XCHG Limited Reports Second Quarter 2024 Unaudited Financial Results
XCHG (NASDAQ: XCH) reported Q2 2024 financial results showing mixed performance. Revenue decreased 26.3% to $9.0 million compared to Q2 2023, primarily due to reduced deliveries to a major European customer. The company delivered 438 DC fast chargers, down 31.8% year-over-year, while total EV charger deliveries reached 619, a 5.4% decrease. Despite lower revenues, gross margin improved to 46.1% from 44.7% due to enhanced cost control measures.
The company reported an operating loss of $0.9 million compared to a $2.1 million profit in Q2 2023. Cash position strengthened to $24.3 million as of June 30, 2024. The company completed its IPO in September, raising net proceeds of $19.1 million through the offering of 3,462,223 ADSs at $6.20 per ADS.
XCHG (NASDAQ: XCH) ha riportato i risultati finanziari del secondo trimestre 2024, evidenziando una performance mista. I ricavi sono diminuiti del 26,3% a 9,0 milioni di dollari rispetto al secondo trimestre 2023, principalmente a causa della riduzione delle consegne a un importante cliente europeo. L'azienda ha consegnato 438 caricabatterie veloci DC, in calo del 31,8% anno su anno, mentre le consegne totali di caricabatterie per veicoli elettrici hanno raggiunto 619, con una diminuzione del 5,4%. Nonostante i ricavi più bassi, il margine lordo è migliorato al 46,1% rispetto al 44,7% grazie a misure di controllo dei costi più efficaci.
L'azienda ha registrato una perdita operativa di 0,9 milioni di dollari rispetto a un profitto di 2,1 milioni di dollari nel secondo trimestre 2023. La posizione di cassa è migliorata a 24,3 milioni di dollari al 30 Giugno 2024. L'azienda ha completato la sua IPO a settembre, raccogliendo proventi netti di 19,1 milioni di dollari tramite l’emissione di 3.462.223 ADS a 6,20 dollari per ADS.
XCHG (NASDAQ: XCH) reportó los resultados financieros del segundo trimestre de 2024, mostrando un rendimiento mixto. Los ingresos disminuyeron un 26,3% a 9,0 millones de dólares en comparación con el segundo trimestre de 2023, principalmente debido a la reducción de entregas a un importante cliente europeo. La empresa entregó 438 cargadores rápidos DC, un descenso del 31,8% interanual, mientras que las entregas totales de cargadores para vehículos eléctricos alcanzaron 619, una disminución del 5,4%. A pesar de los ingresos más bajos, el margen bruto mejoró al 46,1% desde el 44,7% gracias a medidas de control de costos mejoradas.
La empresa reportó una pérdida operativa de 0,9 millones de dólares en comparación con una ganancia de 2,1 millones de dólares en el segundo trimestre de 2023. La posición de efectivo se fortaleció a 24,3 millones de dólares al 30 de junio de 2024. La empresa completó su IPO en septiembre, recaudando ingresos netos de 19,1 millones de dólares a través de la oferta de 3.462.223 ADS a 6,20 dólares por ADS.
XCHG (NASDAQ: XCH)는 2024년 2분기 재무 결과를 발표하며 혼합된 성과를 보였습니다. 수익은 26.3% 감소하여 2023년 2분기와 비교해 900만 달러에 달하며, 주로 주요 유럽 고객에 대한 납품 감소 때문입니다. 이 회사는 438개의 DC 급속 충전기를 납품했으며, 이는 전년 대비 31.8% 감소한 수치입니다. 총 전기차 충전기 납품량은 619개로 5.4% 감소했습니다. 수익이 감소했음에도 불구하고, 비용 통제 조치 강화로 매출 총 이익률은 44.7%에서 46.1%로 개선되었습니다.
회사는 2023년 2분기의 210만 달러 이익에 비해 90만 달러의 운영 손실을 기록했습니다. 현금 보유액은 2024년 6월 30일 기준으로 2430만 달러로 강화되었습니다. 이 회사는 9월에 IPO를 완료하여 3,462,223개의 ADS를 주당 6.20 달러에 발행하여 1910만 달러의 순실적을 올렸습니다.
XCHG (NASDAQ: XCH) a publié les résultats financiers du deuxième trimestre 2024, montrant des performances mixtes. Le chiffre d'affaires a diminué de 26,3% pour atteindre 9,0 millions de dollars par rapport au deuxième trimestre 2023, principalement en raison de la réduction des livraisons à un client européen majeur. L'entreprise a livré 438 chargeurs rapides DC, en baisse de 31,8% par rapport à l'année précédente, tandis que le total des livraisons de chargeurs pour véhicules électriques a atteint 619, soit une diminution de 5,4%. Malgré des revenus plus faibles, la marge brute s'est améliorée à 46,1% contre 44,7% grâce à de meilleures mesures de contrôle des coûts.
L'entreprise a enregistré une perte d'exploitation de 0,9 million de dollars comparé à un bénéfice de 2,1 millions de dollars au deuxième trimestre 2023. La position de trésorerie s'est renforcée à 24,3 millions de dollars au 30 juin 2024. L'entreprise a réalisé son IPO en septembre, levant des produits nets de 19,1 millions de dollars grâce à l'offre de 3.462.223 ADS à 6,20 dollars par ADS.
XCHG (NASDAQ: XCH) hat die Finanzergebnisse für das zweite Quartal 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Umsatz ist um 26,3% auf 9,0 Millionen Dollar im Vergleich zum zweiten Quartal 2023 gesunken, vor allem aufgrund reduzierter Lieferungen an einen wichtigen europäischen Kunden. Das Unternehmen lieferte 438 DC-Schnelllader, was einem Rückgang von 31,8% im Jahresvergleich entspricht, während die Gesamtzahl der Lieferungen von EV-Ladegeräten 619 erreichte, ein Rückgang um 5,4%. Trotz der gesunkenen Einnahmen verbesserte sich die Bruttomarge auf 46,1% von 44,7% aufgrund verbesserter Kostenkontrollmaßnahmen.
Das Unternehmen meldete einen Betriebsverlust von 0,9 Millionen Dollar im Vergleich zu einem Gewinn von 2,1 Millionen Dollar im zweiten Quartal 2023. Die Liquiditätslage stärkte sich auf 24,3 Millionen Dollar zum 30. Juni 2024. Das Unternehmen schloss im September seinen Börsengang ab und erzielte Nettoerträge von 19,1 Millionen Dollar durch die Ausgabe von 3.462.223 ADS zu 6,20 Dollar pro ADS.
- Gross margin improved to 46.1% from 44.7% year-over-year
- Service revenues increased 50% year-over-year
- Cash position strengthened to $24.3 million from $12.8 million in previous quarter
- Successfully raised $19.1 million in net proceeds from IPO
- Revenue declined 26.3% year-over-year to $9.0 million
- DC fast charger deliveries decreased 31.8% year-over-year
- Operating loss of $0.9 million compared to $2.1 million profit in Q2 2023
- Selling and marketing expenses increased 74.2% year-over-year
- Net loss of $1.0 million compared to $2.0 million profit in Q2 2023
Insights
The Q2 2024 results reveal concerning trends for XCharge. Revenue declined 26.3% to
DC fast charger deliveries dropped
The EV charging market appears to be facing headwinds, as evidenced by XCharge's delivery metrics. The
The company's increased investment in sales and marketing (
HAMBURG, Germany, Dec. 13, 2024 (GLOBE NEWSWIRE) -- XCHG Limited (“XCharge” or the “Company”), (NASDAQ: XCH), a global leader in integrated EV charging solutions, today announced its unaudited financial results for the three months ended June 30, 2024.
Operational Highlights
| Three months ended June 30, 2024 | Six months ended June 30, 2024 | ||
| DC fast charger deliveries | 438 | 764 | |
| NZS charger deliveries | 26 | 51 | |
| Total EV charger deliveries | 619 | 1,155 | |
- Q2 2024 DC fast charger deliveries were 438, representing a decrease of
31.8% from 642 in the corresponding period of 2023. - Q2 2024 Total EV charger deliveries were 619, representing a decrease of
5.4% from 654 in the corresponding period of 2023. - DC fast charger deliveries in the first six months of 2024 were 764, representing a decrease of
30.0% from 1,092 in the corresponding period of 2023. - Total EV charger deliveries in the first six months of 2024 were 1,155, representing an increase of
2.1% from 1,131 in the corresponding period of 2023.
Management Remarks
Mr. Yifei Hou, Chief Executive Officer of XCharge, commented, “We are pleased to achieve a resilient operating performance in the second quarter of 2024 despite the challenging macroeconomic environment. In this quarter, as we strove to meet customer demands and strengthen our leading position in the global industry, we delivered 26 Net Zero Series (“NZS”) chargers, representing substantial growth from the prior year, which brought our total NZS charger deliveries up to 51 for the first half of 2024. As a pioneer in the EV charger market, we are committed to enhancing our cutting-edge technologies and developing creative solutions to tackle energy problems, innovatively meeting our clients’ needs. Looking ahead, we will continue to invest in research and development, creating new commercialization opportunities and building a global green future.”
Initial Public Offering (“IPO”)
In September, the Company successfully completed its initial public offering of 3,462,223 American depositary shares ("ADSs") at a price of US
Financial Highlights for the Second Quarter of 2024
(in USD millions, except for per ordinary share data and percentage)
| Q2 2024 | Q2 2023 | % Change1 | ||||
| Revenues | 9.0 | 12.2 | (26.3) | |||
| Gross profit | 4.2 | 5.5 | (23.9) | |||
| Gross margin | 1.4 | |||||
| Operating (loss)/income | (0.9) | 2.1 | (144.9) | |||
| Net (loss)/income | (1.0) | 2.0 | (146.8) | |||
| Adjusted2 net (loss)/income | (0.9) | 2.0 | (146.0) | |||
| Net (loss)/income attributable to ordinary shareholders | (1.3) | 0.5 | (390.6) | |||
| (Loss) /earnings per ordinary share-basic and diluted | (0.002) | 0.001 | (336.5) |
__________________________________________
1 Except for gross margin, where absolute change instead of percentage change is presented.
2 See “Use of Non-GAAP Financial Measures” and “Unaudited Reconciliation of GAAP and Non-GAAP Results” included in this release for further details.
- Revenues were US
$9.0 million for the second quarter of 2024, representing a decrease of26.3% from US$12.2 million for the same period of 2023. Product revenues were US$8.9 million for the second quarter of 2024, representing a decrease of26.7% from US$12.1 million for the same period of 2023. The year-over-year decrease was mainly due to the decrease in deliveries to a major customer in Europe. Service revenues were US$0.1 million for the second quarter of 2024, representing an increase of50% from US$0.1 million for the same period of 2023. The year-over-year increase was mainly due to the increase in maintenance services revenue.
- Cost of revenues was US
$4.8 million for the second quarter of 2024, representing a decrease of28.2% from US$6.7 million for the same period of 2023. The year-over-year decrease was mainly due to the decrease in revenue.
- Gross margin was
46.1% for the second quarter of 2024, compared with44.7% for the same period of 2023. The year-over-year increase was mainly due to our enhanced cost control measures.
- Selling and marketing expenses were US
$2.3 million for the second quarter of 2024, representing an increase of74.2% from US$1.3 million for the same period of 2023.The year-over-year increase was mainly due to increases in staff costs, sales commissions and advertising expenses for business expansion.
- Research and development expenses were US
$1.2 million for the second quarter of 2024, representing an increase of18.7% from US$1.0 million for the same period of 2023. The year-over-year increase was mainly due to the increase in staff costs for researching and developing new products.
- General and administrative expenses were US
$1.6 million for the second quarter of 2024, representing an increase of47.4% from US$1.1 million for the same period of 2023. The year-over-year increase was mainly due to increases in staff costs, tax expenses and professional service expenses.
- Operating (loss)/income was US
$(0.9) million for the second quarter of 2024, compared with US$2.1 million for the same period of 2023.
- Net (loss)/income was US
$(1.0) million for the second quarter of 2024, compared with US$2.0 million for the same period of 2023. Excluding changes in fair value of financial instruments and gain on extinguishment of convertible debt, adjusted net income (loss) was US$(0.9) million for the second quarter of 2024, compared with US$2.0 million for the same period of 2023.
- Net (loss)/income attributable to ordinary shareholders was US
$(1.3) million for the second quarter of 2024, compared with US$0.5 million for the same period of 2023.
- Basic and diluted (loss) /earnings per ordinary share was US
$(0.00 2) for the second quarter of 2024, compared with US$0.00 1 for the same period of 2023.
- Cash and cash equivalents were US
$24.3 million as of June 30, 2024, compared with US$12.8 million as of March 31, 2024.
About XCharge
XCharge, founded in 2015, is a global leader in integrated EV charging solutions. The Company offers comprehensive EV charging solutions which primarily include the DC fast chargers, the advanced battery-integrated DC fast chargers, as well as its accompanying services. Through the combination of XCharge’s proprietary charging technology, energy storage system technology, and accompanying services, the Company enhances EV charging efficiency and unlocks the value of energy storage and management. Committed to providing innovative and efficient EV charging solutions, XCharge is actively working towards establishing a global green future that is critical to long-term growth and development.
For more information, please visit: https://investors.xcharge.com/
Use of Non-GAAP Financial Measures
We consider adjusted net income (loss), a non-GAAP financial measure as a supplemental measure to review and assess our operating performance. The presentation of this 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. We present this non-GAAP financial measure because it is used by our management to evaluate our operating performance and formulate business plans. We also believe that the use of this non-GAAP measure facilitates investors’ assessment of our operating performance.
This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as an analytical tool. One of the key limitations of using this non-GAAP financial measure is that it does not reflect all items of income and expense that affect our operations. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. We compensate for these limitations by reconciling this non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.
We define adjusted net income (loss) as net income (loss) excluding changes in fair value of financial instruments and gain on extinguishment of convertible debt. For more information on these non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.
Exchange Rate Information
This announcement contains translations of certain EUR amounts into U.S. dollars and RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from EUR to U.S. dollars, from U.S. dollars to EUR, from RMB to U.S. dollars and from U.S. dollars to RMB are made at EUR1.0711 to US
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to”, or other similar expressions. Further information regarding these and other risks, uncertainties or factors 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 duty to update such information, except as required under applicable law.
For investor and media inquiries, please contact:
XCharge
IR Department
Email: ir@xcharge.com
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Jenny Cai
Tel: +86 (10) 6508-0677
Email: XCharge@tpg-ir.com
Source: XCHG Limited
| XCHG LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| As of December 31, | As of June 30, | |||||
| 2023 | 2024 | |||||
| US$ | US$ | |||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 15,660,786 | 24,258,144 | ||||
| Restricted cash | 32,024 | 31,048 | ||||
| Accounts receivable, net | 12,495,375 | 4,722,863 | ||||
| Amounts due from related parties | 1,671,220 | 1,355,893 | ||||
| Inventories | 6,656,708 | 7,481,488 | ||||
| Prepayments and other current assets | 3,228,984 | 3,349,664 | ||||
| Total current assets | 39,745,097 | 41,199,100 | ||||
| Non‑current assets | ||||||
| Property and equipment, net | 576,376 | 721,540 | ||||
| Intangible assets, net | 27,130 | 12,256 | ||||
| Long-term investments | 105,892 | 105,237 | ||||
| Operating lease right-of-use assets, net | 505,417 | 1,967,458 | ||||
| Total non‑current assets | 1,214,815 | 2,806,491 | ||||
| Total assets | 40,959,912 | 44,005,591 | ||||
| LIABILITIES | ||||||
| Current liabilities | ||||||
| Short-term borrowings | 5,560,027 | 8,887,761 | ||||
| Accounts payable | 5,750,157 | 5,686,213 | ||||
| Contract liabilities | 1,332,132 | 2,751,296 | ||||
| Operating lease liabilities—current | 294,028 | 618,793 | ||||
| Convertible debts | 12,516,331 | - | ||||
| Financial liability | 247,265 | 518,260 | ||||
| Accrued expenses and other current liabilities | 5,027,620 | 4,803,217 | ||||
| Total current liabilities | 30,727,560 | 23,265,540 | ||||
| Non‑current liabilities | ||||||
| Operating lease liabilities—non-current | 172,070 | 1,176,438 | ||||
| Other non-current liabilities | 79,964 | 116,287 | ||||
| Total non‑current liabilities | 252,034 | 1,292,725 | ||||
| Total liabilities | 30,979,594 | 24,558,265 | ||||
| XCHG LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| As of December 31, | As of June 30, | |||||
| 2023 | 2024 | |||||
| US$ | US$ | |||||
| Commitment and contingencies | - | - | ||||
| Mezzanine equity | ||||||
| Series Angel preference shares (US authorized, issued and outstanding as of December 31, 2023 and June 30, 2024. Liquidation preference of US December 31, 2023 and June 30, 2024) | 1,176,340 | 1,176,340 | ||||
| Series Angel redeemable preference shares (US 37,500,000 shares authorized, issued and outstanding as of December 31, 2023 and June 30, 2024. Redemption value of US US preference of US and June 30, 2024) | 1,176,340 | 1,176,340 | ||||
| Series A redeemable preference shares (US 300,000,000 shares authorized, issued and outstanding as of December 31, 2023 and June 30, 2024. Redemption value of US US preference of US and June 30, 2024) | 8,043,015 | 8,292,329 | ||||
| Series A+ redeemable preference shares (US 118,971,900 shares authorized, issued and outstanding as of December 31, 2023 and June 30, 2024. Redemption value of US US preference of US and June 30, 2024) | 3,795,370 | 3,795,370 | ||||
| Series B redeemable preference shares (US 602,372,700 shares authorized, issued and outstanding as of December 31, 2023 and June 30, 2024. Redemption value of US US preference of US and June 30, 2024) | 25,825,948 | 26,248,252 | ||||
| Series B+ redeemable preference shares (US 204,195,160 shares authorized, nil and 161,977,511 shares issued and outstanding as of December 31, 2023 and June 30, 2024. Redemption value of nil and US Liquidation preference of nil and US and June 30, 2024) | - | 9,720,793 | ||||
| Total mezzanine equity | 40,017,013 | 50,409,424 | ||||
| SHAREHOLDERS’ DEFICIT | ||||||
| Ordinary shares (USD0.00001 par value, 3,728,605,400 shares authorized, 806,200,500 shares issued and outstanding as of December 31, 2023 and June 30, 2024) | 8,062 | 8,062 | ||||
| Series Seed preference shares (US authorized, issued and outstanding as of December 31, 2023 and June 20, 2024) | 2,000,000 | 2,000,000 | ||||
| Additional paid-in capital | 6,563,764 | 5,822,913 | ||||
| Accumulated other comprehensive income | 1,824,365 | 1,858,054 | ||||
| Accumulated deficit | (40,432,886) | (40,651,127) | ||||
| Total shareholders’ deficit | (30,036,695) | (30,962,098) | ||||
| Total liabilities, mezzanine equity and shareholders’ deficit | 40,959,912 | 44,005,591 | ||||
| XCHG LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS) | ||||||
| For the Three Months Ended | ||||||
| June 30, | ||||||
| 2023 | 2024 | |||||
| US$ | US$ | |||||
| Revenues | 12,204,385 | 8,997,506 | ||||
| Cost of revenues | (6,748,376) | (4,845,198) | ||||
| Gross profit | 5,456,009 | 4,152,308 | ||||
| Operating expenses | ||||||
| Selling and marketing expenses | (1,291,521) | (2,250,336) | ||||
| Research and development expenses | (992,085) | (1,178,086) | ||||
| General and administrative expenses | (1,117,020) | (1,646,991) | ||||
| Total operating expenses | (3,400,626) | (5,075,413) | ||||
| Government grants | - | 104 | ||||
| Operating income (loss) | 2,055,383 | (923,001) | ||||
| Changes in fair value of financial instruments | (16,412) | (256,771) | ||||
| Gain on extinguishment of convertible debt | - | 247,283 | ||||
| Interest expenses | (37,316) | (71,363) | ||||
| Interest income | 31,268 | 52,693 | ||||
| Income (loss) before income taxes | 2,032,923 | (951,159) | ||||
| Income tax expense | - | - | ||||
| Net income (loss) | 2,032,923 | (951,159) | ||||
| Accretion of redeemable preference shares to redemption value | (698,646) | (368,607) | ||||
| Undistributed earnings attributable to redeemable preferred shareholders and Series Seed preferred shareholders of the Company | (880,056) | - | ||||
| Net income (loss) attributable to ordinary shareholders | 454,221 | (1,319,766) | ||||
| Net income (loss) | 2,032,923 | (951,159) | ||||
| Other comprehensive loss | ||||||
| Foreign currency translation adjustment, net of nil income taxes | 1,774,143 | 53,874 | ||||
| Total comprehensive income (loss) | 3,807,066 | (897,285) | ||||
| Earnings (loss) per ordinary share | ||||||
| – Basic and diluted | 0.001 | (0.002) | ||||
| Weighted average shares outstanding used in calculating basic and diluted earnings per share ordinary share | ||||||
| – Basic and diluted | 656,200,500 | 806,200,500 | ||||
| XCHG LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS) | ||||||
| For the Six Months Ended | ||||||
| June 30, | ||||||
| 2023 | 2024 | |||||
| US$ | US$ | |||||
| Revenues | 19,589,628 | 20,149,953 | ||||
| Cost of revenues | (11,038,743) | (10,332,829) | ||||
| Gross profit | 8,550,885 | 9,817,124 | ||||
| Operating expenses | ||||||
| Selling and marketing expenses | (2,460,884) | (4,379,024) | ||||
| Research and development expenses | (1,734,157) | (2,165,705) | ||||
| General and administrative expenses | (2,088,247) | (3,307,565) | ||||
| Total operating expenses | (6,283,288) | (9,852,294) | ||||
| Government grants | 2,367 | 31,206 | ||||
| Operating income (loss) | 2,269,964 | (3,964) | ||||
| Changes in fair value of financial instruments | (16,819) | (416,109) | ||||
| Gain on extinguishment of convertible debt | - | 247,283 | ||||
| Interest expenses | (73,810) | (115,156) | ||||
| Interest income | 52,028 | 81,003 | ||||
| Income (loss) before income taxes | 2,231,363 | (206,943) | ||||
| Income tax expense | - | (11,298) | ||||
| Net income (loss) | 2,231,363 | (218,241) | ||||
| Accretion of redeemable preference shares to redemption value | (1,019,628) | (740,852) | ||||
| Undistributed earnings attributable to redeemable preferred shareholders and Series Seed preferred shareholders of the Company | (799,231) | - | ||||
| Net income (loss) attributable to ordinary shareholders | 412,504 | (959,093) | ||||
| Net income (loss) | 2,231,363 | (218,241) | ||||
| Other comprehensive loss | ||||||
| Foreign currency translation adjustments | 956,545 | 33,689 | ||||
| Total comprehensive income (loss) | 3,187,908 | (184,552) | ||||
| Earnings (loss) per ordinary share | ||||||
| – Basic and diluted | 0.001 | (0.001) | ||||
| Weighted average shares outstanding used in calculating basic and diluted earnings per share ordinary shares | ||||||
| – Basic and diluted | 656,200,500 | 806,200,500 | ||||
| XCHG LIMITED UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS | ||||||
| For the Three Months Ended | ||||||
| June 30, | ||||||
| 2023 | 2024 | |||||
| US$ | US$ | |||||
| Net income (loss) | 2,032,923 | (951,159) | ||||
| Add: | ||||||
| Changes in fair value of financial instruments | 16,412 | 256,771 | ||||
| Gain on extinguishment of convertible debt | - | (247,283) | ||||
| Non-GAAP net income (loss) | 2,049,335 | (941,671) | ||||
| Earnings (loss) per ordinary share | ||||||
| – Basic and diluted | 0.001 | (0.002) | ||||
| Add: | ||||||
| Changes in fair value of financial instruments | - | - | ||||
| Gain on extinguishment of convertible debt | - | - | ||||
| Non-GAAP earnings (loss) per ordinary share – basic and diluted | 0.001 | (0.002) | ||||
| XCHG LIMITED UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS | ||||||
| For the Six Months Ended | ||||||
| June 30, | ||||||
| 2023 | 2024 | |||||
| US$ | US$ | |||||
| Net income (loss) | 2,231,363 | (218,241) | ||||
| Add: | ||||||
| Changes in fair value of financial instruments | 16,819 | 416,109 | ||||
| Gain on extinguishment of convertible debt | - | (247,283) | ||||
| Non-GAAP net income (loss) | 2,248,182 | (49,415) | ||||
| Earnings (loss) per ordinary share | 0.001 | (0.001) | ||||
| – Basic and diluted | ||||||
| Add: | ||||||
| Changes in fair value of financial instruments | - | - | ||||
| Gain on extinguishment of convertible debt | - | - | ||||
| Non-GAAP earnings (loss) per ordinary share – basic and diluted | 0.001 | (0.001) | ||||
FAQ
What caused XCH's revenue decline in Q2 2024?
How many DC fast chargers did XCH deliver in Q2 2024?
What was XCH's gross margin in Q2 2024?
How much did XCH raise in its IPO?
What was XCH's cash position as of June 30, 2024?
