FlashEx Files for IPO with SEC, Discloses Revenue and Profit Data

TapTechNews September 18th news, the US Securities and Exchange Commission (SEC) disclosed the prospectus submitted by FlashEx, and FlashEx plans to list on the Nasdaq under the stock code FLX.

FlashEx was founded in 2013. As of June 2024, the number of registered riders is approximately 2.7 million, and the service covers 295 cities across the country. FlashEx said that the IPO financing will be used to expand the customer base and increase market penetration, as well as to build the brand image, invest in technology and R & D.

The prospectus shows that FlashEx's revenues from 2021 to 2023 were 3.04 billion yuan, 4.003 billion yuan and 4.529 billion yuan respectively, and the corresponding gross profits were 189 million yuan, 259 million yuan and 395 million yuan respectively. The gross margin increased from 6.2% in 2021 to 8.7% in 2023.

In the first half of 2024, FlashEx's revenue was 2.284 billion yuan, an increase of 7.6% year-on-year, and the gross profit was 257 million yuan, an increase of 40% year-on-year, and the gross margin reached 11.3%.

TapTechNews noted that In 2021 and 2022, FlashEx's net losses were 291 million yuan and 180 million yuan respectively, while in 2023 and the first half of 2024, it achieved net profits of 110 million yuan and 124 million yuan respectively.

In FlashEx's income cost, the compensation and rewards for riders account for the largest proportion. This part of the cost expenditure in 2021, 2022, 2023 and the first half of 2024 were 2.551 billion yuan, 3.614 billion yuan, 3.975 billion yuan and 1.951 billion yuan respectively, accounting for 90.5%, 90.3%, 87.8% and 85.4% of the total revenue respectively.