Ryde Reports First Half 2024 Results, Positions for Accelerate Growth
Ryde Group (NYSE: RYDE) reported financial results for 1H 2024, showing revenue of S$4.4 million (US$3.2 million), down from S$5.2 million in 1H 2023. The decline followed the implementation of a 0% commission model in January 2024. Despite lower revenue, adjusted EBITDA improved by 20%, with deficit narrowing to S$1.6 million. Key milestones include NYSE American listing in March 2024, AI-powered app redesign in May, dual listing on Frankfurt and Stuttgart exchanges in June, and a healthcare partnership with a Singapore telehealth provider.
Ryde Group (NYSE: RYDE) ha reso noti i risultati finanziari per il primo semestre del 2024, registrando ricavi pari a 4,4 milioni di S$ (3,2 milioni di US$), in calo rispetto ai 5,2 milioni di S$ nel primo semestre del 2023. La diminuzione è avvenuta dopo l'implementazione di un modello di commissione al 0% a gennaio 2024. Nonostante la diminuzione dei ricavi, l'EBITDA rettificato è migliorato del 20%, con il deficit che si è ridotto a 1,6 milioni di S$. Tra i traguardi chiave ci sono la lista alla NYSE American di marzo 2024, il redesign dell'app alimentato da intelligenza artificiale a maggio, la doppia quotazione nelle borse di Francoforte e Stoccarda a giugno e una collaborazione nel settore sanitario con un fornitore di telemedicina a Singapore.
Ryde Group (NYSE: RYDE) reportó resultados financieros para el primer semestre de 2024, mostrando ingresos de 4,4 millones de S$ (3,2 millones de US$), una disminución con respecto a los 5,2 millones de S$ en el primer semestre de 2023. La caída siguió a la implementación de un modelo de comisión del 0% en enero de 2024. A pesar de los ingresos más bajos, el EBITDA ajustado mejoró en un 20%, con el déficit reduciéndose a 1,6 millones de S$. Los hitos clave incluyen la cotización en NYSE American en marzo de 2024, el rediseño de la aplicación impulsado por IA en mayo, la cotización dual en las bolsas de Frankfurt y Stuttgart en junio, y una asociación en el sector salud con un proveedor de telemedicina en Singapur.
Ryde Group (NYSE: RYDE)는 2024년 상반기 재무 결과를 보고하며 수익이 440만 S$ (320만 US$)로, 2023년 상반기 520만 S$에서 감소했다고 발표했습니다. 이러한 감소는 2024년 1월에 시행된 0% 수수료 모델에 따른 것입니다. 수익이 감소했음에도 불구하고 조정된 EBITDA는 20% 개선되었으며 적자는 160만 S$로 축소되었습니다. 주요 이정표로는 2024년 3월 NYSE American 상장, 5월 AI 기반 앱 재설계, 6월 프랑크푸르트 및 슈투트가르트 거래소의 이중 상장, 그리고 싱가포르 원격의료 공급자와의 의료 분야 파트너십이 포함됩니다.
Ryde Group (NYSE: RYDE) a annoncé ses résultats financiers pour le premier semestre 2024, affichant des revenus de 4,4 millions S$ (3,2 millions US$), en baisse par rapport à 5,2 millions S$ au premier semestre 2023. Cette baisse a suivi la mise en œuvre d'un modèle de commission de 0 % en janvier 2024. Malgré des revenus plus faibles, l'EBITDA ajusté s'est amélioré de 20 %, le déficit se réduisant à 1,6 million S$. Parmi les jalons importants, on note la cotation sur NYSE American en mars 2024, la refonte de l'application alimentée par IA en mai, la double cotation sur les bourses de Francfort et de Stuttgart en juin, et un partenariat dans le secteur de la santé avec un fournisseur de télémédecine à Singapour.
Ryde Group (NYSE: RYDE) hat die Finanzzahlen für das erste Halbjahr 2024 veröffentlicht und zeigt Einnahmen von 4,4 Millionen S$ (3,2 Millionen US$), ein Rückgang von 5,2 Millionen S$ im ersten Halbjahr 2023. Der Rückgang folgte auf die Einführung eines 0%-Provision-Modells im Januar 2024. Trotz niedrigeren Einnahmen verbesserte sich das bereinigte EBITDA um 20%, wobei das Defizit auf 1,6 Millionen S$ verringert wurde. Zu den wichtigen Meilensteinen gehören die Notierung an der NYSE American im März 2024, das Redesign der KI-gestützten App im Mai, die Dualnotierung an den Börsen in Frankfurt und Stuttgart im Juni und eine Partnerschaft im Gesundheitswesen mit einem Anbieter von Telemedizin in Singapur.
- Adjusted EBITDA improved by 20% in 1H 2024
- Successfully listed on NYSE American, Frankfurt, and Stuttgart exchanges
- Operational efficiency improved through reduction in driver incentives and rider costs
- Revenue declined 15.4% to S$4.4 million in 1H 2024 from S$5.2 million in 1H 2023
- Continued adjusted EBITDA deficit of S$1.6 million
- Implementation of 0% commission model impacting current revenue generation
Insights
The financial results reveal mixed signals for Ryde. While revenue declined by
The dual listing strategy and NYSE American debut expand access to capital markets, though the current financials suggest continued cash burn. The improved EBITDA trajectory through reduced incentives indicates better unit economics, but the path to profitability remains challenging in the competitive ride-hailing space. The healthcare partnership adds a valuable differentiator but may pressure margins.
Key Financial Highlights for First Half 2024:
-
Revenue: The Company reported revenue of
S ($4.4 million US ), down from$3.2 million S ($5.2 million US ) in 1H 2023. While the transition to the$3.9 million 0% commission model in January 2024 resulted in a temporary decline in revenue, we are confident that this strategic decision will drive significant long-term growth by attracting more drivers. This revenue structure was introduced to boost driver-partners satisfaction and attract more driver-partners to the platform, positioning the Company for long-term sustainable growth despite the temporary impact on revenue 1H2024. -
Adjusted EBITDA: The Company saw its adjusted EBITDA improve by
20% , the adjusted EBITDA deficit narrowed toS ($1.6 million US ) in 1H2024. This improvement reflects Ryde’s ongoing efforts to optimise operational efficiency, achieved through a strategic reduction in driver-partner incentives and rider-related costs. These measures have contributed to a leaner cost structure, setting the company on a path towards profitability while continuing to create value for both driver-partners and riders.$1.2 million
First Half 2024 Milestones:
Ryde achieved several significant milestones in the first half of 2024, including:
-
NYSE American listing: In March 2024, becoming the first
Singapore -based ride-hailing start-up to list on the NYSE American. - AI-powered app redesign: In May 2024, we made significant improvements to enhance user interface by focusing on current design trends, language, and the use of AI with a more intuitive navigation experience for the riders.
-
Dual listing on the
Frankfurt (FSE) andStuttgart (XSTU) Stock Exchanges under the symbol D0S: In June 2024, we successfully completed our secondary listing on the FSE and XSTU Stock Exchanges, strategically expanding our investor base and making our unique value proposition more accessible to the European markets. -
Healthcare Partnership: In June 2024, we partnered with a leading
Singapore telehealth provider to offer affordable healthcare services to driver-partners and their families, demonstrating Ryde’s commitment to driver well-being.
“The first half of 2024 was a period of strategic investment and transformation for Ryde,” said Terence Zou, Ryde’s Founder and Chief Executive Officer. “We have established a solid operational base by improving our adjusted EBITDA by
“Our fundamentals are strong and we are confident in our ability to continue growing and delivering value to our shareholders,” Mr. Zou concluded.
About Ryde Group Ltd
Ryde is a super mobility app founded in
Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.
Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
Non-US GAAP Financial Measures
This document includes references to non-US GAAP financial measures. Ryde uses these non-US GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons, and Ryde’s management believes that these non-IFRS financial measures provide meaningful supplemental information regarding its performance by excluding certain items that may not be indicative of its recurring core business operating results. However, there are a number of limitations related to the use of non-US GAAP financial measures, and as such, the presentation of these non-US GAAP financial measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with US GAAP. In addition, these non-US GAAP financial measures may differ from non-US GAAP financial measures with comparable names used by other companies. See below for additional explanations about the non-US GAAP financial measures, including their definitions and a reconciliation of these measures to the most directly comparable US GAAP financial measures.
Explanation of non-IFRS financial measures:
Adjusted EBITDA is a non-US GAAP financial measure calculated as net loss adjusted to exclude: (a) finance cost, (b) income tax expenses, (c) depreciation and amortization, (d) share-based compensation, (e) impairment loss on goodwill, and (f) share listing and associated expenses.
Adjusted EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with US GAAP. For a reconciliation of Adjusted EBITDA to the most directly comparable US GAAP measure see the section titled “Reconciliation of Non-IFRS Financial Measures”.
Reconciliation of Non-IFRS Financial Measures
To supplement our financial information, we use the following non-US GAAP financial measures: Adjusted EBITDA. However, the definitions of our non-US GAAP financial measures may be different from those used by other companies, and therefore, may not be comparable. Furthermore, these non-US GAAP financial measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated financial statements that are necessary to run our business. Thus, these non-US GAAP financial measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with US GAAP. We compensate for these limitations by providing a reconciliation of these non-US GAAP financial measures to the related US GAAP financial measures. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view these non-IFRS financial measures in conjunction with their respective related US GAAP financial measures.
The following tables provide reconciliations of Adjusted EBITDA.
|
For the six months ended June 30, |
|||||||
|
2023 |
2024 |
2024 |
|||||
|
S$’000 |
S$’000 |
US$’000 |
|||||
|
|
|
|
|||||
Net loss |
(3,999 |
) |
(13,542 |
) |
(9,992 |
) |
||
Depreciation and amortization expenses |
181 |
|
247 |
|
182 |
|
||
Finance costs |
52 |
|
75 |
|
55 |
|
||
Impairment of goodwill |
664 |
|
- |
|
- |
|
||
Share listing and associated expenses |
1,063 |
|
1,809 |
|
1,335 |
|
||
Share-based compensation |
- |
|
9,807 |
|
7,237 |
|
||
Adjusted EBITDA |
(2,039 |
) |
(1,604 |
) |
(1,183 |
) |
||
Unaudited Summary of Financial Results |
||||||||
Condensed Consolidated Statement of Operations and Comprehensive Loss |
||||||||
|
For six months ended June 30, |
|||||||
|
2023 |
2024 |
2024 |
|||||
|
S$’000 |
S$’000 |
US$’000 |
|||||
|
|
|
|
|||||
Revenue |
5,232 |
|
4,376 |
|
3,229 |
|
||
|
|
|
|
|||||
Drivers and riders cost and related expenses |
(3,669 |
) |
(1,975 |
) |
(1,457 |
) |
||
Total expenses, net |
(4,898 |
) |
(6,136 |
) |
(4,527 |
) |
||
Operational loss |
(3,335 |
) |
(3,735 |
) |
(2,755 |
) |
||
Impairment of goodwill |
(664 |
) |
- |
|
- |
|
||
Share-based compensation |
- |
|
(9,807 |
) |
(7,237 |
) |
||
Loss before income taxes |
(3,999 |
) |
(13,542 |
) |
(9,992 |
) |
||
Income tax expense |
- |
|
- |
|
- |
|
||
Net loss |
(3,999 |
) |
(13,542 |
) |
(9,992 |
) |
||
Other comprehensive loss |
|
|
|
|||||
Foreign currency translation adjustment |
- |
|
37 |
|
27 |
|
||
Total other comprehensive loss |
(3,999 |
) |
(13,505 |
) |
(9,965 |
) |
||
Less: Comprehensive loss attributable to non-controlling interest |
(30 |
) |
(12 |
) |
(9 |
) |
||
Comprehensive loss attributable to Ryde Group Ltd |
(3,969 |
) |
(13,493 |
) |
(9,956 |
) |
||
|
|
|
|
|||||
Net loss per share attributable to ordinary shareholders |
|
|
|
|||||
Basic and diluted |
(0.34 |
) |
(0.81 |
) |
(0.60 |
) |
||
|
|
|
|
|||||
Weighted average number of ordinary shares used in computing net loss per share |
|
|
|
|||||
Basic and diluted (’000) |
11,702 |
|
16,577 |
|
16,577 |
|
||
Condensed Consolidated Balance Sheet |
||||||
|
December 31, 2023 |
June 30, 2024 |
June 30, 2024 |
|||
|
S$’000 |
S$’000 |
US$’000 |
|||
Assets |
|
|
|
|||
Current assets |
4,463 |
|
7,284 |
5,375 |
||
Non-current assets |
734 |
|
750 |
554 |
||
Total assets |
5,197 |
|
8,034 |
5,929 |
||
|
|
|
|
|||
Liabilities and shareholders’ equity |
|
|
|
|||
Liabilities |
|
|
|
|||
Current liabilities |
12,587 |
|
4,882 |
3,602 |
||
Non-current liabilities |
32 |
|
32 |
24 |
||
Non-current liabilities |
12,619 |
|
4,914 |
3,626 |
||
Shareholders’ equity |
(7,422 |
) |
3,120 |
2,303 |
||
Total liabilities and shareholders’ equity |
5,197 |
|
8,034 |
5,929 |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241023216155/en/
For Media Relations:
Media Team
Ryde Group Ltd
Email: media@rydesharing.com
For Investor Relations:
Investor Relations Team
Ryde Group Ltd
Email: investor@rydesharing.com
Skyline Corporate Communications Group, LLC
Email: info@skylineccg.com
Source: Ryde Group
FAQ
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