Technology
Baozun Announces First Quarter 2024 Unaudited Financial Results
Published
2 years agoon
By
SHANGHAI, May 28, 2024 /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 first quarter ended March 31, 2024.
Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, “I’m pleased with our solid execution of transformation in the first quarter of 2024. E-Commerce has made progress in growing service revenue and introducing high-quality exclusive distribution models. Brand Management continues to advance in transforming Gap China, launching several China-for-China products and merchandising programs, which have shown positive market acceptance. With these encouraging results, we are confident and committed to our strategic transformation to drive growth.”
Ms. Catherine Zhu, Chief Financial Officer of Baozun, commented, “I’m delighted to report that Baozun achieved a 5% year-over-year revenue growth, driven by Brand Management’s increased contributions and better topline momentum from E-Commerce. We also enriched operating cash flows and free cash flow, achieving a solid year-over-year improvement. Additionally, the operating cash flow for our E-Commerce segment in the first quarter turned positive for the first time since 2019. As we navigate through 2024, our focus remains on driving strategic growth, ensuring financial stability, and creating sustainable value for our shareholders.”
First Quarter 2024 Financial Highlights
Total net revenues were RMB1,979.8 million (US$[1]274.2 million), representing an increase of 4.9% compared with RMB1,887.8 million for the same period of 2023.Loss from operations was RMB54.8 million (US$7.6 million), compared with RMB40.6 million in the same quarter of last year. Operating margin was negative 2.8%, compared with negative 2.2% for the same period of 2023.Non-GAAP loss from operations[2] was RMB17.5 million (US$2.4 million), compared with RMB9.7 million in the same quarter of last year, with the increase loss mainly due to loss from Brand Management. Non-GAAP operating margin was negative 0.9%, compared with negative 0.5% for the same period of 2023.
– Adjusted operating profit of E-Commerce[3] was RMB11.8 million (US$1.6 million), compared with RMB25.2 million for the same period of 2023.
– Adjusted operating loss of Brand Management[3] was RMB29.3 million (US$4.0 million), compared with RMB34.9 million for the same period of 2023.Net loss attributable to ordinary shareholders of Baozun Inc. was RMB66.6 million (US$9.2 million), narrowed from RMB83.5 million for the same period of 2023.Non-GAAP net loss attributable to ordinary shareholders of Baozun Inc.[4] was RMB15.4 million (US$2.1 million), compared with RMB13.1 million for the same period of 2023.Basic and diluted net loss attributable to ordinary shareholders of Baozun Inc. per American Depositary Share (“ADS[5]”) were both RMB1.10 (US$0.15), improved from both RMB1.42 for the same period of 2023.Basic and diluted non-GAAP net loss attributable to ordinary shareholders of Baozun Inc. per ADS[6] were both RMB0.25 (US$0.03), respectively, compared with both RMB0.22 for the same period of 2023.Cash and cash equivalents, restricted cash, and short-term investments totaled RMB2,946.7 million (US$408.1 million), as of March 31, 2024, compared with RMB 3,072.8 million as of December 31, 2023.
[1] This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.2203 to US$1.00, the noon buying rate in effect on March 29, 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, loss on variance from expected contingent acquisition payment, and cancellation fees of repurchased ADSs and returned 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 Inc. is a non-GAAP financial measure, which is defined as net income (loss) attributable to ordinary shareholders of Baozun Inc. excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and investments, loss on variance from expected contingent acquisition payment, cancellation fees of repurchased ADSs and returned ADSs, fair value loss on derivative liabilities, loss on disposal of subsidiaries and investment in equity investee, and unrealized investment loss.
[5] Each ADS represents three Class A ordinary shares.
[6] Basic and diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. per ADS are non-GAAP financial measures, which are respectively defined as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. divided by weighted average number of shares used in calculating basic and diluted net income (loss) per ordinary share multiplied by three, respectively.
Reconciliations of GAAP measures to non-GAAP measures presented above are included at the end of this results announcement.
Adjusted operating profits/losses by segment are included in the Segments data of Segment Information.
Business Highlights
Baozun e-Commerce, or “BEC”
Baozun e-Commerce includes our 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. During the quarter, total service revenue returned to growth, with double digit growth in sportswear store operation revenues and strong performance in digital marketing and IT services.
Omni-channel expansion remains a key theme for our brand partners. By the end of the first quarter, approximately 42.8% of our brand partners engaged with us for store operations of at least two channels.
Baozun Brand Management, or “BBM”
BBM engages in holistic brand management, including strategy and tactic positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics, and technology empowerment. We aim to leverage our portfolio of technologies to forge longer and deeper relationships with brands.
Currently, we have Gap brand and Hunter brand under our Brand Management business line. During the quarter, product sales revenue for Brand Management totaled RMB312.9 million, a year-over-year increase of 65.6% from RMB189.0 million in the same quarter of last year. The year-over-year comparison also included a timing impact, as the Company started consolidation of Gap Shanghai in February 2023. Gross profit margin of product sales for Brand Management in the first quarter of 2024 was 53.1%.
First Quarter 2024 Financial Results
Total net revenues were RMB1,979.8 million (US$274.2 million), an increase of 4.9% from RMB1,887.8 million in the same quarter of last year. The increase in total net revenues was mainly driven by a 65.6% increase in product sales revenue of Brand Management.
Total product sales revenue was RMB707.5 million (US$98.0 million), compared with RMB666.1 million in the same quarter of last year, of which,
Product sales revenue of E-Commerce was RMB394.6 million (US$54.7 million), a decrease of 17.3% from RMB477.1 million in the same quarter of last year. The decrease was primarily attributable to the Company’s optimization of its product portfolio in distribution model, especially in the fast-moving consumer goods sector.
The following table sets forth a breakdown of product sales revenues of E-Commerce by key categories[7] for the periods indicated:
For the three months ended March 31,
2023
2024
RMB
% of
Net
Revenues
RMB
US$
% of
Net
Revenues
YoY
Change
(In millions, except for percentage)
Product Sales of E-Commerce
Appliances
225.3
11 %
190.7
26.4
10 %
-15 %
Beauty and cosmetics
66.5
4 %
69.0
9.6
3 %
4 %
Fast moving consumer goods
66.6
4 %
32.6
4.5
2 %
-51 %
Others
118.7
6 %
102.3
14.2
5 %
-14 %
Total net revenues from product
sales of E-Commerce
477.1
25 %
394.6
54.7
20 %
-17 %
[7] Key categories refer to the categories that accounted for no less than 10% of product sales of E-Commerce revenues during the periods indicated.
Product sales revenue of Brand Management was RMB312.9 million (US$43.3 million), an increase of 65.6% from RMB189.0 million in the same quarter of last year. The increase was primarily attributable to a full three-month operational period in this quarter compared to two-month operational period in the same quarter of last year.
Services revenue was RMB1,272.2 million (US$176.2 million), an increase of 4.1% from RMB1,221.7 million in the same quarter of last year. The increase was primarily due to the double-digit growth in digital marketing and IT solutions.
The following table sets forth a breakdown of services revenues by service type for the periods indicated:
For the three months ended March 31,
2023
2024
RMB
% of
Net
Revenues
RMB
US$
% of
Net
Revenues
YoY
Change
(In millions, except for percentage)
Services revenue
Online store operations
364.1
19 %
366.6
50.7
19 %
1 %
Warehousing and fulfillment
487.3
26 %
461.9
64.0
23 %
-5 %
Digital marketing and IT
solutions
377.4
20 %
462.2
64.1
23 %
22 %
Inter-segment eliminations[8]
(7.1)
0 %
(18.5)
(2.6)
-1 %
161 %
Total net revenues from services
1,221.7
65 %
1,272.2
176.2
64 %
4 %
Breakdown of total net revenues of online store operations of services by key categories[9] of services for the periods indicated:
For the three months ended March 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
255.6
14 %
277.2
38.4
14 %
8 %
– Luxury
99.0
5 %
96.4
13.4
5 %
-3 %
– Sportswear
88.9
5 %
111.7
15.4
6 %
26 %
– Other apparel
67.7
4 %
69.1
9.6
3 %
2 %
Others
108.5
6 %
89.4
12.3
4 %
-18 %
Inter-segment eliminations[10]
(5.4)
-1 %
(8.1)
(1.1)
0 %
50 %
Total net revenues from online
store operations in services
358.7
19 %
358.5
49.6
18 %
0 %
[8] The inter-segment eliminations mainly consist of revenues from digital marketing and IT services provided by E-Commerce to Gap, a brand under Brand Management.
[9] Key categories refer to the categories that accounted for no less than 10% of services revenue of E-Commerce during the periods indicated.
[10] 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 cost and expenses were RMB2,034.6 million (US$281.8 million), compared with RMB1,928.4 million in the same quarter of last year.
Cost of products was RMB487.1 million (US$67.5 million), compared with RMB505.1 million in the same quarter of last year. The decrease was primarily due to the decline in product sales volume of E commerce, partially offset by the cost of product increase related to Gap Shanghai, a subsidiary the Company acquired in the first quarter of 2023.Fulfillment expenses were RMB546.4 million (US$75.7 million), compared with RMB567.6 million in the same quarter of last year. The decrease was primarily due to a decline in E-commerce warehouse and logistics revenue, together with savings in Gap logistics expenses post-acquisition.Sales and marketing expenses were RMB694.0 million (US$96.1 million), compared with RMB592.7 million in the same quarter of last year. The increase was mainly due to more active performance-driven digital marketing activities during the quarter.Technology and content expenses were RMB133.2 million (US$18.4 million), compared with RMB114.9 million in the same quarter of last year. The increase was mainly due to more revenues from IT solutions during the quarter, partially offset by the Company’s cost control initiatives and efficiency improvements.General and administrative expenses were RMB179.1 million (US$24.8 million), compared with RMB163.2 million in the same quarter of last year. The increase was primarily due to the increase in staff cost, as well as strategic investments in initiatives in high-quality digitalized distribution, Creative Content to Commerce business and brand management.
Loss from operations was RMB54.8 million (US$7.6 million), compared with RMB40.6 million in the same quarter of last year. Operating margin was negative 2.8%, compared with negative 2.2% in the same quarter of last year.
Non-GAAP loss from operations was RMB17.5 million (US$2.4 million), compared with RMB9.7 million in the same quarter of last year. The loss was mainly due to the loss generated from Brand Management business. Non-GAAP operating margin was negative 0.9%, compared with negative 0.5% in the same quarter of last year.
Adjusted operating profit of E-Commerce was RMB11.8 million (US$1.6 million), compared with RMB25.2 million in the same quarter of last year. Adjusted operating loss of Brand Management was RMB29.3 million (US$4.0 million), compared with RMB34.9 million in the same quarter of last year.
Unrealized investment loss was RMB17.0 million (US$2.4 million), compared with RMB42.6 million unrealized investment loss in the same quarter of last year. The unrealized investment loss of this quarter was mainly related to the decrease in the trading price of Lanvin Group, a company successfully listed on the New York stock exchange in December 2022 that the Company invested in June 2021.
Net loss attributable to ordinary shareholders of Baozun Inc. was RMB66.6 million (US$9.2 million), compared with RMB83.5 million in the same quarter of last year.
Basic and diluted net loss attributable to ordinary shareholders of Baozun Inc. per ADS were both RMB1.10 (US$0.15), compared with both RMB1.42 for the same period of 2023.
Non-GAAP net loss attributable to ordinary shareholders of Baozun Inc. was RMB15.4 million (US$2.1 million), compared with RMB13.1 million in the same quarter of last year.
Basic and diluted non-GAAP net loss attributable to ordinary shareholders of Baozun Inc. per ADS were both RMB0.25 (US$0.03), compared with RMB0.22 for the same period of 2023.
Segment Information
(a) Description of segments
Following the acquisition of Gap Shanghai, 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 strategy and tactic positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics and technology empowerment to leverage our portfolio of technologies to forge 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 March 31, 2023 and 2024, with prior periods’ segment information retrospectively recast to conform to current period presentation:
For the three months ended March 31,
2023
2024
RMB
RMB
Net revenues:
E-Commerce
1,705,797
1,684,276
Brand Management
189,124
313,988
Inter-segment eliminations *
(7,125)
(18,494)
Total consolidated net revenues
1,887,796
1,979,770
Adjusted Operating Profits (Losses) **:
E-Commerce
25,272
11,758
Brand Management
(34,947)
(29,303)
Total Adjusted Operating Losses
(9,675)
(17,545)
Inter-segment eliminations *
–
–
Unallocated expenses:
Share-based compensation expenses
(20,103)
(29,324)
Amortization of intangible assets resulting from business acquisition
(8,142)
(7,911)
Acquisition-related expenses
(2,709)
–
Total other expenses
(37,016)
(8,236)
Loss before income tax and share of income in equity method investment
(77,645)
(63,016)
*The inter-segment eliminations mainly consist of revenues from services provided by E-Commerce to Brand Management.
**Adjusted Operating Profits (Losses) represent segment profits (losses), which is income (loss) from operations from each segment without
allocating share-based compensation expenses, acquisition-related expenses and amortization of intangible assets resulting from business
acquisition.
Update in Share Repurchase Programs
On January 24, 2024, the Company’s board of directors 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. In April, the Company repurchased approximately 845 thousand of ADSs for approximately US$2.1 million under its share repurchase program through open market.
Conference Call
The Company will host a conference call to discuss the earnings at 7:30 a.m. Eastern Time on Tuesday, May 28, 2024 (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:
3291050
A replay of the conference call may be accessible through June 4, 2024 by dialing the following numbers:
United States:
1-877-344-7529
International:
1-412-317-0088
Canada:
855-669-9658
Replay Access Code:
2965819
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 operating margin, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. 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, loss on variance from expected contingent acquisition payment, and cancellation fees of repurchased ADSs and returned ADSs. The Company defines non-GAAP operating margin as non-GAAP income (loss) from operations as a percentage of total net revenues. The Company defines non-GAAP net income (loss) as net income (loss) excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and investments, loss on variance from expected contingent acquisition payment, cancellation fees of repurchased ADSs and returned ADSs, fair value loss on derivative liabilities, loss on disposal of subsidiaries and investment in equity investee, and unrealized investment loss. The Company defines non-GAAP net margin as non-GAAP net income (loss) as a percentage of total net revenues. The Company defines non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. as net income (loss) attributable to ordinary shareholders of Baozun Inc. excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and investments, loss on variance from expected contingent acquisition payment, cancellation fees of repurchased ADSs and returned ADSs, fair value loss on derivative liabilities, loss on disposal of subsidiaries and investment in equity investee, and unrealized investment loss. The Company defines non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. per ADS as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. 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 Inc. and Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. 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 Inc., and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. 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 Inc. and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. 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 Inc. and net income (loss) attributable to ordinary shareholders of Baozun Inc. 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 more than 450 brands from various industries and sectors around the world, including East and Southeast Asia, Europe and North America.
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
March 31,
2024
March 31,
2024
RMB
RMB
US$
ASSETS
Current assets
Cash and cash equivalents
2,149,531
1,946,648
269,608
Restricted cash
202,764
352,777
48,859
Short-term investments
720,522
647,239
89,642
Accounts receivable, net
2,184,729
1,713,723
237,348
Inventories
1,045,116
1,084,466
150,197
Advances to suppliers
311,111
264,877
36,685
Prepayments and other current assets
590,350
688,773
95,394
Amounts due from related parties
86,661
86,191
11,937
Total current assets
7,290,784
6,784,694
939,670
Non-current assets
Long term investments
359,129
347,107
48,074
Property and equipment, net
851,151
821,130
113,725
Intangible assets, net
306,420
297,276
41,172
Land use right, net
38,464
38,208
5,292
Operating lease right-of-use assets
1,070,120
952,432
131,910
Goodwill
312,464
312,464
43,276
Other non-current assets
45,316
71,143
9,853
Deferred tax assets
200,628
204,409
28,310
Total non-current assets
3,183,692
3,044,169
421,612
Total assets
10,474,476
9,828,863
1,361,282
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities
Short-term loan
1,115,721
1,099,789
152,319
Accounts payable
563,562
454,686
62,973
Notes payable
506,629
373,137
51,679
Income tax payables
18,768
12,802
1,773
Accrued expenses and other current
liabilities
1,188,179
986,727
136,660
Amounts due to related parties
32,118
4,515
625
Current operating lease liabilities
332,983
301,358
41,738
Total current liabilities
3,757,960
3,233,014
447,767
Non-current liabilities
Deferred tax liabilities
24,966
23,271
3,223
Long-term operating lease liabilities
799,096
708,487
98,124
Other non-current liabilities
40,718
40,115
5,556
Total non-current liabilities
864,780
771,873
106,903
Total liabilities
4,622,740
4,004,887
554,670
Baozun Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except for share and per share data)
As of
December 31,
2023
March 31,
2024
March 31,
2024
RMB
RMB
US$
Redeemable non-controlling interests
1,584,858
1,590,390
220,266
Baozun Inc. shareholders’ equity:
Class A ordinary shares (US$0.0001 par
value; 470,000,000 shares authorized,
167,901,880 and 169,928,854 shares
issued and outstanding as of December
31, 2023, and March 31, 2024,
respectively)
93
95
13
Class B ordinary shares (US$0.0001 par
value; 30,000,000 shares authorized,
13,300,738 shares issued and outstanding
as of December 31, 2023, and March 31,
2024, respectively)
8
8
1
Additional paid-in capital
4,571,439
4,597,336
636,724
Treasury shares
–
–
–
Accumulated deficit
(506,587)
(573,226)
(79,390)
Accumulated other comprehensive income
32,251
43,887
6,078
Total Baozun Inc. shareholders’ equity
4,097,204
4,068,100
563,426
Non-controlling interests
169,674
165,486
22,920
Total equity
4,266,878
4,233,586
586,346
Total liabilities, redeemable non-
controlling interests and equity
10,474,476
9,828,863
1,361,282
Baozun Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except for share and per share data and per ADS data)
For the three months ended March 31,
2023
2024
RMB
RMB
US$
Net revenues
Product sales (1)
666,069
707,524
97,991
Services
1,221,727
1,272,246
176,204
Total net revenues
1,887,796
1,979,770
274,195
Operating expenses (1)
Cost of products
(505,087)
(487,111)
(67,464)
Fulfillment(2)
(567,629)
(546,391)
(75,674)
Sales and marketing (2)
(592,687)
(694,043)
(96,124)
Technology and content(2)
(114,891)
(133,187)
(18,446)
General and administrative(2)
(163,227)
(179,087)
(24,804)
Other operating income, net
15,096
5,269
730
Total operating expenses
(1,928,425)
(2,034,550)
(281,782)
Loss from operations
(40,629)
(54,780)
(7,587)
Other income (expenses)
Interest income
17,853
19,174
2,656
Interest expense
(10,955)
(10,205)
(1,413)
Unrealized investment loss
(42,569)
(17,025)
(2,358)
Exchange loss
(1,345)
(180)
(25)
Loss before income tax and share of income in equity
method investment
(77,645)
(63,016)
(8,727)
Income tax expense (3)
(1,755)
(7,102)
(984)
Share of loss in equity
method investment, net of tax
of nil
224
4,826
668
Net loss
(79,176)
(65,292)
(9,043)
Net loss attributable to
noncontrolling interests
523
4,188
580
Net income attributable to
redeemable noncontrolling interests
(4,894)
(5,533)
(766)
Net loss attributable to ordinary shareholders of Baozun
Inc.
(83,547)
(66,637)
(9,229)
Net loss per share attributable to ordinary shareholders of
Baozun Inc.:
Basic
(0.47)
(0.37)
(0.05)
Diluted
(0.47)
(0.37)
(0.05)
Net loss per ADS attributable to ordinary shareholders of
Baozun Inc.:
Basic
(1.42)
(1.10)
(0.15)
Diluted
(1.42)
(1.10)
(0.15)
Weighted average shares used in calculating net loss per
ordinary share
Basic
176,786,718
181,634,752
181,634,752
Diluted
176,786,718
181,634,752
181,634,752
Net loss
(79,176)
(65,292)
(9,043)
Other comprehensive income, net of tax of nil:
Foreign currency translation adjustment
(7,797)
11,636
1,612
Comprehensive loss
(86,973)
(53,656)
(7,431)
(1) Including product sales from E-Commerce and Brand Management of RMB394.6 million and RMB312.9 million for the three months period ended March 31, 2024, respectively, compared with product sales E-Commerce and Brand Management of RMB477.1 million and RMB189.0 million for the three months period ended March 31, 2023.
(2) Share-based compensation expenses are allocated in operating expenses items as follows:
For the three months ended March 31,
2023
2024
RMB
RMB
US$
Fulfillment
1,011
2,062
286
Sales and marketing
7,866
10,009
1,386
Technology and content
1,543
4,292
594
General and administrative
9,683
12,961
1,795
20,103
29,324
4,061
(2) Including amortization of intangible assets resulting from business acquisition, which amounted to RMB8.1 million and RMB7.9 million for the three months period ended March 31, 2023 and 2024, respectively.
(3) Including income tax benefits of RMB1.6 million and RMB1.5 million related to the reversal of deferred tax liabilities, which was recognized on business acquisition for the three months period ended March 31, 2023 and 2024, respectively.
Baozun Inc.
Reconciliations of GAAP and Non-GAAP Results
(in thousands, except for share and per ADS data)
For the three months ended March 31,
2023
2024
RMB
RMB
US$
Loss from operations
(40,629)
(54,780)
(7,587)
Add: Share-based compensation expenses
20,103
29,324
4,061
Amortization of intangible assets resulting from
business acquisition
8,142
7,911
1,095
Acquisition-related expenses
2,709
–
–
Non-GAAP loss from operations
(9,675)
(17,545)
(2,431)
Net loss
(79,176)
(65,292)
(9,043)
Add: Share-based compensation expenses
20,103
29,324
4,061
Amortization of intangible assets resulting from
business acquisition
8,142
7,911
1,095
Acquisition-related expenses
2,709
–
–
Unrealized investment loss
42,569
17,025
2,358
Less: Tax effect of amortization of intangible assets
resulting from business acquisition
(1,565)
(1,507)
(209)
Non-GAAP net loss
(7,218)
(12,539)
(1,738)
Net loss attributable to ordinary shareholders of Baozun
Inc.
(83,547)
(66,637)
(9,229)
Add: Share-based compensation expenses
20,103
29,324
4,061
Amortization of intangible assets resulting from
business acquisition
6,233
5,991
830
Acquisition-related expenses
2,709
–
–
Unrealized investment loss
42,569
17,025
2,358
Less: Tax effect of amortization of intangible assets
resulting from business acquisition
(1,188)
(1,127)
(156)
Non-GAAP net loss attributable to ordinary
shareholders of Baozun Inc.
(13,121)
(15,424)
(2,136)
Non-GAAP net loss attributable to ordinary
shareholders of Baozun Inc. per ADS:
Basic
(0.22)
(0.25)
(0.03)
Diluted
(0.22)
(0.25)
(0.03)
Weighted average shares used in calculating net loss
per ordinary share
Basic
176,786,718
181,634,752
181,634,752
Diluted
176,786,718
181,634,752
181,634,752
View original content:https://www.prnewswire.com/apac/news-releases/baozun-announces-first-quarter-2024-unaudited-financial-results-302156561.html
SOURCE Baozun Inc.
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Technology
Sabio Holdings Inc. Announces Fiscal 2025 Results, Achieves Continued Growth and Advances Strategic Revenue Diversification
Published
59 minutes agoon
April 30, 2026By
Achieved full-year IFRS revenue of $38.2 million and consolidated gross revenues1 of $41.3 million in FY2025, with continued growth in core ad-supported streaming businessFull-year gross margin of 60% in FY2025Scaled programmatic and international channels to 48% of Q4 2025 gross revenue1 mixEntering 2026 with strong momentum ahead of U.S. mid-term election cycle expected to drive increased demand and margin expansionConference call to be hosted on May 01, 2026 at 10:00 a.m. ET / 7 a.m. PT
TORONTO, April 30, 2026 /PRNewswire/ — Sabio Holdings Inc. (TSXV: SBIO) (OTCQB: SABOF) (the “Company” or “Sabio”), a Los Angeles-based ad-tech company helping global brands reach, engage and validate (R.E.V.) streaming TV audiences, today announced its audited consolidated financial results for the fiscal fourth quarter and year ended December 31, 2025. Unless otherwise indicated, all amounts are expressed in U.S. dollars.
“Despite economic uncertainties, including tariff-related impacts on two of our larger verticals, automotive and telecommunications, Sabio delivered double-digit top-line growth in its core business, supported by ongoing investment in product innovation and geographic expansion,” said Aziz Rahimtoola, Sabio Holdings’ CEO. “2025 was a year of strategic execution and transformation for Sabio. We scaled programmatic, expanded internationally, and built out Creator TV, further diversifying our revenue base. These initiatives are now contributing meaningfully to our results and positioning us for more predictable, scalable growth, underscoring the resilience of our platform and customer base even amid category-specific softness.”
“As we enter 2026, we are doing so with strong momentum across our business and ahead of a major U.S. mid-term election cycle. Historically, these cycles drive significant demand for streaming TV and mobile video advertising, and we believe Sabio is better positioned than ever to capture that opportunity.”
Fiscal 2025 Financial Highlights
Full-year consolidated gross revenue1 of $41.3 million (vs. $49.6 million in FY2024) and up 15% from $36.0 million in the last non-election year (2023). Core-business gross revenue2 grew 10% year over year, normalized for political and advocacy.Core ad-supported streaming gross revenue2 grew 18% year over year (normalized for political and advocacy). Total ad-supported streaming gross revenue2 declined to $30.2 million from $38.6 million, reflecting the expected post-election pullback in political and advocacy spending.Sabio’s newest international and programmatic offerings accelerated through 2025, with international sales3 rising from $0.2 million in Q1 to $2.6 million in Q4, and programmatic sales from $0.2 million to $2.7 million.Full year gross margin of 60%.Full-year Adjusted EBITDA4 loss of $7.1 million (vs. $3.8 million gain in FY2024), driven by lower political and advocacy spend in a non-election year, continued investment in growth initiatives (international, programmatic and Creator TV), and higher cloud infrastructure costs to support scaling programmatic and international volumes.
Fourth Quarter 2025 Financial Highlights
Consolidated gross revenue1 of $11.2 million in Q4 2025 (vs. $18.3 million in Q4 2024), reflecting the expected post-election decline in political and advocacy spend, with some softness in select verticals tied to tariff uncertainty. Despite these headwinds, core-business gross revenue2 grew 10% year over year, normalized for political and advocacy.Core ad-supported streaming gross revenue2 grew 29% year over year (normalized for political and advocacy). Total ad-supported streaming gross revenue2 declined to $8.4 million from $14.5 million, reflecting elevated spend in the prior year tied to the 2024 U.S. general election.Programmatic and international channels represented 48% of Q4 2025 revenue mix.Gross margin remained strong (57%), supported by Sabio’s end-to-end technology stack amid an evolving revenue mix.Adjusted EBITDA4 loss of $2.1 million (vs. $2.8 million gain in Q4 2024), reflecting lower political and advocacy spend in a non-election year and temporary softness in select advertiser categories tied to tariff uncertainty.
Subsequent Highlights
On April 29, 2026, the Company completed a tranche of a non-brokered private placement of 12% subordinated, secured convertible debentures for gross proceeds of CAD $900,000. The debentures have a 12-month term, bear 12% simple interest (calculated daily, paid semi-annually in arrears and at conversion or maturity), and are convertible at the holder’s option at C$0.30 per share. The debentures are secured by a general security agreement over all present and after-acquired personal property. At maturity, any unconverted principal is repayable at 107% plus accrued interest. The Company may complete additional tranches.
Business Highlights
Strategic Diversification Driving Scalable Growth
Programmatic and international channels scaled significantly throughout 2025, reaching 48% of Q4 2025 revenue mixBoth channels contributed meaningfully to full-year revenue growth, reflecting successful execution of diversification strategy
Core Branded Business
Core ad-supported streaming revenue2 grew 29% year-over-year (normalized)Growth was achieved despite softness in the automotive category in the second half of 2025, reflecting broader industry headwindsApproximately 80% reoccurring revenue5 base, supporting revenue stability Strong client retention with increased spend from existing customers
Expanding and Diversifying Customer Base
New customer logos increased 153% year-over-yearGrowth across telecommunications, financial services, entertainment, and technology verticalsIncreasing engagement with Fortune 500 advertisers
Creator TV Growth and Monetization
Expanded Creator TV distribution across major streaming platformsGrowth in original content and live programmingStrengthening of Sabio’s owned-and-operated media ecosystem
App Science® Platform and Data Leadership
Reaches approximately 80 million U.S. households, representing ~70% of the estimated 115 million U.S. streaming households, according to eMarketer6AI-powered targeting, analytics, and performance measurement capabilitiesIncreasing adoption across campaigns and insights offerings
Operational and Financial Position
Continued investments in programmatic, Creator TV, and international expansionBalance sheet strengthened through financing and debt restructuring initiatives Positioned to benefit from increasing operating leverage as scalable channels grow
Business Outlook
Sabio enters fiscal 2026 with strong momentum following the successful diversification of its revenue base in 2025.
The Company’s scaled programmatic and international offerings, combined with its expanding Creator TV ecosystem, are expected to contribute more meaningfully to results in 2026. As these channels grow, Sabio expects to benefit from increased operating leverage through its technology platform, enabling more efficient revenue growth with limited incremental headcount.
Sabio’s strengthened customer base and high level of reoccurring revenue also provide increased visibility and predictability entering the year.
Early 2026 Trends
Based on current internal data and sales pipeline trends, early activity in the first quarter of 2026 indicates continued strong momentum, with programmatic and international revenues3 growing at over 20x year-over-year levels.
________________________
1
Gross revenue is a non‑IFRS (non‑GAAP) financial measure; see “Use of Non‑IFRS Measures” and “Selected Financials” for definitions and reconciliations to the most directly comparable IFRS measure.
2
Core-business gross revenue, core ad-supported streaming gross revenue and total ad-supported streaming gross revenue are supplementary financial measures; see “Use of Non‑IFRS Measures” for definitions.
3
International sales is a supplementary financial measure; see “Use of Non‑IFRS Measures” for its definition.
4
Adjusted EBITDA is a non‑IFRS (non‑GAAP) financial measure; see “Use of Non‑IFRS Measures” and “Selected Financials” for definitions and reconciliations to the most directly comparable IFRS measure.
5
Reoccurring revenue is a non‑IFRS (non‑GAAP) financial measure; see “Use of Non‑IFRS Measures” and “Selected Financials” for definitions and reconciliations to the most directly comparable IFRS measure
6
eMarketer “CTV households will be more than double traditional pay TV ones by next year“
Positioned for U.S. Mid-Term Election Cycle
Sabio is entering the 2026 U.S. mid-term election cycle, which historically drives significant demand across streaming TV and mobile video advertising.
The Company expects:
Increased political and advocacy advertising spendImproved cash flow visibility due to prepaid campaign spendingPotential margin expansion driven by premium demand for targeted advertising
With a more diversified revenue base, expanded product capabilities, and scaled global footprint, Sabio expects strong performance throughout 2026, with momentum building through the election cycle and continuing into the remainder of the year.
Conference Call Details
Date: May 01, 2026Time: 10:00 a.m. ET / 7:00 a.m. PTWebcast Registration Link: https://us02web.zoom.us/webinar/register/WN_jj3qt1ZbSMKAHOTuS5_sZg
Selected Financials
(All figures in US$ unless otherwise noted)
For the three months ended
For the twelve months ended
December
31, 2025
December
31, 2024
December
31, 2025
December
31, 2024
$
$
$
$
Revenue
9,778,763
18,301,162
38,231,397
49,602,885
Gross profit
5,563,171
11,286,755
22,753,955
30,627,389
Gross margin
57 %
62 %
60 %
62 %
Adjusted EBITDA(*)
(2,100,718)
2,843,977
(7,147,846)
3,832,162
Net increase in cash and cash
equivalents during the period
(633,639)
428,553
(1,957,308)
688,327
Cash and cash equivalents – end of
the period
1,343,131
3,300,439
1,343,131
3,300,439
For the three months ended
For the twelve months ended
December
31, 2025
December
31, 2024
December
31, 2025
December
31, 2024
$
$
$
$
Income (loss) for the period
(2,817,019)
1,194,528
(9,834,993)
(110,875)
Finance costs
444,032
329,055
1,395,878
1,292,344
Interest earned
(9,199)
(9,957)
(39,177)
(41,568)
Amortization of intangible Assets
39,224
45,053
172,346
193,668
Stock-based compensation
52,571
53,129
281,791
216,037
Employee retention tax credit
received
(225,918)
–
(809,063)
–
Impairment loss on ROU asset
–
–
20,275
–
Gain on early lease termination
–
–
(7,317)
–
Loss on loan forgiveness
–
935,567
–
935,567
Amortization of lease
185,061
148,627
694,617
689,255
Income taxes
35,985
8,600
80,504
41,606
Foreign exchange differences
22,618
7,379
45,587
20,151
State and local taxes
123,343
1,457
171,874
42,340
Severance expenses
48,584
128,539
679,832
553,637
Adjusted EBITDA(*)
(2,100,718)
2,843,977
(7,147,846)
3,832,162
For the three months ended
For the twelve months ended
December
31, 2025
December
31, 2024
December
31, 2025
December
31, 2024
$
$
$
$
Net revenue
9,778,763
18,301,162
38,231,397
49,602,885
Add: platform costs
1,431,691
–
3,070,269
–
Gross revenue*
11,210,454
18,301,162
41,301,666
49,602,885
*See “Use of Non-IFRS Measures” below.
The financial disclosures in this news release are subject to a number of cautionary statements, assumptions, contingencies and risks as set forth in this news release. The foregoing outlook and expectations constitute forward-looking statements and financial outlook and are qualified in their entirety by the “Forward-Looking Statements” cautionary statement below. Readers are cautioned that this release if for information purposes only and may not be appropriate for other purposes.
* Use of Non-IFRS Measures
This press release makes reference to certain non-IFRS (International Financial Reporting Standards) measures including, but not limited to, Adjusted EBITDA and Gross Revenue. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other companies and should not be considered in isolation nor as a substitute for analysis of financial information reported under IFRS. Rather, these non-IFRS measures are provided as additional information to complement IFRS measures by providing a further understanding of operations from management’s perspective.
Management uses adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) as a key financial metric to evaluate Sabio’s operating performance as a complement to results provided in accordance with IFRS. The term “Adjusted EBITDA”, as defined by management, refers to net income (loss) before adjusting earnings for finance costs, income taxes, stock-based compensation, amortization, non-recurring items, and severance costs. Management believes that the items excluded from Adjusted EBITDA are not connected to and do not represent the operating performance of Sabio. Management believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by Sabio’s main business activities prior to taking into consideration how those activities are financed and taxed as well as expenses related to stock-based compensation, depreciation, amortization, restructuring costs, other expense (income), and foreign exchange (gain) loss. Accordingly, management believes that this measure may also be useful to investors in enhancing their understanding of Sabio’s operating performance. It is a key measure used by Sabio’s management and board of directors to understand and evaluate Sabio’s operating performance, to prepare annual budgets, and to help develop operating plans.
The term “Gross Revenue”, as defined by management, represents revenue adjusted by adding back third-party platform costs that are deducted under IFRS presentation. This measure is intended to provide additional insight into the scale of Sabio’s advertising operations, particularly in its programmatic advertising business. Management believes that Gross Revenue is useful supplemental information as it provides an indication of the overall transaction volume processed by Sabio’s platform, which management uses to evaluate operational scale and market penetration. Accordingly, management believes that this measure may also be useful to investors in understanding the size and growth of Sabio’s advertising operations. It is a key measure used by Sabio’s management and board of directors to assess platform activity, monitor business trends, and support strategic planning.
Refer to reconciliation to Adjusted EBITDA and Gross Revenue under the “Selected Financials” section of this release and in the Company’s MD&A for the three and twelve months ended December 31, 2025 and December 31, 2024, copies of which can be found under Sabio Holdings Inc.’s profile on SEDAR Plus at sedarplus.ca.
Reoccurring revenue is a supplementary financial measure. This measure refers to the percentage of quarterly revenue generated from customers who have previously transacted with Sabio (defined as those with the same brand logo). It is derived from internal tracking systems and is used to assess customer retention and revenue predictability. This metric is not audited.
Ad-supported streaming sales and Mobile advertising revenue are supplementary financial measures that represent the proportion of the Company’s consolidated revenue as reported in its financial statements contributed by the Company’s ad-supported and mobile display product offerings, as is also presented in the Company’s MD&A for the three and twelve months ended December 31, 2025 and December 31, 2024, copies of which can be found under Sabio’s profile on SEDAR+ at sedarplus.ca.
Core ad-supported streaming revenue is a supplementary financial measure that represents revenue generated from Sabio’s core streaming TV and mobile video advertising services, excluding revenue from political and advocacy advertising campaigns.
Programmatic revenue is a supplementary financial measure represents revenue earned from advertising transactions executed through programmatic platforms, including Sabio’s and/or third parties.
International revenue is a supplementary financial measure which represents revenue generated from customers located outside the United States.
About Sabio
Sabio Holdings (TSXV: SBIO, OTCQB: SABOF) is a technology and services leader in the fast-growing ad-supported streaming space. Its cloud-based, end-to-end technology stack works with top blue-chip, global brands and the agencies that represent them to reach, engage, and validate (R.E.V.) streaming audiences.
Sabio consists of a proprietary ad-serving technology platform that partners with the top ad-supported streaming platforms and apps in the world, App Science™, a non-cookie-based software as a service (SAAS) analytics and insights platform with AI natural language capabilities, and Creator Television®(Creator TV), the first creator-led streaming network and content studio dedicated to bringing the authenticity and energy of social media storytelling to TV. For more information, visit: sabioctv.com
Forward-Looking Statements
This press release may contain certain forward-looking information and statements (“forward-looking information”) within the meaning of applicable Canadian securities legislation, which is often, but not always, identified by the use of words such as “believes,” “anticipates,” “plans,” “intends,” “will,” “should,” “expects,” “continue,” “estimate,” “forecasts,” or the negative thereof and other similar expressions. All statements herein other than statements of historical fact constitute forward-looking information, including but not limited to, statements relating to Sabio’s outlook for fiscal 2026; expectations regarding growth in programmatic, international and Creator TV revenues; anticipated operating leverage, margin expansion and cash flow visibility; expected increased demand for streaming TV and mobile video advertising during the 2026 U.S. mid‑term election cycle; the timing, magnitude and revenue mix of political and advocacy advertising spend; expectations regarding scalability of the Company’s technology platform; anticipated benefits from revenue diversification initiatives; early‑stage indications of year‑over‑year growth rates in programmatic and international channels; and the Company’s ability to maintain customer retention and reoccurring revenue levels. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The Company undertakes no obligation to comment on analyses, expectations, or statements made by third parties in respect of the Company, its securities, or financial or operating results (as applicable). Material assumptions used to develop the forward-looking information in this press release include, but are not limited to: continued advertiser demand for connected TV and mobile video advertising; historical spending patterns associated with U.S. election cycles; successful execution and adoption of Sabio’s programmatic, international and Creator TV offerings; stable pricing and availability of streaming inventory; continued access to data, measurement and distribution partners. Although the Company believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors, and assumptions concerning future events that may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company’s control, including fluctuations or delays in political and advocacy advertising spend; changes in advertiser budgeting or campaign timing; continued or worsening macroeconomic conditions, including tariff‑related impacts affecting key advertiser verticals; increased competition in the ad‑tech and streaming advertising markets; changes in consumer viewing behavior; pricing pressure or shifts in advertising mix; reliance on third‑party platforms, data providers and cloud infrastructure and other risk factors disclosed in the Company’s annual information form and management’s discussion and analysis (MD&A), which are publicly available on SEDAR Plus at www.sedarplus.ca . The Company has assumed that the material factors referred to herein will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and is made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: Sajid Premji, Chief Financial Officer, investor@sabio.inc, Phone: 1.844.974.2662; Sam Wang, Investor Relations, investor@sabio.inc
View original content:https://www.prnewswire.com/news-releases/sabio-holdings-inc-announces-fiscal-2025-results-achieves-continued-growth-and-advances-strategic-revenue-diversification-302759594.html
SOURCE Sabio Inc.
Technology
TMO Labs Integrates with Sei Network to Bring Blockchain into Everyday Payments in Korea
Published
59 minutes agoon
April 30, 2026By
NEW YORK, April 30, 2026 /PRNewswire/ — The Sei Development Foundation announced today that TMO Labs, a Web3 fintech company, will integrate with Sei Network, a high-performance Layer-1 blockchain, with the integration aimed at bringing blockchain technology into Korea’s everyday payments and financial infrastructure.
As part of the integration, TMO Labs will use Sei as the core blockchain behind TMO Wallet, with a focus on expanding real-world use cases across consumer payments, rewards, and digital finance in Korea.
Sei was chosen for its ability to handle real-time payment environments. With sub-second finality and high throughput, it supports large-scale activity and high-frequency transactions without sacrificing the speed and reliability users expect from modern payment systems.
TMO Labs is a Korean payment infrastructure company with deep experience in transit payments, mobile payments, loyalty systems, and consumer financial services. Built on this foundation, TMO Labs develops platforms that connect digital assets with real-world utility.
Its flagship product, TMO Wallet, is already connected to DaemDaem, a widely used transportation top-up and lifestyle rewards app in Korea, and has access to a large existing user base. TMO Wallet is also designed to connect with major domestic payment and loyalty ecosystems, including Naver Pay, Payco, Happy Point, L.POINT, and transportation-linked payment rails such as TMONEY and EZL.
Even accounting for overlapping users, these platforms represent tens of millions of consumer touchpoints across Korea’s payment and rewards landscape.
Sei will serve as the blockchain layer powering TMO Wallet‘s next phase of real-world financial utility. Users will be able to hold Sei-based digital assets, including stablecoins, within the wallet and link those assets to TMO Labs’ point and payment infrastructure for use in everyday transactions.
This will enable a more unified wallet experience where users can manage digital assets, rewards points, and payment balances in one place, and apply them across real-life use cases such as retail purchases, online commerce, and transportation top-ups.
More broadly, the integration is part of an effort to better connect blockchain infrastructure with the real economy—linking onchain assets to the payment and rewards systems people in Korea already use every day.
TMO Labs’ integration with Sei will span several key areas, including:
blockchain-based payment and rewards infrastructure;integration with Korean payment and loyalty services;expansion into transportation, mobility, and lifestyle use cases; anddevelopment of consumer-facing Web3 financial services grounded in real-world utility.
Jin Kim, Founder of TMO Labs said, “This partnership marks an important step toward making blockchain technology a natural part of everyday financial activity and consumer spending in Korea. By combining TMO Labs’ payment infrastructure with Sei’s high-performance blockchain, we aim to deliver a practical digital finance experience centered on real usage.”
Justin Barlow, Executive Director of Sei Development Foundation added, “TMO Labs is closely connected to Korea’s payment, transit, and rewards infrastructure. Through this integration, TMO Labs is well positioned to deliver one of the most meaningful examples of blockchain being applied in real consumer environments.”
About TMO Labs
TMO Labs is a Korean payment infrastructure company. It develops services that connect digital assets with real-world financial use cases. Its flagship product, TMO Wallet, is an all-in-one digital wallet that enables users to manage blockchain assets, reward points, and prepaid balances in a single platform and apply them across transportation, shopping, and everyday consumer activities.
To learn more about TMO Labs, visit www.tmolabs.io.
About Sei Development Foundation
Sei Development Foundation is an independent US non-profit dedicated to the advancement and adoption of open source, permissionless protocols like Sei – the fastest EVM Layer 1 blockchain built to support world-scale decentralized applications. Through education, funding, and ecosystem support, the Sei Development Foundation collaborates with a global community of builders and users to promote and expand the benefits of Sei and related projects.
To learn more about Sei Development Foundation, visit www.seifdn.org.
About Sei Network
Sei is a blockchain designed for fast, cheap financial transactions, combining the network effects of Ethereum with the performance of Solana. Sei has processed more than five billion transactions across more than 95 million wallets and has become the #1 EVM chain by number of active users.
Learn more at www.sei.io.
View original content:https://www.prnewswire.com/news-releases/tmo-labs-integrates-with-sei-network-to-bring-blockchain-into-everyday-payments-in-korea-302759158.html
SOURCE Sei Development Foundation
Technology
ANGHAMI REPORTS FY2025 REVENUE OF $99.3M, UP 27%, ON 3.5M SUBSCRIBERS AND LANDMARK STRATEGIC PARTNERSHIPS
Published
2 hours agoon
April 30, 2026By
ABU DHABI, UAE, April 30, 2026 /PRNewswire/ — Anghami Inc. (NASDAQ: ANGH) (“Anghami”), the leading music and entertainment streaming platform in the MENA region, today announced its consolidated financial results for the year ended December 31, 2025, marked by revenue growth and subscribers reaching 3.5 million with a registered user base now exceeding 130 million, supported by landmark strategic partnerships.
HIGHLIGHTS
Revenue increased to $99.3 million in 2025, up 27% from $78.1 million in 2024. Growth came from subscriber gains across OSN+ and Anghami Plus, and the first full-year consolidation of OSN+ (April 1, 2024).Paid Subscribers exceeded 3.5 million across Anghami and OSN+, and registered users crossed 130 million.Warner Bros. Discovery closed its $57 million minority investment in OSN Streaming Limited in March 2025, expanding the content partnership and committing to joint investment in regional original production.Multiple strategic partnerships launched for OSN+ with Noon as well as a regional distribution agreement with talabat and the first-of-its-kind “Epic Bundle” with Shahid and Disney+ in December, delivering strong subscriber traction, high activation rates, and above-average conversion, reinforcing Anghami’s expanding distribution and monetization ecosystem.
Commenting on Anghami’s results, Elie Habib, CEO of Anghami, said: “2025 was the first full year of the combined Anghami and OSN+ business, and a year in which the scale of the opportunity became clear. Revenue grew 27% to $99.3 million. Paying subscribers exceeded 3.5 million, and our registered user base crossed 130 million across the MENA region.
We made important progress across the business. We rebuilt the OSN+ platform in-house, launched our first OSN+ Original, expanded strategic distribution partnerships with talabat and Noon, and signed the Epic Bundle with Shahid and Disney+, bringing three leading entertainment platforms into one subscription for the first time in the region. Warner Bros. Discovery’s investment in OSN Streaming Limited reflects confidence in our model, our market position, and the long-term value of premium regional streaming. Our HBO content commitments remain contractual and unchanged.
With a stronger product, a deeper content slate, Ramadan momentum, and early Epic Bundle traction, we enter 2026 focused on scaling revenue, improving unit economics, and converting momentum into sustainable growth.”
BUSINESS UPDATE
2025 marked a significant year in Anghami’s evolution as it progressed the integration of OSN+ into its multi-media streaming ecosystem and expanded its content, partnerships, and technology capabilities.
Anghami continued to invest in its proprietary technology, including AI-powered content recommendations, and completed the in-house rebuild of the OSN+ streaming platform, delivering improved performance, 4K capabilities, and full control over the user experience.
In January 2025, OSN+ premiered its original production The Fashionista, reinforcing the platform’s investment in locally relevant content alongside its exclusive HBO catalogue, which includes House of the Dragon, The Last of Us, and Game of Thrones.
In March 2025, Warner Bros. Discovery announced an agreement to acquire a minority stake in OSN Streaming Limited, Anghami’s majority shareholder, investing $57 million. The transaction expands the existing content partnership and includes plans to jointly invest in locally produced content targeting regional audiences.
OSN+ partnerships with talabat and Noon expanded distribution and opened new customer acquisition channels, while high-profile live events including the Amr Diab & Adam Port concert in Abu Dhabi and Nancy Ajram Riyadh Boulevard activation reinforced Anghami’s cultural leadership position. Regional conflicts have impacted live events and regional content production; however, Anghami continued to scale its cultural footprint through flagship initiatives such as “Aktar Men Ayya Waqt,” a pan-Arab collaboration uniting leading artists across the region, alongside a focused Ramadan content strategy that delivered resilient engagement and outperformed industry trends that typically see lower metrics during the period.
As the year drew to a close, OSN+ launched the “Epic Bundle”, a first-of-its-kind bundled subscription with Shahid and Disney+, bringing all three platforms together under a single plan and broadening content access for consumers.
Anghami also continued to expand its telco partnership ecosystem in 2025, maintaining integrations with 45 telco operators across the MENA region. Telco partnerships serve as a dual-purpose growth lever by facilitating frictionless subscription payments, helping Anghami maintain one of the highest paying conversion rates among music streaming services in the MENA region, while also providing a significant marketing channel through co-branded campaigns and data bundle offerings.
From a financial perspective, revenue increased to $99.3 million in 2025, from $78.1 million in 2024, driven by subscriber growth across Anghami Plus and OSN+ and the first full-year contribution from the OSN+ video streaming segment which was consolidated from 1 April 2024. Profitability was impacted by the fixed video content licensing fees reflecting the full 12 month impact compared to 2024.
During 2025 and early 2026, the Company strengthened its Board of Directors with the appointments of Bassil Almouallimi (SRMG), James Cooke (Warner Bros. Discovery), Moustapha Chami (KIPCO), and Eman Al Awadhi (KIPCO).
OUTLOOK
Anghami is positioned to capitalize on continued growth in digital entertainment demand across the MENA region. The Company’s platform-led partnerships enhance distribution, content access and audience reach, further differentiating Anghami within an increasingly competitive streaming market.
Strategic collaborations with leading regional and global platforms, including Shahid, Disney+, talabat, and the expanded Warner Bros. Discovery relationship, are expected to remain key growth drivers. The content lineup is set to remain exceptional throughout the year, featuring highly anticipated global releases and returning flagship series. This includes A Knight of the Seven Kingdoms, Euphoria Season 3, Season 2 of The Pitt, which has emerged as one of the most widely watched series globally, and Season 4 of FROM. This is further reinforced by upcoming seasons of The House of the Dragon and a robust pipeline of award-winning and globally successful films, including major 2025 theatrical releases such as Sinners, Superman, and other leading box office titles.
Building on this early traction, Anghami aims to scale embedded and bundled distribution models to support more efficient user acquisition and deeper engagement across its core markets.
Management remains focused on balancing growth with operational discipline, as continued investment in platform capabilities, reshaping content acquisition costs, advertising optimization and partner integrations support scale benefits over time. As these initiatives mature, Anghami aims to drive improved monetization and stronger operating leverage across its digital entertainment platform that will lead to material unit economics improvements in 2026.
Anghami’s annual report on Form 20-F (the “Form 20-F”) for the year ended December 31, 2025 was filed today with the U.S. Securities and Exchange Commission. The Form 20-F can be accessed by visiting either the SEC’s website at www.sec.gov or the Company’s website at https://www.anghami.com/investors.
About Anghami Inc. (NASDAQ: ANGH)
Anghami is the leading multi-media technology streaming platform in the Middle East and North Africa (“MENA”) region, offering a comprehensive ecosystem of exclusive premium video, music, podcasts, live entertainment, audio services, and more.
With a user base exceeding 130 million registered users and over 3.5 million paid subscribers, Anghami has partnered with 45 telcos across MENA, facilitating customer acquisition and subscription payment, in addition to establishing relationships with major film studios, entertainment giants, and music labels, both regional and international. Headquartered in Abu Dhabi, UAE, Anghami operates in 16 countries across MENA, with offices in Beirut, Dubai, Cairo, and Riyadh.
To learn more about Anghami, please visit: https://anghami.com. Any questions for the Investors Relations Department can be emailed to IR@anghami.com or anghami@apcoworldwide.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Anghami’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,” “start,” “project,” “budget,” “forecast,” “preliminary,” “anticipate,” “position,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “continue,” “predicts,” “potential,” “transform,” “commitment” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These statements include those related to the effect of the OSN+ integration, Warner Bros. Discovery investment in OSN Streaming, other new partnerships and collaborations, and future growth. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Anghami’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the outcome of any legal proceedings that may be instituted against Anghami; wars, conflicts and political instability; foreign exchange fluctuations, changes in applicable laws or regulations; and the possibility that Anghami may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties identified in Anghami’s fiscal 2025 annual report on Form 20-F filed with the SEC on April 30, 2026, including those under “Risk Factors” therein, and in other documents filed or to be filed with the SEC by Anghami and available at the SEC’s website at www.sec.gov. Anghami cautions that the foregoing list of factors is not exclusive. Anghami cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, Anghami 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.
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SOURCE Anghami
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