RLX Technology (RLX, Financial) has announced its financial results for the fourth quarter and full year ending December 31, 2024. The company reported a significant increase in net revenue and a mixed performance in net profit compared to the previous year.
In the fourth quarter, RLX Technology achieved a net revenue of RMB 813.5 million (approximately USD 111.4 million), up from RMB 520.5 million in the same period in 2023. However, net profit for the quarter decreased to RMB 127.4 million (approximately USD 17.5 million) from RMB 216 million in the previous year. On a non-GAAP basis, net profit was RMB 251.5 million (approximately USD 34.5 million), down from RMB 432.6 million in 2023.
For the full year 2024, RLX Technology's net revenue soared to RMB 2.7486 billion (approximately USD 376.6 million), a substantial increase from RMB 1.5864 billion in 2023. The company recorded a net profit of RMB 564.3 million (approximately USD 77.3 million), slightly up from RMB 541 million in the previous year. Non-GAAP net profit was RMB 934 million (approximately USD 128 million), compared to RMB 903.9 million in 2023.
RLX Technology's gross profit for the fourth quarter was RMB 219.9 million (approximately USD 30.1 million), with a gross margin of 27.0%, an improvement from 23.7% in the previous year. Operating expenses decreased to RMB 231.5 million (approximately USD 31.7 million) from RMB 263.9 million. The company also reported an operating loss of RMB 11.5 million (approximately USD 1.6 million), a significant improvement from a loss of RMB 140.5 million in 2023.
At the end of 2024, RLX Technology held cash and cash equivalents, restricted cash, short-term bank deposits, short-term investments, and long-term investment securities totaling RMB 15.8708 billion (approximately USD 2.1743 billion), up from RMB 15.3617 billion as of September 30, 2024.
