The following is a summary of the Smart Share Global Limited (EM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Smart Share Global Limited reported Q1 2024 revenues of RMB 397.2 million, a decrease of 51.7% year-over-year.

• The net loss for the quarter was RMB 0.3 million, compared to a net income of RMB 10.8 million in Q1 2023.

• Non-GAAP net income for the quarter was RMB 3.8 million.

• Operating margin was negative 5.7%, compared to negative 1.9% in the same period last year.

Business Progress:

• Energy Monster expanded its POI network by adding 11,000 new POIs, expanding into 38 new county-level areas, and reached a user base of 404.3 million cumulative users.

• Transitioned 56,000 POIs from the direct model to the network partner model.

• Developed new power bank technologies and cabinet machine updates to enhance user experience and cost effectiveness.

Opportunities:

• Continued expansion in lower tier cities with a 4% year-over-year increase.

• Achieving significant growth during the Chinese New Year holiday period, with a 23% increase in daily GMV year-over-year.

• Introducing new initiatives in the renewable energy sector.

• Expansion through the network partner model is seen as a core driver for future growth.

Risks:

• Decrease in revenues due to a reduction in the number of POIs operated under the direct model and changes in contractual arrangements with network partners.

• Seasonal fluctuations and declines in consumer confidence affecting March performance.

• Continuing to face challenges in the consumption environment as indicated by persistently weak consumption in April and May.

More details: Energy Monster IR

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