2024

RMB

RMB

RMB

US$

Revenues:

Vehicle sales

8,450,177

8,174,117

13,438,241

1,849,164

Sales of batteries and other components

3,894,307

6,318,535

5,299,171

729,190

Research and development service and
other services

305,190

244,100

1,302,639

179,249

Total revenues

12,649,674

14,736,752

20,040,051

2,757,603

Cost of revenues:

Vehicle sales

(7,300,487)

(7,026,741)

(11,533,020)

(1,586,996)

Sales of batteries and other components

(3,606,782)

(5,883,360)

(4,223,452)

(581,166)

Research and development service and
other services

(192,079)

(87,301)

(833,756)

(114,729)

Total cost of revenues

(11,099,348)

(12,997,402)

(16,590,228)

(2,282,891)

Gross profit

1,550,326

1,739,350

3,449,823

474,712

Operating expenses:

Research and development expenses

(1,383,501)

(1,925,278)

(2,623,471)

(361,002)

Selling, general and administrative
expenses

(1,614,305)

(1,951,530)

(2,604,665)

(358,414)

Other operating income, net

76,488

50,525

57,287

7,883

Total operating expenses

(2,921,318)

(3,826,283)

(5,170,849)

(711,533)

Loss from operations

(1,370,992)

(2,086,933)

(1,721,026)

(236,821)

Interest expense

(87,364)

(10,700)

(23,396)

(3,219)

Interest income

18,512

20,192

42,537

5,853

Other income/(expense), net

27,040

(29,658)

(7,809)

(1,075)

Loss before income tax expense and
share of losses in equity method
investments

(1,412,804)

(2,107,099)

(1,709,694)

(235,262)

Share of income/(loss) in equity method
investments

(11,090)

90,882

85,852

11,814

Income tax expense

18,678

(5,889)

(184,980)

(25,454)

Net loss

(1,405,216)

(2,022,106)

(1,808,822)

(248,902)

Less: income/(loss) attributable to non-
controlling interest

84,481

(7,782)

381,363

52,477

Net loss attributable to shareholders of
ZEEKR

(1,489,697)

(2,014,324)

(2,190,185)

(301,379)

 

 

ZEEKR INC. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME (CONTINUED) 

(Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted)  

Three Months Ended

June 30

March 31

June 30

June 30

2023

2024

2024

2024

RMB

RMB

RMB

US$

Net loss per share attributed to
ordinary shareholders:

Basic and diluted

(0.74)

(1.01)

(0.95)

(0.13)

Weighted average shares used in
calculating net loss per share:

Basic and diluted

2,000,000,000

2,000,000,000

2,301,866,887

2,301,866,887

Net loss per ADS attributed to
ordinary shareholders:

Basic and diluted

–

–

(9.51)

(1.31)

Weighted average ADS used in
calculating net loss per ADS:

Basic and diluted

–

–

230,186,689

230,186,689

Net loss

(1,405,216)

(2,022,106)

(1,808,822)

(248,902)

Other comprehensive income/(loss),
net of tax of nil:

Foreign currency translation
adjustments

48,240

(42,769)

74,670

10,275

Comprehensive loss

(1,356,976)

(2,064,875)

(1,734,152)

(238,627)

Less: comprehensive income/(loss)
attributable to non-controlling interest

84,481

(7,782)

381,363

52,477

Comprehensive loss attributable to
shareholders of ZEEKR

(1,441,457)

(2,057,093)

(2,115,515)

(291,104)

 

 

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME

(Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted)

Six Months Ended

June 30

June 30

June 30

2023

2024

2024

RMB

RMB

US$

Revenues:

Vehicle sales

13,175,373

21,612,358

2,973,959

Sales of batteries and other components

7,365,776

11,617,706

1,598,650

Research and development service and other
services

728,933

1,546,739

212,838

Total revenues

21,270,082

34,776,803

4,785,447

Cost of revenues:

Vehicle sales

(11,549,164)

(18,559,761)

(2,553,908)

Sales of batteries and other components

(7,010,648)

(10,106,812)

(1,390,744)

Research and development service and other
services

(477,474)

(921,057)

(126,742)

Total cost of revenues

(19,037,286)

(29,587,630)

(4,071,394)

Gross profit

2,232,796

5,189,173

714,053

Operating expenses:

Research and development expenses

(3,188,554)

(4,548,749)

(625,929)

Selling, general and administrative expenses

(2,898,733)

(4,556,195)

(626,953)

Other operating income, net

134,296

107,812

14,835

Total operating expenses

(5,952,991)

(8,997,132)

(1,238,047)

Loss from operations

(3,720,195)

(3,807,959)

(523,994)

Interest expense

(192,165)

(34,096)

(4,692)

Interest income

41,243

62,729

8,632

Other income/(expense), net

38,147

(37,467)

(5,155)

Loss before income tax expense and share of
losses in equity method investments

(3,832,970)

(3,816,793)

(525,209)

Share of income/(loss) in equity method
investments

(55,240)

176,734

24,319

Income tax expense

17,632

(190,869)

(26,264)

Net loss

(3,870,578)

(3,830,928)

(527,154)

Less: income attributable to non-controlling
interest

13,452

373,581

51,406

Net loss attributable to shareholders of
ZEEKR

(3,884,030)

(4,204,509)

(578,560)

 

 

ZEEKR INC. 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME (CONTINUED) 

(Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted) 

Six Months Ended

June 30

June 30

June 30

2023

2024

2024

RMB

RMB

US$

Net loss per share attributed to ordinary
shareholders:

Basic and diluted

(1.94)

(1.95)

(0.27)

Weighted average shares used in
calculating net loss per share:

Basic and diluted

2,000,000,000

2,150,933,444

2,150,933,444

Net loss per ADS attributed to ordinary
shareholders:

Basic and diluted

–

(19.55)

(2.69)

Weighted average ADS used in calculating
net loss per ADS:

Basic and diluted

–

215,093,344

215,093,344

Net loss

(3,870,578)

(3,830,928)

(527,154)

Other comprehensive income, net of tax of
nil:

Foreign currency translation adjustments

46,321

31,901

4,390

Comprehensive loss

(3,824,257)

(3,799,027)

(522,764)

Less: comprehensive income attributable to
non-controlling interest

13,452

373,581

51,406

Comprehensive loss attributable to
shareholders of ZEEKR

(3,837,709)

(4,172,608)

(574,170)

 

 

ZEEKR INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted)

Three Months Ended

June 30

March 31

June 30

June 30

2023

2024

2024

2024

RMB

RMB

RMB

US$

Loss from operations

(1,370,992)

(2,086,933)

(1,721,026)

(236,821)

Share-based compensation expenses

37,471

2,734

943,921

129,888

Non-GAAP loss from operations

(1,333,521)

(2,084,199)

(777,105)

(106,933)

Net loss

(1,405,216)

(2,022,106)

(1,808,822)

(248,902)

Share-based compensation expenses

37,471

2,734

943,921

129,888

Non-GAAP net loss

(1,367,745)

(2,019,372)

(864,901)

(119,014)

Net loss attributable to ordinary
shareholders

(1,489,697)

(2,014,324)

(2,190,185)

(301,379)

Share-based compensation expenses

37,471

2,734

943,921

129,888

Non-GAAP net loss attributable to
ordinary shareholders of ZEEKR

(1,452,226)

(2,011,590)

(1,246,264)

(171,491)

Weighted average number of
ordinary shares used in calculating
Non-GAAP net loss per share

Basic and diluted

2,000,000,000

2,000,000,000

2,301,866,887

2,301,866,887

Non-GAAP net loss per ordinary
share attributed to ordinary
shareholders

Basic and diluted

(0.73)

(1.01)

(0.54)

(0.07)

Weighted average number of ADS
used in calculating Non-GAAP net
loss per ADS

Basic and diluted

–

–

230,186,689

230,186,689

Non-GAAP net loss per ADS
attributed to ordinary shareholders

Basic and diluted

–

–

(5.41)

(0.75)

 

 

ZEEKR INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(Amounts in thousands, except share and per share data and otherwise noted)

Six Months Ended

June 30

June 30

June 30

2023

2024

2024

RMB

RMB

US$

Loss from operations

(3,720,195)

(3,807,959)

(523,994)

Share-based compensation expenses

70,199

946,655

130,264

Non-GAAP loss from operations

(3,649,996)

(2,861,304)

(393,730)

Net loss

(3,870,578)

(3,830,928)

(527,154)

Share-based compensation expenses

70,199

946,655

130,264

Non-GAAP net loss

(3,800,379)

(2,884,273)

(396,890)

Net loss attributable to ordinary shareholders

(3,884,030)

(4,204,509)

(578,560)

Share-based compensation expenses

70,199

946,655

130,264

Non-GAAP net loss attributable to
ordinary shareholders of ZEEKR

(3,813,831)

(3,257,854)

(448,296)

Weighted average number of ordinary
shares used in calculating Non-GAAP net
loss per share

Basic and diluted

2,000,000,000

2,150,933,444

2,150,933,444

Non-GAAP net loss per ordinary share
attributed to ordinary shareholders

Basic and diluted

(1.91)

(1.51)

(0.21)

Weighted average number of ADS used in
calculating Non-GAAP net loss per ADS

Basic and diluted

–

215,093,344

215,093,344

Non-GAAP net loss per ADS attributed to
ordinary shareholders

Basic and diluted

–

(15.15)

(2.08)

 

 

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SOURCE ZEEKR Intelligent Technology Holding Limited

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Great Place To Work names Invisors on the 2026 Best Workplaces for Women List, Ranking no.65

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50 minutes ago

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July 24, 2026

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Invisors named a UK’s Best Workplaces for Women™!

GLASGOW, Scotland, July 24, 2026 /PRNewswire/ — Invisors, a Workday Services Partner has officially been recognized as one of UK’s Best Workplaces for Women 2026™, in 65th place out of the 350 ranked organisations.

Invisors’ values and culture are among the reasons women at our organisation say it is a great place to work. Discover how the team brings this philosophy to life at invisors.com/company-overview.

The 2026 UK’s Best Workplaces for Women list is made up of employers whose people have told Great Place To Work® UK they work for a place that is inclusive and equitable for all. The 350 companies on the list are committed to ensuring a reasonable balance of women and men across the organisation; removing barriers to women’s career advancement; and creating workplaces where all employees, regardless of gender, can flourish.

“I’m incredibly proud to see Invisors recognized as a Top Place for Women to Work. This award reflects the culture we’ve built together—one that values inclusivity, flexibility and empowerment. It’s a place where people are supported to bring their whole selves to work, grow their careers and strive for excellence every day.” Jennifer Donnelly-Corbett, EMEA Manager, HCM and Absence at Invisors.

Benedict Gautrey, Managing Director of Great Place To Work UK says:

“This year’s UK’s Best Workplaces for Women list celebrates businesses making a genuine difference day to day, not just in what they say, but in how people experience work. What matters most is that this recognition comes directly from women working in these organisations, who tell us they feel supported, valued, and able to grow.

Our research demonstrates that these organisations creating high-trust environments deliver stronger results, whether in financial outcomes, impact, or service delivery, alongside greater agility and resilience in the face of change.

Congratulations to Invisors for creating an environment where inclusion is clearly felt in practice.” 

Matt Smith, Managing Director, Global HR Operations, Invisors “Being named as one of the UK’s Best Workplaces for Women list is an achievement because it reflects what our people actually experience, not just what we aspire to. We’ve worked to build an environment where career growth and success aren’t something women have to fight for — it’s built into how we operate. This recognition is a great step in the journey, not the finish line, and we’re committed to keeping that bar high as Invisors grows within the UK.”

About Invisors

As a certified Workday Services Partner, Invisors helps clients leverage their organisational data to make better-informed business decisions through the deployment of Workday. Invisors’ success is measured by their clients’ ability to achieve their big-picture vision. From initial deployments to ongoing projects, Invisors is dedicated to elevating perspectives and transforming results. To learn more, visit invisors.com. 

About Great Place To Work®

Great Place To Work® is the global authority on workplace culture, helping organisations to create exceptional, high-performing workplaces where employees feel trusted and valued. The UK’s Best Workplaces for Women™ enables these outstanding organisations to celebrate their achievements, build their employer brand, and inspire others to take action. For more information, visit www.greatplacetowork.co.uk.

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SOURCE Invisors

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Auction Direct USA in Raleigh, NC, Makes It Easy to Shop for Used Vehicles Online

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July 24, 2026

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RALEIGH, N.C., July 24, 2026 /PRNewswire/ — Auction Direct USA in Raleigh, NC, helps shoppers browse used-vehicle inventory, compare options, and complete key steps of the buying process online for a faster, more convenient shopping experience.

Auction Direct USA in Raleigh, NC, is simplifying the used vehicle shopping experience by offering convenient online tools that help drivers browse inventory, compare options, and begin the purchasing process from the comfort of home.

With a user-friendly website, shoppers can explore an extensive selection of used cars, trucks, and SUVs that fit a variety of budgets and lifestyles. Detailed vehicle listings provide important information, including photos, key features, specifications, pricing, and availability, allowing customers to make informed decisions before visiting the dealership.

The online platform also makes it easy to narrow vehicle choices using search filters for make, model, body style, price range, mileage, model year, and other preferences. These features help shoppers quickly find vehicles that meet their individual needs while saving valuable time.

In addition to browsing inventory, customers can use several digital shopping tools to streamline the buying process. Visitors can estimate monthly payments, value a trade-in, complete a finance application, and schedule a test drive online. These resources allow shoppers to prepare for their dealership visit with greater confidence and convenience.

Auction Direct USA in Raleigh, NC, regularly updates its online inventory, giving customers access to fresh vehicle selections as they become available. Whether someone is searching for a dependable commuter car, a family-friendly SUV, or a capable pickup truck, the website provides an efficient way to explore available options before stepping into the showroom.

The dealership remains committed to delivering a straightforward, customer-focused buying experience by combining a wide range of high-quality used vehicles with digital tools that simplify every stage of the shopping journey.

Drivers looking to begin their search can visit Auction Direct USA in Raleigh, NC, or browse the current inventory online to compare vehicles and take advantage of convenient shopping resources before visiting the dealership in person.

About Auction Direct USA in Raleigh, NC

Auction Direct USA in Raleigh, NC, offers a diverse inventory of quality used cars, trucks, and SUVs to meet a wide range of driving needs and budgets. By combining a customer-focused approach with convenient online shopping tools, the dealership helps make finding and purchasing a used vehicle simple, efficient, and enjoyable.

Media Contact: Tony Kicinski, 844-678-8048, tonyk@auctiondirectusa.com

 

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SOURCE Auction Direct USA

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FLAGSTAR BANK, N.A. ANNOUNCES $250 MILLION SHARE REPURCHASE PROGRAM

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July 24, 2026

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Board of Directors Authorizes Repurchase of Up to $250 Million of Outstanding Common Stock, Reflecting the Bank’s Strong Capital Position and Commitment to Long-Term Shareholder Value

HICKSVILLE, N.Y., July 24, 2026 /PRNewswire/ — Flagstar Bank, N.A. (NYSE: FLG) (the “Bank”) today announced that its Board of Directors has authorized a common stock repurchase program under which the Bank may repurchase up to $250 million of its outstanding common stock over the next 12-month period.

Commenting on the repurchase program, Joseph M. Otting, Executive Chairman and Chief Executive Officer stated, “We are pleased to announce our stock buyback program, which reflects the meaningful progress we have made in executing our strategic plan, the strength of the balance sheet, and Flagstar’s long-term growth prospects. We have consistently maintained capital levels well above regulatory requirements, and we believe that returning capital to our shareholders through a share repurchase program represents a compelling and disciplined use of our excess capital at this time.

“We remain deeply committed to serving our customers and communities and we are confident that this program — alongside our continued investment in our people, products, systems, and technology — will deliver sustainable, long-term value for our shareholders.”

Repurchases may be conducted through open-market purchases, which may include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. The timing and exact amount of any share repurchases will be subject to a variety of factors, including the availability of stock for repurchases, the Bank’s capital position and financial performance, regulatory considerations, and general market conditions. The share repurchase program does not obligate the Bank to acquire any specific number of shares and may be modified, suspended, or discontinued at any time without prior notice. Any future stock repurchase programs would be subject to the approval of the Board of Directors and other various factors, including the Bank’s liquidity, capital position and financial performance, accounting and regulatory considerations, and general market conditions.

Flagstar Bank, N.A.

Flagstar Bank, N.A. is one of the largest regional banks in the country and is headquartered in Hicksville, New York. At June 30, 2026, the Bank had $87.7 billion of assets, $61.2 billion of loans, deposits of $67.5 billion, and total stockholders’ equity of $8.1 billion. Flagstar Bank, N.A. operates approximately 340 locations across nine states, with strong footholds in the greater New York/New Jersey metropolitan region and in the upper Midwest, along with a significant presence in fast-growing markets in Florida and the West Coast.

Cautionary Statements Regarding Forward-Looking Language

This press release may include forward‐looking statements by us and our authorized officers pertaining to such matters as our goals, beliefs, intentions, and expectations regarding, among other things: (a) revenues, earnings, loan production, asset quality, liquidity position, capital levels, risk analysis, divestitures, acquisitions, and other material transactions, among other matters; (b) the future costs and benefits of the actions we may take; (c) our assessments of credit risk and probable losses on loans and associated allowances and reserves; (d) our assessments of interest rate and other market risks; (e) our ability to achieve profitability goals within projected timeframes and to execute on our strategic plan, including the sufficiency of our internal resources, procedures and systems; (f) our ability to execute our capital management strategies, including our ability to complete our current stock repurchase program and to implement future stock repurchase programs; (g) our ability to attract, incentivize, and retain key personnel and the roles of key personnel; (h) our ability to achieve our financial and other strategic goals, including those related to our recent holding company reorganization, which was completed in October 2025 (the “Reorganization”), our merger with Flagstar Bancorp, Inc., which was completed in December 2022, our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, which was completed in March 2023, and our ability to comply with the heightened regulatory standards with respect to governance and risk management programs to which we are subject as a national bank with assets of $50 billion or more; (i) the impact of the $1.05 billion capital raise we completed in March 2024; (j) the conversion or exchange of shares of our preferred stock; (k) the payment of dividends on shares of our capital stock, including adjustments to the amount of dividends payable on shares of our preferred stock; (l) the dilution of existing equity holders associated with future equity awards and stock issuances; (m) the effects of the reverse stock split we effected in July 2024; and (n) the impact of the 2024 sale of our mortgage servicing operations, third party mortgage loan origination business, and mortgage warehouse business.

Forward‐looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “should,” “confident,” and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward‐looking statements speak only as of the date they are made; we do not assume any duty, and do not undertake, to update our forward‐looking statements. Furthermore, because forward‐looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in our statements, and our future performance could differ materially from our historical results.

Our forward‐looking statements are subject to, among others, the following principal risks and uncertainties: general economic conditions and trends, either nationally or locally; conditions in the securities, credit and financial markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of our loan or investment portfolios, including associated allowances and reserves; changes in future allowance for credit losses, including changes required under relevant accounting and regulatory requirements; the ability to pay future dividends; the ability to implement future stock repurchase programs, which are subject to the approval of the Board of Directors and other various factors, including the Bank’s liquidity, capital position, and financial performance, accounting and regulatory considerations, as well as general market conditions; changes in our capital management and balance sheet strategies and our ability to successfully implement such strategies; our ability to achieve the anticipated benefits of the Reorganization; changes in our Board of Directors and our executive management team; changes in our strategic plan, including changes in our internal resources, procedures and systems, and our ability to successfully implement such plan; changes in competitive pressures among financial institutions or from non‐financial institutions; changes in legislation, regulations, and policies; changes relating to rent regulation and housing, including recent legislative action in New York City to freeze rents on certain rent-regulated properties; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the outcome of federal, state, and local elections and the resulting economic and other impact on the areas in which we conduct business; the impact of changing political conditions or federal government shutdowns; the imposition of restrictions on our operations by bank regulators; the outcome of pending or threatened litigation, or of investigations or any other matters before regulatory agencies, whether currently existing or commencing in the future; our ability to comply with heightened regulatory standards with respect to governance and risk management programs to which we are subject as a national bank with assets of $50 billion or more; the restructuring of our mortgage business; our ability to achieve anticipated cost savings and enhanced efficiencies with respect to our balance sheet and expense reduction strategies; the impact of failures or disruptions in or breaches of our operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the impact of natural disasters, extreme weather events, civil unrest, international military conflict, terrorism or other geopolitical events; and a variety of other matters which, by their nature, are subject to significant uncertainties and/or are beyond our control. Our forward-looking statements are also subject to the following principal risks and uncertainties with respect to our merger with Flagstar Bancorp, which was completed in December 2022, and our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, which was completed in March 2023: the possibility that the anticipated benefits of the transactions will not be realized when expected or at all; the possibility of increased legal and compliance costs, including with respect to any litigation or regulatory actions related to the business practices of acquired companies or the combined business; diversion of management’s attention from ongoing business operations and opportunities; the possibility that we may be unable to achieve expected synergies and operating efficiencies in or as a result of the transactions within the expected timeframes or at all; and revenues following the transactions may be lower than expected.

More information regarding some of these factors is provided in the Risk Factors section of our Annual Report on Form 10‐K for the year ended December 31, 2025, and in other reports we file with the Office of the Comptroller of the Currency (the “OCC”) and voluntarily file with the Securities and Exchange Commission (the “SEC”), and which are also available on our Investor Relations website. Our forward‐looking statements may also be subject to other risks and uncertainties, including those we may discuss in this news release, on our conference call, during investor presentations, or in our securities disclosure filings. All such files are accessible on our website at ir.flagstar.com, on the OCC’s website at www.occ.gov, and on the SEC’s website at www.sec.gov.

Investor Contact:
Salvatore J. DiMartino
(516) 683-4286

Media Contact:
Jessica Torchia
(248) 312-6451

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SOURCE Flagstar Bank, N.A.

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