Zeekr reports big reduction in net loss in 1st earnings report after US IPO

The company reported a net loss of RMB 2.02 billion ($280 million) in the first quarter, down 18 percent from the first quarter of 2023 and down 31.2 percent from the fourth quarter of 2023, according to its unaudited financial results announced today.
Zeekr's non-GAAP net loss excluding equity incentive expense for the first quarter was RMB 2.02 billion, a decrease of 17 percent from the first quarter of 2023 and a decrease of 30.4 percent from the fourth quarter of 2023.

The year-on-year increase was attributable to higher employee compensation due to an increase in headcount, as well as higher expenses to support an expanding product portfolio and smart technologies, Zeekr said, adding that the sequential decrease reflected fluctuations caused by different design and development stages of new products and technologies.
As of March 31, Zeekr's cash and cash equivalents and restricted cash stood at RMB 3.79 billion.
Zeekr did not announce its delivery or revenue guidance for the second quarter.
Zeekr rose 8.2 percent to $25.60 in premarket trading as of press time.