Technology
Baozun Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results
Published
1 year agoon
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SHANGHAI, March 20, 2025 /PRNewswire/ — Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) (“Baozun”, the “Company” or the “Group”), a leading brand e-commerce solution provider and digital commerce enabler in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.
Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, “I am pleased that Baozun’s three-year transformation continues with strong momentum, as both BEC and BBM segments return to topline growth alongside bottom-line improvements. In the fourth quarter of 2024, we achieved 8% year-over-year revenue growth and remarkable growth in operating profit. With technology as our backbone, we drive digital innovations and AI applications to enhance efficiency, streamline omni-channel operations, and improve content creation for sustainable growth. As 2025 marks the transformation’s culmination, we remain committed to accelerating this shift, fostering an entrepreneurial, innovative and customer-centric approach to drive quality growth.”
Ms. Catherine Zhu, Chief Financial Officer of Baozun Inc., commented, “Baozun delivered solid topline growth in the fourth quarter of 2024, with E-Commerce revenue increasing by 6% and Brand Management revenue accelerating by 17% year-over-year. While investing in our strategic initiatives, we have also implemented comprehensive measures to enhance efficiency and optimize costs. These efforts drove a 16% increase in adjusted operating profits for our BEC segment and reduced adjusted operating loss for our BBM segment by 20% for the quarter. With healthy cash reserves, a continuing focus on financial discipline and innovation in technology, we remain confident in sustaining long-term profitability and growth.”
Fourth Quarter 2024 Financial Highlights
Total net revenues were RMB2,994.4 million (US$[1] 410.2 million), representing an increase of 7.7% compared with RMB2,780.4 million in the same quarter of last year.Income from operations was RMB73.2 million (US$10.0 million), an improvement from RMB6.4 million in the same quarter of last year. Operating margin was 2.4%, improved from 0.2% for the same period of 2023.Non-GAAP income from operations[2] was RMB103.3 million (US$14.2 million), an improvement of 36.6% from RMB75.7 million in the same quarter of last year. Non-GAAP operating margin was 3.5%, improved from 2.7% for the same period of 2023.Adjusted operating profit of E-Commerce[3] was RMB137.4 million (US$18.8 million), an improvement of 16.3% from RMB118.2 million for the same period of 2023.Adjusted operating loss of Brand Management[3] narrowed to RMB34.2 million (US$4.7 million), an improvement of 19.7% from RMB42.5million for the same period of 2023.Net income attributable to ordinary shareholders of Baozun was RMB0.1 million (US$0.02 million), compared with net loss attributable to ordinary shareholders of Baozun was RMB48.4 million for the same period of 2023.Non-GAAP net income attributable to ordinary shareholders of Baozun[4] was RMB45.7 million (US$6.3 million), an improvement of 58.9% from RMB28.8 million for the same period of 2023. Basic and diluted net income attributable to ordinary shareholders of Baozun per American Depositary Share (“ADS[5]”) were both RMB0.00[6], compared with basic and diluted net loss attributable to ordinary shareholders of Baozun per American Depositary Share were both RMB0.80 for the same period of 2023.Diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS[7] was RMB0.77 (US$0.11), compared with RMB0.47 for the same period of 2023.Cash and cash equivalents, restricted cash, and short-term investments totaled RMB2,915.9 million (US$399.5 million), as of December 31, 2024, compared with RMB3,072.8 million as of December 31, 2023.
Fiscal Year 2024 Financial Highlights
Total net revenues were RMB9,422.2 million (US$1,290.8million), representing an increase of 6.9% compared with RMB8,812.0 million in the fiscal year of 2023.Loss from operations was RMB114.8 million (US$15.7 million), improved from RMB206.4 million in the fiscal year of 2023. Operating margin was negative 1.2%, compared with negative 2.3% for the fiscal year of 2023.Non-GAAP income from operations was RMB10.6 million (US$1.5 million), compared with non-GAAP loss from operations RMB23.7 million for the fiscal year of 2023. Non-GAAP operating margin was 0.1%, compared with negative 0.3% for the fiscal year of 2023.Adjusted operating profit of E-Commerce was RMB179.6 million (US$24.6 million), an improvement of 9.5% from RMB164.0 million for the fiscal year of 2023.Adjusted operating loss of Brand Management narrowed to RMB168.8 million (US$23.1 million), an improvement of 10.1% from RMB187.7 million for the fiscal year of 2023.Net loss attributable to ordinary shareholders of Baozun was RMB185.2 million (US$25.4 million), improved from RMB278.4 million for the fiscal year of 2023.Non-GAAP net loss attributable to ordinary shareholders of Baozun was RMB40.4 million (US$5.5 million), improved from RMB65.1 million for the fiscal year of 2023.Basic and diluted net loss attributable to ordinary shareholders of Baozun per American Depositary Share (“ADS”) were both RMB3.09 (US$0.42), compared with both RMB4.68 for the fiscal year of 2023.Diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS was RMB0.67 (US$0.09), compared with RMB1.09 for the fiscal year of 2023.
Reconciliations of GAAP measures to non-GAAP measures presented above are included at the end of this results announcement.
Adjusted operating profits (losses) are included in the Segments data of Segment Information.
[1] This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024 as set forth in the H.10 Statistical Release of the Federal Reserve Board.
[2] Non-GAAP income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and cancellation fees of repurchased ADSs.
[3] Following the acquisition of Gap Shanghai, the Group updated its operating segment structure resulting in two segments, which were (i) E-Commerce; (ii) Brand Management, for more information, please refer to Supplemental Information.
[4] Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun is a non-GAAP financial measure, which is defined as net income (loss) attributable to ordinary shareholders of Baozun excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, gain on disposal/acquisition of subsidiaries, and unrealized investment loss (gain).
[5] Each ADS represents three Class A ordinary shares.
[6] The amount is less than RMB 0.01.
[7] Diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS are non-GAAP financial measures, which is defined as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun divided by weighted average number of shares used in calculating diluted net income (loss) per ordinary share multiplied by three.
Business Highlights
Baozun e-Commerce, or “BEC”
BEC encompasses our China e-commerce businesses, including brand store operations, customer services, and value-added services in warehouse and logistics management, IT and digital marketing. During the quarter, total revenue from BEC increased by 6.0% year-over-year, primarily driven by higher demand from digital marketing and IT solutions. As of December 31, 2024, we served approximately 490 brand partners, compared to approximately 450 brand partners as of December 31, 2023. The increase in brand partners was mainly driven by greater engagement in our value-added services, aimed at enhancing the consumer experience.
Omni-channel expansion remains a key theme for our brand partners. By the end of the fourth quarter, approximately 48.8% of our brand partners engaged with us for store operations of at least two channels, compared to 44.7% at the end of same quarter of last year. For value-added services in warehouse and logistics management, IT and digital marketing, most brand partners engaged with us in an omni-channel basis, to enhance productivity and efficiency for their omni-channel development.
Baozun Brand Management, or “BBM”
The Company launched the BBM business line in 2023, to leverage its leading portfolio of technologies in service of brands, fostering deeper and longer relationships to drive sustainable business growth in China.
BBM provides holistic brand management, encompassing strategic and tactical positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics, and technology enablement. We aim to leverage our portfolio of technologies to build longer and deeper relationships with brands. Currently, our Brand Management business line includes the Gap and Hunter brands. By the end of the fourth quarter of 2024, Gap and Hunter brands have 156 offline stores under our management.
Fourth Quarter 2024 Financial Results
Total net revenues were RMB2,994.4 million (US$410.2 million), an increase of 7.7% from RMB2,780.4 million in the same quarter of last year. The increase in total net revenues was driven by revenue growth in both the Company’s BEC and BBM business lines.
Total product sales revenue was RMB1,106.0 million (US$151.5 million), an increase of 5.0% compared with RMB1,053.0 million in the same quarter of last year, of which,
Product sales revenue of E-Commerce was RMB571.7 million (US$78.3 million), a decrease of 4.3% from RMB597.5 million in the same quarter of last year. The decrease was primarily attributable to lower sales from its brand portfolio under the distribution model in the appliances category, partially offset by the introduction of high-quality new distribution businesses.
The following table sets forth a breakdown of product sales revenues of E-Commerce by key categories [8] for the periods indicated:
For the three months ended December 31,
2023
2024
RMB
% of
Net
Revenues
RMB
US$
% of
Net
Revenues
YoY
Change
(In millions, except for percentage)
Product Sales of E-Commerce
Appliances
255.6
8 %
220.5
30.2
7 %
-14 %
Beauty and cosmetics
131.1
5 %
130.7
17.9
4 %
0 %
Home and furnishing
46.1
2 %
84.6
11.6
3 %
84 %
Others
164.7
6 %
135.9
18.6
5 %
-17 %
Total net revenues from product sales of E-Commerce
597.5
21 %
571.7
78.3
19 %
-4 %
[8] Key categories refer to the categories that accounted for no less than 10% of product sales of BEC during the periods indicated.
Product sales revenue of Brand Management was RMB534.6 million (US$73.2 million), an increase of 17.3% from RMB455.5 million in the same quarter of last year. The increase was primarily driven by higher sales from the Gap brand, as the Company continued to optimize merchandising plans and enhance customer experience to boost sales in both its online and offline channels.
Services revenue was RMB1,888.5 million (US$258.7 million), an increase of 9.3% from RMB 1,727.4 million in the same quarter of last year. The increase was primarily attributable to a 16.2% year-over-year growth in online store operations, together with a 14.8% year-over-year growth in digital marketing and IT solutions, driven by content creation and technology monetization.
The following table sets forth a breakdown of services revenue by business models for the periods indicated:
For the three months ended December 31,
2023
2024
RMB
% of
Net
Revenues
RMB
US$
% of
Net
Revenues
YoY
Change
(In millions, except for percentage)
Services revenue
Online store operations
511.8
18 %
594.8
81.5
20 %
16 %
Warehousing and fulfillment
704.8
25 %
705.7
96.7
24 %
0 %
Digital marketing and IT solutions
549.4
20 %
630.5
86.3
20 %
15 %
Inter-segment eliminations[9]
(38.6)
-1 %
(42.5)
(5.8)
-1 %
10 %
Total net revenues from services
1,727.4
62 %
1,888.5
258.7
63 %
9 %
Breakdown of total net revenues of online store operations of services revenue by key categories [10] for the periods indicated:
For the three months ended December 31,
2023
2024
RMB
% of
Net
Revenues
RMB
US$
% of
Net
Revenues
YoY
Change
(In millions, except for percentage)
Online store operations in Services revenue
Apparel and accessories
372.7
13 %
472.0
64.6
15 %
27 %
Luxury
123.2
4 %
126.9
17.3
4 %
3 %
Sportswear
133.9
5 %
157.6
21.6
5 %
18 %
Other apparel
115.6
4 %
187.5
25.7
6 %
62 %
Others
139.1
6 %
122.8
16.9
4 %
-12 %
Inter-segment eliminations[11]
(18.6)
-1 %
(14.6)
(2.0)
0 %
-22 %
Total net revenues from online store operations in services
493.2
18 %
580.2
79.5
19 %
18 %
[9] The inter-segment eliminations mainly consist of revenues from online store operations, digital marketing and IT services provided by E-Commerce to Gap, a brand under Brand Management.
[10] Key categories refer to the categories that accounted for no less than 10% of services revenue during the periods indicated.
[11] The inter-segment eliminations mainly consist of revenues from store operation services provided by E-Commerce to Gap, a brand under Brand Management.
Total operating expenses were RMB2,921.2 million (US$400.2 million), compared with RMB2,774.0 million in the same quarter of last year.
Cost of products was RMB773.9 million (US$106.0 million), compared with RMB737.8 million in the same quarter of last year. The increase was primarily due to an increase in product sales volume.Fulfillment expenses were RMB768.9 million (US$105.3 million), compared with RMB768.0 million in the same quarter of last year. Fulfillment expenses remained flat, which is in line with the warehousing and fulfillment service revenue.Sales and marketing expenses were RMB1,041.4 million (US$142.7 million), compared with RMB892.4 million in the same quarter of last year. The increase was mainly due to higher revenue contributions from digital marketing services for BEC, as well as increased marketing activities and expenses associated with the expansion of offline stores for BBM during the quarter.Technology and content expenses were RMB146.6 million (US$20.1 million), compared with RMB140.8 million in the same quarter of last year. As the Company continued to implement cost control and efficiency improvements initiatives, technology and content expenses remained flat, despite strong double-digit net revenues growth in IT solutions.General and administrative expenses were RMB191.8 million (US$26.3 million), a decrease of 16.1% compared with RMB228.7 million in the same quarter of last year. The decrease was primarily due to the Company’s cost control initiatives and efficiency improvements.
Income from operations was RMB73.2 million (US$10.0 million), significant improvement compared with RMB6.4 million in the same quarter of last year. The operating margin was 2.4%, compared with 0.2% in the same quarter of last year.
Non-GAAP income from operations was RMB103.3 million (US$14.2 million), an increase of 36.6% compared with RMB75.7 million in the same quarter of last year. Non-GAAP operating margin was 3.5%, an improvement from 2.7% in the same quarter of last year.
Adjusted operating profit of E-Commerce was RMB137.4 million (US$18.8 million), an improvement of 16.3% from RMB118.2 million in the same quarter of last year.Adjusted operating loss of Brand Management was RMB34.2 million (US$4.7 million), an improvement of 19.7% compared with RMB42.5million in the same quarter of last year.
Unrealized investment gain was RMB20.9 million (US$2.9 million), compared with an unrealized investment loss of RMB8.4 million in the same quarter of last year. The unrealized investment gain of this quarter was mainly related to the increase in the trading price of iClick Interactive Asia Group Limited, or iClick Interactive, a public company listed on the Nasdaq Global Market that the Company invested in January 2021.
Impairment loss of investments was RMB14.4 million (US$2.0 million), compared with nil in the same quarter of last year. The impairment loss of investments during the period was primarily associated with certain equity investees.
Fair value change on financial instruments was a gain of RMB17.7 million (US$2.4 million), compared with nil in the same quarter of last year. The fair value change on financial instruments is mainly comprised of the gain recognized from the financial instruments the Company invested in during the second quarter of 2024.
Exchange loss was RMB11.5 million (US$1.6 million), due to exchange rate fluctuation in the quarter ended December 31, 2024, compared to exchange gain of RMB0.7 million in the same quarter last year.
Net income attributable to ordinary shareholders of Baozun was RMB0.1 million (US$0.02 million), compared with net loss attributable to ordinary shareholders of Baozun RMB48.4 million in the same quarter of last year.
Basic and diluted net income attributable to ordinary shareholders of Baozun per ADS were both RMB0.00[12], compared with net loss of both RMB0.80 for the same period of 2023.
Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. was RMB45.7 million (US$6.3 million), compared with Non-GAAP net loss attributable to ordinary shareholders of Baozun Inc. RMB28.8 million in the same quarter of last year.
Diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS was RMB0.77 (US$0.11), compared with diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS was RMB0.47 for the same period of 2023.
[12] The amount is less than RMB 0.01.
Fiscal Year 2024 Financial Results
Total net revenues were RMB9,422.2 million (US$1,290.8 million), an increase of 6.9% from RMB8,812.0 million in fiscal year 2023. The increase in total net revenues was driven by revenue growth in both the Company’s E-Commerce and BBM business lines.
Total product sales revenue was RMB3,466.9 million (US$475.0 million), compared with RMB3,357.2 million in the fiscal year of 2023, of which,
Product sales revenue of E-Commerce was RMB1,999.6 million (US$273.9 million), a decrease of 4.4% from RMB2,092.2 million in the fiscal year of 2023. The decrease was primarily attributable lower sales from the brand portfolio under the distribution model in the appliances category, fast-moving consumer goods and electronics categories, due to the macro-economic weakness, as well as the Company’s optimization of its brand portfolio in distribution model.
The following table sets forth a breakdown of product sales revenues of E-Commerce by key categories for the years indicated:
For the fiscal year ended December 31,
2023
2024
RMB
% of
Net
Revenues
RMB
US$
% of
Net
Revenues
YoY
Change
(In millions, except for percentage)
Product Sales of E-Commerce
Appliances
936.3
11 %
852.5
116.8
9 %
-9 %
Beauty and cosmetics
378.2
4 %
397.3
54.4
4 %
5 %
Home and furnishing
169.9
2 %
201.9
27.7
2 %
19 %
Others
607.8
7 %
547.9
75.0
6 %
-10 %
Total net revenues from product sales of E-Commerce
2,092.2
24 %
1,999.6
273.9
21 %
-4 %
Product sales revenue of Brand Management was RMB1,469.6 million (US$201.3 million), an increase of 16.2% from RMB1,265.0 million in the fiscal year of 2023. The increase was primarily driven by higher sales from the Gap brand, as the Company continued to optimize its merchandising plans and enhance customer experience to boost sales in both its online and offline channels.
Services revenue was RMB5,955.3 million (US$815.9 million), an increase of 9.2% from RMB5,454.8 million in the fiscal year of 2023. The increase was primarily attributable to a 10.0% year-over-year growth in online store operations, together with a 22.2% year-over-year growth in digital marketing and IT solutions, driven by content creation and technology monetization.
The following table sets forth a breakdown of services revenue by business models for the years indicated:
For the fiscal year ended December 31,
2023
2024
RMB
% of
Net
Revenues
RMB
US$
% of
Net
Revenues
YoY
Change
(In millions, except for percentage)
Services revenue
Online store operations
1,604.7
18 %
1,765.4
241.9
19 %
10 %
Warehousing and fulfillment
2,194.4
25 %
2,189.2
299.9
22 %
0 %
Digital marketing and IT solutions
1,735.8
20 %
2,120.9
290.6
23 %
22 %
Inter-segment eliminations[13]
(80.1)
-1 %
(120.2)
(16.5)
-1 %
50 %
Total net revenues from services
5,454.8
62 %
5,955.3
815.9
63 %
9 %
Breakdown of total net revenues of online store operations of services revenue by key categories for the years indicated:
For the fiscal year ended December 31,
2023
2024
RMB
% of
Net
Revenues
RMB
US$
% of
Net
Revenues
YoY
Change
(In millions, except for percentage)
Online store operations in Services revenue
Apparel and accessories
1,134.8
13 %
1,342.7
184.0
14 %
18 %
Luxury
406.4
4 %
407.0
55.8
4 %
0 %
Sportswear
419.1
5 %
487.1
66.7
5 %
16 %
Other apparel
309.3
4 %
448.6
61.5
5 %
45 %
Others
469.9
5 %
422.7
57.9
4 %
-10 %
Inter-segment eliminations[14]
(44.4)
-1 %
(55.2)
(7.6)
-1 %
24 %
Total net revenues from online store operations in services
1,560.3
17 %
1,710.2
234.3
17 %
10 %
[13] The inter-segment eliminations mainly consist of revenues from online store operations, digital marketing and IT services provided by E-Commerce to Gap, a brand under Brand Management.
[14] The inter-segment eliminations mainly consist of revenues from store operation services provided by E-Commerce to Gap, a brand under Brand Management.
Total operating expenses were RMB9,537.1 million (US$1,306.6 million), compared with RMB9,018.4 million in the fiscal year of 2023.
Cost of products was RMB2,473.8 million (US$338.9 million), compared with RMB2,409.1 million in the fiscal year of 2023. The increase was primarily due to an increase in product sales volume.Fulfillment expenses were RMB2,461.6 million (US$337.2 million), compared with RMB2,507.3 million in the fiscal year of 2023. The decrease was mainly due to the Company’s cost control initiatives and efficiency improvements.Sales and marketing expenses were RMB3,380.7 million (US$ 463.2 million), compared with RMB2,829.0 million in the fiscal year of 2023. The increase was mainly due to higher revenue contributions from digital marketing services for BEC, as well as increased marketing activities and expenses related to more offline stores for BBM during the year.Technology and content expenses were RMB550.3 million (US$75.4 million), compared with RMB505.2 million in the fiscal year of 2023. The increase was mainly due to more revenues from IT solutions during the year, partially offset by the Company’s cost control initiatives and efficiency improvements.General and administrative expenses were RMB719.2 million (US$98.5 million), compared with RMB855.9 million in the fiscal year of 2023. The decrease was primarily due to the Company’s cost control initiatives and efficiency improvements.
Loss from operations was RMB114.8 million (US$15.7 million), significantly improved compared with RMB206.4 million in the fiscal year of 2023. Operating margin was negative 1.2%, compared with negative 2.3% in the fiscal year of 2023.
Non-GAAP income from operations was RMB10.6 million (US$1.5 million), compared with non-GAAP loss from operations RMB23.7 million in the fiscal year of 2023. Non-GAAP operating margin was 0.1%, an improvement from negative 0.3% in the fiscal year of 2023.
Adjusted operating profit of E-Commerce was RMB179.6 million (US$24.6 million), an improvement of 9.5% from RMB164.0 million in the fiscal year of 2023.Adjusted operating loss of Brand Management was RMB168.8 million (US$23.1 million), an improvement of 10.1% compared with RMB187.7 million in the fiscal year of 2023.
Unrealized investment gain was RMB4.9 million (US$0.7 million), compared with an unrealized investment loss of RMB68.0 million in the fiscal year of 2023. The unrealized investment gain during the year was mainly related to the increase in the trading price of iClick Interactive Asia Group Limited, or iClick Interactive, a public company listed on the Nasdaq Global Market that the Company invested in January 2021.
Impairment loss of investments was RMB14.4 million (US$2.0 million), compared with nil in the fiscal year of 2023. The impairment loss of investments during the year was primarily associated with certain equity investees.
Fair value change on financial instruments was a gain of RMB11.8 million (US$1.6 million), compared with RMB24.5 million in the fiscal year of 2023. The fair value gain on financial instruments this year is mainly comprised of the gain recognized from the financial instruments the Company invested in during the second quarter of 2024, while the fair value gain on derivative liabilities last year was in connection with the equity contracts with a holder of non-controlling interest.
Exchange loss was RMB10.2 million (US$1.4 million), due to exchange rate fluctuation in the year ended December 31, 2024, compared to RMB8.5 million last year.
Net loss attributable to ordinary shareholders of Baozun narrowed to RMB185.2 million (US$25.4 million), an improvement from RMB278.4 million in the fiscal year of 2023.
Basic and diluted net loss attributable to ordinary shareholders of Baozun per ADS were both RMB3.09 (US$0.42 million), compared with both RMB4.68 in the fiscal year of 2023.
Non-GAAP net loss attributable to ordinary shareholders of Baozun Inc. was RMB40.4 million (US$5.5 million), compared with RMB65.1 million in the fiscal year of 2023.
Diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS was RMB0.67 (US$0.09), compared with RMB1.09 in the fiscal year of 2023.
Segment Information
(a) Description of segments
Following the acquisition of Gap Shanghai in February 2023, the Group updated its operating segments structure resulting in two segments, which were (i) E-Commerce and (ii) Brand Management;
The following summary describes the operations in each of the Group’s operating segment:
(i) E-Commerce focuses on Baozun traditional e-commerce service business and comprises two business lines, BEC (Baozun E-Commerce) and BZI (Baozun International).
a> BEC includes our mainland China e-commerce businesses, such as brands’ store operations, customer services and value-added services in logistics and supply chain management, IT and digital marketing.
b> BZI includes our e-commerce businesses outside of mainland China, including locations such as Hong Kong, Macau, Taiwan, South East Asia and Europe.
(ii) Brand Management engages in holistic brand management, encompassing strategic and tactical positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics and technology enablement to leverage our portfolio of technologies to build into longer and deeper relationships with brands. Currently, the Company runs brand management operations for the Gap and Hunter brands in Greater China.
(b) Segments data
The table below provides a summary of the Group’s reportable segment results for the three months ended December 31, 2023 and 2024:
For the three months ended December 31,
2023
2024
RMB
RMB
Net revenues:
E-Commerce
2,361,066
2,501,781
Brand Management
457,961
535,475
Inter-segment eliminations *
(38,612)
(42,811)
Total consolidated net revenues
2,780,415
2,994,445
Adjusted Operating Profits (Losses) **:
E-Commerce
118,190
137,433
Brand Management
(42,535)
(34,157)
Inter-segment eliminations *
–
41
Total Adjusted Operating Profits
75,655
103,317
Unallocated expenses:
Share-based compensation expenses
(24,667)
(15,171)
Amortization of intangible assets resulting from business acquisition
(7,911)
(7,901)
Acquisition-related expenses
(1,467)
–
Cancellation fees of repurchased ADSs
–
(101)
Impairment of goodwill
(35,212)
(6,934)
Total other (expenses) income, net
(165)
21,315
Profit before income tax and share of income (loss) in equity method investment
6,233
94,525
The table below provides a summary of the Group’s reportable segment results for the fiscal years of 2023 and 2024:
For the fiscal year ended December 31,
2023
2024
RMB
RMB
Net revenues:
E-Commerce
7,621,114
8,070,271
Brand Management
1,271,027
1,474,351
Inter-segment eliminations *
(80,128)
(122,393)
Total consolidated net revenues
8,812,013
9,422,229
Adjusted Operating Profits (Losses) **:
E-Commerce
163,990
179,622
Brand Management
(187,663)
(168,767)
Inter-segment eliminations *
–
(210)
Total Adjusted Operating Profits (Losses)
(23,673)
10,645
Unallocated expenses:
Share-based compensation expenses
(103,449)
(81,601)
Amortization of intangible assets resulting from business acquisition
(31,875)
(36,257)
Acquisition-related expenses
(12,171)
–
Cancellation fees of repurchased ADSs
–
(678)
Impairment of goodwill
(35,212)
(6,934)
Total other (expenses) income, net
(10,646)
21,838
Loss before income tax and share of income (loss) in equity method investment
(217,026)
(92,987)
*The inter-segment eliminations mainly consist of revenues from services provided by E-Commerce to Brand Management.
** Adjusted Operating (Losses) Profits represent segment (losses) profits, which is (loss) income from operations from each segment without allocating share-based compensation expenses, acquisition-related expenses and amortization of intangible assets resulting from business acquisition, cancellation fees of repurchased ADSs and impairment of goodwill.
Update in Share Repurchase Programs
On January 24, 2024, the Company’s board of directors (the “Board”) authorized the management to set up and implement a new share repurchase program under which the Company may repurchase up to US$20 million worth of its outstanding (i) American depositary shares (“ADSs”), each representing three Class A ordinary shares, and/or (ii) Class A ordinary shares over the next 12 months starting from January 24, 2024. As of January 17, 2025, the Company repurchased approximately 5.3 million of ADSs for approximately US$14.7 million under its share repurchase program through the open market.
Conference Call
The Company will host a conference call to discuss the earnings at 7:30 a.m. Eastern Time on Thursday, March 20, 2025 (7:30 p.m. Beijing time on the same day).
Dial-in details for the earnings conference call are as follows:
United States: 1-888-317-6003
Hong Kong: 800-963-976
Singapore: 800-120-5863
Mainland China: 4001-206-115
International: 1-412-317-6061
Passcode: 3445230
A replay of the conference call may be accessible through March 27, 2025 by dialing the following numbers:
United States: 1-877-344-7529
International: 1-412-317-0088
Canada: 855-669-9658
Replay Access Code: 7399162
A live webcast of the conference call will be available on the Investor Relations section of Baozun’s website at http://ir.baozun.com. An archived webcast will be available through the same link following the call.
Use of Non-GAAP Financial Measures
The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS, as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.
The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and cancelation fees of repurchased. The Company defines non-GAAP net income (loss) as net (loss) income excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, loss (gain) on disposal/acquisition of subsidiaries, and unrealized investment loss (gain). The Company defines non-GAAP net income (loss) attributable to ordinary shareholders of Baozun as net income (loss) attributable to ordinary shareholders of Baozun excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, loss (gain) on disposal/acquisition of subsidiaries, and unrealized investment loss (gain). The Company defines diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun divided by weighted average number of shares used in calculating net income (loss) per ordinary share multiplied by three.
The Company presents the non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s financial and operating performance and formulate business plans. Non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS reflect the Company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons. The Company believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the Company’s current operating performance and future prospects in the same manner as management does, if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) attributable to ordinary shareholders of Baozun, and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS is that they do not reflect all items of income and expense that affect the Company’s operations. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s. In light of the foregoing limitations, the non-GAAP income (loss) from operations, non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS for the period should not be considered in isolation from or as an alternative to income (loss) from operations, operating margin, net income (loss), net margin, net income (loss) attributable to ordinary shareholders of Baozun and net income (loss) attributable to ordinary shareholders of Baozun per ADS, or other financial measures prepared in accordance with U.S. GAAP.
The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. The company encourages you to review the company’s financial information in its entirety and not rely on a single financial measure. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliations of GAAP and Non-GAAP Results.”
Safe Harbor Statements
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continues,” “ongoing,” “targets,” “guidance,” “going forward,” “looking forward,” “outlook” or other similar expressions. Statements that are not historical facts, including but not limited to statements about Baozun’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to Baozun’s filings with the United States Securities and Exchange Commission and its announcements, notices or other documents published on the website of The Stock Exchange of Hong Kong Limited. All information provided in this announcement is as of the date hereof and is based on assumptions that Baozun believes to be reasonable as of this date, and Baozun undertakes no obligation to update such information, except as required under applicable law.
About Baozun Inc.
Founded in 2007, Baozun Inc. is a leader in brand e-commerce service, brand management, and digital commerce service. It serves approximately 490 brands from various industries and sectors around the world, including East and Southeast Asia, Europe and North America as of December 31, 2024.
Baozun Inc. comprises three major business lines – Baozun e-Commerce (BEC), Baozun Brand Management (BBM) and Baozun International (BZI) and is committed to accelerating high-quality and sustainable growth. Driven by the principle that “Technology Empowers the Future Success”, Baozun’s business lines are devoted to empowering their clients’ business and navigating their new phase of development.
For more information, please visit http://ir.baozun.com.
For investor and media inquiries, please contact:
Baozun Inc.
Ms. Wendy Sun
Email: ir@baozun.com
Baozun Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
As of
December 31,
2023
December 31,
2024
December 31,
2024
RMB
RMB
US$
ASSETS
Current assets
Cash and cash equivalents
2,149,531
1,289,323
176,636
Restricted cash
202,764
354,991
48,634
Short-term investments
720,522
1,271,618
174,211
Accounts receivable, net
2,184,729
2,033,778
278,626
Inventories
1,045,116
1,117,439
153,089
Advances to suppliers
311,111
404,353
55,396
Derivative financial assets
–
11,557
1,583
Prepayments and other current assets
590,350
724,091
99,200
Amounts due from related parties
86,661
7,021
962
Total current assets
7,290,784
7,214,171
988,337
Non-current assets
Long term investments
359,129
341,687
46,811
Property and equipment, net
851,151
822,229
112,645
Intangible assets, net
306,420
357,307
48,951
Land use right, net
38,464
37,438
5,129
Operating lease right-of-use assets
1,070,120
767,376
105,130
Goodwill
312,464
362,399
49,648
Other non-current assets
45,316
69,886
9,574
Deferred tax assets
200,628
234,508
32,127
Total non-current assets
3,183,692
2,992,830
410,015
Total assets
10,474,476
10,207,001
1,398,352
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term loan
1,115,721
1,220,957
167,270
Accounts payable
563,562
620,679
85,033
Notes payable
506,629
461,179
63,181
Income tax payables
18,768
26,559
3,638
Accrued expenses and other current liabilities
1,188,179
1,169,547
160,228
Derivative liabilities
–
130
18
Amounts due to related parties
32,118
5,369
735
Current operating lease liabilities
332,983
243,137
33,310
Total current liabilities
3,757,960
3,747,557
513,413
Non-current liabilities
Deferred tax liabilities
24,966
32,783
4,491
Long-term operating lease liabilities
799,096
597,805
81,899
Other non-current liabilities
40,718
48,277
6,614
Total non-current liabilities
864,780
678,865
93,004
Total liabilities
4,622,740
4,426,422
606,417
Redeemable non-controlling interests
1,584,858
1,670,379
228,841
Baozun Inc. shareholders’ equity:
Class A ordinary shares (US$0.0001 par
value; 470,000,000 shares authorized,
167,901,880 and 175,668,586 shares
issued, 167,901,880 and 161,337,586
shares outstanding, as of December 31,
2023, and December 31, 2024, respectively)
93
95
13
Class B ordinary shares (US$0.0001 par
value; 30,000,000 shares authorized,
13,300,738 shares issued and outstanding
as of December 31, 2023, and December
31, 2024)
8
8
1
Additional paid-in capital
4,571,439
4,646,631
636,586
Treasury shares (nil and 14,331,000
shares as of December 31, 2023, and
December 31, 2024, respectively)
–
(95,502)
(13,084)
Accumulated deficit
(506,587)
(691,785)
(94,775)
Accumulated other comprehensive income
32,251
54,575
7,477
Total Baozun Inc. shareholders’ equity
4,097,204
3,914,022
536,218
Non-controlling interests
169,674
196,178
26,876
Total Shareholders’ equity
4,266,878
4,110,200
563,094
Total liabilities, redeemable non-
controlling interests and shareholders’ equity
10,474,476
10,207,001
1,398,352
Baozun Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except for share and per share data and per ADS data)
For the three months ended September 30,
For the year ended December 31,
2023
2024
2023
2024
RMB
RMB
US$
RMB
RMB
US$
Net revenues
Product sales(1)
1,053,022
1,105,971
151,517
3,357,202
3,466,928
474,967
Services
1,727,392
1,888,474
258,720
5,454,811
5,955,301
815,873
Total net revenues
2,780,414
2,994,445
410,237
8,812,013
9,422,229
1,290,840
Operating expenses (2)
Cost of products
(737,813)
(773,887)
(106,022)
(2,409,110)
(2,473,804)
(338,910)
Fulfillment(3)
(768,028)
(768,863)
(105,334)
(2,507,306)
(2,461,591)
(337,237)
Sales and marketing (3)
(892,401)
(1,041,421)
(142,674)
(2,829,016)
(3,380,724)
(463,157)
Technology and content(3)
(140,788)
(146,589)
(20,083)
(505,203)
(550,289)
(75,389)
General and administrative(3)
(228,697)
(191,822)
(26,280)
(855,914)
(719,157)
(98,524)
Other operating income, net
28,923
8,281
1,134
123,368
55,445
7,596
Impairment of goodwill
(35,212)
(6,934)
(950)
(35,212)
(6,934)
(950)
Total operating expenses
(2,774,016)
(2,921,235)
(400,209)
(9,018,393)
(9,537,054)
(1,306,571)
Income (loss) from operations
6,398
73,210
10,028
(206,380)
(114,825)
(15,731)
Other income (expenses)
Interest income
19,508
18,298
2,507
82,113
68,752
9,419
Interest expense
(9,436)
(9,619)
(1,318)
(41,344)
(38,987)
(5,341)
Unrealized investment (loss) gain
(8,352)
20,851
2,857
(68,031)
4,851
665
(Loss) gain on disposal/acquisition of subsidiaries
(2,620)
–
–
631
–
–
Impairment loss of investments
–
(14,403)
(1,973)
–
(14,403)
(1,973)
Fair value change on financial instruments
–
17,654
2,419
24,515
11,838
1,622
Exchange gain (loss)
735
(11,466)
(1,571)
(8,530)
(10,213)
(1,399)
Gain (loss) before income tax
6,233
94,525
12,949
(217,026)
(92,987)
(12,738)
Income tax expense (4)
(5,952)
(28,443)
(3,897)
(12,003)
(20,739)
(2,841)
Share of (loss) income in equity method investment, net of tax of nil(5)
(2,264)
(23,930)
(3,278)
6,253
(24,658)
(3,378)
Net (loss) income
(1,983)
42,152
5,774
(222,776)
(138,384)
(18,957)
Net (income) loss attributable to
noncontrolling interests
(22,368)
(18,253)
(2,501)
(9,677)
1,990
273
Net income attributable to
redeemable noncontrolling
interests
(24,063)
(23,770)
(3,256)
(45,969)
(48,804)
(6,686)
Net (loss) income attributable to ordinary shareholders of Baozun Inc.
(48,414)
129
17
(278,422)
(185,198)
(25,370)
Net (loss) income per share attributable to ordinary shareholders of Baozun Inc.:
Basic
(0.27)
0.00*
0.00*
(1.56)
(1.03)
(0.14)
Diluted
(0.27)
0.00*
0.00*
(1.56)
(1.03)
(0.14)
Net (loss) income per ADS attributable to ordinary shareholders of Baozun Inc.:
Basic
(0.80)
0.00*
0.00*
(4.68)
(3.09)
(0.42)
Diluted
(0.80)
0.00*
0.00*
(4.68)
(3.09)
(0.42)
Weighted average shares used in calculating net loss per ordinary share
Basic
180,642,328
176,942,201
176,942,201
178,549,849
179,678,986
179,678,986
Diluted
180,642,328
178,685,466
178,685,466
178,549,849
179,678,986
179,678,986
Net (loss) income
(1,983)
42,152
5,774
(222,776)
(138,384)
(18,957)
Other comprehensive income, net of tax of nil:
Foreign currency translation adjustment
(23,783)
24,732
3,388
16,573
22,324
3,058
Comprehensive (loss) income
(25,766)
66,884
9,162
(206,203)
(116,060)
(15,899)
* The amounts are less than 0.01.
(1) These amounts include product sales from E-Commerce and Brand Management of RMB571.7 million and RMB534.6 million for the three months period ended December 31, 2024, respectively, compared with product sales from E-Commerce of RMB597.5 million and Brand Management of RMB455.5 million for the three months period ended December 31, 2023.
These amounts also include product sales from E-Commerce and Brand Management of RMB1,999.6 million and RMB1,469.6 million for the fiscal year ended December 31, 2024, respectively, compared with product sales from E-Commerce of RMB2,092.2 million and Brand Management of RMB1,265.0 million for the fiscal year ended December 31, 2023.
(2) Share-based compensation expenses are allocated in operating expenses items as follows:
For the three months ended December 31,
For the year ended December 31,
2023
2024
2023
2024
RMB
RMB
US$
RMB
RMB
US$
Fulfillment
1,873
732
100
6,443
4,885
669
Sales and marketing
5,239
3,075
421
33,955
19,943
2,732
Technology and content
3,681
2,077
285
12,184
11,290
1,547
General and administrative
13,874
9,287
1,272
50,867
45,483
6,231
24,667
15,171
2,078
103,449
81,601
11,179
(3) These amounts include amortization of intangible assets resulting from business acquisition, which amounted to RMB7.9 million and RMB7.9 million for the three months period ended December 31, 2023 and 2024, respectively.
These amounts also include amortization of intangible assets resulting from business acquisition, which amounted to RMB31.9 million and RMB36.3 million for the fiscal year ended December 31, 2023 and 2024, respectively.
(4) These amounts include income tax benefits of RMB1.5 million and RMB1.8 million related to the reversal of deferred tax liabilities, which was recognized on business acquisition for the three months period ended December 31, 2023 and 2024, respectively.
These amounts also include income tax benefits of RMB6.1 million and RMB7.6 million related to the reversal of deferred tax liabilities, which was recognized on business acquisition for the fiscal year ended December 31, 2023 and 2024, respectively.
(5) These amounts include the other-than-temporary impairment of an equity method investment of nil and RMB26.1 million for the three months period and for the fiscal year ended December 31, 2023 and 2024, respectively.
Reconciliations of GAAP and Non-GAAP Results
(In thousands, except for share and per ADS data)
For the three months ended December 31,
For the year ended December 31,
2023
2024
2023
2024
RMB
RMB
US$
RMB
RMB
US$
Income (loss) from operations
6,398
73,210
10,028
(206,380)
(114,825)
(15,731)
Add: Share-based compensation expenses
24,667
15,171
2,078
103,449
81,601
11,179
Amortization of intangible assets resulting from business
acquisition
7,911
7,901
1,082
31,875
36,257
4,967
Acquisition-related expenses
1,467
–
–
12,171
–
–
Impairment of goodwill
35,212
6,934
950
35,212
6,934
950
Cancellation fees of repurchased ADSs
–
101
14
–
678
93
Non-GAAP income (loss) from operations
75,655
103,317
14,152
(23,673)
10,645
1,458
Net (loss) income
(1,983)
42,152
5,774
(222,776)
(138,384)
(18,957)
Add: Share-based compensation expenses
24,667
15,171
2,078
103,449
81,601
11,179
Amortization of intangible assets resulting from business
acquisition
7,911
7,901
1,082
31,875
36,257
4,967
Acquisition-related expenses
1,467
–
–
12,171
–
–
Impairment of goodwill and investments
35,212
21,337
2,923
35,212
21,337
2,923
Other-than-temporary impairment of equity method investments
–
26,115
3,578
–
26,115
3,578
Cancellation fees of repurchased ADSs
–
101
14
–
678
93
Fair value gain on derivative liabilities
–
–
–
(24,515)
–
–
Loss (gain) on disposal/acquisition of subsidiaries
2,620
–
–
(631)
–
–
Unrealized investment loss (gain)
8,352
(20,851)
(2,857)
68,031
(4,851)
(665)
Less: Tax effect of amortization of intangible assets resulting
from business acquisition
(1,507)
(1,802)
(247)
(6,086)
(7,611)
(1,043)
Non-GAAP net income (loss)
76,739
90,124
12,345
(3,270)
15,142
2,075
Net (loss) income attributable to ordinary shareholders of
Baozun Inc.
(48,414)
129
17
(278,422)
(185,198)
(25,370)
Add: Share-based compensation expenses
24,667
15,171
2,078
103,449
81,601
11,179
Amortization of intangible assets resulting from business
acquisition
5,991
5,528
757
24,206
25,776
3,531
Acquisition-related expenses
1,467
–
–
12,171
–
–
Impairment of goodwill and investments
35,212
20,742
2,842
35,212
20,742
2,842
Other-than-temporary impairment of equity method investments
–
26,115
3,578
–
26,115
3,578
Cancellation fees of repurchased ADSs
–
101
14
–
678
93
Fair value gain on derivative liabilities
–
–
–
(24,515)
–
–
Loss (gain) on disposal/acquisition of subsidiaries
2,620
–
–
(652)
–
–
Unrealized investment loss (gain)
8,352
(20,851)
(2,857)
68,031
(4,851)
(665)
Less: Tax effect of amortization of intangible assets resulting from business acquisition
(1,127)
(1,209)
(166)
(4,569)
(5,234)
(717)
Non-GAAP net income (loss) attributable to ordinary
shareholders of Baozun Inc.
28,768
45,726
6,263
(65,089)
(40,371)
(5,529)
Diluted non-GAAP net income (loss) attributable to ordinary
shareholders of Baozun Inc. per ADS:
0.47
0.77
0.11
(1.09)
(0.67)
(0.09)
Weighted average shares used in calculating diluted net
income (loss) per ordinary share
182,780,715
178,685,466
178,685,466
178,549,849
179,678,986
179,678,986
(1) The Company evaluated the non-GAAP adjustments items and concluded that these items have immaterial income tax effects except for amortization of intangible assets resulting from business acquisition.
View original content:https://www.prnewswire.com/news-releases/baozun-announces-fourth-quarter-and-fiscal-year-2024-unaudited-financial-results-302406876.html
SOURCE Baozun Inc.
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Board approves new $40 million Share Repurchase Program
CHICAGO, May 7, 2026 /PRNewswire/ — OppFi Inc. (NYSE: OPFI) (“OppFi” or the “Company”), a tech-enabled digital finance platform that partners with banks to offer financial products and services to everyday Americans, today reported financial results for the first quarter ended March 31, 2026.
“Operationally, OppFi had a healthy start to 2026, generating record first-quarter revenue, which reflects the strength of our core operations. Strategically, we believe 2026 is a pivotal year of investment for OppFi as we evolve the business with the transformative combination of OppFi’s digital-first platform and BNC’s national bank charter. This initiative unlocks significant opportunities for growth and product diversification. Combining our operations under unified regulatory supervision by the OCC and Federal Reserve simplifies and strengthens our compliance and risk management, which positions us for long-term scalability and sustainable growth,” said Todd Schwartz, CEO and Executive Chairman of OppFi. Our new share repurchase program reflects our continued confidence in OppFi’s long-term growth prospects, our commitment to returning value to our stockholders and belief that our stock currently trades at a significant discount to its underlying value,” Todd Schwartz added.
(1) Non-GAAP Financial Measures: Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. See “Reconciliation of Non-GAAP Financial Measures” below for a detailed description and reconciliation of such non-GAAP financial measures to their most directly comparable GAAP financial measures.
Financial Summary
The following table presents a summary of OppFi’s results for the three months ended March 31, 2026 and 2025 (in thousands, except per share data)†. Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
Three Months Ended March 31,
Change
(Unaudited)
2026
2025
%
Total revenue(1)
$ 151,881
$ 140,268
8.3 %
Net income
$ 54,038
$ 20,390
165.0 %
Net income (loss) attributable to OppFi Inc.
$ 28,401
$ (11,372)
349.7 %
Adjusted net income(2)
$ 30,045
$ 33,817
(11.2) %
Basic EPS
$ 1.06
$ (0.48)
321.0 %
Diluted EPS(3)
$ 0.56
$ (0.48)
215.7 %
Adjusted EPS(2,3)
$ 0.35
$ 0.38
(9.3) %
† The financial results do not reflect the simplification of OppFi’s corporate structure to collapse its prior Up-C structure, which occurred after the end of the quarter.
(1) Total revenue is calculated as the sum of interest on finance receivables and other revenue.
(2) Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. See “Reconciliation of Non-GAAP Financial Measures” below for a detailed description and reconciliation of such non-GAAP financial measures to their most directly comparable GAAP financial measures.
(3) Diluted EPS calculated on a GAAP basis excludes dilutive securities, including Class V Voting Stock, restricted stock units, performance stock units, and stock options in any periods in which their inclusion would have an antidilutive effect.
Key Performance Metrics
The following table represents key quarterly metrics as of and for the three months ended March 31, 2026 and 2025 (in thousands, except percentage metrics).
As of and for the Three Months Ended
(Unaudited)
March 31, 2026
March 31, 2025
Total net originations(a)
$ 175,975
$ 189,168
Total retained net originations(a)
$ 151,449
$ 168,963
Ending receivables(b)
$ 444,922
$ 406,579
Net charge-offs as % of total revenue(c)
42.5 %
34.6 %
Net charge-offs as % of average receivables, annualized(c)
55.5 %
47.0 %
Average yield, annualized(d)
130.7 %
135.8 %
Auto-approval rate(e)
79 %
79 %
(a) Total net originations are defined as gross originations net of transferred balance on refinanced loans, while total retained net originations are defined as the portion of total net originations with respect to which the Company ultimately purchased a receivable from bank partners.
(b) Ending receivables are defined as the unpaid principal balances of loans at the end of the reporting period.
(c) Net charge-offs as a percentage of total revenue and net charge-offs as a percentage of average receivables represent total charge-offs from the period less recoveries as a percentage of total revenue and as a percentage of average receivables. Net charge-offs as a percentage of average receivables is presented as an annualized metric. Finance receivables are charged off at the earlier of the time when accounts reach 90 days past due on a recency basis, when OppFi receives notification of a customer bankruptcy or is otherwise deemed uncollectible.
(d) Average yield is defined as total revenue from the period as a percent of average receivables and is presented as an annualized metric.
(e) Auto-approval rate is calculated by taking the number of approved loans that are not decisioned by a loan processor or underwriter (auto-approval) divided by the total number of loans approved.
Share Repurchase Program
During the three months ended March 31, 2026, OppFi repurchased 1,040,699 shares of Class A Common Stock, which were held as treasury stock, for an aggregate purchase price of $9.9 million at an average purchase price per share of $9.54. As of March 31, 2026, $11.0 million of the repurchase authorization under the Company’s prior repurchase program remained available. On May 6, 2026, the Board of Directors of OppFi approved a new share repurchase program under which the Company may repurchase up to $40 million of its Class A Common Stock. This new program replaces the Company’s prior share repurchase program, which was terminated.
Repurchases under the new program may be made from time to time on the open market, through privately negotiated transactions, or via other methods, in accordance with applicable securities laws and other relevant legal requirements. The timing and amount of repurchases will depend on market conditions, share price, trading volume and other factors. The new program does not obligate the Company to repurchase any specific dollar amount or number of shares, and it may be extended, modified, suspended or discontinued at any time.
Conference Call
Management will host a conference call today at 9:00 a.m. ET to discuss OppFi’s financial results and business outlook. The webcast of the conference call will be made available on the Investor Relations page of the Company’s website.
The conference call can also be accessed with the following dial-in information:
Domestic: (800) 579-2543International: (785) 424-1789Conference ID: OPPFI
An archived version of the webcast will be available on OppFi’s website.
About OppFi
OppFi (NYSE: OPFI) is a tech-enabled digital finance platform that partners with banks to offer financial products and services to everyday Americans. Through this transparent and responsible platform, which emphasizes financial inclusion and exceptional customer experience, the Company assists consumers who are underserved by traditional financing options in building improved financial health. OppLoans by OppFi maintains a 4.4/5.0 star rating on Trustpilot based on over 5,500 reviews, positioning the Company among the top consumer-rated financial platforms online. OppFi also holds a 35% equity interest in Bitty Holdings, LLC (“Bitty”), a credit access company that provides revenue-based financing and other working capital solutions to small businesses. For additional information, please visit oppfi.com.
Important Additional Information will be Filed with the SEC
In connection with the proposed transaction between OppFi and BNCCORP, Inc. (“BNCC”), OppFi will file with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (the “registration statement”), which will contain a proxy statement of BNCC and a prospectus of OppFi (the “proxy statement/prospectus”), and OppFi may file with the SEC other relevant documents regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS CAREFULLY AND IN THEIR ENTIRETY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY OPPFI, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT OPPFI, BNC AND THE PROPOSED TRANSACTION. A definitive copy of the proxy statement/prospectus will be mailed to stockholders of BNCC when that document is final. Investors and security holders will be able to obtain the registration statement and the proxy statement/prospectus, as well as other filings containing information about OppFi, free of charge from OppFi or from the SEC’s website when they are filed by OppFi. The documents filed by OppFi with the SEC may be obtained free of charge at OppFi’s website, at https://investors.oppfi.com/financials/sec-filings/default.aspx, or by requesting them by mail at 130 E. Randolph Street, Suite 3400, Chicago, IL 60601 or by email at corporate.secretary@oppfi.com.
Participants in a Solicitation
This communication is not a solicitation of a proxy from any security holder of BNCC or OppFi. However, OppFi, BNCC and certain of their respective directors and executive officers may be deemed to be participants in a solicitation of proxies from the stockholders of BNCC in respect of the proposed transaction. Information about OppFi’s directors and executive officers is available in its Annual Report on Form 10-K for the year ended December 31, 2025 and other documents filed by OppFi with the SEC. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. Free copies of this document may be obtained as described in the preceding paragraph.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities of OppFi or a solicitation of any vote or approval with respect to the proposed transaction by OppFi or BNCC, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Contacts:
Investor Relations:
Mike Gallentine
Head of Investor Relations
mgallentine@oppfi.com
Media Relations:
media@oppfi.com
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. OppFi’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “opportunity,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “possible,” “continue,” “positions,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, OppFi’s expectations with respect to its full year 2026 guidance, the future performance of OppFi’s platform and underwriting models, statements regarding OppFi’s proposed acquisition of BNCC, including the anticipated timing, structure, benefits and strategic rationale of such transactions, OppFi’s expectations with respect to the geographic expansion and product diversification that may come from the acquisition, and expectations for OppFi’s growth and future financial performance. These forward-looking statements are based on OppFi’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside OppFi’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to, the impact of general economic conditions, including economic slowdowns, inflation, interest rate changes, recessions, the impact of tariffs, and tightening of credit markets on OppFi’s business; the impact of challenging macroeconomic and marketplace conditions; the impact of stimulus or other government programs; risks related to the proposed acquisition of BNCC including the risk that the transactions may not be completed in a timely manner or at all and the risk of integration or execution challenges; whether OppFi will be successful in obtaining declaratory relief against the Commissioner of the Department of Financial Protection and Innovation for the State of California; whether OppFi will be subject to AB 539; whether OppFi’s bank partners will continue to lend in California and whether OppFi’s financing sources will continue to finance the purchase of participation rights in loans originated by OppFi’s bank partners in California; OppFi’s ability to scale and grow the Bitty business; the impact that events involving financial institutions or the financial services industry generally, such as actual concerns or events involving liquidity, defaults, or non-performance, may have on OppFi’s business; risks related to any material weakness in OppFi’s internal controls over financial reporting; the ability of OppFi to grow and manage growth profitably and retain its key employees; risks related to new products; risks related to evaluating and potentially consummating acquisitions; concentration risk; risks related to OppFi’s ability to comply with various covenants in its corporate and warehouse credit facilities; risks related to potential litigation; changes in applicable laws or regulations, including, but not limited to, impacts from the One Big Beautiful Bill Act; the possibility that OppFi may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in OppFi’s filings with the United States Securities and Exchange Commission, in particular, contained in the section captioned “Risk Factors.” OppFi cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. OppFi does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures that are unaudited and do not conform to GAAP, such as Adjusted EBT, Adjusted Net Income, and Adjusted EPS. Adjusted EBT is defined as Net Income, adjusted for (1) income tax expense; (2) change in fair value of warrant liabilities; (3) other adjustments, net; and (4) other income. Adjusted Net Income is defined as Adjusted EBT as defined above, adjusted for taxes assuming a tax rate for each period presented that reflects the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes, in order to allow for a comparison with other publicly traded companies. Adjusted EPS is defined as Adjusted Net Income as defined above, divided by weighted average diluted shares outstanding, which represents shares of both classes of common stock outstanding and includes the impact of dilutive securities, such as restricted stock units, performance stock units, and stock options. These non-GAAP financial measures have not been prepared in accordance with accounting principles generally accepted in the United States and may be different from non-GAAP financial measures used by other companies. OppFi believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures with comparable names should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. See “Reconciliation of Non-GAAP Financial Measures” below for reconciliations for OppFi’s non-GAAP financial measures to the most directly comparable GAAP financial measures.
First Quarter Results of Operations
Consolidated Statements of Operations
The following table present consolidated results of operations for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
Three Months Ended March 31,
Change
(Unaudited)
2026
2025
$
%
Revenue:
Interest and loan related income
$ 150,526
$ 139,118
$ 11,408
8.2 %
Other revenue
1,355
1,150
205
17.8
151,881
140,268
11,613
8.3
Change in fair value of finance receivables
(64,583)
(49,458)
(15,125)
30.6
Net revenue
87,298
90,810
(3,512)
(3.9)
Expenses:
Salaries and employee benefits
14,254
13,778
476
3.5
Direct marketing costs
10,385
10,288
97
0.9
Interest expense and amortized debt issuance costs
8,510
10,247
(1,737)
(17.0)
Professional fees
7,264
4,199
3,065
73.0
Technology costs
3,329
2,961
368
12.4
Payment processing fees
1,658
1,630
28
1.7
Occupancy
871
1,039
(168)
(16.2)
Depreciation and amortization
591
1,760
(1,169)
(66.4)
General, administrative and other
5,074
2,416
2,658
110.0
Total expenses
51,936
48,318
3,618
7.5
Income from operations
35,362
42,492
(7,130)
(16.8)
Other income (expense):
Change in fair value of warrant liabilities
21,295
(21,607)
42,902
198.6
Income from equity method investment
1,120
1,076
44
4.1
Other income
232
80
152
191.1
Income before income taxes
58,009
22,041
35,968
163.2
Income tax expense
3,971
1,651
2,320
140.5
Net income
54,038
20,390
33,648
165.0
Less: net income attributable to noncontrolling interest
25,637
31,762
(6,125)
(19.3)
Net income (loss) attributable to OppFi Inc.
$ 28,401
$ (11,372)
$ 39,773
349.7 %
Earnings (loss) per common share attributable to OppFi Inc.:
Earnings (loss) per common share:
Basic
$ 1.06
$ (0.48)
Diluted
$ 0.56
$ (0.48)
Weighted average common shares outstanding:
Basic
26,778,432
23,691,769
Diluted
86,195,269
23,691,769
Condensed Consolidated Balance Sheets
The following table presents consolidated balance sheets as of March 31, 2026 and December 31, 2025 (in thousands). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
(Unaudited)
March 31,
December 31,
Change
2026
2025
$
%
Assets
Cash and restricted cash
$ 99,920
$ 93,263
$ 6,657
7.1 %
Finance receivables at fair value
502,558
546,236
(43,678)
(8.0)
Equity method investment
19,145
19,076
69
0.4
Other assets
98,364
95,515
2,849
3.0
Total assets
$ 719,987
$ 754,090
$ (34,103)
(4.5) %
Liabilities and stockholders’ equity
Accounts payable and accrued expenses
$ 41,610
$ 46,171
$ (4,561)
(9.9) %
Other liabilities
45,975
51,235
(5,260)
(10.3)
Total debt
284,260
321,353
(37,093)
(11.5)
Warrant liabilities
5,160
26,455
(21,295)
(80.5)
Total liabilities
377,005
445,214
(68,209)
(15.3)
Total stockholders’ equity
342,982
308,876
34,106
11.0
Total liabilities and stockholders’ equity
$ 719,987
$ 754,090
$ (34,103)
(4.5) %
Condensed Consolidated Statement of Cash Flows
The following table presents the consolidated statement of cash flows for the three months ended March 31, 2026 and 2025 (in thousands). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
Three Months Ended March 31,
Change
(Unaudited)
2026
2025
$
%
Net cash provided by operating activities
$ 90,779
$ 83,740
$ 7,039
8.4 %
Net cash used in investing activities
(21,436)
(34,241)
12,805
(37.4)
Net cash used in financing activities
(62,686)
(47,019)
(15,667)
33.3
Net increase in cash and restricted cash
$ 6,657
$ 2,480
$ 4,177
168.4 %
Financial Capacity and Capital Resources
As of March 31, 2026, OppFi had $63.9 million in unrestricted cash, an increase of $14.4 million from December 31, 2025. As of March 31, 2026, OppFi had an additional $240.7 million of unused debt capacity under our financing facilities for future availability, representing a 46% overall undrawn capacity, an increase from $203.6 million as of December 31, 2025. The increase in undrawn debt was driven primarily by a decrease in the utilization of revolving lines of credit. Including total financing commitments of $525.0 million and cash and restricted cash on the balance sheet of $99.9 million, OppFi had approximately $624.9 million in funding capacity as of March 31, 2026.
Reconciliation of Non-GAAP Financial Measures
The following tables present reconciliations of non-GAAP financial measures for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data). Certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes. Percentages presented are calculated from the underlying whole-dollar amounts.
Adjusted EBT and Adjusted Net Income
Comparison of the three months ended March 31, 2026 and 2025
Three Months Ended March 31,
Change
(Unaudited)
2026
2025
$
%
Net income
$ 54,038
$ 20,390
$ 33,648
165.0 %
Income tax expense
3,971
1,651
2,320
140.5
Other income
(232)
(80)
(152)
191.1
Change in fair value of warrant liabilities
(21,295)
21,607
(42,902)
(198.6)
Other adjustments, net(a)
3,035
609
2,426
398.4
Adjusted EBT
39,517
44,177
(4,660)
(10.5)
Less: pro forma taxes(b)
9,472
10,360
(888)
(8.6)
Adjusted net income
$ 30,045
$ 33,817
$ (3,772)
(11.2) %
Adjusted earnings per share
$ 0.35
$ 0.38
Weighted average diluted shares outstanding
86,195,269
87,991,698
(a) For the three months ended March 31, 2026, other adjustments, net of $3.0 million included $1.7 million in expenses related to stock compensation, $1.0 million in expenses related to corporate development, $0.2 million in expenses related to severance, and $0.1 million in expenses related to legal matters. For the three months ended March 31, 2025, other adjustments, net of $0.6 million included $1.3 million in expenses related to stock compensation, $0.3 million in expenses related to severance, $0.3 million in expenses related to legal matters, and $0.2 million in expenses related to an adjustment to the Company’s outstanding lease obligations, partially offset by a $1.4 million addback related to the partial forgiveness of remaining expenses related to OppFi Card’s exit activities. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes.
(b) Assumes a tax rate of 23.97% for the three months ended March 31, 2026 and 23.45% for the three months ended March 31, 2025, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.
Adjusted Earnings Per Share
Comparison of the three months ended March 31, 2026 and 2025
Three Months Ended March 31,
(Unaudited)
2026
2025
Weighted average Class A common stock outstanding
26,778,432
23,691,769
Weighted average Class V voting stock outstanding
58,694,615
62,698,935
Dilutive impact of restricted stock units
556,584
1,341,739
Dilutive impact of performance stock units
12,994
62,377
Dilutive impact of stock options
152,644
196,878
Weighted average diluted shares outstanding
86,195,269
87,991,698
Three Months Ended March 31,
(In thousands, except share and per share data)
2026
2025
(Unaudited)
$
Per Share
$
Per Share
Weighted average diluted shares outstanding
86,195,269
87,991,698
Net income
$ 54,038
$ 0.63
$ 20,390
$ 0.23
Income tax expense
3,971
0.05
1,651
0.02
Other income
(232)
—
(80)
—
Change in fair value of warrant liabilities
(21,295)
(0.25)
21,607
0.25
Other adjustments, net(a)
3,035
0.04
609
0.01
Adjusted EBT
39,517
0.46
44,177
0.50
Less: pro forma taxes(b)
9,472
0.11
10,360
0.12
Adjusted net income
$ 30,045
$ 0.35
$ 33,817
$ 0.38
(a) For the three months ended March 31, 2026, other adjustments, net of $3.0 million included $1.7 million in expenses related to stock compensation, $1.0 million in expenses related to corporate development, $0.2 million in expenses related to severance, and $0.1 million in expenses related to legal matters. For the three months ended March 31, 2025, other adjustments, net of $0.6 million included $1.3 million in expenses related to stock compensation, $0.3 million in expenses related to severance, $0.3 million in expenses related to legal matters, and $0.2 million in expenses related to an adjustment to the Company’s outstanding lease obligations, partially offset by a $1.4 million addback related to the partial forgiveness of remaining expenses related to OppFi Card’s exit activities. The sum of the individual components of other adjustments, net may not equal the total presented due to the use of rounded numbers for disclosure purposes.
(b) Assumes a tax rate of 23.97% for the three months ended March 31, 2026 and 23.45% for the three months ended March 31, 2025, reflecting the U.S. federal statutory rate of 21% and a blended statutory rate for state income taxes.
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SOURCE OppFi
Technology
AAON Reports First Quarter 2026 Results with Record Sales and Backlog, Robust Earnings Growth, and Raises Full-Year Guidance
Published
3 minutes agoon
May 7, 2026By
First Quarter 2026 Results
(All comparisons are year-over-year, unless otherwise noted)
Delivered record sales and accelerated earnings growth on strong demand and expanding production throughputNet sales grew 54.3% to a record $496.9 millionOperating margins reflected early benefits from improving utilization, with margin improvement expected to build as capacity absorption improvesGAAP diluted EPS increased 37.1% to $0.48 reflecting strong earnings growth on higher volumeTotal backlog increased 107.4% to a record $2.1 billion, driven by continued strength from the data center market
Raises 2026 Outlook
2026 outlook now reflects revenue growth of 40%-45%% and gross margins of approximately 27-28%, supported by record backlog, expanded capacity, and improving operational execution
TULSA, Okla., May 7, 2026 /PRNewswire/ — AAON, INC. (NASDAQ-AAON), a leader in high-performing, energy-efficient HVAC solutions that bring long-term value to customers and owners, today announced its results for the first quarter of 2026.
First Quarter 2026 Results
Net sales for the first quarter of 2026 increased 54.3% to $496.9 million, from $322.1 million in the first quarter of 2025. This growth was driven by strong demand across both the AAON and BASX brands, and accelerating production throughput made possible by investments made in capacity and operational execution. BASX-branded sales increased 72.4% to $228.6 million, reflecting continued strength in data center cooling demand, higher production volumes, and increased utilization of recently commissioned capacity. AAON-branded sales increased 41.6% to $268.4 million, supported by a strong backlog and accelerating production rates. Booking activity remained solid across both brands, supporting continued share gains and elevated backlog levels. BASX-branded products ended the quarter with backlog up 160.0%, while AAON‑branded bookings demonstrated continued resilience in a softer market environment.
Gross profit margin in the quarter was 25.1%, compared to 26.8% in the prior-year period. The year‑over‑year decline reflected unabsorbed fixed costs associated with recent capacity investments, temporary outsourcing used to support accelerated growth, and transitory price and cost timing dynamics. These effects are intentional and temporary, and are expected to unwind as internal capacity scales and utilization improves.
Selling, general and administrative expenses as a percent of sales declined 220 basis points to 13.7%, demonstrating strong operating leverage and disciplined cost management.
Earnings per diluted share were $0.48, an increase of 37.1% from $0.35 in the first quarter of 2025.
“First‑quarter results demonstrate strong earnings growth driven by higher volume, improved execution, and continued share gains,” said President and CEO Matt Tobolski. “We delivered record sales, improved cash flow, and higher production throughput across our manufacturing network. Importantly, the additional volume we are taking on is carrying attractive incremental contribution, allowing earnings to grow while we intentionally sequence margin improvement during this phase of capacity ramp.
“Our backlog provides exceptional visibility, particularly across the BASX-brand, and positions us to drive continued growth as we move through the year. At the same time, increasing utilization across existing capacity is expected to support margin improvement over time as fixed costs are absorbed, equipment comes fully online, and productivity continues to improve.
“As we progress through 2026, our priorities are clear and unchanged. Drive throughput, convert backlog, and deliver disciplined margin progression over time. We have built the foundation, and we are now focused on converting that foundation into durable earnings power and long-term returns.”
Backlog
March 31, 2026
December 31, 2025
March 31, 2025
(in thousands)
AAON-branded products
$ 509,806
$ 526,350
$ 403,863
BASX-branded products
1,619,649
1,302,145
623,006
$ 2,129,455
$ 1,828,495
$ 1,026,869
Total backlog increased 107.4% year-over-year to $2.13 billion, and increased 16.5% sequentially. The sequential growth was driven entirely by the BASX brand, with backlog increasing 24.4% from the prior quarter. Sustained data center demand and BASX’s custom-engineered solutions continue to support share gains. As planned, AAON-branded products backlog declined sequentially 3.1%, reflecting a deliberate increase in production to address extended lead times, with manufacturing output exceeding order intake during the quarter. Order activity of AAON equipment remained solid, supporting continued share gains despite softer end-market conditions.
2026 Outlook
Dr. Tobolski concluded, “We are encouraged by the start of the year and the momentum we are seeing across the business. Backlog and demand remain exceptionally strong, providing the visibility and stability needed to maintain a sharp focus on execution, production ramp‑up, and customer fulfillment. We are pleased with the benefits we are starting to see from operational investments, and we have meaningful opportunity ahead to further increase production volumes and enhance productivity, which support improved results over time.
“We now expect 2026 sales to grow 40%-45%, with gross margin of 27%-28%, reflecting intentional ramp decisions early in the year and improving margin as utilization and productivity increases through the year. We anticipate SG&A expenses as a percentage of sales will be 14%-15% and expect depreciation and amortization expenses of $95-$100 million.”
Current
Prior
Metric
FY26
FY26
YoY Sales Growth
40%-45%
18%-20%
Gross Profit Margin
27%-28%
29%-31%
SG&A as a % of sales
14%-15%
~16%
Depreciation & Amortization
$95M-$100M
$95M-$100M
Segment Results
AAON Oklahoma
Three Months Ended
(in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Net sales
$ 243,967
$ 215,503
$ 161,838
Gross profit
$ 64,272
$ 59,168
$ 40,600
Gross profit margin
26.3 %
27.5 %
25.1 %
Net sales for the AAON Oklahoma segment totaled $244.0 million, an increase of 50.7% year-over-year, driven by a strong starting backlog and ongoing production enhancements that improved backlog conversion despite a challenging industry environment. First‑quarter 2026 results also benefited from an easier year‑over‑year comparison, as the prior‑year period was disrupted by the industry’s refrigerant transition, contributing to regained market share.
Gross margin for the segment was 26.3%, compared to 25.1% in the first quarter of 2025. Overhead expenses associated with the new Memphis facility impacted segment margin by $9.8 million. Excluding these costs, segment margins were 29.6%. During the quarter, the segment was impacted by elevated outsourcing levels, price‑cost timing dynamics, and tariff‑related costs, all of which are temporary and do not change the long-term earnings power of the segment.
AAON Coil Products
Three Months Ended
(in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Net sales
$ 117,611
$ 102,619
$ 94,023
Gross profit
$ 28,302
$ 21,827
$ 29,858
Gross profit margin
24.1 %
21.3 %
31.8 %
Net sales for the AAON Coil Products segment totaled $117.6 million, up 25.1% compared to the same period last year. Growth was driven primarily by BASX-branded liquid cooling sales of $93.2 million, up 40.5% during the period, while AAON‑branded sales declined 11.8% year-over-year.
AAON Coil Products gross margin was 24.1%, declining year-over-year from 31.8%, but increasing sequentially from 21.3%. The sequential margin expansion reflected improved operating leverage on higher throughput at the Longview facility, including a favorable mix of higher-margin BASX sales.
BASX
Three Months Ended
(in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Net sales
$ 135,358
$ 106,095
$ 66,193
Gross profit
$ 32,391
$ 28,775
$ 15,906
Gross profit margin
23.9 %
27.1 %
24.0 %
Net sales for the BASX segment increased 104.5% to $135.4 million from $66.2 million in the prior-year period. The year-over-year growth reflected strong demand for data center equipment, supported by robust order intake and elevated backlog levels. Increased production from the Company’s new Memphis facility played a key role by expanding capacity and driving higher sales volumes.
BASX segment gross margin was 23.9%, unchanged from the prior-year period. Margin stability reflected strong volume growth, offset by incremental resources and investments to support future growth and share gains. These incremental costs also contributed to the sequential margin contraction.
Balance Sheet & Cash Flow
As of March 31, 2026, the company had cash, cash equivalents and restricted cash of $1.1 million and a balance on its revolving credit facility of $425.2 million. Andy Cheung, CFO and Treasurer, commented, “During the first quarter, operating cash flow totaled $34.0 million, representing the highest level since the third quarter of 2024. This improvement reflected higher earnings and enhanced working capital efficiency. Capital expenditures totaled $52.9 million, primarily reflecting continued investments in incremental capacity to support future growth. As improvements in profitability and productivity continue, we expect these trends to support stronger cash flow and a healthier balance sheet over time.”
Conference Call
The company will host a conference call and webcast this morning at 9:00 a.m. EST to discuss the first quarter of 2026 results and outlook. The conference call will be accessible via dial-in for those who wish to participate in Q&A as well as a listen-only webcast. The dial-in is accessible at 1-888-880-3330. To access the listen-only webcast, please register at https://app.webinar.net/x89XOEkP41z. On the next business day following the call, a replay of the call will be available on the company’s website at https://aaon.com/investors.
About AAON
Founded in 1988, AAON is a global leader in HVAC solutions for commercial, industrial and data center indoor environments. The company’s industry-leading approach to designing and manufacturing highly configurable and custom-made equipment to meet exact needs creates a premier ownership experience with greater efficiency, performance and long-term value. Its highly engineered equipment is sold under the AAON and BASX brands. AAON is headquartered in Tulsa, Oklahoma, where its world-class innovation center and testing lab allows AAON engineers to continuously push boundaries and advance the industry. For more information, please visit www.aaon.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “should”, “will”, and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligations to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause results to differ materially from those in the forward-looking statements include (1) the timing and extent of changes in raw material and component prices, (2) the effects of fluctuations in the commercial/industrial new construction market, (3) the timing and extent of changes in interest rates, as well as other competitive factors during the year, and (4) general economic, market or business conditions. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in any forward-looking statements, see “Risk Factors” and “Forward Looking Statements” in AAON’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by AAON’s Quarterly Reports on Form 10-Q, and AAON’s Current Reports on Form 8-K.
Contact Information
Joseph Mondillo
Director of Investor Relations & Corporate Strategy
Phone: (617) 877-6346
Email: joseph.mondillo@aaon.com
AAON, Inc. and Subsidiaries
Consolidated Statements of Income
(Unaudited)
Three Months Ended March 31,
2026
2025
(in thousands, except per share data)
Net sales
$ 496,936
$ 322,054
Cost of sales
371,971
235,690
Gross profit
124,965
86,364
Selling, general and administrative expenses
67,906
51,293
Gain on disposal of assets
—
(40)
Income from operations
57,059
35,111
Interest expense
(5,055)
(2,802)
Other income, net
77
174
Income before taxes
52,081
32,483
Income tax provision
12,266
3,191
Net income
$ 39,815
$ 29,292
Earnings per share:
Basic EPS
$ 0.49
$ 0.36
Diluted EPS
$ 0.48
$ 0.35
Cash dividends declared per common share:
$ 0.10
$ 0.10
Weighted average shares outstanding:
Basic
81,756,604
81,472,351
Diluted
83,179,954
83,351,536
AAON, Inc. and Subsidiaries
Segment Net Sales and Profit
(Unaudited)
Three Months Ended March 31,
2026
2025
(in thousands)
AAON Oklahoma
External sales
$ 243,967
$ 161,838
Inter-segment sales
44,509
3,839
Eliminations
(44,509)
(3,839)
Net sales
243,967
161,838
Cost of sales1
179,695
121,238
Gross profit
64,272
40,600
AAON Coil Products
External sales
$ 117,611
$ 94,023
Inter-segment sales
6,818
3,579
Eliminations
(6,818)
(3,579)
Net sales
117,611
94,023
Cost of sales1
89,309
64,165
Gross profit
28,302
29,858
BASX
External sales
$ 135,358
$ 66,193
Inter-segment sales
(2)
43
Eliminations
2
(43)
Net sales
135,358
66,193
Cost of sales1
102,967
50,287
Gross profit
32,391
15,906
Consolidated gross profit
$ 124,965
$ 86,364
1 Presented after intercompany eliminations.
The reconciliation between consolidated gross profit to consolidated income from operations is as follows:
Consolidated gross profit
$ 124,965
$ 86,364
Less: Selling, general and administrative expenses
67,906
51,293
Add: gain on disposal of assets
—
(40)
Consolidated income from operations
$ 57,059
$ 35,111
AAON, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
March 31,
2026
December 31,
2025
2026
2025
Assets
(in thousands, except share and per share data)
Current assets:
Cash and cash equivalents
$ 13
$ 13
Restricted cash
1,087
1,226
Accounts receivable, net
290,161
314,387
Income tax receivable
19,691
27,445
Inventories, net
313,203
261,151
Contract assets, net
298,368
247,037
Prepaid expenses and other
21,177
17,921
Total current assets
943,700
869,180
Property, plant and equipment, net
654,857
631,262
Intangible assets, net and goodwill
171,913
165,799
Right of use assets
17,335
17,988
Other long-term assets
1,907
2,281
Total assets
$ 1,789,712
$ 1,686,510
Liabilities and Stockholders’ Equity
Current liabilities:
Short-term obligations of NMTC1
7,535
7,535
Accounts payable
160,139
110,437
Accrued liabilities
136,731
132,213
Contract liabilities
55,229
80,670
Total current liabilities
359,634
330,855
Debt, long-term
425,154
398,320
Deferred tax liabilities
34,899
30,313
Other long-term liabilities
27,038
23,299
New markets tax credit obligations1
8,778
8,738
Commitments and contingencies (Note 19)
Stockholders’ equity:
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued
—
—
Common stock, $.004 par value, 200,000,000 shares authorized, 81,851,483 and 81,691,075 issued and outstanding at March 31, 2026 and December 31, 2025, respectively
327
327
Additional paid-in capital
71,913
64,358
Retained earnings
861,969
830,300
Total stockholders’ equity
934,209
894,985
Total liabilities and stockholders’ equity
$ 1,789,712
$ 1,686,510
1 Held by variable interest entities
AAON, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended March 31,
2026
2025
Operating Activities
(in thousands)
Net income
$ 39,815
$ 29,292
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization
20,903
18,943
Amortization of debt issuance costs
40
52
Amortization of right of use assets
40
25
(Recoveries of) Provision for losses on accounts receivable, net of adjustments
(120)
88
Provision for excess and obsolete inventories, net of write-offs
701
57
Share-based compensation
7,696
4,021
Other
—
(45)
Deferred income taxes
4,586
5,976
Changes in assets and liabilities:
Accounts receivable
24,346
(17,631)
Income tax receivable
7,754
(3,323)
Inventories
(52,753)
(11,489)
Contract assets
(51,331)
(53,235)
Prepaid expenses and other long-term assets
(1,487)
(2,703)
Accounts payable
50,375
21,625
Contract liabilities
(25,441)
1,508
Extended warranties
4,387
37
Accrued liabilities and other long-term liabilities
4,483
(2,412)
Net cash provided by (used in) operating activities
33,994
(9,214)
Investing Activities
Capital expenditures
(45,127)
(46,723)
Grant proceeds received
1,650
—
Proceeds from sale of property, plant and equipment
—
40
Acquisition of intangible assets
(7,808)
(3,717)
Principal payments from note receivable
—
12
Net cash used in investing activities
(51,285)
(50,388)
Financing Activities
Borrowings of debt
252,867
235,925
Payments of debt
(226,033)
(138,411)
Payment related to financing costs
(1,395)
—
Stock options exercised
3,062
4,356
Repurchase of stock – open market
—
(31,536)
Repurchases of stock – LTIP plans (Note 17)
(3,203)
(6,768)
Cash dividends paid to stockholders
(8,146)
(8,095)
Net cash provided by financing activities
17,152
55,471
Net decrease in cash, cash equivalents, and restricted cash
(139)
(4,131)
Cash, cash equivalents, and restricted cash, beginning of period
1,239
6,514
Cash, cash equivalents, and restricted cash, end of period
$ 1,100
$ 2,383
Use of Non-GAAP Financial Measures
To supplement the company’s consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), additional non-GAAP financial measures are provided and reconciled in the following tables. The company believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results. The company believes that this non-GAAP financial measure enhances the ability of investors to analyze the company’s business trends and operating performance as they are used by management to better understand operating performance. Since adjusted net income, adjusted net income per diluted share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP measures and are susceptible to varying calculations, adjusted net income, adjusted net income per diluted share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin, as presented, may not be directly comparable with other similarly titled measures used by other companies.
Non-GAAP Adjusted Net Income
The company defines non-GAAP adjusted net income as net income adjusted for any infrequent events, such as litigation settlements, net of profit sharing and tax effect, in the periods presented.
The following table provides a reconciliation of net income (GAAP) to non-GAAP adjusted net income for the periods indicated:
Three Months Ended March 31,
2026
2025
(in thousands)
Net income, a GAAP measure
$ 39,815
$ 29,292
Add: Memphis incentive fee1
—
2,700
Profit sharing effect2
—
(230)
Tax effect
—
(627)
Non-GAAP adjusted net income
$ 39,815
$ 31,135
Non-GAAP adjusted earnings per diluted share
$ 0.48
$ 0.37
1The incentive fee relates to fees payable to our real estate broker associated with the acquisition of our Memphis, Tenn. plant for a percentage of the incentives awarded to us by various entities.
2Profit sharing effect of the Memphis incentive fee in the respective period.
EBITDA
EBITDA (as defined below) is presented herein and reconciled from the GAAP measure of net income because of its wide acceptance by the investment community as a financial indicator of a company’s ability to internally fund operations. The company defines EBITDA as net income, plus (1) depreciation and amortization, (2) interest expense (income), net and (3) income tax expense. EBITDA is not a measure of net income or cash flows as determined by GAAP. EBITDA margin is defined as EBITDA as a percentage of net sales.
The company’s EBITDA measure provides additional information which may be used to better understand the company’s operations. EBITDA is one of several metrics that the company uses as a supplemental financial measurement in the evaluation of its business and should not be considered as an alternative to, or more meaningful than, net income, as an indicator of operating performance. Certain items excluded from EBITDA are significant components in understanding and assessing a company’s financial performance. EBITDA, as used by the company, may not be comparable to similarly titled measures reported by other companies. The company believes that EBITDA is a widely followed measure of operating performance and is one of many metrics used by the company’s management team and by other users of the company’s consolidated financial statements.
Adjusted EBITDA is calculated as EBITDA adjusted by items in non-GAAP adjusted net income, above, except for taxes, as taxes are already excluded from EBITDA.
The following table provides a reconciliation of net income (GAAP) to EBITDA (non-GAAP) and Adjusted EBITDA (non-GAAP) for the periods indicated:
Three Months Ended March 31,
2026
2025
(in thousands)
Net income, a GAAP measure
$ 39,815
$ 29,292
Depreciation and amortization
20,903
18,943
Interest expense, net
5,055
2,802
Income tax expense
12,266
3,191
EBITDA, a non-GAAP measure
$ 78,039
$ 54,228
Add: Memphis incentive fee1
—
2,700
Profit sharing effect2
—
(230)
Adjusted EBITDA, a non-GAAP measure
$ 78,039
$ 56,698
Adjusted EBITDA margin
15.7 %
17.6 %
1The incentive fee relates to fees payable to our real estate broker associated with the acquisition of our Memphis, Tenn. plant for a percentage of the incentives awarded to us by various entities.
2Profit sharing effect of the Memphis incentive fee in the respective period.
Non-GAAP Adjusted Selling, General and Administrative Expenses
The following table provides a reconciliation of selling, general and administrative expenses (GAAP) to adjusted selling, general and administrative expenses (non-GAAP) for the periods indicated:
Three Months Ended March 31,
2026
2025
(in thousands)
Non-GAAP Adjusted Selling, General and Administrative Expenses
SG&A, a GAAP measure
$ 67,906
$ 51,293
Less: Memphis Incentive Fee1
—
2,700
Profit Sharing effect2
—
(230)
Non-GAAP adjusted SG&A expenses
$ 67,906
$ 48,823
As a percent of sales
13.7 %
15.2 %
1The incentive fee relates to fees payable to our real estate broker associated with the acquisition of our Memphis, Tenn. plant for a percentage of the incentives awarded to us by various entities.
2Profit sharing effect of the Memphis incentive fee in the respective period.
View original content to download multimedia:https://www.prnewswire.com/news-releases/aaon-reports-first-quarter-2026-results-with-record-sales-and-backlog-robust-earnings-growth-and-raises-full-year-guidance-302765303.html
SOURCE AAON
Technology
Tetrous® Wins “Most Exciting New Product” Award at Shoulder 360™
Published
3 minutes agoon
May 7, 2026By
Following its ACE (Advancing Cutting-Edge) Award win in 2024, Tetrous is recognized once again, this time by Shoulder 360™ for its EnFix® product line.
LOS ANGELES, May 7, 2026 /PRNewswire/ — Tetrous, Inc., an emerging leader in orthopedic sports medicine innovation, today announced it has been awarded “Most Exciting New Product” at Shoulder 360, recognizing the company’s continued advancement in solutions for bone-to-tendon healing.
This latest honor builds on Tetrous’ earlier recognition at the AOSSM Annual Meeting, where the company received the prestigious ACE (Advancing Cutting-Edge) Award in 2024—a distinction given to breakthrough technologies with the potential to meaningfully improve patient outcomes in sports medicine. Shoulder 360™ is the pre-eminent forum meeting annually to educate the spectrum of health care providers caring for patients with shoulder disorders.
Tetrous’ product line, including EnFix RC®, EnFix TAC-O®, EnFix TAC-T®, and EnFix ACL™, is designed to address longstanding challenges in orthopedic soft tissue repair, particularly in procedures such as rotator cuff repair, where failure rates remain a significant concern. Restoring the bone-to-tendon interface, known as the enthesis, ultimately determines healing and long-term success.
Tetrous offers the only demineralized bone fiber (DBF) implant designed specifically for placement within bone at the bone-tendon interface, supplying the biological drivers for repair. When the mineral component is removed from allograft bone, the bone morphogenic proteins (i.e. growth factors) are exposed, allowing them to help stimulate new tissue formation. The peg design of EnFix allows surgeons to place the implant directly into the bone at the repair site, while the internal cannulation allows bone marrow cells to access the implant and initiate healing.
Significant Commercial Progress
Since receiving its prior “technology” award, Tetrous has demonstrated significant commercial and clinical progress:
Expanded to more than 100 surgeon users with three times year over year surgeon growthSurpassed 3,500 implanted devices, reflecting strong clinical adoptionExpanded clinical use of EnFix across multiple anatomical enthesesCompleted first cases with EnFix ACL for Anterior Cruciate Ligament ReconstructionScaled distribution internationally, with active markets in the United States, Australia, and New Zealand, and planned expansion into Taiwan
Raffy Mirzayan, MD, DOCS Health, Clinical Professor of Orthopaedic Surgery at USC Keck School of Medicine, Los Angeles, and Co-Founder of Shoulder360 said: “Shoulder360 was proud to award the ‘Most Exciting New Product/Service Award’ for 2026 to Tetrous. The winner of the award is voted on by surgeon attendees. Tetrous stood out for its efforts to highlight Enthesis healing with its exciting new EnFix product.”
“The rapid pace of adoption we’ve seen in the past year is incredibly encouraging,” said John Bojanowski, Director and Chief Commercial Officer. “Surpassing 3,500 implants and expanding internationally are strong indicators that surgeons recognize the value of what Tetrous is bringing to the OR.”
“Our recognition at Shoulder 360 reflects the growing confidence from surgeons who are recognizing that we have introduced a differentiated solution that can complete the healing triad of (a) fixation, (b) structure and, now with Tetrous, (c) biology – leading to better outcomes for patients,” said Bradley Patt, PhD, Co-founder, Director and CEO.
About Tetrous, Inc.
Founded in 2019, Tetrous, Inc. utilizes next generation advanced technologies for enthesis repair in sports medicine applications. The EnFix family of demineralized bone fiber implants includes EnFix RC®, EnFix TAC® and EnFix ACL™, designed to enhance the natural healing response by supporting biologic reformation at the bone-to-tendon junction. By focusing on clinically validated technologies that reduce failure rates, accelerate recovery, and restore function, Tetrous is helping surgeons achieve consistent, evidence-based results that translate into both short-term return to normal activities and long-term positive outcomes for patients.
Tetrous enjoys significant IP protection for its EnFix family of products with multiple issued patents and, additionally, has an exclusive license to the demineralized bone fiber technology used in its products for sports medicine applications from TheraCell, an ISTO Biologics Company.
Tetrous®, EnFix®, EnFix RC®, EnFix TAC® and EnFix ACL™ are trademarks of Tetrous, Inc.
For more information visit Tetrous, Inc., and follow us on LinkedIn.
Media Contact:
Ronda Taylor
Tetrous, Inc.
331-307-7499
rtaylor@tetrous.com
Product Information:
John Bojanowski
Tetrous, Inc.
331-307-7499
jbojanowski@tetrous.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/tetrous-wins-most-exciting-new-product-award-at-shoulder-360-302764891.html
SOURCE Tetrous
OppFi Reports First Quarter 2026 Results, Record Quarterly Revenue
AAON Reports First Quarter 2026 Results with Record Sales and Backlog, Robust Earnings Growth, and Raises Full-Year Guidance
Tetrous® Wins “Most Exciting New Product” Award at Shoulder 360™
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