Cango Inc. Reports Fourth Quarter and Full Year 2023 Unaudited Financial Results
- Total revenues for Q4 2023 were RMB130.2 million, down from RMB487.1 million in Q4 2022.
- Full year 2023 revenues were RMB1.7 billion, compared to RMB2.0 billion in 2022.
- Loss from operations in Q4 2023 decreased to RMB28.9 million from RMB211.6 million in Q4 2022.
- Net loss in Q4 2023 was RMB103.8 million, with a non-GAAP adjusted net loss of RMB99.2 million.
- Cash and cash equivalents as of December 31, 2023, were RMB1.0 billion, up from RMB665.6 million in September 30, 2023.
- The company merged 'Cango Haoche' into 'Cango U-car' in 2023 to enhance operational efficiency.
- Mr. Lin, CEO of Cango, highlighted the company's strategic consolidation and plans for international growth in 2024.
- Mr. Zhang, CFO of Cango, emphasized cost optimization measures and confidence in the company's competitiveness.
- The company expects total revenues between RMB50 million and RMB100 million for Q1 2024.
- Cango had repurchased 26.1 million ADSs with cash and settled transactions with institutional investors in January 2024.
- A conference call to discuss financial results will be held on March 11, 2024.
- Total revenues saw a significant decrease in Q4 and full year 2023 compared to the previous year.
- Operating costs and expenses remained high in relation to total revenues.
- Net loss in Q4 2023 was substantial, impacting the company's financial performance.
- Impairment loss from goodwill in 2023 was RMB148.7 million, reflecting potential challenges.
- The company's forecast for Q1 2024 revenues indicates uncertainty in market conditions.
Insights
The financial results of Cango Inc. for the fourth quarter and full year of 2023 indicate a significant revenue decline year-over-year, with total revenues dropping from RMB487.1 million in Q4 2022 to RMB130.2 million in Q4 2023. This decrease reflects broader industry challenges and potentially signals a need for strategic reassessment. The automotive sector is highly sensitive to economic conditions and Cango's performance may be indicative of larger market trends, including decreased consumer confidence and intensified competition. The reduction in costs and expenses across various categories, such as sales and marketing and general and administrative expenses, suggests that the company has implemented cost-saving measures to mitigate the revenue shortfall. However, the increased percentage of general and administrative expenses relative to total revenues raises questions about the scalability of current cost structures in the face of declining sales.
From a financial perspective, Cango's liquidity position, with an improved total balance of cash, cash equivalents, short-term investments and restricted cash, provides some cushion against short-term market fluctuations. However, the net loss reported for both the fourth quarter and the full year is concerning. The company's strategy to repurchase shares could be viewed as a move to consolidate value for shareholders, but it also reflects management's belief that the stock is undervalued. The forecast for Q1 2024 with expected revenues of RMB50 million to RMB100 million suggests a continuation of the downward trend, which could further impact investor sentiment. The repurchase of shares from institutional investors at what appears to be a premium could be a strategic move to consolidate ownership and signal confidence to the market, but it also uses liquidity that could be needed to navigate ongoing market challenges.
Cango's operational strategy, including the consolidation of their new and used car service platforms into 'Cango U-car', reflects an attempt to streamline operations and enhance efficiency in a challenging market. The automotive transaction service industry is rapidly evolving, with technology playing a key role in shaping consumer preferences and competitive dynamics. The shift towards a comprehensive service model, including vehicle appraisal, logistics and financing facilitation, indicates an effort to capture more value from each transaction. However, the effectiveness of these strategies in the face of declining revenues and market share will need to be closely monitored. Additionally, the plan to target overseas buyers for Chinese used cars opens new revenue streams but also introduces complexities related to international trade and market entry barriers.
Fourth Quarter 2023 Financial and Operational Highlights
- Total revenues were
RMB130.2 million (US ), compared with$18.3 million RMB487.1 million in the same period of 2022. The total outstanding balance of financing transactions the Company facilitated wasRMB10.0 billion (US ) as of December 31, 2023. M1+ and M3+ overdue ratios for all financing transactions that remained outstanding and were facilitated by the Company were$1.4 billion 2.66% and1.37% , respectively, as of December 31, 2023, compared with2.42% and1.24% , respectively, as of September 30, 2023. - Total balance of cash and cash equivalents, short-term investments and restricted cash - current - bank deposits held for short-term investments were
RMB 3.3 billion (US ) as of December 31, 2023. The liquidity improvement was primarily driven by the positive operating cashflow generated by the decreased working capital of car trading transactions, the collections of financing receivables, and the loan facilitation service fees.$ 468.4 million
Full Year 2023 Financial and Operational Highlights
- Total revenues were
RMB1.7 billion (US ), compared with$239.7 million RMB2.0 billion in the full year of 2022. Car trading transactions revenues wereRMB1.3 billion (US ), or$184.5 million 77.0% of total revenues in the full year of 2023, compared withRMB1.6 billion in the full year of 2022. - In 2023, the company seamlessly merged new car service platform "Cango Haoche," into "Cango U-car," a specialized platform for used car transaction, to optimize resource allocation and enhance operational efficiency. The upgraded "Cango U-car" APP covers historical vehicle condition reports, vehicle appraisal and inspection, logistics and delivery services, insurance and supply chain financing facilitation, etc.
Mr. Jiayuan Lin, Chief Executive Officer of Cango, commented, "2023 was a challenging year. Despite a long-term recovery trend, short-term influences resulted in a slower-than-expected recovery pace and depressed consumer confidence. In the automobile sector, intense competition hastened the survival of the fittest, transforming the industry landscape."
"With keen insight into market conditions and industry trends, Cango strategically consolidated its two platforms, 'Cango Haoche' for new cars and 'Cango U-car' for used cars, into a single integrated 'Cango U-car' APP in 2023. Servicing as an online marketplace, 'Cango U-car' connects upstream vehicle suppliers, aftermarket service providers, and downstream small car dealers in lower-tier cities and provides comprehensive services across three major scenarios, including online auctions, dealer transaction facilitation, and deal assistance to brokers."
"Our dynamic online marketplace featuring third-party and self-operated stores continues to drive progress across the platform. In the fourth quarter, the total number of upstream third-party seller stores on the platform reached 38, offering new cars, used cars, and traffic generation services. In the fourth quarter, 'Cango U-car' provided services to 3,499 small online car dealers and facilitated a total of 530 used car transactions."
"Beyond 'Cango U-car', we plan to establish a preferred website for overseas buyers seeking Chinese used cars. Leveraging Cango's rich experience and market know-how, we established an interactive and export service website for used car information in March 2024, catering to auto dealers in emerging and developing countries to provide them with easy access to
"Moving into 2024, we will continue to leverage technology to broaden our presence across the domestic and international automotive value chain. With our comprehensive, end-to-end service model and efficient operations, we will explore business opportunities inside and outside of
Mr. Yongyi Zhang, Chief Financial Officer of Cango, stated, "
Fourth Quarter 2023 Financial Results
REVENUES
Total revenues in the fourth quarter of 2023 were
OPERATING COST AND EXPENSES
Total operating cost and expenses in the fourth quarter of 2023 were
- Cost of revenue in the fourth quarter of 2023 decreased to
RMB110.9 million (US ) from$15.6 million RMB481.7 million in the same period of 2022. As a percentage of total revenues, cost of revenue in the fourth quarter of 2023 was85.1% compared with98.9% in the same period of 2022. - Sales and marketing expenses in the fourth quarter of 2023 decreased to
RMB4.4 million (US ) from$0.6 million RMB19.2 million in the same period of 2022. As a percentage of total revenues, sales and marketing expenses in the fourth quarter of 2023 was3.4% compared with4% in the same period of 2022. - General and administrative expenses in the fourth quarter of 2023 decreased to
RMB45.6 million (US ) from$6.4 million RMB66.2 million in the same period of 2022. As a percentage of total revenues, general and administrative expenses in the fourth quarter of 2023 was35.0% compared with13.6% in the same period of 2022. - Research and development expenses in the fourth quarter of 2023 decreased to
RMB7.3 million (US ) from$1.0 million RMB8.4 million in the same period of 2022. As a percentage of total revenues, research and development expenses in the fourth quarter of 2023 was5.6% compared with1.7% in the same period of 2022. - Net loss on contingent risk assurance liabilities in the fourth quarter of 2023 was
RMB22.2 million (US ).$3.1 million - Net recovery on provision for credit losses in the fourth quarter of 2023 was
RMB31.2 million (US ). The recovery was primarily due to the positive impact from the collections of financing receivables.$4.4 million
LOSS FROM OPERATIONS
Loss from operations in the fourth quarter of 2023 decreased to
NET LOSS
Net loss in the fourth quarter of 2023 was
NET LOSS PER ADS
Basic and diluted net loss per American Depositary Share (the "ADS") in the fourth quarter of 2023 were both
BALANCE SHEET
As of December 31, 2023, the Company had cash and cash equivalents of
As of December 31, 2023, the Company had short-term investments of
Full Year 2023 Financial Results
REVENUES
Total revenues in the full year of 2023 were
OPERATING COST AND EXPENSES
Total operating cost and expenses in the full year of 2023 were
- Cost of revenue in the full year of 2023 decreased to
RMB1.5 billion (US ) from$212.9 million RMB1.8 billion in the full year of 2022. As a percentage of total revenues, cost of revenue in the full year of 2023 was88.8% compared with92.4% in the full year of 2022. - Sales and marketing expenses in the full year of 2023 decreased to
RMB38.9 million (US ) from$5.5 million RMB132.8 million in the full year of 2022. As a percentage of total revenues, sales and marketing expenses in the full year of 2023 was2.3% compared with6.7% in the full year of 2022. - General and administrative expenses in the full year of 2023 decreased to
RMB157.0 million (US ) from$22.1 million RMB299.5 million in the full year of 2022. As a percentage of total revenues, general and administrative expenses in the full year of 2023 was9.2% compared with15.1% in the full year of 2022. - Research and development expenses in the full year of 2023 decreased to
RMB30.1 million (US ) from$4.2 million RMB46.0 million in the full year of 2022. As a percentage of total revenues, research and development expenses in the full year of 2023 was1.8% compared with2.3% in the full year of 2022. - Net loss on contingent risk assurance liabilities in the full year of 2023 was
RMB25.6 million (US ).$3.6 million - Net recovery on provision for credit losses in the full year of 2023 was
RMB136.5 million (US ).$19.2 million - Impairment loss from goodwill in the full year of 2023 was
RMB 148.7 million (US ).$20.9 million
LOSS FROM OPERATIONS
Loss from operations in the full year of 2023 was
NET LOSS/ INCOME
Net loss in the full year of 2023 was
NET LOSS/ INCOME PER ADS
Basic and diluted net loss per ADS in the full year of 2023 were both
Business Outlook
For the first quarter of 2024, the Company expects total revenues to be between
Share Repurchase Program
Pursuant to the share repurchase program announced on April 21, 2023, the Company had repurchased 26.1 million ADSs with cash in the aggregate amount of approximately
Conference Call Information
The Company's management will hold a conference call on Monday, March 11, 2024, at 9:00 P.M. Eastern Time or Tuesday, March 12, 2024, at 9:00 A.M. Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers:
International: | +1-412-902-4272 |
United States Toll Free: | +1-888-346-8982 |
Mainland China Toll Free: | 4001-201-203 |
800-905-945 | |
Conference ID: | Cango Inc. |
The replay will be accessible through March 18, 2024 by dialing the following numbers:
International: | +1-412-317-0088 |
United States Toll Free: | +1-877-344-7529 |
Access Code: | 8622118 |
A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cangoonline.com/.
About Cango Inc.
Cango Inc. (NYSE: CANG) is a leading automotive transaction service platform in
Definition of Overdue Ratios
The Company defines "M1+ overdue ratio" as (i) exposure at risk relating to financing transactions for which any installment payment is 30 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due.
The Company defines "M3+ overdue ratio" as (i) exposure at risk relating to financing transactions for which any installment payment is 90 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due.
Use of Non-GAAP Financial Measure
In evaluating the business, the Company considers and uses Non-GAAP adjusted net income (loss), a Non-GAAP measure, as a supplemental measure to review and assess its operating performance. The presentation of the Non-GAAP financial measure 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 net income (loss) as net income (loss) excluding share-based compensation expenses. The Company presents the Non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income (loss) enables the management to assess the Company's operating results without considering the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the use of the Non-GAAP measure facilitates investors' assessment of its operating performance.
Non-GAAP adjusted net income (loss) is not defined under
The Company compensates for these limitations by reconciling the Non-GAAP financial measure to the nearest
Reconciliations of Cango's Non-GAAP financial measure to the most comparable
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States 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" and similar statements. Among other things, the "Business Outlook" section and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; Cango's expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com
Twitter: https://twitter.com/Cango_Group
Helen Wu
Piacente Financial Communications
Tel: +86 10 6508 0677
Email: ir@cangoonline.com
CANGO INC. | |||||||
As of December 31, 2022 | As of December 31, 2023 | ||||||
RMB | RMB | US$ | |||||
ASSETS: | |||||||
Current assets: | |||||||
Cash and cash equivalents | 378,917,318 | 1,020,604,191 | 143,749,094 | ||||
Restricted cash - current - bank deposits held for short-term | |||||||
investments | - | 1,670,006,785 | 235,215,536 | ||||
Restricted cash - current - others | 152,688,510 | 14,334,937 | 2,019,034 | ||||
Short-term investments | 1,941,432,848 | 635,070,394 | 89,447,794 | ||||
Accounts receivable, net | 266,836,951 | 64,791,709 | 9,125,721 | ||||
Finance lease receivables - current, net | 799,438,656 | 200,459,435 | 28,234,121 | ||||
Financing receivables, net | 73,818,025 | 29,522,035 | 4,158,092 | ||||
Short-term contract asset | 500,389,654 | 170,623,200 | 24,031,775 | ||||
Prepayments and other current assets | 1,356,822,028 | 78,606,808 | 11,071,537 | ||||
Total current assets | 5,470,343,990 | 3,884,019,494 | 547,052,704 | ||||
Non-current assets: | |||||||
Restricted cash - non-current | 750,877,306 | 583,380,417 | 82,167,413 | ||||
Goodwill | 148,657,971 | - | - | ||||
Property and equipment, net | 14,689,988 | 8,239,037 | 1,160,444 | ||||
Intangible assets | 48,317,878 | 48,373,192 | 6,813,222 | ||||
Long-term contract asset | 173,457,178 | 36,310,769 | 5,114,265 | ||||
Deferred tax assets | 62,497,781 | - | - | ||||
Finance lease receivables - non-current, net | 260,049,967 | 36,426,617 | 5,130,582 | ||||
Operating lease right-of-use assets | 80,726,757 | 47,154,944 | 6,641,635 | ||||
Other non-current assets | 6,633,517 | 4,705,544 | 662,762 | ||||
Total non-current assets | 1,545,908,343 | 764,590,520 | 107,690,323 | ||||
TOTAL ASSETS | 7,016,252,333 | 4,648,610,014 | 654,743,027 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Short-term debts | 349,299,134 | 39,071,500 | 5,503,106 | ||||
Long-term debts—current | 565,143,340 | 926,237 | 130,458 | ||||
Accrued expenses and other current liabilities | 890,836,699 | 206,877,626 | 29,138,104 | ||||
Deferred guarantee income | - | 86,218,888 | 12,143,676 | ||||
Contingent risk assurance liabilities | - | 125,140,991 | 17,625,740 | ||||
Risk assurance liabilities | 402,303,421 | - | - | ||||
Income tax payable | 313,406,680 | 311,904,279 | 43,930,799 | ||||
Short-term lease liabilities | 9,913,073 | 7,603,380 | 1,070,914 | ||||
Total current liabilities | 2,530,902,347 | 777,742,901 | 109,542,797 | ||||
Non-current liabilities: | |||||||
Long-term debts | 75,869,353 | 712,023 | 100,286 | ||||
Deferred tax liability | 10,724,133 | 10,724,133 | 1,510,463 | ||||
Long-term operating lease liabilities | 76,533,208 | 42,228,435 | 5,947,751 | ||||
Other non-current liabilities | 314,287 | 226,035 | 31,836 | ||||
Total non-current liabilities | 163,440,981 | 53,890,626 | 7,590,336 | ||||
Total liabilities | 2,694,343,328 | 831,633,527 | 117,133,133 | ||||
Shareholders' equity | |||||||
Ordinary shares | 204,260 | 204,260 | 28,769 | ||||
Treasury shares | (559,005,216) | (773,130,748) | (108,893,188) | ||||
Additional paid-in capital | 4,805,240,472 | 4,813,679,585 | 677,992,589 | ||||
Accumulated other comprehensive income | 66,359,902 | 111,849,166 | 15,753,626 | ||||
Retained earnings | 9,109,587 | (335,625,776) | (47,271,902) | ||||
Total Cango Inc.'s equity | 4,321,909,005 | 3,816,976,487 | 537,609,894 | ||||
Total shareholders' equity | 4,321,909,005 | 3,816,976,487 | 537,609,894 | ||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 7,016,252,333 | 4,648,610,014 | 654,743,027 | ||||
CANGO INC. | ||||||||||||
For the three months ended | For the years ended | |||||||||||
December 31, 2022 | December 31, 2023 | December 31, 2022 | December 31, 2023 | |||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Revenues | 487,118,297 | 130,237,183 | 18,343,524 | 1,980,453,461 | 1,701,918,741 | 239,710,241 | ||||||
Loan facilitation income and other related income | 11,220,332 | (7,656,161) | (1,078,348) | 146,428,758 | 19,962,063 | 2,811,598 | ||||||
Guarantee income | - | 42,110,239 | 5,931,103 | - | 212,121,156 | 29,876,640 | ||||||
Leasing income | 27,971,392 | 7,272,645 | 1,024,331 | 155,522,046 | 57,430,571 | 8,088,927 | ||||||
After-market services income | 15,752,500 | 24,023,492 | 3,383,638 | 71,456,769 | 65,388,466 | 9,209,773 | ||||||
Automobile trading income | 431,145,715 | 53,203,912 | 7,493,614 | 1,596,306,698 | 1,309,633,693 | 184,458,048 | ||||||
Others | 1,028,358 | 11,283,056 | 1,589,186 | 10,739,190 | 37,382,792 | 5,265,255 | ||||||
Operating cost and expenses: | ||||||||||||
Cost of revenue | 481,743,466 | 110,877,885 | 15,616,823 | 1,830,089,773 | 1,511,863,115 | 212,941,466 | ||||||
Sales and marketing | 19,247,674 | 4,375,457 | 616,270 | 132,779,488 | 38,921,589 | 5,481,991 | ||||||
General and administrative | 66,178,999 | 45,646,503 | 6,429,175 | 299,545,363 | 156,966,463 | 22,108,264 | ||||||
Research and development | 8,442,599 | 7,272,969 | 1,024,376 | 45,958,842 | 30,114,175 | 4,241,493 | ||||||
Net loss on contingent risk assurance liabilities | - | 22,156,496 | 3,120,677 | - | 25,631,610 | 3,610,137 | ||||||
Net loss on risk assurance liabilities | 62,845,054 | - | - | 299,863,403 | - | - | ||||||
Provision (net recovery on provision) for credit losses | 60,245,674 | (31,224,666) | (4,397,902) | 319,359,716 | (136,485,155) | (19,223,532) | ||||||
Impairment loss from goodwill | - | - | - | - | 148,657,971 | 20,938,037 | ||||||
Total operation cost and expense | 698,703,466 | 159,104,644 | 22,409,419 | 2,927,596,585 | 1,775,669,768 | 250,097,856 | ||||||
Loss from operations | (211,585,169) | (28,867,461) | (4,065,895) | (947,143,124) | (73,751,027) | (10,387,615) | ||||||
Interest income, net | 16,611,787 | 20,183,627 | 2,842,804 | 43,732,652 | 79,164,929 | 11,150,147 | ||||||
Net gain (loss) on equity securities | 3,493,202 | 8,653,285 | 1,218,790 | (9,810,585) | 24,093,019 | 3,393,431 | ||||||
Interest expense | (5,116,136) | - | - | (16,809,263) | (4,099,783) | (577,442) | ||||||
Foreign exchange (loss) gain, net | (1,400,017) | (1,247,296) | (175,678) | 5,918,231 | 1,099,229 | 154,823 | ||||||
Other income, net | 10,753,821 | 1,297,133 | 182,697 | 52,066,718 | 30,701,851 | 4,324,265 | ||||||
Other expenses | (677,955) | (1,256,297) | (176,946) | (2,465,972) | (1,624,789) | (228,847) | ||||||
Net (loss) income before income taxes | (187,920,467) | (1,237,009) | (174,228) | (874,511,343) | 55,583,429 | 7,828,762 | ||||||
Income tax expenses | (371,015,445) | (102,541,409) | (14,442,655) | (236,696,540) | (93,456,703) | (13,163,101) | ||||||
Net loss | (558,935,912) | (103,778,418) | (14,616,883) | (1,111,207,883) | (37,873,274) | (5,334,339) | ||||||
Net loss income attributable to Cango Inc.'s shareholders | (558,935,912) | (103,778,418) | (14,616,883) | (1,111,207,883) | (37,873,274) | (5,334,339) | ||||||
Loss per ADS attributable to ordinary shareholders: | ||||||||||||
Basic | (4.13) | (0.95) | (0.13) | (8.11) | (0.31) | (0.04) | ||||||
Diluted | (4.13) | (0.95) | (0.13) | (8.11) | (0.31) | (0.04) | ||||||
Weighted average ADS used to compute earnings | ||||||||||||
per ADS attributable to ordinary shareholders: | ||||||||||||
Basic | 135,295,444 | 109,101,164 | 109,101,164 | 137,042,445 | 121,524,393 | 121,524,393 | ||||||
Diluted | 135,295,444 | 109,101,164 | 109,101,164 | 137,042,445 | 121,524,393 | 121,524,393 | ||||||
Other comprehensive (loss) income, net of tax | ||||||||||||
Foreign currency translation adjustment | (44,517,473) | (34,347,812) | (4,837,788) | 253,877,012 | 45,489,264 | 6,407,029 | ||||||
Total comprehensive (loss) income | (603,453,385) | (138,126,230) | (19,454,671) | (857,330,871) | 7,615,990 | 1,072,690 | ||||||
Total comprehensive (loss) income attributable to | ||||||||||||
Cango Inc.'s shareholders | (603,453,385) | (138,126,230) | (19,454,671) | (857,330,871) | 7,615,990 | 1,072,690 | ||||||
CANGO INC. | ||||||||||
For the three months ended | For the years ended | |||||||||
December 31, 2022 | December 31, 2023 | December 31, 2022 | December 31, 2023 | |||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||
Net loss | (558,935,912) | (103,778,418) | (14,616,883) | (1,111,207,883) | (37,873,274) | (5,334,339) | ||||
Add: Share-based compensation expenses | 19,076,738 | 4,592,933 | 646,901 | 158,522,520 | 38,490,513 | 5,421,275 | ||||
Cost of revenue | 841,248 | 266,712 | 37,566 | 4,160,056 | 2,187,338 | 308,080 | ||||
Sales and marketing | 3,551,173 | 968,854 | 136,460 | 14,691,410 | 7,715,989 | 1,086,774 | ||||
General and administrative | 13,780,228 | 3,120,759 | 439,550 | 135,888,877 | 26,831,755 | 3,779,174 | ||||
Research and development | 904,089 | 236,608 | 33,325 | 3,782,177 | 1,755,431 | 247,247 | ||||
Non-GAAP adjusted net (loss) income | (539,859,174) | (99,185,485) | (13,969,982) | (952,685,363) | 617,239 | 86,936 | ||||
Net (loss) income attributable to Cango Inc.'s shareholders | (539,859,174) | (99,185,485) | (13,969,982) | (952,685,363) | 617,239 | 86,936 | ||||
Non-GAAP adjusted net (loss) income per ADS-basic | (3.99) | (0.91) | (0.13) | (6.95) | 0.01 | 0.00 | ||||
Non-GAAP adjusted net (loss) income per ADS-diluted | (3.99) | (0.91) | (0.13) | (6.95) | 0.00 | 0.00 | ||||
Weighted average ADS outstanding—basic | 135,295,444 | 109,101,164 | 109,101,164 | 137,042,445 | 121,524,393 | 121,524,393 | ||||
Weighted average ADS outstanding—diluted | 135,295,444 | 109,101,164 | 109,101,164 | 137,042,445 | 126,940,244 | 126,940,244 | ||||
View original content:https://www.prnewswire.com/news-releases/cango-inc-reports-fourth-quarter-and-full-year-2023-unaudited-financial-results-302085219.html
SOURCE Cango Inc.
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