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ZKH Group Limited Announces First Quarter 2026 Unaudited Financial Results

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SHANGHAI, May 21, 2026 /PRNewswire/ — ZKH Group Limited (“ZKH” or the “Company”) (NYSE: ZKH), a leading maintenance, repair, and operations (“MRO”) procurement service platform in China, today announced its unaudited financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Operational and Financial Highlights 

First Quarter

2025

2026

Change

(in thousand RMB, except for number of customers, percentage and basis
points(“bps”))

GMV[1]

2,171,997

2,452,783

12.9 %

GMV by Platform

ZKH Platform

1,966,210

2,183,957

11.1 %

GBB Platform

205,787

268,826

30.6 %

GMV by Business Model

Product Sales (1P)

1,901,196

2,132,441

12.2 %

Marketplace (3P)[2]

270,800

320,342

18.3 %

Number of Customers[3]

60,102

66,742

11.0 %

Net Revenues

1,935,372

2,113,819

9.2 %

Gross Profit

332,118

354,027

6.6 %

% of Net Revenues

17.2 %

16.7 %

-41.2bps

Operating Loss

(80,813)

(22,497)

-72.2 %

% of Net Revenues

-4.2 %

-1.1 %

311.1bps

Non-GAAP EBITDA[4]

(51,959)

4,237

–

% of Net Revenues

-2.7 %

0.2 %

288.5bps

Net (Loss)/Profit

(66,723)

(10,103)

-84.9 %

% of Net Revenues

-3.4 %

-0.5 %

297.0bps

Non-GAAP Adjusted Net (Loss)/Profit[5]

(50,176)

1,690

–

% of Net Revenues

-2.6 %

0.1 %

267.3bps

 

Mr. Eric Long Chen, Chairman and Chief Executive Officer of ZKH, stated, “We are off to a strong start in 2026, with GMV and revenue growth accelerating year over year for the second consecutive quarter. GMV and revenues delivered their highest quarterly year-over-year growth in recent quarters, reflecting robust customer demand and strengthening execution across our platform. Momentum remained broad-based across key customer segments, with small and mid-sized enterprises (SMEs) sustaining over 20% GMV growth and central state-owned enterprises (SOEs) returning to double-digit year-over-year GMV growth. More importantly, the quality of our growth continued to improve, driving significant earnings improvement on both a GAAP and non-GAAP basis. Underpinning this performance was our continued progress in strengthening our product ecosystem, fulfillment network, and AI-powered digitalization, which improved our customer penetration, execution capabilities, and platform scalability. Looking ahead, we believe the solid operational foundation we have built positions us well to further scale the business, improve profitability, and create long-term value for our shareholders.”

Mr. Max Chun Chiu Lai, Chief Financial Officer of ZKH, added, “Our financial profile improved meaningfully during the quarter. Gross profit achieved year-over-year growth, while gross margin on a GMV basis improved by 0.9 percentage points sequentially. At the same time, operating loss and net loss narrowed significantly year over year, reflecting ongoing enhancement in our operating efficiency and business quality. Notably, non-GAAP adjusted net profit increased by approximately 103.4% year over year, representing a significant turnaround and marking the first time we achieved non-GAAP profitability in a seasonally soft first quarter. These encouraging results further strengthened our confidence in achieving double-digit GMV growth and full-year profitability in 2026. In addition, operating cash flow continued to improve year over year, further reinforcing our financial resilience.”

[1] GMV is the total transaction value of orders placed on the Company’s platform and shipped to customers, excluding taxes, net of the returned amount.

[2] The marketplace model accounted for 13.1% of GMV in the first quarter of 2026, compared with 12.5% in the corresponding periods of 2025.

[3] Customers are customers that transacted with the Company during the reporting period, mainly comprised of enterprise customers in various industries.

[4] Non-GAAP EBITDA is defined as net profit/(loss) before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses.

[5] Non-GAAP adjusted net (loss)/profit is defined as net (loss)/profit excluding share-based compensation expenses.

First Quarter 2026 Business Highlights

Business Momentum. The Company continued to build on its growth momentum during the quarter, with total GMV increasing 12.9% year over year, accelerating from both the previous quarter and the same period last year. The ZKH platform deepened penetration across its diversified customer segments: GMV from SME customers was up 20% year over year and GMV from central SOE customers returned to double-digit growth. The GBB platform achieved over 30% year-over-year GMV growth, further expanding its customer reach and reinforcing the Company’s complementary dual-platform growth strategy.

Product Capabilities. The Company strengthened product capabilities across high-value and highly specialized industrial scenarios, with increased investments in ten key product lines, including factory automation, electrical automation, and cutting tools. GMV from key industries such as electrical manufacturing, steel and non-ferrous metals, and communications electronics grew by over 20% year over year, while professional MRO categories such as factory automation components and chemical reagents achieved double-digit growth. During the quarter, the Company added roughly 4 million sellable SKUs, bringing the total to approximately 27 million. At the same time, GMV from higher-margin private-label products grew by over 20% year over year and accounted for approximately 9.7% of total GMV in the first quarter of 2026, with over 400 new products launched during the quarter.

Fulfillment Network. The Company enhanced its fulfillment capacity and operational efficiency, supported by the continued expansion of its self-operated delivery fleet and a 36% year-over-year improvement in warehouse utilization efficiency. Continued optimization across its end-to-end fulfillment network drove a 17% year-over-year decrease in fulfillment expenses.

AI Capabilities. The Company continued to advance its full-stack AI capabilities, further strengthening its integrated AI infrastructure and accelerating AI adoption across both internal and external business scenarios.

At the data layer, the Company continued to strengthen its industrial product data infrastructure. In 2026, the Company targets building the industry’s first hundred-million-scale industrial product data dictionary. The enhanced data capabilities are expected to further accelerate AI adoption across key workflows. In business scenarios involving product search and quotations from customers, AI currently handles roughly 30% of product matching and identification tasks that previously required manual processing. This percentage is expected to increase meaningfully in 2026, with key product lines such as fasteners, pipes and valves, and hand tools potentially achieving even higher levels, further improving quotation efficiency and sales conversion.At the model layer, the Company upgraded its proprietary MRO large language model, “Hangjia Linglong (行家玲珑),” with enhanced multimodal capabilities, and launched “Hangjia Huiyan (行家慧眼),” the industry’s first intelligent visual search engine for industrial products. Powered by advanced image recognition and multimodal AI capabilities, Hangjia Huiyan enables intelligent product identification, scenario understanding and demand diagnosis across complex industrial environments, significantly improving communication, product matching and procurement efficiency.At the application layer, the Company continued to optimize key AI applications across core business functions, unlocking greater operational efficiency and commercial value across key industrial supply chain scenarios. The ProductRecom Agent (AI推品大脑), which generated over RMB200 million in sales in 2025, is expected to further scale its impact and commercial contribution in 2026.International Expansion. The Company maintained solid momentum in serving Chinese manufacturers expanding overseas, with continued growth in both customers served and geographic coverage during the quarter. In the U.S. market, the Company further optimized its product development, sales channels, and fulfillment capabilities, strengthening its localized service and operations.

First Quarter 2026 Financial Results

Net Revenues. Net revenues were RMB2,113.8 million (US$306.4 million), representing an increase of 9.2% from RMB1,935.4 million in the same period of 2025. 

First Quarter

2025

2026

Change

(in thousand RMB, except for percentage)

Net Revenues

1,935,372

2,113,819

9.2 %

Net Product Revenues

1,884,860

2,061,621

9.4 %

From ZKH Platform

1,679,343

1,803,055

7.4 %

From GBB Platform

205,517

258,566

25.8 %

Net Service Revenues

37,894

41,251

8.9 %

Other Revenues

12,618

10,947

-13.2 %

 

Cost of Revenues. Cost of revenues was RMB1,759.8 million (US$255.1 million), representing an increase of 9.8% from RMB1,603.3 million in the same period of 2025.

Gross Profit and Gross Margin. Gross profit was RMB354.0 million (US$51.3 million), representing an increase of 6.6% from RMB332.1 million in the same period of 2025. Gross margin was 16.7%, compared with 17.2% in the same period of 2025.

First Quarter

2025

2026

Change

(in thousand RMB, except for percentage and
basis points (“bps”))

Gross Profit

332,118

354,027

6.6 %

% of Net Revenues

17.2 %

16.7 %

-41.2bps

% of GMV

15.3 %

14.4 %

-85.7bps

Under Product Sales (1P)

ZKH Platform

278,618

295,205

6.0 %

% of Net Product Revenues from
ZKH Platform

16.6 %

16.4 %

-21.8bps

GBB Platform

12,687

15,669

23.5 %

% of Net Product Revenues from
GBB Platform

6.2 %

6.1 %

-11.3bps

Under Marketplace (3P)

37,894

41,251

8.9 %

% of Net Service Revenues

100.0 %

100.0 %

–

% of GMV from the Marketplace Model
(Take Rate[6])

14.0 %

12.9 %

-111.6bps

Others

2,918

1,902

-34.8 %

% of Other Revenues

23.1 %

17.4 %

-575.1bps

 

Operating Expenses. Operating expenses were RMB376.5 million (US$54.6 million), down 8.8% from RMB412.9 million in the same period of 2025. Operating expenses were 17.8% of net revenues, compared with 21.3% in the same period of 2025.

Fulfillment Expenses. Fulfillment expenses were RMB77.6 million (US$11.3 million), down 16.8% from RMB93.3 million in the same period of 2025, primarily due to lower distribution expenses, employee benefits expenses and rental and property management fees. Fulfillment expenses were 3.7% of net revenues, compared with 4.8% in the same period of 2025.

Sales and Marketing Expenses. Sales and marketing expenses were RMB137.6 million (US$20.0 million), up 0.6% from RMB136.8 million in the same period of 2025, primarily due to higher employee benefits expenses, partially offset by lower marketing and promotion expenses, as well as traveling expenses. Sales and marketing expenses were 6.5% of net revenues, compared with 7.1% in the same period of 2025.

Research and Development Expenses. Research and development expenses were RMB29.3 million (US$4.3 million), down 25.9% from RMB39.6 million in the same period of 2025, primarily due to lower employee benefits expenses. Research and development expenses were 1.4% of net revenues, compared with 2.0% in the same period of 2025.

General and Administrative Expenses. General and administrative expenses were RMB131.9 million (US$19.1 million), down 7.9% from RMB143.2 million in the same period of 2025, primarily due to lower employee benefits expenses and loss on inventory write-down and disposal, partially offset by higher service fee. General and administrative were 6.2% of net revenues, compared with 7.4 % in the same period of 2025.

Loss from Operations. Loss from operations was RMB22.5 million (US$3.3 million), compared with RMB80.8 million in the same period of 2025. Operating loss margin was 1.1%, compared with 4.2% in the same period of 2025.

Non-GAAP EBITDA. Non-GAAP EBITDA was RMB4.2 million (US$0.6 million), compared with negative RMB52.0 million in the same period of 2025. Non-GAAP EBITDA margin was 0.2%, compared with negative 2.7% in the same period of 2025.

Net Loss. Net loss was RMB10.1 million (US$1.5 million), compared with RMB66.7 million in the same period of 2025. Net loss margin was 0.5%, compared with 3.4% in the same period of 2025.

Non-GAAP Adjusted Net Profit/(Loss). Non-GAAP adjusted net profit was RMB1.7 million (US$0.2 million), compared with non-GAAP adjusted net loss of RMB50.2 million in the same period of 2025. Non-GAAP adjusted net profit margin was 0.1%, compared with non-GAAP adjusted net loss margin of 2.6% in the same period of 2025.

Basic and Diluted Net Profit/(Loss) per ADS[7] and Non-GAAP Adjusted Basic and Diluted Net Profit/(Loss) per ADS[8]. Basic and diluted net loss per ADS was RMB0.06 (US$0.01), compared with RMB0.41 in the same period of 2025. Non-GAAP adjusted basic and diluted net profit per ADS were RMB0.01 (US$0.002), compared with basic and diluted net loss per ADS of RMB0.31 in the same period of 2025.

Balance Sheet and Cash Flow

As of March 31, 2026, the Company had cash and cash equivalents, restricted cash, and short-term investments of RMB1.84 billion (US$266.1 million), compared with RMB1.92 billion as of December 31, 2025.

Net cash used in operating activities was RMB34.0 million (US$4.9 million) in the first quarter of 2026, compared with net cash used in operating activities of RMB97.1 million in the same period of 2025. 

Share Repurchase Update

Pursuant to the Company’s share repurchase program of up to US$50 million, adopted on June 13, 2025 and effective through June 13, 2026, the Company repurchased an aggregate of approximately 1.48 million ADSs for approximately US$4.76 million from the open market as of March 31, 2026.

Exchange Rate

This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB6.8980 to US$1.00, the exchange rate in effect as of March 31, 2026, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

[6] Take rate of the marketplace model represents gross profit from the marketplace model divided by GMV from the marketplace model.

[7] ADSs are American depositary shares, each of which represents thirty-five (35) Class A ordinary shares of the Company.

[8] Non-GAAP adjusted basic and diluted net profit/(loss) per ADS is a non-GAAP financial measure, which is calculated by dividing non-GAAP adjusted net profit/(loss) attributable to the Company’s ordinary shareholders by the weighted average number of ADSs.

Conference Call Information

The Company’s management will hold a conference call on Thursday, May 21, 2026, at 7:00 A.M. U.S. Eastern Time or 7:00 P.M. Beijing Time to discuss its financial results and operating performance for the first quarter of 2026.

United States (toll free):

+1-888-317-6003

International:

+1-412-317-6061

Mainland China (toll free):

400-120-6115

Hong Kong (toll free):

800-963-976

Hong Kong:

+852-5808-1995

Access Code:

2335796

The replay will be accessible through May 28, 2026 by dialing the following numbers:

United States:

+1-855-669-9658

International:

+1-412-317-0088

Replay Access Code:

6840038

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

About ZKH Group Limited

ZKH Group Limited (NYSE: ZKH) is a leading MRO procurement service platform in China, underpinned by robust supply chain capabilities and dedicated to serving customers globally through a product-led, agentic AI-driven approach. Through its primary online platforms, the ZKH platform, the GBB platform and the Northsky platform, along with innovative technology and extensive industry expertise, the Company provides bespoke MRO procurement solutions to a diverse and loyal customer base. These solutions encompass hyper-personalized product curation from a comprehensive selection of quality products at competitive prices. Additionally, the Company ensures timely and reliable product delivery through professional fulfillment services. By focusing on reducing procurement costs and addressing management efficiency challenges, ZKH is transforming the opaque MRO procurement process and empowering all stakeholders across the value chain.

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

Use of Non-GAAP Financial Measures 

This press release contains the following non-GAAP financial measures: non-GAAP adjusted net (loss)/profit, non-GAAP adjusted net (loss)/profit per ADS, basic and diluted, and non-GAAP EBITDA. The non-GAAP financial measures should not be considered in isolation from or construed as alternatives to their most directly comparable financial measures prepared in accordance with accounting principles generally accepted in the United States of America. Investors are encouraged to review the historical non-GAAP financial measures in reconciliation to their most directly comparable GAAP financial measures. 

The Company defines non-GAAP adjusted net (loss)/profit for a specific period as net loss in the same period excluding share-based compensation expenses. The Company defines non-GAAP EBITDA as net loss before interest expenses, income tax expenses/(benefits) and depreciation and amortization expenses. Non-GAAP adjusted net (loss)/profit per ADS is calculated by dividing adjusted net (loss)/profit attributable to the Company’s ordinary shareholders by the weighted average number of ordinary shares during the periods and then multiplied by 35.

The Company presents these non-GAAP financial measures because they are used by the management to evaluate the Company’s operating performance and formulate business plans. The Company believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in net loss and certain expenses that are not expected to result in future cash payments or that are non-recurring in nature. The Company also believes that the use of these non-GAAP financial measures facilitates investors’ assessment of its operating performance, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by the management in financial and operational decision making.

The non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies. The Company’s non-GAAP financial measures do not include all income and expense items that affect the Company’s operations. They may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider the non-GAAP financial measures as substitutes for, or superior to, their most directly comparable financial measures prepared in accordance with GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of Non-GAAP Results” set forth at the end of this press release.

Safe Harbor Statement 

This press release contains forward-looking statements. These statements are made pursuant to 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 “may,” “will,” “expects,” “anticipates,” “aim,” “estimates,” “intends,” “plans,” “believes,” “is/are likely to,” “potential,” “continue,” and similar statements. Among other things, the quotations from management in this press release and ZKH’s strategic and operational plans contain forward-looking statements. ZKH may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press release and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ZKH’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ZKH’s mission, goals and strategies; ZKH’s future business development, financial condition and results of operations; the expected changes in its revenues, expenses or expenditures; the expected growth of the MRO procurement service industry in China and globally; changes in customer or product mix; ZKH’s expectations regarding the prospects of its business model and the demand for and market acceptance of its products and services; ZKH’s expectations regarding its relationships with customers, suppliers, and service providers on its platform; competition in the Company’s industry; government policies and regulations relating to ZKH’s industry; general economic and business conditions in China and globally; the outcome of any current and future legal or administrative proceedings; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ZKH’s filings with the SEC. All information provided herein is as of the date of this announcement, and ZKH undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

ZKH Group Limited
IR Department
E-mail: IR@zkh.com

Christensen Advisory
Email: zkh@christensencomms.com

 

 

ZKH GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS, per share and per ADS data)

As of December 31,

As of March 31,

2025

2026

RMB

RMB

US$

Assets

Current assets:

Cash and cash equivalents

1,030,573

1,074,095

155,711

Restricted cash

61,871

50,891

7,378

Short-term investments

825,289

710,454

102,994

Accounts receivable (net of allowance

   for credit losses of RMB159,923 and

   RMB162,340 as of December 31,

   2025 and March 31, 2026, respectively)

3,257,162

3,078,948

446,354

Notes receivable

113,291

142,929

20,720

Inventories

669,825

642,102

93,085

Prepayments and other current assets

180,188

179,508

26,023

Total current assets

6,138,199

5,878,927

852,265

Non-current assets:

Property and equipment, net

186,185

183,313

26,575

Land use right

10,582

10,526

1,526

Operating lease right-of-use assets, net

142,205

130,844

18,968

Intangible assets, net

21,871

27,057

3,922

Goodwill

30,807

30,807

4,466

Total non-current assets

391,650

382,547

55,457

Total assets

6,529,849

6,261,474

907,722

Liabilities

Current liabilities:

Short-term borrowings

240,000

230,000

33,343

Current portion of long-term borrowings

2,305

2,305

334

Accounts and notes payable

2,718,941

2,487,578

360,623

Operating lease liabilities

50,202

47,083

6,826

Advance from customers

27,152

37,805

5,481

Accrued expenses and other current liabilities

378,566

390,097

56,552

Derivatives

8,624

–

–

Total current liabilities

3,425,790

3,194,868

463,159

Non-current liabilities:

Long-term borrowings

42,651

42,651

6,183

Non-current operating lease liabilities

91,894

83,247

12,068

Other non-current liabilities

28,181

34,969

5,069

Total non-current liabilities

162,726

160,867

23,320

Total liabilities

3,588,516

3,355,735

486,479

As of December 31,

As of March 31,

2025

2026

RMB

RMB

US$

ZKH Group Limited shareholders’ equity:

Ordinary shares (USD0.0000001 par value;
   500,000,000,000 and 500,000,000,000
   shares authorized; 5,682,357,714 and
   5,687,307,274 shares issued and
   5,563,528,436 and 5,555,047,923 shares
   outstanding as of December 31, 2025 and
   March 31, 2026, respectively)

4

4

1

Additional paid-in capital

8,370,941

8,385,264

1,215,607

Statutory reserves

6,566

6,566

952

Accumulated other comprehensive income/(loss)

(37,288)

(67,426)

(9,775)

Accumulated deficit

(5,317,131)

(5,327,234)

(772,287)

Treasury stock

(81,759)

(91,435)

(13,255)

Total ZKH Group Limited shareholders’ equity

2,941,333

2,905,739

421,243

Total liabilities and shareholders’ deficit

6,529,849

6,261,474

907,722

 

 

ZKH GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF (LOSS)/PROFIT

(All amounts in thousands, except share, ADS, per share and per ADS data)

For the three months ended

March 31, 2025

March 31, 2026

RMB

RMB

US$

Net revenues

Net product revenues

1,884,860

2,061,621

298,872

Net service revenues

37,894

41,251

5,980

Other revenues

12,618

10,947

1,587

Total net revenues

1,935,372

2,113,819

306,439

Cost of revenues

(1,603,254)

(1,759,792)

(255,116)

Operating expenses

Fulfillment

(93,307)

(77,608)

(11,251)

Sales and marketing

(136,835)

(137,640)

(19,954)

Research and development  

(39,613)

(29,342)

(4,254)

General and administrative

(143,176)

(131,934)

(19,126)

Loss from operations

(80,813)

(22,497)

(3,262)

Interest and investment income

13,279

8,407

1,219

Interest expense

(2,350)

(2,263)

(328)

Others, net

3,408

6,765

981

Loss before income tax

(66,476)

(9,588)

(1,390)

Income tax expenses

(247)

(515)

(75)

Net loss

(66,723)

(10,103)

(1,465)

Less: net income attributable to non-controlling
  interests

–

–

–

Less: net loss attributable to redeemable non-
  controlling interests

–

–

–

Net loss attributable to ZKH Group Limited

(66,723)

(10,103)

(1,465)

Accretion on preferred shares to redemption
  value

–

–

–

Net loss attributable to ZKH Group Limited’s
   ordinary shareholders

(66,723)

(10,103)

(1,465)

For the three months ended

March 31, 2025

March 31, 2026

RMB

RMB

US$

Net loss

(66,723)

(10,103)

(1,465)

Other comprehensive loss:

Foreign currency translation adjustments

(3,008)

(30,138)

(4,369)

Total comprehensive loss

(69,731)

(40,241)

(5,834)

Less: comprehensive income attributable to non-
   controlling interests

–

–

–

Less: comprehensive loss attributable to
   redeemable non-controlling interests

–

–

–

Comprehensive loss attributable to ZKH
    Group Limited

(69,731)

(40,241)

(5,834)

Accretion on Preferred Shares to redemption
   value

–

–

–

Total comprehensive loss attributable to ZKH
     Group Limited’s ordinary shareholders

(69,731)

(40,241)

(5,834)

Net loss per ordinary share attributable to
     ordinary shareholders

Basic

(0.01)

(0.00)

(0.00)

Diluted

(0.01)

(0.00)

(0.00)

Weighted average number of shares

Basic

5,695,083,577

5,641,256,369

5,641,256,369

Diluted

5,695,083,577

5,641,256,369

5,641,256,369

Net loss per ADS attributable to ordinary
    shareholders

Basic

(0.41)

(0.06)

(0.01)

Diluted

(0.41)

(0.06)

(0.01)

Weighted average number of ADS (35 Class A
    ordinary shares equal to 1 ADS)

Basic

162,716,674

161,178,753

161,178,753

Diluted

162,716,674

161,178,753

161,178,753

 

 

ZKH GROUP LIMITED

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share, ADS, per share and per ADS data)

For the three months ended

March 31, 2025

March 31, 2026

RMB

RMB

US$

Net loss

(66,723)

(10,103)

(1,465)

Income tax expenses

247

515

75

Interest expenses

2,350

2,263

328

Depreciation and amortization expense

12,167

11,562

1,676

Non-GAAP EBITDA

(51,959)

4,237

614

For the three months ended

March 31, 2025

March 31, 2026

RMB

RMB

US$

Net loss

(66,723)

(10,103)

(1,465)

Add:

Share-based compensation expenses

16,547

11,793

1,709

Non-GAAP adjusted net (loss)/profit

(50,176)

1,690

244

Non-GAAP adjusted net (loss)/profit
   attributable to ordinary shareholders per share

Basic

(0.01)

0.00

0.00

Diluted

(0.01)

0.00

0.00

Weighted average number of ordinary shares

Basic

5,695,083,577

5,641,256,369

5,641,256,369

Diluted

5,695,083,577

5,641,256,369

5,641,256,369

Non-GAAP adjusted net (loss)/profit
   attributable to ordinary shareholders per
   ADS

Basic

(0.31)

0.01

0.00

Diluted

(0.31)

0.01

0.00

Weighted average number of ADS (35 Class A
   ordinary shares equal to 1 ADS)

Basic

162,716,674

161,178,753

161,178,753

Diluted

162,716,674

161,178,753

161,178,753

 

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NVTC Launches New Strategic Plan and Elects Board Leadership at 35th Annual Meeting

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June 26, 2026

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Council unveils new mission, vision, and strategic priorities to position Northern Virginia to lead the next era of innovation

MCLEAN, Va., June 26, 2026 /PRNewswire/ — The Northern Virginia Technology Council (NVTC), the trade association representing the region’s technology community, unveiled a new strategic plan and elected new Board leadership during its 35th Annual Membership Meeting on Thursday, June 25th.

The new strategic plan comes at a defining moment for the technology industry as artificial intelligence, including agentic AI, cybersecurity, cloud and edge networks, mobility, robotics, space, and other emerging technologies reshape the global economy. Northern Virginia stands at the center of this transformation and is well positioned to lead the next era of innovation.

“Innovation doesn’t stand still—and neither does NVTC,” said Jennifer Taylor, president and CEO of NVTC. “Our ambitious strategic plan positions NVTC for its next chapter of impact and reinforces our commitment to helping Northern Virginia lead in this next era of innovation. We’ve done it before, and we will again.”

For 35 years, NVTC has brought together leaders from business, government, academia, and the nonprofit sector through major waves of technological change—from the rise of the internet to today’s advances in artificial intelligence. The refreshed strategic plan builds upon that legacy while positioning the organization for its next chapter of impact.

NVTC’s mission is to convene and champion the region’s technology community to advance innovation, build a future-ready workforce, and drive lasting economic and societal impact. Guided by its vision to fuel innovation that shapes the future, NVTC will focus on four strategic priorities over the next three years: Network—convening the region’s technology ecosystem; Voice—championing the technology community; Talent—advancing a future-ready workforce; and Cultivate—deepening engagement and delivering exceptional member value.

The successful implementation of this strategy will be guided by NVTC’s Board of Directors and leadership team, who welcomed new directors and officers during the Annual Membership Meeting.

During the meeting, NVTC members elected 20 industry leaders to the Class of 2029 Board of Directors, filled two vacancies in the Class of 2028, and elected nine FY2027 Chair Appointees. The Board also elected its FY2027 Officers for a two-year term, including Gil Dussek, CEO of Gunnison, as Chair. These incoming Board members and officers will help guide implementation of the strategic plan and advance NVTC’s strategic priorities over the next three years.

“As we celebrate this milestone and look ahead to our next chapter, I am honored to serve as Chair at such a pivotal moment for our region and our organization,” said Dussek. “Artificial intelligence, cybersecurity, and the accelerating pace of technological change are transforming every sector of our economy, creating extraordinary opportunities for Northern Virginia to lead. I look forward to working alongside our Board, members, and partners to advance the region’s innovation ecosystem and ensure Northern Virginia remains the nation’s premier technology hub.”

FY2027 Officers

The Board elected the following FY2027 officers for a two-year term beginning July 1, 2026:

Chair: Gil Dussek, CEO, Gunnison

President & CEO: Jennifer Taylor, Northern Virginia Technology Council

Chair Elect: Mile Corrigan, CEO, Noblis

Vice Chair: Jennifer Felix, CEO, ASRC Federal

Vice President: Tim Borchert, CEO, Tria Federal

Vice President: Rick Tossavainen, CEO, Dark Wolf

Treasurer: Melinda Covert, Partner, Deloitte

Secretary: Chad Fredrick, President, PEAC US Capital

General Counsel: Ellen Grady, Partner, Pillsbury

Culture Officer: Gregory Washington, President, George Mason University

Class of 2029

The NVTC membership elected the following individuals to the Board of Directors for a three-year term beginning July 1, 2026:

Mark Andersen, BDO

Dara Castle, RSM

Greg Fairchild, UVA Northern Virginia

Margie Graves, IBM

Kevin Gundersen, Digital Realty

Kavita Kalatur, NetImpact Strategies

Bo Machayo, Micron Technology

Manish Malhotra, Unissant

T.J. Maloney, AWS

Marc Marlin, KippsDeSanto

Cameron Mayer, Booz Allen

Richard Pineda, CALIBRE Systems

Krystal Putman-Garcia, Casepoint

Brian Roach, Adobe

Pamela Rothka, Empower AI

Timothy Sands, Virginia Tech

James Schmidt, James Madison University

Anil Sharma, 22nd Century Technologies

Eric Trexler, Palo Alto Networks

Joe Woomer, Dominion Energy

Class of 2028

The membership also elected the following individuals to fill vacancies in the Class of 2028:

Gerald Kierce, Trustible

Scott Ryan, xAI

FY2027 Chair Appointees

The following FY2027 Chair Appointees were elected to a one-year term:

Dayne Baird, Carlyle

Phil Carrai, Kratos

Cliff Chiet, iHeartMedia

Susan Hawkins, Amentum

Brian Krause, Clark Construction

Lorraine Lavet, Korn Ferry John Mengucci, CACI International Inc

Shawn Purvis, Sabel Systems

Matt Strottman, IQT

The elections were held during NVTC’s 2026 Annual Membership Meeting, where members received an overview of NVTC’s refreshed strategic plan and heard from former Acting Director of the Defense Intelligence Agency David Shedd, author of The Great Heist: China’s Epic Campaign to Steal America’s Secrets, on the intersection of technology, innovation, and global competitiveness.

The NVTC Board of Directors brings together leaders from the region’s most influential technology companies, government contractors, universities, and innovation organizations. Their collective expertise helps shape NVTC’s advocacy efforts, strategic initiatives, and programs that support the continued growth of the region’s technology economy.

About the Northern Virginia Technology Council

The Northern Virginia Technology Council (NVTC) convenes and champions the region’s tech community to advance innovation, build a future-ready workforce, and drive economic and societal impact. Representing one of the world’s most dynamic technology ecosystems, NVTC connects leaders across business, government, academia, and the nonprofit sector to foster collaboration, strengthen competitiveness, and accelerate innovation. Through advocacy, networking, workforce initiatives, and strategic partnerships, NVTC helps fuel innovation that shapes the future. Learn more at nvtc.org.

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The Cotocon Group Urges NYC Building Owners to Resolve Failure-to-File Violations as 2026 Notices Are Issued

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June 26, 2026

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NEW YORK, June 26, 2026 /PRNewswire/ — The Cotocon Group, a New York City building compliance and sustainability consulting firm, is urging property owners, boards, and management companies to review and resolve outstanding failure-to-file violations following the issuance of 2026 violations tied to Article 321, Article 320, and annual benchmarking requirements.

The advisory comes as New York City building owners are already seeing failure-to-file violations issued this year across multiple compliance categories, including Article 321 prescriptive compliance, Article 320 greenhouse gas emissions reporting, and Local Law 84 benchmarking. While many owners may initially view these violations as administrative issues, unresolved filings can lead to accumulating penalties, delayed compliance acceptance, and greater uncertainty around a building’s long-term regulatory position.

“Failure-to-file violations are often treated like paperwork problems, but they can quickly become asset problems,” said Jimmy Carchietta, Founder and CEO of The Cotocon Group. “When a building has missed filings, open penalties, or an unclear compliance status, owners need to understand what happened, what is due, and what needs to be corrected before the issue grows.”

New York City’s building performance laws have become increasingly interconnected. Annual benchmarking data can influence a building’s broader compliance picture. Article 320 requires covered buildings to report greenhouse gas emissions. Article 321 applies to certain buildings that may qualify for prescriptive compliance requirements. When one filing is missed, it can create confusion across emissions reporting, violation resolution, future deadlines, and ownership decision-making.

The Cotocon Group is advising building stakeholders to conduct a compliance review that identifies open violations, missed filing years, penalty exposure, upcoming deadlines, and the correct pathway for resolving each issue. This is especially important for owners and property managers overseeing multiple buildings, where one overlooked property can create avoidable fines and administrative delays.

Through its failure-to-file violation review process, The Cotocon Group helps owners and managers determine whether a building has outstanding obligations under Local Law 84 benchmarking, Local Law 87 energy audits and retro-commissioning, Local Law 88 lighting and sub-metering, Local Law 95 energy grades, Local Law 97 emissions reporting, or applicable Article 320 and Article 321 requirements.

The firm’s goal is to help owners move from uncertainty to a clear action plan. This includes identifying what filings are missing, what penalties may apply, what documentation is required, and what steps are needed to restore the building’s compliance position.

“Most owners do not want to be non-compliant,” added Carchietta. “In many cases, they simply were not aware that a filing was missed, that a violation was issued, or that a prior consultant never completed the process. Our role is to give them clarity and help get the problem out of their life.”

The Cotocon Group encourages building owners, property managers, co-op and condo boards, and facility teams to review their compliance records now, especially if they have received a 2026 failure-to-file violation related to Article 321, Article 320, or benchmarking.

For more information, visit www.thecotocongroup.com or contact info@thecotocongroup.com

About The Cotocon Group
The Cotocon Group is a New York City-based building compliance and sustainability consulting firm specializing in local law compliance, energy benchmarking, energy audits, retro-commissioning, emissions reporting, violation resolution, and strategic building performance planning. The firm works with building owners, property managers, boards, and facility teams to support compliance with New York City’s energy and emissions requirements.

Media Contact
The Cotocon Group
media@thecotocongroup.com
(212) 889-6566
https://www.thecotocongroup.com

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Technology

The AI Boom’s Biggest Bottleneck Is Creating Billion-Dollar Opportunities

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53 minutes ago

on

June 26, 2026

By

FN Media Group Presents Oilprice.com Market Commentary

NEW YORK, June 26, 2026 /CNW/ — Artificial intelligence is creating a new class of infrastructure giants virtually overnight, and one innovative Bitcoin miner that made an early leap into the global power business feeding the voracious appetite of AI data centers is now being rewarded for years spent securing massive amounts of low-cost electrical power around the world.  Companies mentioned in today’s commentary includes:  Bitzero Holdings Inc.  (AIBZ), SpaceX (Nasdaq: SPCX), Oracle Corporation (NYSE: ORCL), Arm Holdings plc (NASDAQ: ARM), Micron Technology, Inc. (NASDAQ: MU), Advanced Micro Devices, Inc. (NASDAQ: AMD).

Years before artificial intelligence triggered a global race for power capacity, Bitzero Holdings (AIBZ) was using cash flow from Bitcoin mining operations to secure large amounts of low-cost electrical power across Norway, Finland, and the United States.

The company continues mining Bitcoin because the business generates strong cash flow at some of the lowest power costs in the industry. But Bitzero’s sights are now set on a much larger prize: the AI data-center buildout that McKinsey estimates could require nearly $7 trillion in global infrastructure spending by 2030, including roughly $5.2 trillion tied directly to AI workloads alone.

That prize started becoming reality on May 5, when Bitzero signed a binding letter of intent with OneQode Networks covering the full 110 MW capacity of its Namsskogan, Norway data center site under a 15-year lease tied to GPU-based AI workloads. The agreement carries an implied value of roughly $2.6 billion over the lease term, and marks Bitzero’s formal entry into the large-scale AI data-center infrastructure market.

That’s exactly why Shark Tank’s Kevin O’Leary was one of Bitzero’s earliest, and biggest backers.

O’Leary has taken on a strategic investor role in the company since its formation because he sees Bitzero as a fundamentally different kind of crypto enterprise–one rooted in energy infrastructure, not just speculation, and the data-center boom.

“If I want exposure to crypto, I only need three positions now … I own Bitzero because they mine Bitcoin and they’re actually a power company.”

The Nordic Advantage in the AI Energy Race

If cheap power built Bitcoin‘s first fortune in China, clean power is building the next one in the North Atlantic. 

Norway and Finland, home to immense hydroelectric and nuclear baseloads, have quietly become the new gravity centers for digital infrastructure.

This is the place to be for the AI infrastructure boom. Power prices across parts of the Nordic region are significantly below many major European markets. And, crucially, hydroelectric- and nuclear-heavy grids provide the kind of stable long-duration electricity AI workloads demand. Cold climates also drastically reduce cooling costs for data centers.

That’s the geography of Bitzero’s expansion strategy.

In Norway, the company’s flagship Namsskogan operation already supports active Bitcoin mining and is now becoming the foundation for its AI infrastructure business following the OneQode agreement earlier this month. Bitzero also controls additional Norwegian expansion capacity tied to a broader development pipeline that management says could eventually scale well beyond 300 MW as grid upgrades continue.

In Finland, Bitzero has secured a massive one-gigawatt development campus in Kokemäki tied directly into low-cost Nordic power infrastructure. The site gives the company room to scale both Bitcoin mining and AI compute operations over time as demand for energized capacity continues accelerating across Europe.

In the United States, Bitzero’s (AIBZ) North Dakota footprint gives the company exposure to a completely different energy and regulatory market. The site includes a 225,000-square-foot complex spread across roughly 184 acres, with additional staged power delivery planned through future expansion agreements.

What the May 5th Lease Deal Means for Bitzero

McKinsey estimates AI infrastructure spending could approach $7 trillion globally by 2030, including more than $5 trillion tied directly to AI workloads. But that spending wave could hit a power wall as the industry discovers that building AI infrastructure isn’t just a money problem–it’s a power access problem.  The OneQode agreement officially ushers Bitzero into the lucrative world of data center power.

Now, instead of relying on Bitcoin-related mining economics, the company is moving toward a much bigger piece of the digital world. And it’s a double win for the company.

In Bitcoin mining, Bitzero uses its own electricity to generate revenue from the Bitcoin it produces. Under the AI agreement, Bitzero will generate revenue by leasing the site’s power capacity and infrastructure to OneQode the lease is to be backed by an IG counterparty as per the conditions of the binding letter. But at the same time, OneQode pays the electricity bill tied to running the AI systems inside the facility. That means Bitzero captures the recurring infrastructure revenue from the site without directly absorbing the massive ongoing power costs associated with operating large-scale AI workloads. That places Bitzero at an advantage to its peers, based on internal company research.

According to management, the OneQode agreement is structured at roughly $135 per kilowatt per month with a 3% annual escalator. At full utilization, the 110 MW Namsskogan site could generate roughly $176 million to $178 million in annual revenue. A recent shareholder analysis modeling the agreement estimated potential annual NOI of roughly $151 million based on an 85% margin profile tied to the contemplated lease structure.  

The Bigger Game At the Margins of the Data Center Boom

Across Europe and North America, AI infrastructure developers are running into transformer shortages, interconnection delays, grid congestion, and multi-year energization timelines. Many competing campuses are still years away from delivery because securing large-scale power infrastructure has become harder than securing capital. That shift is one reason public markets have started aggressively rerating companies capable of converting mining infrastructure into AI compute capacity.

Most recently, Hut 8 moved into AI infrastructure through its Fluidstack agreement, while Core Scientific secured multi-billion-dollar HPC contracts tied to CoreWeave. Investors are increasingly valuing these companies around contracted compute infrastructure and energized capacity rather than hash rate growth alone. The capital is simply following the soaring demand.

Commercial real estate giant JLL estimates global data-center capacity will nearly double by 2030, requiring almost 100 GW of new supply. Now, the single most important factor driving data-center expansion is “speed to power”, says JLL.

And with grid connection wait times in major markets already stretching beyond four years, Bitzero is ahead of its time, and the May 5th lease deal locks in a new era for this Bitcoin innovator, backed by O’Leary and charging out of the AI power gate. 

Other companies to keep an eye on:

SpaceX (Nasdaq: SPCX)

SpaceX completed the largest IPO in history on June 12, pricing at $135 a share for a $1.77 trillion valuation and topping $2 trillion in market cap on its first trading day. The listing raised roughly $75 billion and made Elon Musk the world’s first trillionaire on paper. But the AI data center story here isn’t really about rockets. It’s about what SpaceX became after merging with xAI in February: a company that now describes itself in its own IPO filing as the operator of “the largest AI training data center clusters on Earth.”

Those clusters are Colossus 1 and Colossus 2, the xAI supercomputers built near Memphis, Tennessee, originally to train Grok. In May, SpaceX struck a deal with Anthropic that hands over essentially the entire Colossus 1 facility — more than 300 megawatts of capacity across roughly 220,000 NVIDIA GPUs, including H100, H200, and GB200 accelerators. Anthropic will pay xAI $1.25 billion a month through May 2029, a contract that could bring in more than $40 billion over its life.

Oracle Corporation (NYSE: ORCL)

Oracle spent most of the last decade being written off as legacy enterprise software. The AI infrastructure buildout has turned that narrative upside down. Q4 FY2026 revenue hit $19.2 billion, up 21% year over year, with Cloud Infrastructure (IaaS) revenue up 93%. The figure that stops people in their tracks is the remaining performance obligation: $638 billion, up $85 billion in a single quarter.

Oracle Cloud Infrastructure was always NVIDIA’s awkward middle child compared to AWS, Azure, and GCP. That’s changed. The company has been quietly signing multi-billion-dollar AI contracts, including commitments from Meta and NVIDIA itself, and built what it describes as some of the world’s fastest-growing cloud data center capacity.

Arm Holdings plc (NASDAQ: ARM)

Arm doesn’t make chips. It designs the instruction set architectures that most of the world’s chips are built on — and then collects royalties every time one of those chips ships. Every AWS Graviton processor, every Apple M-series chip, every NVIDIA Vera CPU runs on Arm architecture. Q4 FY2026 revenue hit $1.49 billion, up 20% year over year, with data center royalties more than doubling year over year for the second consecutive quarter.

The data center story for Arm is that its architecture is now winning the hyperscaler CPU market at scale. Arm-based CPUs hold approximately 50% market share among the top hyperscalers — AWS Graviton and Trainium, Google Axion and TPUs, Microsoft Cobalt, NVIDIA’s Vera CPU — all run on Arm.

Micron Technology, Inc. (NASDAQ: MU)

Every AI accelerator ships with high-bandwidth memory stacked on top of it, and Micron makes a significant share of that memory. The company reported record Q2 FY2026 revenue of $23.86 billion, up sharply year over year, with CEO Sanjay Mehrotra confirming “records across revenue, gross margin, EPS, and free cash flow.” Q3 FY2026 guidance called for revenue of $33.5 billion at roughly 81% gross margins.

The transformation of memory from commodity to strategic infrastructure is the central thesis. HBM requires specialized manufacturing processes, advanced packaging, and extremely tight integration with the accelerator it ships alongside. SK Hynix is the current leader with roughly 43% market share,

Advanced Micro Devices, Inc. (NASDAQ: AMD)

AMD reported Q1 2026 data center revenue of $5.8 billion, up 57% year over year — an all-time record — with total Q1 revenue of $10.25 billion, up 38%, beating Wall Street consensus by roughly $350 million. Free cash flow more than tripled to $2.57 billion. CEO Lisa Su called the quarter “a clear inflection in our growth trajectory,” and guided Q2 revenue to $11.2 billion, with server CPU revenue alone expected to grow more than 70% year over year.

AMD’s data center story runs on two rails that NVIDIA’s does not. First, EPYC server CPUs, which now hold significant market share in hyperscaler deployments across AWS, Google Cloud, and Microsoft Azure, deliver four consecutive quarters of record server CPU revenue. Second, Instinct GPUs are gaining traction as an alternative to NVIDIA in AI training and inference — and the demand signal is large.

By. Michael Kern

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Neither the author nor the publisher, Oilprice.com, was paid to publish this communication concerning Bitzero Holdings, Inc. (AIBZ). The owner of Oilprice.com owns shares and/or stock options of the featured company and therefore has an incentive to see the featured company’s stock perform well. The owner of Oilprice.com may buy or sell shares of the featured company at any time including at or near the time you receive this communication. This share ownership should be viewed as a major conflict with our ability to be unbiased. This is why we stress that you conduct extensive due diligence as well as seek the advice of your financial advisor or a registered broker-dealer before investing in any securities.

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