Technology

ZEEKR Reports Second Quarter 2024 Unaudited Financial Results

Published

2 years ago

August 21, 2024

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

2023

2024

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

2023

2024

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

2023

2024

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

2023

2024

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

2,301,866,887

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

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

2023

2024

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

2023

2024

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

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

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

2023

2024

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

2,301,866,887

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

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

2023

2024

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

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

Non-GAAP net loss per ADS attributed to
ordinary shareholders

Basic and diluted

–

(15.15)

(2.08)

View original content:https://www.prnewswire.com/news-releases/zeekr-reports-second-quarter-2024-unaudited-financial-results-302227070.html

SOURCE ZEEKR Intelligent Technology Holding Limited

Technology

Firmable breaks into G2’s global top five for momentum in Sales Intelligence

Published

12 minutes ago

October 28, 2026

Firmable earned 17 badges in G2’s Fall 2026 reports and improved its ranking in 28 of the 32 reports it featured in last season, holding its position in the other four.

MELBOURNE, Australia and SAN FRANCISCO, Oct. 27, 2026 /PRNewswire/ — Firmable, the AI-native B2B sales platform, has climbed from #8 to #4 on G2’s global Momentum Grid for Sales Intelligence, which ranks the fastest-rising products in the category worldwide. It also ranked #1 for SMB sales intelligence in both Australia and ANZ and moved into the top 10 across Asia-Pacific.

The results span regional, segment and global reports in both the Sales Intelligence and Lead Intelligence categories. They are based on verified reviews from Firmable customers, alongside G2’s measures of market presence and growth.

Global momentum as Firmable scales in North America

Firmable is now one of the fastest-rising sales intelligence products worldwide. Its jump to #4 on G2’s global Momentum Grid for Sales Intelligence was matched by strong gains in G2’s global satisfaction indexes:

Relationship Index for Sales Intelligence: #3, up from #24Implementation Index for Sales Intelligence: #3, up from #17Results Index for Sales Intelligence: #4, up from #16

The results arrive as Firmable expands across the US and Canada, following its $14 million Series A in March and the launch of the Firmable MCP in July. They were followed by the launch of Tech Intelligence earlier in October.

“G2 rankings come straight from customers, and that’s why these results matter to us,” said Leigh Jasper, co-founder and co-CEO of Firmable. “Customers are telling the market three things: Firmable is easy to work with, fast to roll out, and it delivers results. Those scores climbed the most this season. That’s exactly the proof point sales leaders look for when they evaluate a new platform. We built Firmable as an AI-native product from day one, and teams in North America and elsewhere are responding. Breaking into the global top five for momentum is a strong signal of where we’re headed.”

#1 in Australia and in ANZ

Firmable took the top spot for small-business sales intelligence in both of its home markets. It rose from #2 to #1 on G2’s Small-Business Australia Regional Grid for Sales Intelligence, and from #3 to #1 on the Small-Business ANZ Regional Grid. Firmable also held #1 overall in both Australia and ANZ for Lead Intelligence.

“Ranking top in Australia and ANZ and climbing across Asia-Pacific comes down to one thing: our customers are booking more meetings with less effort,” said Paul Perrett, co-founder and co-CEO of Firmable. “Growing sales teams can’t afford to waste a rep’s day on bad data or cold accounts. We give them verified contacts and buying signals that tell them who to call and when. These results show that approach is working for teams in every market we serve. And with the launch of Tech Intelligence last week, we’re not slowing down.”

Top 10 across Asia-Pacific

Firmable moved into the top 10 for small-business sales intelligence across Asia-Pacific. It climbed from #13 to #10 on G2’s Small-Business Asia Pacific Regional Grid for Sales Intelligence. It also rose from #14 to #9 on the matching Lead Intelligence grid.

Firmable debuted on G2’s Mid-Market Asia Pacific Regional Grid for Sales Intelligence at #13. That reflects growing adoption among larger revenue teams in the region. On the overall Asia Pacific grid for Sales Intelligence, Firmable moved from #18 to #15.

About G2

G2 is the world’s largest and most trusted software marketplace. More than 90 million people annually use G2 to make smarter software decisions based on authentic peer reviews.

About Firmable

Firmable is an AI-native B2B sales platform, your AI sales teammate, that helps revenue teams find, understand and connect with the right buyers at the right time. Combining verified company and contact data with technology intelligence, CRM context, buyer intent and agentic AI, Firmable powers go-to-market teams across the US, Canada and Asia-Pacific. Firmable is ISO 27001 certified. Learn more at firmable.ai.

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SOURCE Firmable

Technology

KLEVV UNVEILS ALL-NEW CRAS V RGB PRIME DDR5 GAMING/OC MEMORY

Published

12 minutes ago

October 28, 2026

SUPPORTS AMD EXPO™ Technology: Featuring Ultra Low Latency
WITH AWARD-WINNING FLAGSHIP DESIGN

HONG KONG, Oct. 27, 2026 /PRNewswire/ — KLEVV, the leading consumer memory and storage brand introduced by Essencore, unveils the all-new CRAS V RGB PRIME DDR5 Gaming/OC Memory. Purpose-built for elite gaming rigs and demanding creative workloads, this new premium memory unleashes ultra-low CAS latency down to CL26 at 6000 MT/s and blazing overclocking speeds of up to 8000 MT/s at CL38, dressed in a striking black-and-gold finish and armed with dual-platform overclocking support for gamers, PC builders, and performance enthusiasts who demand nothing but the best.

Refined Flagship Design and Craftsmanship
Building on the aluminum heat spreader design of the flagship CRAS V RGB, winner of both the Red Dot and iF Design Awards, the CRAS V RGB PRIME introduces a striking new black-and-gold interpretation of the series’ signature look.

An advanced hard-anodizing process, combined with a specialized surface treatment, gives the modules a smooth, piano-lacquer-like sheen that adds depth and sophistication from every angle. The result is an understated yet luxurious aesthetic that offers users a fresh, premium design choice while preserving the refined craftsmanship of the original CRAS V RGB.

High-Speed Performance with Lower Latency
The CRAS V RGB PRIME further advances KLEVV’s DDR5 overclocking memory lineup with tested speeds of 6000, 6400, and 8000 MT/s and CAS latencies of CL26, CL28, and CL38, respectively.

The 6000 MT/s configuration features tested timings of 26-36-36-76, while the 6400 MT/s configuration delivers timings of 28-38-38-78. For users seeking extreme frequencies, the 8000 MT/s models operate at tested timings of 38-48-48-128. All configurations are tested at 1.4V.

The 6000 and 6400 MT/s configurations are available in dual-channel kits ranging from 32GB (16GBx2), 64GB (32GBx2), to 128GB (64GBx2), while the 8000 MT/s models are offered in both 32GB (16GBx2) and 48GB (24GBx2) kits. This diverse range gives users greater flexibility to select the ideal balance of speed, latency, and capacity for their systems.

Next-Generation AMD EXPO™ Technology: Featuring Ultra Low Latency
“AMD EXPO™ Technology: Featuring Ultra Low Latency” is the latest evolution of AMD’s established memory overclocking technology. The new AMD EXPO ULL profile incorporates optimized memory sub-timing settings designed to reduce latency and improve overall performance on compatible AMD platforms. As the first product in KLEVV’s overclocking memory lineup to adopt this technology, the CRAS V RGB PRIME delivers a more responsive gaming and overclocking experience.

The 6000 MT/s and 6400 MT/s 32GB (16GBx2) configurations are certified for AMD EXPO Ultra Low Latency. According to AMD, certified Ultra Low Latency memory can deliver an average 4% improvement in FPS compared with non-ULL AMD EXPO memory on compatible systems.*

Broad Intel and AMD Platform Support
Offering broad support across the latest desktop platforms, the CRAS V RGB PRIME is compatible with AMD Ryzen™ processors on the AM5 platform and Intel® Core™ Ultra 200S Plus processors.

Each kit comes preloaded with both Intel® Extreme Memory Profile and AMD EXPO™ Technology overclocking profiles, allowing users to unlock high-speed performance through a simple BIOS setting on compatible motherboards with supported BIOS versions. With both profiles included, users can confidently choose their preferred speed and capacity without the hassle of selecting separate Intel- or AMD-specific models.

Premium Components for Uncompromising Stability
The CRAS V RGB PRIME features rigorously screened, high-quality memory ICs from a leading Korean manufacturer, ensuring consistent high-speed performance and exceptional stability under demanding workloads.

Paired with a high-density 10-layer PCB, the modules deliver enhanced signal integrity and greater resistance to interference during high-speed operation. Integrated PMIC and on-die ECC technologies further support stable power management and long-term reliability, creating a robust foundation for gaming and overclocking performance.

To ensure broad compatibility, the CRAS V RGB PRIME has also been validated on the QVLs (Qualified Vendor Lists) of four major motherboard manufacturers. Its RGB lighting supports ASUS Aura Sync, GIGABYTE RGB Fusion, MSI Mystic Light Sync, and ASRock Polychrome Sync, allowing users to seamlessly coordinate lighting across compatible components and systems.

A Complete DDR5 Gaming/OC Memory Lineup
The introduction of the CRAS V RGB PRIME further expands KLEVV’s comprehensive DDR5 Gaming/OC memory portfolio.

With the CRAS, URBANE, BOLT, and FIT series available across a wide range of designs and specifications, KLEVV continues to provide flexible memory choices for different performance requirements, system configurations, and aesthetic preferences.

Warranty and Availability
The CRAS V RGB PRIME DDR5 comes with a limited lifetime peace of mind warranty and will be available from November 2026. Please visit the KLEVV website to check product availability across online and offline retail channels.

ABOUT KLEVV
KLEVV is a premium brand of Essencore, a major vendor of memory modules and NAND flash application products. The KLEVV range focuses on high-performance gaming memory modules and solid-state drives, engineered for enthusiasts who demand world-class quality and reliability. KLEVV memory and SSD products have been recognized with Germany’s Red Dot Design Award and iF Design Award for their innovative design. For more information, please visit www.klevv.com.

ABOUT ESSENCORE
Established in 2014, Essencore Limited aims to become the world’s top vendor of DRAM modules and NAND flash application products. The company started with one goal: to “Change the world and be a leader in semiconductor distribution.” The business strategies of Essencore are to adopt the newest technologies to differentiate themselves from competitors, deliver dedicated Memory products, and offer various product portfolios for customers’ competition readiness. For more information, please visit www.essencore.com.

*Based on AMD testing. Actual performance may vary depending on processor, motherboard, BIOS version, memory configuration, and application workload.

Overclocking and/or Undervolting AMD processors and memory, including without limitation, altering clock frequencies / multipliers or memory timing / voltage, to operate outside of AMD’s published specifications will void any applicable AMD product warranty, even when enabled via AMD hardware and/or software. This may also void warranties offered by the system manufacturer or retailer. Users assume all risks and liabilities that may arise out of overclocking / undervolting AMD processors, including, without limitation, failure of or damage to hardware, reduced system performance and/or data loss, corruption or vulnerability. GD-106.

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SOURCE Klevv

Technology

CDNetworks’ Cybersecurity Capabilities in APAC Recognized in IDC China’s 2026 Assessment

Published

12 minutes ago

October 28, 2026

Combining global network reach, AI-powered security, and local expertise, CDNetworks helps enterprises protect critical applications and operate securely across diverse APAC markets.

SINGAPORE, Oct. 28, 2026 /PRNewswire/ — CDNetworks, the APAC-leading network to deliver edge as a service, has been recognized in IDC China’s 2026 assessment of cybersecurity product and service capabilities across Asia-Pacific markets. CDNetworks received the highest ratings of five stars in six markets: Hong Kong SAR, Vietnam, Singapore, Japan, Malaysia, and South Korea, highlighting its cybersecurity expertise, extensive regional presence, and ability to address diverse security needs across APAC.

The assessment examines providers’ security offerings, regional operations, and service delivery across APAC. It highlights CDNetworks’ strengths in:

Extensive Global Infrastructure: With over 3,000 global Points of Presence and China CDN capabilities, CDNetworks supports secure, high-performance digital delivery across APAC, including cross-border acceleration for businesses serving users in mainland China.Strong APAC Presence and Local Expertise: Established local service teams in key APAC markets, including Singapore, Malaysia, Vietnam, Japan, South Korea, and China, provide multilingual consultation, solution design, deployment, and 24/7 technical support tailored to local business needs.Advanced WAAP and AI-Powered Security: CDNetworks delivers comprehensive Web Application and API Protection (WAAP), combining DDoS protection, intelligent WAF, bot management, API security, and AI-powered security operations to safeguard business-critical applications, detect emerging threats, and accelerate incident response.Adaptability to Diverse APAC Markets: CDNetworks adapts its services to different network environments, industry-specific requirements, and applicable data protection regulations, including PDPA and GDPR, helping enterprises address local market needs while maintaining consistent security standards.

“IDC’s recognition is an encouraging acknowledgment of our ongoing efforts to advance cybersecurity across APAC,” said Antony Li, APAC Head of Sales at CDNetworks. “As AI creates new opportunities and security challenges, businesses across APAC need protection that works consistently across markets while adapting to local requirements. We will continue investing in intelligent security and local expertise to help our customers innovate securely and build long-term digital resilience.”

About CDNetworks

As the APAC-leading network with over 3,000 global Points of Presence and more than 20 years of technology experience, CDNetworks delivers the fastest and most secure digital experiences to end users. Our diverse products and services include web performance, media delivery, cloud security, edge computing, zero-trust security, and colocation services, all designed to spur business innovation.

To learn more, visit cdnetworks.com and follow us on LinkedIn.

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SOURCE CDNetworks