Thunder Reports 19% Decrease in Q1 Revenue but Strengthened Profitability

TapTechNews reported on May 16th that Thunder announced its unaudited financial report for Q1 ending March 31, 2024. The data shows that the company's total revenue for the quarter was $80.4 million (approximately RMB 580 million), a 19% decrease year-on-year, in line with the revenue guidance from the previous quarter.

Despite the decrease in total revenue, Thunder's profitability strengthened in the quarter: gross profit was $42.8 million (approximately RMB 309 million), an 8.2% increase year-on-year; gross margin was 53.3%, compared to 39.9% in the same period last year. Based on US GAAP, net profit for the quarter was $3.6 million (approximately RMB 25.992 million), compared to $1.2 million (approximately RMB 8.664 million) in the same period last year.

On a Non-GAAP basis, net profit for the quarter was $4.5 million (approximately RMB 32.49 million), compared to $5.5 million (approximately RMB 39.71 million) in the same period last year.

Li Jinbo, Chairman and CEO of Thunder Group, stated that the company had a good start to the year. First-quarter revenue met expectations and achieved profit. This is mainly due to the increase in gross profit margin and gross profit. Especially with the growth in the super member base, our membership business revenue increased by 12.9% year-on-year.

According to TapTechNews, Thunder achieved total revenue of $364.9 million last year, a 6.5% year-on-year increase. Looking at the whole year, membership business revenue was $119.3 million, an 18.7% increase year-on-year.