Cheche Group Reports Third Quarter 2023 Unaudited Financial Results
- 10.5% increase in net revenues to RMB823.3 million (US$112.8 million) for Q3 2023
- 30.4% growth in total written premiums placed
- 23.5% increase in the total number of policies issued
- Partnerships with NEV companies led to over 117,000 policies embedded in new NEV deliveries
- Business combination with Prime Impact Acquisition I completed
- Expectation for net revenues to meet or exceed RMB3.1 billion (US$454.0 million) for 2023
- Net loss increased by RMB27.6 million to RMB55.4 million (US$7.6 million) for Q3 2023
- Adjusted net loss decreased by 96.4%
- Increase in general and administrative expenses by 88.8%
Insights
The reported growth in net revenues and total written premiums by Cheche Group Inc. is indicative of a robust expansion in their core business activities, particularly in the burgeoning New Energy Vehicle (NEV) insurance market. The substantial year-over-year increase in premiums written suggests a successful penetration of the market and a strong consumer uptake of NEV insurance products. However, investors should be cautious about the increased net loss figures, which could reflect scaling costs outpacing revenue growth or other operational inefficiencies.
From a financial standpoint, the improved gross margin is a positive indicator of cost management and operational efficiency. Nevertheless, the sharp rise in selling and marketing expenses, driven by share-based compensation, may raise concerns about the sustainability of current expense levels and their impact on future profitability. The increase in general and administrative expenses due to listing-related fees is expected post-IPO, but should stabilize over time.
Finally, the business combination with Prime Impact and the subsequent listing on the Nasdaq should be seen as a strategic move to access capital markets and enhance the company's visibility. However, the significant non-cash charge for preferred share accretions, which has heavily impacted the net loss attributable to shareholders, is a complex accounting item that investors should understand in the context of Cheche's overall financial health.
The partnerships with NEV companies and the associated increase in policies reflect a strategic alignment with the rapid growth of the NEV sector in China. This is a savvy move by Cheche as it capitalizes on a market trend that is likely to continue given environmental concerns and technological advancements. The embedded insurance solutions offered are a modern approach to insurance, providing a seamless consumer experience and potentially opening up new revenue streams.
The growth in the number of active intermediaries and commission agreements with insurance companies points to an expanding network that could enhance Cheche's market position. However, the long-term success of these partnerships will depend on the company's ability to maintain relationships and manage the complexities of third-party collaborations.
Investors should also note the expansion in the NEV insurance market, which is likely driving the company's top-line growth. This expansion represents an opportunity for Cheche to leverage its data and technological capabilities to optimize risk assessment and pricing strategies, which could be a competitive advantage in a data-driven industry.
Considering the macroeconomic environment, Cheche's performance must be contextualized within the broader economic headwinds mentioned by the CEO. The ongoing economic challenges in China, including regulatory changes and potential market saturation, could affect consumer spending and the demand for insurance products. Despite this, Cheche's top-line growth indicates resilience and adaptability in its business model.
The strategic emphasis on the NEV market is also a reflection of broader economic shifts towards sustainable energy and technology-driven sectors. Cheche's alignment with these trends may offer a buffer against economic downturns in traditional industries.
However, the increased net loss raises questions about the company's capacity to manage costs in relation to revenue growth. The focus on long-term growth should be balanced with prudent financial management to ensure sustainability, particularly in a volatile economic climate.
Financial and Operational Highlights
- Net revenues for the quarter increased
10.5% year-over-year toRMB823.3 million (US ), while net revenues for the first nine months of 2023 increased$112.8 million 27.7% over the comparable prior year period toRMB2 .4 billion (US ).$333.6 million - Net loss of
RMB55.4million (US ) increased by$7.6 million RMB27.6 million over the prior-year quarter, while net loss for the first nine months ofRMB127.6 million (USD17.5 million ) increased43.6% over the comparable prior-year period. - Adjusted net loss(1) for the quarter decreased by
96.4% , fromRMB15.6 million in the prior-year period toRMB0.6 million (US .1 million), while adjusted net loss for the first nine months of 2023 decreased by$0 49.2% , fromRMB55.8 million in the prior-year period toRMB28.3 million (US .9 million).$3 - Total written premiums placed(2) for the quarter grew
30.4% year-over-year toRMB5,639.3 million (US$773 .0 million), while total written premiums placed for the first nine months of 2023 increased40.9% over the comparable prior-year period toRMB16,248.9 million . - Total number of policies issued for the quarter increased by
23.5% from 3.3 million for the prior-year quarter to 4.0 million, while the total number of policies issued over the first nine months increased29.0% over the comparable prior-year period to 10.9 million. - Partnerships with New Energy Vehicle (NEV) companies(3) in the quarter have demonstrated considerable growth, with 10 partnerships with NEV manufacturers leading to over 117,000 policies embedded in new NEV deliveries and corresponding premium of RMB399.0 million (
US ), representing a significant increase as compared to the first and second quarters of 2023. In the first and second quarters of 2023, we collaborated with 7 NEV manufacturers, leading to over 52,000 and 91,000 policies, and corresponding premium of RMB208.0 million and RMB332.0 million, respectively.$54.7 million - New referral partners of 50,000+ were added in the quarter, while active intermediaries and commission agreements with insurance companies grew to approximately 4,500 and 1,900, respectively.
(1) Adjusted Net Loss is a non-GAAP measure. For further information on the non-GAAP financial measures presented above, see the section "Use of Non-GAAP Financial Measures" below.
(2) Referenced in the Registration Statement on Form F-4 (Reg. No. 333-273400) initially filed with the
(3) The rapid growth of the NEV market has created new opportunities for auto insurance offerings and propelled revenue growth of auto insurance providers. Cheche started to collaborate with NEV manufactures in 2022 and such collaboration yielded considerable results in 2023. Cheche believes that the further growth of the NEV market and the introduction of innovative NEV auto insurance solutions will further fuel the revenue contribution by its partnership with NEV manufacturers. The management of Cheche utilizes the number of partnerships with NEV manufacturers, the number of insurance policies embedded in the new NEV deliveries, and the amount of corresponding premium generated from such embedded policies as the main operating metrics to evaluate its business, and presents such operating metrics for investors to better understand and evaluate Cheche's business.
Management Comments
"Cheche has demonstrated strong top-line growth over the last nine months despite the ongoing economic headwinds. We expect this momentum to accelerate in the fourth quarter as insurers and manufacturers offer promotions to drive volume," said Lei Zhang, Founder, CEO, and Chairman of Cheche Group.
"During 2023, we have secured a leadership position providing embedded insurance solutions to the NEV sector, increasing the number of NEV manufacturing partnerships to ten in the third quarter – one of the largest in the industry. We have continued to invest in solutions that take us deeper into the technology stack of insurance providers, NEV manufacturers, and intermediaries to address industry pain points. Cheche is collaborating with government and industry partners to bring greater transparency, consumer choice, and compliance to what has traditionally been a highly fragmented and opaque market."
"Our gross margin improved by 70 basis points in the third quarter as we incorporated efficiencies while enhancing our technology and evolving our go-to-market strategies to better serve our partners. Our strategy continues to leverage an unmatched network of insurer relationships and referral partners to capture market share and data that enables intelligent approaches to underwriting, claims management, and pricing. As
Unaudited Third Quarter 2023 Financial Results
Net Revenues were
Cost of Revenues increased by
Selling and Marketing Expenses increased by
Research and Development Expenses decreased by
General and Administrative Expenses increased by
Net Loss increased by
Net Loss attributable to Cheche's shareholders was
Adjusted Net Loss attributable to Cheche's shareholders was
Net Loss Per Share, basic and diluted, was
Adjusted Net Loss Per Share, basic and diluted, was
Business Highlights
As
- Cheche successfully launched embedded insurance with leading NEV manufacturers and is one of the largest providers of embedded solutions in the industry. With Cheche continuing to capture market share through partnerships with Xpeng, Avatr, and others, the total number of NEV manufacturer partnerships has reached ten as of September 30, 2023. During the third quarter, over 117,000 policies were embedded in new NEV deliveries, an over
500% increase year-over-year, while the premium for this component of the business exceeded RMB399.0 million (US ) over the same period.$54.7 million - Autonomous driving is a novel factor transforming auto insurance products, and Cheche is actively engaged with insurance carriers and NEV manufacturers to originate products that reflect the evolving risk landscape. As NEVs become more ubiquitous, Cheche will continue to leverage its comprehensive pools of customer, policy, and vehicle data to develop smart pricing solutions.
Business Combination
On September 14, 2023 (the "Closing Date"), the Company completed the previously announced business combination (the "Business Combination") with Prime Impact Acquisition I ("Prime Impact"). Cheche began trading on the Nasdaq Stock Exchange on September 18, 2023. On the Closing Date, the Company consummated the Business Combination with Prime Impact, pursuant to the Business Combination Agreement dated January 29, 2023, by and among Prime Impact, the Company, Cheche Merger Sub Inc. ("Merger Sub"), and Cheche Technology Inc. ("CCT"). Pursuant to the Business Combination Agreement, the Business Combination was effected in two steps. On September 14, 2023, (1) Prime Impact merged with and into the Company (the "Initial Merger"), with the Company surviving the Initial Merger as a publicly traded entity; and (2) immediately following the Initial Merger, Merger Sub merged with and into CCT (the "Acquisition Merger" and, together with the Initial Merger, the "Mergers," and together with all other transactions contemplated by the Business Combination Agreement, the "Business Combination"), with CCT surviving the Acquisition Merger as a wholly owned subsidiary of the Company.
On the Closing Date, (i) Prime Impact converted (a) its issued and outstanding Class A and B ordinary shares into Class A ordinary shares of the Company, and (b) each outstanding warrant to purchase a Prime Impact Class A ordinary share was converted into a warrant to purchase one Company Class A ordinary share, (ii) CCT converted each preferred share of CCT, issued and outstanding immediately prior to the Acquisition Merger, into a certain number of ordinary shares of CCT based on CCT's then effective memorandum and articles of association, and (iii) CCT converted (a) its issued and outstanding ordinary shares (including those converted from the preferred shares of CCT, but excluding the CCT ordinary shares held by Mr. Zhang Lei) into Class A ordinary shares of the Company based on applicable Per Share Merger Consideration (as defined in the Business Combination Agreement), and (b) issued and outstanding ordinary shares of CCT held by Mr. Zhang Lei were converted into Class B ordinary shares of the Company based on applicable Per Share Merger Consideration.
On September 11, 2023, Prime Impact, CCT and the Company entered into certain Subscription Agreements and a Backstop Agreement with global institutional investors in connection with the Business Combination. Pursuant to such agreements, the Company issued 634,228; 1,300,000; and 500,000 Class A ordinary shares to Prime Impact Cayman LLC (the "Sponsor"); World Dynamic Limited; and Goldrock Holdings Limited for the consideration of
The Business Combination was accounted for as a reverse recapitalization in accordance with
In accordance with guidance applicable to these circumstances, the equity structure has been retroactively adjusted in all comparative periods up to the Closing Date, to reflect the number of shares of the Company's ordinary shares issued to CCT's shareholders in connection with the reverse recapitalization transaction. As such, the ordinary shares and corresponding capital amounts and earnings per share related to CCT convertible redeemable preferred shares and ordinary shares prior to the reverse recapitalization have been retroactively restated as shares reflecting the exchange ratio established pursuant to the Business Combination Agreement. In conjunction with the reverse recapitalization, the Company's ordinary shares underwent a 13.6145-for-1 conversion. Note that the consolidated financial statements give retroactive effect as though the conversion of the Company's ordinary shares occurred for all periods presented, without any change in the par value per share.
Balance Sheet and Liquidity
As of September 30, 2023, the Company had
2023 Outlook
Cheche is updating its 2023 financial outlook based on improved visibility and financial results to date:
- Net revenues for the full year 2023 are expected to meet or exceed the prior estimation of
RMB3.1 billion (US$454 .0 million). - Total written premiums placed for the full year of 2023 are expected to be between
RMB21.0 billion andRMB22.0 billion , up from the previously announcedRMB20.8 billion (US$3
"The shift in outlook reflects our strategic emphasis on NEV market share as we continue to focus on carefully controlling our operating expenses and positioning ourselves for long-term growth," commented Lei Zhang.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
About Cheche Group Inc.
Established in 2014 and headquartered in
Cheche Group Inc.:
IR@chechegroup.com
Crocker Coulson
crocker.coulson@aummedia.org
(646) 652-7185
Safe Harbor Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding projections, estimations, and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company's ability to scale and grow its business, the Company's advantages and expected growth, and its ability to source and retain talent, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company's management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the
Unaudited Interim Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and per share data) | |||||
December 31, | September 30, | September 30, | |||
2022 | 2023 | 2023 | |||
RMB | RMB | USD | |||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | 114,945 | 260,171 | 35,659 | ||
Restricted Cash | 5,000 | 5,000 | 685 | ||
Short-term investments | 34,823 | 14,360 | 1,968 | ||
Accounts receivable, net | 401,667 | 445,671 | 61,084 | ||
Prepayments and other current assets | 44,412 | 50,682 | 6,948 | ||
Total current assets | 600,847 | 775,884 | 106,344 | ||
Non-current assets: | |||||
Property, equipment and leasehold improvement, net | 2,171 | 1,884 | 258 | ||
Intangible assets, net | 10,150 | 8,575 | 1,175 | ||
Right-of-use assets | 14,723 | 7,996 | 1,096 | ||
Goodwill | 84,609 | 84,609 | 11,597 | ||
Total non-current assets | 111,653 | 103,064 | 14,126 | ||
Total assets | 712,500 | 878,948 | 120,470 | ||
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT | |||||
Current liabilities: | |||||
Accounts payable | 227,156 | 280,115 | 38,392 | ||
Short-term borrowings | - | 20,000 | 2,741 | ||
Contract liabilities | 888 | 4,243 | 582 | ||
Salary and welfare benefits payable | 63,303 | 69,764 | 9,562 | ||
Tax payable | 3,078 | 1,405 | 193 | ||
Accrued expenses and other current liabilities | 40,888 | 37,235 | 5,103 | ||
Short-term lease liabilities | 7,676 | 3,905 | 535 | ||
Warrant | 1,045 | 2,219 | 304 | ||
Total current liabilities | 344,034 | 418,886 | 57,412 | ||
Non-current liabilities: | |||||
Deferred tax liabilities | 2,538 | 2,144 | 294 | ||
Long-term lease liabilities | 6,226 | 2,908 | 398 | ||
Amounts due to related party | 59,932 | 65,258 | 8,944 | ||
Deferred revenue | 1,432 | 1,432 | 196 | ||
Warrant | - | 16,334 | 2,239 | ||
Total non-current liabilities | 70,128 | 88,076 | 12,071 | ||
Total liabilities | 414,162 | 506,962 | 69,483 | ||
Mezzanine equity | 1,558,881 | - | - | ||
Ordinary shares (4) | 2 | 5 | 1 | ||
Treasury stock (4) | (1,025) | (1,025) | (140) | ||
Additional paid-in capital | 25 | 2,449,283 | 335,704 | ||
Accumulated deficit | (1,259,479) | (2,081,857) | (285,343) | ||
Accumulated other comprehensive (loss)/income | (66) | 5,580 | 765 | ||
Total Cheche's shareholders' (deficit)/equity | (1,260,543) | 371,986 | 50,987 | ||
Total liabilities, mezzanine equity and shareholders' | 712,500 | 878,948 | 120,470 | ||
(4) Shares outstanding for all periods reflect the adjustment for reverse recapitalization. | |||||
Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Loss (All amounts in thousands, except for share and per share data) | |||||||
For the Three Months Ended | For the Nine Months Ended | ||||||
September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | ||
2022 | 2023 | 2023 | 2022 | 2023 | 2023 | ||
RMB | RMB | USD | RMB | RMB | USD | ||
Net revenues | 744,862 | 823,269 | 112,838 | 1,905,130 | 2,433,640 |
333,558 | |
Cost of revenues | (714,953) | (784,782) | (107,563) | (1,809,880) | (2,336,761) | (320,280) | |
Gross profit | 29,909 | 38,487 | 5,275 | 95,250 | 96,879 | 13,278 | |
Operating expenses: | |||||||
Selling and marketing expenses | (28,003) | (38,991) | (5,344) | (106,580) | (86,747) | (11,890) | |
General and administrative expenses | (18,434) | (34,809) | (4,771) | (53,391) | (84,503) | (11,582) | |
Research and development expenses | (13,844) | (13,465) | (1,846) | (37,022) | (44,768) | (6,136) | |
Total operating expenses | (60,281) | (87,265) | (11,961) | (196,993) | (216,018) | (29,608) | |
Other expenses: | |||||||
Interest income | 292 | 1,212 | 166 | 758 | 2,695 | 369 | |
Interest expense | (240) | (329) | (45) | (2,909) | (871) | (119) | |
Foreign exchange gains/(losses) | 4,123 | 1,069 | 146 | 9,969 | (5,265) | (722) | |
Government grants | 4,319 | 2,685 | 368 | 15,524 | 9,925 | 1,360 | |
Changes in fair value of warrant | (60) | (10,307) | (1,413) | (100) | (10,434) | (1,430) | |
Changes in fair value of amounts due to | (5,711) | (1,086) | (149) | (10,368) | (4,922) | (675) | |
Others, net | (335) | (33) | (4) | (406) | (2) | - | |
Loss before income tax | (27,984) | (55,567) | (7,617) | (89,275) | (128,013) | (17,547) | |
Income tax credit | 131 | 128 | 17 | 393 | 386 | 53 | |
Net loss | (27,853) | (55,439) | (7,600) | (88,882) | (127,627) | (17,494) | |
Accretions to preferred shares redemption \value | (66,829) | (652,178) | (89,388) | (134,129) | (762,169) | (104,464) | |
Net loss attributable to the Cheche's \ordinary shareholders | (94,682) | (707,617) | (96,988) | (223,011) | (889,796) | (121,958) | |
Net loss | (27,853) | (55,439) | (7,600) | (88,882) | (127,627) | (17,494) | |
Other comprehensive income/(loss): | |||||||
Foreign currency translation adjustments, \net of nil tax | 11,541 | (1,433) | (196) | 20,932 | 5,977 | 820 | |
Fair value changes of amounts due to \related party due to own credit risk | (9) | (104) | (14) | (430) | (404) | (56) | |
Total comprehensive loss income/(loss) | 11,532 | (1,537) | (210) | 20,502 | 5,573 | 764 | |
Comprehensive loss attributable to \Cheche's ordinary shareholders | (16,321) | (56,976) | (7,810) | (68,380) | (122,054) | (16,730) | |
Net loss per ordinary shares outstanding | |||||||
Basic | (2.98) | (17.52) | (2.40) | (7.02) | (25.21) | (3.46) | |
Diluted | (2.98) | (17.52) | (2.40) | (7.02) | (25.21) | (3.46) | |
Weighted average number of ordinary \shares outstanding | |||||||
Basic | 31,780,394 | 40,396,693 | 40,396,693 | 31,780,394 | 35,297,133 | 35,297,133 | |
Diluted | 31,780,394 | 40,396,693 | 40,396,693 | 31,780,394 | 35,297,133 | 35,297,133 | |
Non-GAAP Financial Measures
Cheche has provided in this press release non-GAAP financial measures that have not been prepared in accordance with generally accepted accounting principles in
Cheche uses adjusted net loss and adjusted net loss per share, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes.
Cheche defines adjusted net loss as net loss adjusted for the impact of share-based compensation expenses, amortization of intangible assets, and changes in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, and listing related professional service fees. Adjusted net loss per share, basic and diluted, is calculated as adjusted net loss divided by weighted-average ordinary shares outstanding.
Cheche believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the impact of share-based compensation expenses, amortization of intangible assets related to acquisition, and change in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), change in fair value of warrants, and listing related professional service fees. Cheche believes that such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision making.
The non-GAAP financial measures are not defined under
Reconciliation of operating expenses to Non-GAAP operating expenses (Unaudited) | ||||||||||
(All amounts in thousands) | ||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||
September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||
2022 | 2023 | 2023 | 2022 | 2023 | 2023 | |||||
RMB | RMB | USD | RMB | RMB | USD | |||||
Selling and marketing expenses | (28,003) | (38,991) | (5,344) | (106,580) | (86,747) | (11,890) | ||||
Add:Share-based compensation | 881 | 20,381 | 2,793 | 5,505 | 30,054 | 4,119 | ||||
Adjusted Selling and marketing | (27,122) | (18,610) | (2,551) | (101,075) | (56,693) | (7,771) | ||||
General and administrative expenses | (18,434) | (34,809) | (4,771) | (53,391) | (84,503) | (11,582) | ||||
Add:Share-based compensation | 1,654 | 10,334 | 1,416 | 4,939 | 25,689 | 3,521 | ||||
Listing related professional expenses | 3,285 | 9,435 | 1,293 | 10,334 | 14,972 | 2,052 | ||||
Adjusted General and administrative | (13,495) | (15,040) | (2,062) | (38,118) | (43,842) | (6,009) | ||||
Research and development expenses | (13,844) | (13,465) | (1,846) | (37,022) | (44,768) | (6,136) | ||||
Add:Share-based compensation | 117 | 2,688 | 368 | 287 | 11,462 | 1,571 | ||||
Adjusted Research and development | (13,727) | (10,777) | (1,478) | (36,735) | (33,306) | (4,565) | ||||
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) | |||||||
(All amounts in thousands, except for share data and per share data) | |||||||
For the Three Months Ended | For the Nine Months Ended | ||||||
September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | ||
2022 | 2023 | 2023 | 2022 | 2023 | 2023 | ||
RMB | RMB | USD | RMB | RMB | USD | ||
Net loss | (27,853) | (55,439) | (7,600) | (88,882) | (127,627) | (17,494) | |
Add: Share-based compensation | 2,655 | 33,517 | 4,594 | 10,740 | 67,392 | 9,237 | |
Amortization of intangible assets related | 525 | 525 | 72 | 1,575 | 1,575 | 216 | |
Listing related professional expenses | 3,285 | 9,435 | 1,293 | 10,334 | 14,972 | 2,052 | |
Change in fair value of warrant | 60 | 10,307 | 1,413 | 100 | 10,434 | 1,430 | |
Changes in fair value of amounts due to | 5,711 | 1,086 | 149 | 10,368 | 4,922 | 675 | |
Adjusted net loss | (15,617) | (569) | (79) | (55,765) | (28,332) | (3,884) | |
Weighted average number of ordinary | |||||||
Basic | 31,780,394 | 40,396,693 | 40,396,693 | 31,780,394 | 35,297,133 | 35,297,133 | |
Diluted | 31,780,394 | 40,396,693 | 40,396,693 | 31,780,394 | 35,297,133 | 35,297,133 | |
Net loss per ordinary share | |||||||
Basic | (2.98) | (17.52) | (2.40) | (7.02) | (25.21) | (3.46) | |
Diluted | (2.98) | (17.52) | (2.40) | (7.02) | (25.21) | (3.46) | |
Non-GAAP adjustments to net loss per | |||||||
Basic | 0.39 | 1.36 | 0.19 | 1.04 | 2.81 | 0.39 | |
Diluted | 0.39 | 1.36 | 0.19 | 1.04 | 2.81 | 0.39 | |
Adjusted net loss per ordinary share | |||||||
Basic | (2.59) | (16.16) | (2.21) | (5.98) | (22.40) | (3.07) | |
Diluted | (2.59) | (16.16) | (2.21) | (5.98) | (22.40) | (3.07) | |
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SOURCE Cheche Group Inc.
FAQ
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