Technology
Full Truck Alliance Co. Ltd. Announces Second Quarter 2024 Unaudited Financial Results
Published
2 years agoon
By
GUIYANG, China, Aug. 21, 2024 /PRNewswire/ — Full Truck Alliance Co. Ltd. (“FTA” or the “Company”) (NYSE: YMM), a leading digital freight platform, today announced its unaudited financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Financial and Operational Highlights
Total net revenues in the second quarter of 2024 were RMB2,764.3 million (US$380.4 million), an increase of 34.1% from RMB2,062.0 million in the same period of 2023.
Net income in the second quarter of 2024 was RMB840.5 million (US$115.7 million), an increase of 38.0% from RMB609.0 million in the same period of 2023.
Non-GAAP adjusted net income[1] in the second quarter of 2024 was RMB970.9 million (US$133.6 million), an increase of 34.3% from RMB722.7 million in the same period of 2023.
Fulfilled orders[2]in the second quarter of 2024 reached 49.1 million, an increase of 22.0% from 40.2 million in the same period of 2023.
Average shipper MAUs[3] in the second quarter of 2024 reached 2.65 million, an increase of 32.8% from 2.00 million in the same period of 2023.
Mr. Peter Hui Zhang, Founder, Chairman and Chief Executive Officer of FTA, commented, “We are pleased to see our team’s unwavering commitment to user centricity in the first half of 2024 despite pressure from macroeconomic challenges and extreme weather conditions. In the second quarter, we made steady progress across the board and delivered a strong operational and financial performance. Focusing on the core of our product and business from the user’s perspective has empowered consistent execution excellence. As a result, our shipper-user scale reached an all-time high. Meanwhile, we enhanced the infrastructure serving our truck-cargo matching system, driving continuous order structure improvement and a steady increase in fulfillment rate. As we move into the second half of the year, we are confident of achieving progress in various businesses and maintaining growth in both scale and profits.”
Mr. Simon Cai, Chief Financial Officer of FTA, added, “We delivered another set of robust financial results in the second quarter with growth in both top line and bottom line. Total net revenues increased by 34.1% year over year to RMB2,764.3 million, while net income and non-GAAP adjusted net income soared by 38.0% and 34.3% to reach RMB840.5 million and RMB970.9 million, respectively. More importantly, as we enhance the value of our platform’s ecosystem, our transaction service is rapidly realizing its monetization potential, with revenues under this model growing more than 60% year over year this quarter. Looking ahead, we see significant potential for user scale and monetization growth. We seek to continue seizing those opportunities by improving service quality and creating greater user value.”
[1] Non-GAAP adjusted net income is defined as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.
[2] Fulfilled orders on our platform in a given period are defined as all shipping orders matched through our platform during such period but exclude (i) shipping orders that are subsequently canceled and (ii) shipping orders for which our users failed to specify any freight prices, as there are substantial uncertainties as to whether such shipping orders are fulfilled.
[3] Average shipper MAUs in a given period are calculated by dividing (i) the sum of shipper MAUs for each month of a given period by (ii) the number of months in a given period. Shipper MAUs are defined as the number of active shippers on our platform in a given month. Active shippers are defined as the aggregate number of registered shipper accounts that have posted at least one shipping order on our platform during a given period.
Second Quarter 2024 Financial Results
Net Revenues (including value added taxes, or “VAT,” of RMB953.0 million and RMB1,255.6 million for the three months ended June 30, 2023 and 2024, respectively). Total net revenues in the second quarter of 2024 were RMB2,764.3 million (US$380.4 million), representing an increase of 34.1% from RMB2,062.0 million in the same period of 2023, primarily attributable to an increase in revenues from freight matching services.
Freight matching services. Revenues from freight matching services in the second quarter of 2024 were RMB2,328.7 million (US$320.4 million), representing an increase of 34.4% from RMB1,732.2 million in the same period of 2023. The increase was mainly due to a significant increase in transaction service[4] and the continued growth in freight brokerage service.
Freight brokerage service. Revenues from freight brokerage service in the second quarter of 2024 were RMB1,164.8 million (US$160.3 million), an increase of 22.7% from RMB948.9 million in the same period of 2023, primarily attributable to an increase in transaction volume due to the continued growth in user demand.
Freight listing service. Revenues from freight listing service in the second quarter of 2024 were RMB212.1 million (US$29.2 million), an increase of 5.6% from RMB200.8 million in the same period of 2023, primarily due to a growing number of total paying members.
Transaction service.[4] Revenues from transaction service amounted to RMB951.9 million (US$131.0 million) in the second quarter of 2024, an increase of 63.4% from RMB582.5 million in the same period of 2023, primarily driven by an increase in order volume, penetration rate, and the per-order transaction service fee.
Value-added services. Revenues from value-added services in the second quarter of 2024 were RMB435.6 million (US$59.9 million), an increase of 32.0% from RMB329.9 million in the same period of 2023. The increase was due to the growing demand from truckers and shippers for credit solutions and other value-added services.
Cost of Revenues (including VAT net of government grants of RMB774.9 million and RMB992.8 million for the three months ended June 30, 2023 and 2024, respectively). Cost of revenues in the second quarter of 2024 was RMB1,312.1 million (US$180.5 million), compared with RMB975.3 million in the same period of 2023. The increase was primarily due to increases in VAT, related tax surcharges and other tax costs, net of grants from government authorities. These tax-related costs net of government grants totaled RMB1,176.3 million, representing an increase of 33.8% from RMB879.3 million in the same period of 2023, primarily due to an increase in transaction activities involving the Company’s freight brokerage service.
Sales and Marketing Expenses. Sales and marketing expenses in the second quarter of 2024 were RMB372.3 million (US$51.2 million), compared with RMB281.8 million in the same period of 2023. The increase was primarily due to an increase in advertising and marketing expenses for user acquisitions, as well as higher salary and benefits expenses.
General and Administrative Expenses. General and administrative expenses in the second quarter of 2024 were RMB219.2 million (US$30.2 million), compared with RMB201.7 million in the same period of 2023. The increase was primarily due to higher share-based compensation expenses.
Research and Development Expenses. Research and development expenses in the second quarter of 2024 were RMB232.1 million (US$31.9 million), compared with RMB223.7 million in the same period of 2023. The increase was primarily due to higher share-based compensation expenses and increased investment in technology infrastructure.
Income from Operations. Income from operations in the second quarter of 2024 was RMB565.4 million (US$77.8 million), an increase of 69.4% from RMB333.8 million in the same period of 2023.
Non-GAAP Adjusted Operating Income.[5] Non-GAAP adjusted operating income in the second quarter of 2024 was RMB699.0 million (US$96.2 million), an increase of 55.1% from RMB450.7 million in the same period of 2023.
Net Income. Net income in the second quarter of 2024 was RMB840.5 million (US$115.7 million), an increase of 38.0% from RMB609.0 million in the same period of 2023.
Non-GAAP Adjusted Net Income. Non-GAAP adjusted net income in the second quarter of 2024 was RMB970.9 million (US$133.6 million), an increase of 34.3% from RMB722.7 million in the same period of 2023.
Basic and Diluted Net Income per ADS[6] and Non-GAAP Adjusted Basic and Diluted Net Income per ADS.[7] Basic and diluted net income per ADS were RMB0.79 (US$0.11) in the second quarter of 2024, compared with RMB0.57 in the same period of 2023. Non-GAAP adjusted basic net income per ADS was RMB0.92 (US$0.13) in the second quarter of 2024, compared with RMB0.68 in the same period of 2023. Non-GAAP adjusted diluted net income per ADS was RMB0.91 (US$0.13) in the second quarter of 2024, compared with RMB0.68 in the same period of 2023.
Balance Sheet and Cash Flow
As of June 30, 2024, the Company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year of RMB26.8 billion (US$3.7 billion) in total, compared with RMB27.6 billion as of December 31, 2023.
As of June 30, 2024, the total outstanding balance of on-balance sheet loans, consisting of the total principal amounts and all accrued and unpaid interests of the loans funded through our small loan company, reduced by an allowance for estimated losses, was RMB3,997.1 million (US$550.0 million), compared with RMB3,521.1 million as of December 31, 2023. The total non-performing loan ratio[8] for these loans was 2.1% as of June 30, 2024, compared with 2.0% as of December 31, 2023.
In the second quarter of 2024, net cash provided by operating activities was RMB573.7 million (US$78.9 million).
[4] Effective January 1, 2024, we have renamed our “Transaction commission” revenue stream as “Transaction service,” which consists of all monetization from truckers related to our freight matching service, including the revenue generated from our intra-city business, which was previously classified under “Freight listing service” and “Value-added services.” The comparative periods have been restated to conform to this presentation by reclassifying RMB26.4 million and RMB1.0 million, which were previously included in “Freight listing service” and “Value-added services,” respectively, as “Transaction service”.
[5] Non-GAAP adjusted operating income is defined as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; and (iii) compensation cost incurred in relation to acquisitions. See “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.
[6] ADS refers to American depositary shares, each of which represents 20 Class A ordinary shares.
[7] Non-GAAP adjusted basic and diluted net income per ADS is net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments, divided by weighted average number of basic and diluted ADSs, respectively. For more information, refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP and Non-GAAP Results” at the end of this press release.
[8] Non-performing loan ratio is calculated by dividing the outstanding principal and all accrued and unpaid interests of the on-balance sheet loans that were over 90 calendar days past due (excluding loans that are over 180 days past due and are therefore charged off) by the total outstanding principal and all accrued and unpaid interests of the on-balance sheet loans (excluding loans that are over 180 days past due and are therefore charged off) reduced by an allowance for estimated losses as of a specified date.
Business Outlook
The Company expects its total net revenues to be between RMB2.76 billion and RMB2.82 billion for the third quarter of 2024, representing a year-over-year growth rate of approximately 21.9% to 24.6%. These forecasts reflect the Company’s current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at a rate of RMB7.2672 to US$1.00, the exchange rate in effect as of June 28, 2024, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.
Conference Call
The Company’s management will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time on August 21, 2024, or 8:00 P.M. Beijing Time to discuss its financial results and operating performance for the second quarter of 2024.
For participants who wish to join the conference using dial-in numbers, please complete online registration using the link provided below prior to the scheduled call start time.
Participant Online Registration:
https://dpregister.com/sreg/10191169/fd24d80cfd
Upon registration, each participant will receive details for the conference call, including dial-in numbers, passcode and a unique access PIN. To join the conference, please dial the provided number, enter the passcode followed by your PIN, and you will join the conference.
The replay will be accessible through August 28, 2024, by dialing the following numbers:
United States:
+1-877-344-7529
International:
+1-412-317-0088
Replay Access Code:
6781695
A live and archived webcast of the conference call will also be available on the Company’s investor relations website at ir.fulltruckalliance.com.
About Full Truck Alliance Co. Ltd.
Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and online transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to make logistics smarter, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders, non-GAAP adjusted basic and diluted net income per share and non-GAAP adjusted basic and diluted net income per ADS, each a non-GAAP financial measure, as supplemental measures to review and assess its operating performance.
The presentation of 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 adjusted operating income as income from operations excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions. The Company defines non-GAAP adjusted net income as net income excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted net income attributable to ordinary shareholders as net income attributable to ordinary shareholders excluding (i) share-based compensation expense; (ii) amortization of intangible assets resulting from business acquisitions; (iii) compensation cost incurred in relation to acquisitions; and (iv) tax effects of non-GAAP adjustments. The Company defines non-GAAP adjusted basic and diluted net income per share as non-GAAP adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted ordinary shares, respectively. The Company defines non-GAAP adjusted basic and diluted net income per ADS as non-GAAP adjusted net income attributable to ordinary shareholders divided by the weighted average number of basic and diluted ADSs, respectively.
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 an analytical tool. The non-GAAP financial measures do not reflect all items of expense that affect its operations. Share-based compensation expense, amortization of intangible assets resulting from business acquisitions, compensation cost incurred in relation to acquisitions and tax effects of non-GAAP adjustments have been and may continue to be incurred in its business and are not reflected in the presentation of its non-GAAP financial measures.
The Company reconciles the non-GAAP financial measures to the nearest U.S. GAAP performance measures. Non-GAAP adjusted operating income, non-GAAP adjusted net income, non-GAAP adjusted net income attributable to ordinary shareholders and non-GAAP adjusted basic and diluted net income per share should not be considered in isolation or construed as an alternative to operating income, net income, net income attributable to ordinary shareholders and basic and diluted net income per share or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review FTA’s non-GAAP financial measures to the most directly comparable GAAP measures. FTA’s non-GAAP financial measure may not be comparable to similarly titled measures presented by other companies.
For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements which 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,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs, plans, 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: FTA’s goal and strategies; FTA’s expansion plans; FTA’s future business development, financial condition and results of operations; expected changes in FTA’s revenues, costs or expenses; industry landscape of, and trends in, China’s road transportation market; competition in FTA’s industry; FTA’s expectations regarding demand for, and market acceptance of, its services; FTA’s expectations regarding its relationships with shippers, truckers and other ecosystem participants; FTA’s ability to protect its systems and infrastructures from cyber-attacks; PRC laws, regulations, and policies relating to the road transportation market, as well as general regulatory environment in which FTA operates in China; the results of regulatory review and the duration and impact of any regulatory action taken against FTA; the impact of health epidemics, extreme weather conditions and production constraints brought by electricity rationing measures; general economic and business condition; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.com
Piacente Financial Communications
Hui Fan
Tel: +86-10-6508-0677
E-mail: FTA@thepiacentegroup.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com
FULL TRUCK ALLIANCE CO. LTD.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS, per share and per ADS data)
As of
December 31,
June 30,
June 30,
2023
2024
2024
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
6,770,895
5,135,376
706,651
Restricted cash – current
115,513
100,763
13,865
Short-term investments
11,516,304
11,552,755
1,589,712
Accounts receivable, net
23,418
27,378
3,767
Loans receivable, net
3,521,072
3,997,137
550,024
Prepayments and other current assets
2,049,780
2,376,943
327,079
Total current assets
23,996,982
23,190,352
3,191,098
Restricted cash – non-current
10,000
20,000
2,752
Long-term investments[1]
11,075,739
12,007,362
1,652,268
Property and equipment, net
194,576
236,282
32,513
Intangible assets, net
449,904
421,875
58,052
Goodwill
3,124,828
3,124,828
429,991
Deferred tax assets
149,081
185,000
25,457
Operating lease right-of-use assets and land use rights
134,867
134,986
18,575
Other non-current assets
211,670
277,633
38,204
Total non-current assets
15,350,665
16,407,966
2,257,812
TOTAL ASSETS
39,347,647
39,598,318
5,448,910
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
25,220
32,656
4,494
Prepaid for freight listing fees and other service fees
548,917
600,993
82,699
Income tax payable
154,916
276,578
38,058
Other tax payable
784,617
878,786
120,925
Operating lease liabilities – current
37,758
42,846
5,896
Dividends payable
—
16,806
2,313
Accrued expenses and other current liabilities
1,723,245
1,493,252
205,478
Total current liabilities
3,274,673
3,341,917
459,863
Deferred tax liabilities
108,591
102,080
14,047
Operating lease liabilities – non-current
46,709
40,394
5,558
Other non-current liabilities
22,950
17,229
2,371
Total non-current liabilities
178,250
159,703
21,976
TOTAL LIABILITIES
3,452,923
3,501,620
481,839
MEZZANINE EQUITY
Redeemable non-controlling interests
277,420
389,099
53,542
SHAREHOLDERS’ EQUITY
Ordinary shares
1,371
1,341
185
Treasury stock, at cost
(608,117)
—
—
Additional paid-in capital
47,713,985
45,699,371
6,288,443
Accumulated other comprehensive income
2,897,871
3,031,806
417,190
Accumulated deficit
(14,400,604)
(13,036,601)
(1,793,896)
TOTAL FULL TRUCK ALLIANCE CO. LTD. EQUITY
35,604,506
35,695,917
4,911,922
Non-controlling interests
12,798
11,682
1,607
TOTAL SHAREHOLDERS’ EQUITY
35,617,304
35,707,599
4,913,529
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY
39,347,647
39,598,318
5,448,910
1. The Group’s long-term investments consist of RMB9,318 million long-term time deposits, RMB678 million wealth management products with maturities
over one year, RMB979 million investments in debt securities, RMB320 million equity method investments, and RMB712 million equity investments without
readily determinable fair value as of June 30, 2024.
FULL TRUCK ALLIANCE CO. LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
Six months ended
June 30,
March 31,
June 30,
June 30,
June 30,
June 30,
June 30,
2023
2024
2024
2024
2023
2024
2024
RMB
RMB
RMB
US$
RMB
RMB
US$
Net revenues (including value added taxes,
“VAT”, of RMB953.0 million and
RMB1,255.6 million for the three months
ended June 30, 2023 and 2024,
respectively)
2,062,028
2,268,713
2,764,283
380,379
3,764,285
5,032,996
692,562
Operating expenses:
Cost of revenues (including VAT net of
government grants, of RMB774.9
million and RMB992.8 million for the
three months ended June 30, 2023
and 2024, respectively)(1)
(975,269)
(1,031,888)
(1,312,072)
(180,547)
(1,824,642)
(2,343,960)
(322,540)
Sales and marketing expenses(1)
(281,772)
(340,147)
(372,288)
(51,229)
(527,449)
(712,435)
(98,034)
General and administrative expenses(1)
(201,711)
(264,467)
(219,157)
(30,157)
(381,218)
(483,624)
(66,549)
Research and development expenses(1)
(223,696)
(247,708)
(232,140)
(31,944)
(453,575)
(479,848)
(66,029)
Provision for loans receivable
(51,146)
(80,324)
(71,057)
(9,778)
(104,024)
(151,381)
(20,831)
Total operating expenses
(1,733,594)
(1,964,534)
(2,206,714)
(303,655)
(3,290,908)
(4,171,248)
(573,983)
Other operating income
5,355
8,010
7,798
1,073
26,176
15,808
2,175
Income from operations
333,789
312,189
565,367
77,797
499,553
877,556
120,754
Other income (expense)
Interest income
285,461
315,363
305,337
42,016
531,575
620,700
85,411
Foreign exchange gain
272
417
6,306
868
175
6,723
925
Investment income
4,471
18,484
18,697
2,573
7,184
37,181
5,116
Unrealized gains (losses) from fair
value changes of investments and
derivative assets
8,268
(7,388)
(4,522)
(622)
18,229
(11,910)
(1,639)
Other income, net
4,259
2,070
1,395
192
10,922
3,465
477
Share of loss in equity method investees
(696)
(48)
(882)
(121)
(1,006)
(930)
(128)
Total other income
302,035
328,898
326,331
44,906
567,079
655,229
90,162
Net income before income tax
635,824
641,087
891,698
122,703
1,066,632
1,532,785
210,916
Income tax expense
(26,832)
(54,720)
(51,190)
(7,044)
(46,212)
(105,910)
(14,574)
Net income
608,992
586,367
840,508
115,659
1,020,420
1,426,875
196,342
Less: net income (loss) attributable to
non-controlling interests
14
(549)
(568)
(78)
14
(1,117)
(154)
Less: measurement adjustment
attributable to redeemable non-
controlling interests
3,441
5,744
17,942
2,469
5,960
23,686
3,259
Net income attributable to
ordinary shareholders
605,537
581,172
823,134
113,268
1,014,446
1,404,306
193,237
FULL TRUCK ALLIANCE CO. LTD.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)
(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
Six months ended
June 30,
March 31,
June 30,
June 30,
June 30,
June 30,
June 30,
2023
2024
2024
2024
2023
2024
2024
RMB
RMB
RMB
US$
RMB
RMB
US$
Net income per ordinary
share
—Basic
0.03
0.03
0.04
0.01
0.05
0.07
0.01
—Diluted
0.03
0.03
0.04
0.01
0.05
0.07
0.01
Net income per ADS*
—Basic
0.57
0.56
0.79
0.11
0.96
1.35
0.19
—Diluted
0.57
0.56
0.79
0.11
0.95
1.34
0.18
Weighted average number
of ordinary shares used
in computing net
income per share
—Basic
21,177,034,098
20,864,118,097
20,805,892,860
20,805,892,860
21,234,910,577
20,834,974,344
20,834,974,344
—Diluted
21,218,841,485
20,904,689,303
20,905,548,181
20,905,548,181
21,285,276,797
20,905,238,796
20,905,238,796
Weighted average number
of ADS used in
computing net
income per ADS
—Basic
1,058,851,705
1,043,205,905
1,040,294,643
1,040,294,643
1,061,745,529
1,041,748,717
1,041,748,717
—Diluted
1,060,942,074
1,045,234,465
1,045,277,409
1,045,277,409
1,064,263,840
1,045,261,940
1,045,261,940
* Each ADS represents 20 ordinary shares.
(1) Share-based compensation expense in operating expenses are as follows:
Three months ended
Six months ended
June 30,
March 31,
June 30,
June 30,
June 30,
June 30,
June 30,
2023
2024
2024
2024
2023
2024
2024
RMB
RMB
RMB
US$
RMB
RMB
US$
Cost of revenues
1,381
2,744
2,734
376
3,187
5,478
754
Sales and marketing
expenses
13,075
10,685
12,875
1,772
24,272
23,560
3,242
General and administrative
expenses
68,124
119,543
79,197
10,898
126,965
198,740
27,348
Research and development
expenses
17,046
22,984
21,495
2,958
34,528
44,479
6,121
Total
99,626
155,956
116,301
16,004
188,952
272,257
37,465
FULL TRUCK ALLIANCE CO. LTD.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
Six months ended
June 30,
March 31,
June 30,
June 30,
June 30,
June 30,
June 30,
2023
2024
2024
2024
2023
2024
2024
RMB
RMB
RMB
US$
RMB
RMB
US$
Income from operations
333,789
312,189
565,367
77,797
499,553
877,556
120,754
Add:
Share-based
compensation
expense
99,626
155,956
116,301
16,004
188,952
272,257
37,465
Amortization of
intangible assets
resulting from
business acquisitions
13,021
13,021
13,021
1,792
26,042
26,042
3,583
Compensation cost
incurred in relation
to acquisitions
4,281
4,281
4,281
589
8,562
8,562
1,178
Non-GAAP adjusted
operating income
450,717
485,447
698,970
96,182
723,109
1,184,417
162,980
Net income
608,992
586,367
840,508
115,659
1,020,420
1,426,875
196,342
Add:
Share-based
compensation
expense
99,626
155,956
116,301
16,004
188,952
272,257
37,465
Amortization of
intangible assets
resulting from
business acquisitions
13,021
13,021
13,021
1,792
26,042
26,042
3,583
Compensation cost
incurred in relation
to acquisitions
4,281
4,281
4,281
589
8,562
8,562
1,178
Tax effects of
non-GAAP
adjustments
(3,255)
(3,255)
(3,255)
(448)
(6,510)
(6,510)
(896)
Non-GAAP adjusted net
income
722,665
756,370
970,856
133,596
1,237,466
1,727,226
237,672
FULL TRUCK ALLIANCE CO. LTD.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED)
(All amounts in thousands, except share, ADS, per share and per ADS data)
Three months ended
Six months ended
June 30,
March 31,
June 30,
June 30,
June 30,
June 30,
June 30,
2023
2024
2024
2024
2023
2024
2024
RMB
RMB
RMB
US$
RMB
RMB
US$
Net income attributable
to ordinary
shareholders
605,537
581,172
823,134
113,268
1,014,446
1,404,306
193,237
Add:
Share-based
compensation
expense
99,626
155,956
116,301
16,004
188,952
272,257
37,465
Amortization of
intangible assets
resulting from
business acquisitions
13,021
13,021
13,021
1,792
26,042
26,042
3,583
Compensation cost
incurred in relation
to acquisitions
4,281
4,281
4,281
589
8,562
8,562
1,178
Tax effects of
non-GAAP
adjustments
(3,255)
(3,255)
(3,255)
(448)
(6,510)
(6,510)
(896)
Non-GAAP adjusted net
income attributable to
ordinary shareholders
719,210
751,175
953,482
131,205
1,231,492
1,704,657
234,567
Non-GAAP adjusted net
income per ordinary
share
—Basic
0.03
0.04
0.05
0.01
0.06
0.08
0.01
—Diluted
0.03
0.04
0.05
0.01
0.06
0.08
0.01
Non-GAAP adjusted net
income per ADS
—Basic
0.68
0.72
0.92
0.13
1.16
1.64
0.23
—Diluted
0.68
0.72
0.91
0.13
1.16
1.63
0.22
View original content:https://www.prnewswire.com/news-releases/full-truck-alliance-co-ltd-announces-second-quarter-2024-unaudited-financial-results-302227213.html
SOURCE Full Truck Alliance Co. Ltd.
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Technology
U.S. News & World Report Reveals the 2027 Best Places to Retire
Published
11 minutes agoon
October 27, 2026By
Affordability is a top priority for attendees as Midland, Michigan, holds No. 1 spot.
Summary
Midland, Michigan, is the No. 1 Best Place to Retire for the second year in a row.Affordability is the most considered factor when choosing a place to retire in 2027.Florida and Texas dominate the top 250 Best Places to Retire, offering a number of affordable and retiree-tax friendly locations.
WASHINGTON, Oct. 27, 2026 /PRNewswire/ — U.S. News & World Report, the global authority in rankings and consumer advice, today revealed the 2027 Best Places to Retire in the United States.
Midland, Michigan, retained the No. 1 rank for the second year in a row. Midland scored high in affordability and retiree taxes, helping it to lock in the top spot.
“Retirees are seeking a place that gives them a sense of security and comfort as they live out their golden years,” said Megan Wood, assistant managing editor, home services and real estate. “Whether that comfort prioritizes scenic nature spots, access to multi-cultural experiences, or everyday affordability, places like Midland, Michigan, offer financial safety while still providing a good quality of life.”
Homosassa Springs, Florida, came in at No. 2 due to strong scores in affordability, 55+ population growth and retiree taxes. High performance for, quality of life, retiree taxes, affordability and quality of life resulted in Weirton, West Virginia, placing No. 3 on the list.
U.S. News adjusted its scoring weights for the 2027 rankings to mirror a growing concern for affordability in America. This resulted in multiple double-digit jumps in the top 25, including Paducah, Kentucky (No. 8), ascending into the top 10 for the first time.
“It’s no secret that affordability is top of mind for Americans this year, which is why U.S. News updated its weighting criteria to better align with what retirees prioritize,” Wood said. “The 2027 rankings reflect key metrics used to highlight the places that best suit retiree needs.”
U.S. News evaluated more than 850 U.S. cities – publishing the top 250 places – based on how well they meet American retirees’ expectations against measures including quality of life, affordability, healthcare, retiree taxes, job market, and population and migration for retirees aged 55 and older.
The six measures factored into this year’s rankings were weighted based on a public survey of individuals across the U.S. who are at or approaching retirement age (45 and older) to find out what matters most to people when they’re considering where to retire. Resources include federal, state and local data provided by Applied Geographic Solutions, which includes data sourced from the FBI’s Uniform Crime Reporting program, Bureau of Labor Statistics, Bureau of Economic Analysis and U.S. News’ Best Hospitals rankings. To learn more about how the rankings are determined, read the Best Places to Retire methodology.
Best Places to Retire is part of U.S. News’ Real Estate section, which provides rankings and tools to help individuals navigate the housing market, including home value estimates to working with an agent.
2027 U.S. News Best Places to Retire – Top 10
*See the full rankings here.
Midland, Michigan Homosassa Springs, Florida Weirton, West VirginiaThe Woodlands, TexasSpring, TexasRancho Rio, New Mexico Altoona, PennsylvaniaPaducah, KentuckyLynchburg, Virginia Palm Coast, Florida
For more information on Best Places to Retire, explore Facebook, LinkedIn, Tik Tok, Instagram and X using #BestPlacesToRetire.
About U.S. News & World Report
U.S. News & World Report is the global leader for journalism that empowers consumers, citizens, business leaders and policy officials to make confident decisions in all aspects of their lives and communities. A multifaceted media company, U.S. News provides unbiased rankings, independent reporting and analysis, and consumer advice to millions of people on USNews.com each month. A pillar in Washington for more than 90 years, U.S. News is the trusted home for in-depth and exclusive insights on education, health, politics, the economy, insurance, personal finance, travel, automobiles, real estate, careers and consumer products and services.
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SOURCE U.S. News & World Report, L.P.
Technology
IBM Introduces Identity and Control for AI Agents, Securing Frontier Intelligence for the Enterprise
Published
11 minutes agoon
October 27, 2026By
Enterprises are deploying agents faster than they can verify them. HashiCorp Vault uses Agent Identity to give each agent a governed identity Verified agents still need limits on access. Vault extends its established secrets management to AI agents, built to enforce least-privilege access and enable real-time revocation when an agent attempts an unauthorized action Enterprises can’t scale agents they can’t see, test or account for. IBM watsonx Orchestrate is designed to unify discovery, containment, and evaluation across Amazon Bedrock, Microsoft Foundry and Google Gemini
ATLANTA, Oct. 27, 2026 /PRNewswire/ — At TechXchange 2026, IBM (NYSE: IBM) is announcing new capabilities to help developers, IT and security teams put AI agents to work across business systems with clear authority and accountability. IBM brings together agent discovery, verified identities, access controls and performance evaluation to help organizations understand who owns each agent, control what it can access, and trace its actions across existing applications and infrastructure.
According to Gartner, by 2028 the average Fortune 500 enterprise will use over 150,000 AI agents. But only 13% of organizations believe that they have the right AI agent governance in place [1]. Persistent credentials, unclear ownership and disconnected controls make it harder to govern agents as they interact with other agents, invoke tools and act across teams, platforms and clouds.
“The winners in enterprise AI are changing how their business runs, not simply adding more AI to it,” said Dinesh Nirmal, Senior Vice President, IBM Software. “For agents to take on real work across the systems a company depends on, it requires an AI operating model – one that connects agents to the business’s data, applications and infrastructure and runs them with the same discipline as its most critical systems. Build trust and control into that model, and agents stop being a technology and become a way of doing business.”
Today’s announcements extend IBM’s portfolio to deliver an AI operating model of four essential systems working together: agents, data, automation and hybrid infrastructure. This starts with the trust and control every agent needs – a verified identity, only the access it needs, and one place to discover, secure and evaluate agents regardless of where they were built.
Extending HashiCorp Vault to AI agents
HashiCorp Vault manages the secrets and credentials that applications and services use to access business systems. It provides that control through centrally managed secrets, automated rotation for supported credentials, and dynamically generated credentials that expire or can be revoked. These capabilities help reduce the time exposed credentials remain usable and limit access to the permissions configured for each role.
HashiCorp Vault already secures non-human identities for organizations including ABN AMRO, Adobe, athenahealth, BBVA, BlackRock, Canva, Duke Energy, Expedia, London Stock Exchange, Starbucks, Swiss Federal Railways and Target, across systems that process billions of dollars in transactions [2]. HashiCorp will now extend those capabilities to AI agents, issuing secured, short-lived credentials that limit each agent to what it needs.
Establishing agent identity and accountability
AI agents are a growing class of non-human identity, alongside applications and services. As they begin acting across business systems, enterprises need a clear record of who owns each agent and what authority it has been granted. HashiCorp is combining governed agent identity with credential controls to help organizations delegate work with defined authority and accountability.
When used with HashiCorp Vault, Agent Identity establishes the authoritative record for each agent, such as who owns it, its lifecycle status and the authority it has been granted. Built to extend existing identity and security investments, it shares relevant identity and authorization context with Vault’s credential controls – ultimately enforcing least-privilege access and enabling real-time revocation when an agent attempts an unauthorized action.
Controlling agent credentials and access
Identifying an agent is only the start. Enterprises also need to control the credentials it uses to reach databases, applications and cloud services – and how long those credentials remain valid. As agents invoke tools and act across business systems, their credentials become a critical security boundary. An agent with a long-lived, overprivileged credential can put systems and data at risk if it’s compromised or acts outside its intended task. Enterprises need to establish what each agent’s job is, limit the access it receives and revoke that access when circumstances change.
These controls extend beyond initial authentication. If an agent attempts to retrieve information or perform actions outside its approved permissions, the access can be denied and session revoked in real time to prevent unauthorized activity. Vault’s short-lived credentials and least-privilege controls can further restrict what an agent accesses and the duration of those permissions.
Additional capabilities include:
Vault 2.2 gives agents their own secured accounts, automatically renews their credentials and incorporates post-quantum encryption for quantum-era threats. Secure Hub (public preview) gives companies centralized visibility across their Vault environments to make it easier to understand operational health, usage and security resources.
At TechXchange, client speakers will share how they use Vault to secure enterprise applications, workloads and AI agents
athenahealth: Automating certificate management with Vault’s PKI engine. Albert Einstein College of Medicine: Applying IBM Verify and Vault to AI agent identity, just-in-time access, dynamic secrets and auditability. Optum: Using Vault Radar to detect exposed secrets and Boundary for just-in-time, identity-based access. Seven-Eleven Japan: Centralizing and encrypting secrets with Vault Enterprise and detecting hardcoded secrets with Vault Radar. Yum! Brands: Building an identity security platform with IBM Verify, with a look ahead to machine identities and secrets management.
“AI presents extraordinary opportunities to accelerate biomedical research and discovery, but realizing its potential requires a foundation of security, trust, and responsible governance,” said Shailesh M. Shenoy, Assistant Dean for Information Technology at Albert Einstein College of Medicine. “In my experience, technologies such as IBM Verify and HashiCorp Vault can play an important role in helping organizations establish the identity, access, and security controls needed to innovate with confidence.”
Managing agents across platforms
Identity tells organizations what an agent is. But they also need to see every agent they have, wherever it was built. IBM watsonx Orchestrate works across the AI ecosystem, not inside a single vendor’s platform, to give organizations one place to discover, secure and evaluate their agents. Capabilities include:
Discover (tech preview): Organizations can’t govern agents they don’t know exist. Orchestrate connects to platforms such as Amazon Bedrock, Microsoft Foundry and Google Gemini to find agents built in third-party environments, so teams can see and manage agents instead of adding them manually. This capability also extends to models and MCP servers. Contain (tech preview): One rogue agent can disrupt others and spread mistakes across the business. Orchestrate now runs agents in isolated sandboxes so a rogue agent can’t interfere with others. Teams also now have access to a kill switch to shut down any agent. Evaluate: Agents that aren’t tested and tracked can quietly drift off course and increase costs. Teams using Orchestrate can now test the quality, accuracy and compliance of agents, models and MCP servers before deployment, then monitor them in production. Built-in cost tracking shows each agent’s model and token use, so teams can spot what’s driving spend and fix it.
Orchestrate also works with Vault’s credential controls and Agent Identity to establish what each agent’s job is, govern its authority and enforce least-privilege credential access. Together, these controls help organizations authorize and audit agent actions and rapidly revoke trust and credentials when risk changes.
Connecting agents to the business
Once agents are authorized to use a company’s APIs and tools, they need to know what already exists, how systems connect, what can be reused safely and what their actions could affect. IBM Integration Intelligence Hub is built to provide that knowledge through its Unified Context Engine, so agents can fix problems like stuck messages or deploy an API using what’s already in place. Skills, approval policies and audit controls keep those actions in check. Instead of rebuilding for AI, organizations can put agents to work on the systems they already depend on.
Scaling agents with NVIDIA
Agent Identity and HashiCorp Vault integrate with NVIDIA OpenShell secure runtime software, the foundation of the NVIDIA OpenShell Architecture. Together, they pair a protected environment for agents to run in with a verified identity and short-lived credentials for every agent, so each action can be traced, limited and reviewed.
“Businesses need enforceable control over how agents operate and what they can access,” said John Fanelli, vice president, enterprise software, NVIDIA. “Our work with IBM combines NVIDIA OpenShell’s policy-governed runtime with Agent Identity and HashiCorp Vault to help enterprises scale AI agents with secure execution, verified identities and tightly scoped access to business systems.”
Responding to Emerging Security Threats
When new vulnerabilities are discovered, enterprises must quickly identify affected systems, determine required changes and deploy fixes without disrupting critical operations. In complex environments, this process often involves multiple teams, tools and processes.
IBM Concert integrates observability, optimization, incident management and security across applications, infrastructure and networks. With AI-powered insights and proof of exploitability, Concert helps teams to identify high-risk vulnerabilities, assess operational impact, and coordinate responses. These capabilities also help organizations address performance, manage costs and maintain resilience in hybrid environments.
HashiCorp Terraform provides an infrastructure context and governed workflows for change implementation. New features now generally available and in public preview, including Terraform policy, Terraform Developer Portal and Terraform remote MCP server, enable developers and AI agents to access approved configurations and implement infrastructure changes through established controls. Terraform powered by Infragraph also helps teams understand infrastructure relationships and dependencies for more informed decisions.
Together, these capabilities enable organizations to progress from identifying vulnerabilities to implementing and verifying remediation, while optimizing the visibility and governance essential for enterprise operations.
A comprehensive system intelligence and change orchestration layer for IBM Z
IBM Z Atlas maps a client’s entire z/OS stack across infrastructure, middleware, and applications, and then uses that intelligence to address the manual effort of tasks like patch management, regulatory response, and sharing system knowledge across teams, from systems programmers to application developers. Atlas addresses the leading cause of unplanned z/OS outages – changes that aren’t proven to be safe – by mapping how a change impacts the z/OS stack and testing and validating it. This design (in tech preview) accelerates clients’ modernization efforts by keeping experts in control and giving practitioners, in operations or development, the same shared Z system visibility to reduce risk.
Availability
HashiCorp Vault 2.2, Agent Identity, watsonx Orchestrate evaluate capabilities, IBM Concert, and HashiCorp Terraform policy are generally available. Secure Hub, Terraform Developer Portal, Terraform remote MCP server, and IBM Z Atlas are in public preview. IBM Integration Intelligence Hub and watsonx Orchestrate discover and contain capabilities are in tech preview.
Statements regarding IBM’s future direction and intent are subject to change or withdrawal without notice and represent goals and objectives only.
Learn more
IBM TechXchange is IBM’s annual conference for developers and technology practitioners and brings together nearly 6,500 attendees from 85 countries. This year, the event incorporates HashiConf to bring together the HashiCorp community with practitioners from across IBM, Red Hat and Confluent. Attendees can choose from more than 1,000 sessions and experiences, including 180 hands-on labs, 260 client-led sessions and more than 50 certification exams. Speakers include American Airlines, Bradesco, Citi, CVS Health, Deutsche Bank, DoorDash, Hertz, and US Bancorp who will share how they are making AI enterprise ready.
Session livestream and replays will be available here: ibm.biz/txc26-livestream.
Supporting Materials
Strengthen security for agentic AI with new Vault, Verify, Boundary, and Secure Hub capabilities IBM Agent Identity now generally available: Building Trust for the Agentic Era Vault Enterprise 2.2 advances identity security, PKI, and cryptoagility Announcing the public preview of Secure Hub: govern Vault at scale IBM watsonx Orchestrate advances AI agent management with new capabilities IBM Integration Intelligence Hub gives AI the context to act, not just access IBM Concert platform advances the path to cross-domain agentic IT operations Terraform advances infrastructure lifecycle management for the agentic era Introducing IBM Z Atlas: Change Intelligence for IBM Z
[1]: Gartner Identifies Six Steps to Manage AI Agent Sprawl
[2]: HashiCorp Vault client stories
About IBM
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of governments and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.
Media contacts:
Sarah Benchaita
IBM
sarah.benchaita@ibm.com
Kate Lehman
IBM
Kate.Lehman@ibm.com
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/ibm-introduces-identity-and-control-for-ai-agents-securing-frontier-intelligence-for-the-enterprise-302920162.html
Technology
Three Blind Spots Leave Industrial Companies Exposed to Critical Mineral Shortages
Published
11 minutes agoon
October 27, 2026By
Boston Consulting Group Finds Industrial Companies Underestimate Their Critical Mineral Exposure, Which Also Limits Their Access to Public CapitalDemand for Key Minerals Is Projected at 120% to 250% of Forecast Supply Through 2040An Estimated $3.5 Trillion of Products Depend on Gallium, a “Mosquito Mineral” Traded in a Market Under $350 Million a YearSome Governments Have Deployed Less Than 10% of Their Critical Minerals Funds
BOSTON, Oct. 27, 2026 /PRNewswire/ — Industrial companies are underestimating their exposure to critical mineral shortages and missing a strategic opportunity as a result, according to new analysis from Boston Consulting Group (BCG). Three blind spots in the metrics that companies rely on hide where the risk sits, including what BCG calls “mosquito minerals,” so small by traded value that they never reach a risk register.
These are among the findings of Why Critical Mineral Shortages Are a CEO Issue, a BCG report released today. BCG’s proprietary model projects demand for key inputs, including rare earths, graphite, copper and lithium, at roughly 120% to 250% of forecast supply through 2040.
“Most industrials track exposure through spend and direct supplier data, and the minerals that can stop a production line are often the ones they spend almost nothing on,” said Tycho Möncks, a BCG managing director and partner and a coauthor of the report. “The question for CEOs and boards is not whether their company is exposed. It is. The question is whether they intend to live with that exposure or turn it into an advantage.”
Small Markets Can Stall Large Industries
Companies often start their risk assessment with the bill of materials, which points them toward high-volume metals such as copper and lithium. Mosquito minerals fall outside that view. Their traded value is tiny, but the value chains that depend on them are not.
Rare earths. The rare earths used in a fighter jet are worth less than the paint that coats the plane.Gallium. The global market is worth under $350 million a year, with production of only about 900 tons, yet BCG estimates about $3.5 trillion of final products depend on it.Arsenic. The upstream market is about $50 million worldwide, yet a single producer supplies roughly 60% of the ultra-high-purity grade used in 5G and 6G infrastructure, data center optics, radar systems, and defense electronics.Byproduct supply. Gallium, germanium and arsenic are recovered as byproducts of other mining and industrial processes, so the host metal’s market sets their supply. Even a sharp price spike may not bring new production.
Exposure Hides Below Tier One Suppliers
A company that buys almost no critical minerals directly can still be acutely exposed because minerals arrive embedded in motors, magnets, power modules, lasers and sensors. They also sit in the tools and processes used to make those components, from crucibles and catalysts to dies and the capital equipment itself.
Turbine blades, engine blocks and structural aerospace components, for example, are machined with cutting tools made of tungsten carbide bonded with cobalt. A manufacturer that has never bought either metal directly can still see production stop if those tools run short, a dependency that appears on no bill of materials.
Companies also tend to map where critical minerals are mined, but for some minerals the bottleneck is processing, not production. A map of where assets sit and a map of who owns them can look very different, so a change of supplier that looks like diversification may leave a company’s exposure unchanged.
Public Capital Is Committed but Largely Unspent
The three blind spots also lead to a strategic miss. The International Energy Agency reports that public finance commitments to critical minerals in advanced economies reached around $65 billion in 2025, more than four times the 2023 level. BCG’s review of government-backed vehicles found the flagship instruments barely deployed, with some countries having spent less than 10% of their allocated capital and others nothing.
These vehicles are designed to draw in private capital, and offtake requirements are typically the main eligibility gate. BCG argues that companies without a clear view of their own exposure cannot make a credible commitment, and so cannot qualify. The funds are not free money: they carry conditions such as reporting obligations and localization requirements, and they represent only about one tenth of the capital needed through 2040. But for industrial companies, BCG says, they are a way to build a competitive advantage.
Several of the companies that have reframed their approach and tapped public capital are industrial companies and trading firms, not miners, and BCG found that in each case the CEO and executive team led the process of identifying and correcting their blind spots.
“These blind spots have a cost beyond risk. The money is there, but it comes with offtake requirements, and a company cannot make a credible commitment without knowing its own exposure,” said Karthik Valluru, a BCG managing director and senior partner who coauthored the report. “Mapping that exposure properly is where the opportunity starts.”
Download the publication here:
https://www.bcg.com/publications/2026/critical-minerals-risk-blind-spots
Media Contact:
Bruce Wraight
wraight.bruce@bcg.com
About Boston Consulting Group
Boston Consulting Group bridges the gap between ambition and outcomes for the world’s leading companies and organizations. We are built for this era of unprecedented change — bringing strategic clarity rooted in over 60 years of deep domain knowledge, combined with applied AI shaped by our practitioners. BCG works shoulder-to-shoulder with CEOs across industries and geographies to deliver transformative impact at scale: stronger returns, transferred capabilities, and change that sticks. For more information, visit bcg.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/three-blind-spots-leave-industrial-companies-exposed-to-critical-mineral-shortages-302920029.html
SOURCE Boston Consulting Group (BCG)
U.S. News & World Report Reveals the 2027 Best Places to Retire
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Three Blind Spots Leave Industrial Companies Exposed to Critical Mineral Shortages
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