Dada Announces Unaudited First Quarter 2024 Financial Results

May 16, 2024 by No Comments

SHANGHAI, China, May 15, 2024 — Dada Nexus Limited (NASDAQ: DADA, “Dada”, the “Company”, or “we”), China’s leading local on-demand retail and delivery platform, today announced its unaudited financial results for the first quarter ended March 31, 2024. “We are pleased to announce that our on-demand retail service has been upgraded to JD NOW, aiming to bring quality goods to consumers at top-notch speeds. With the introduction of the new brand, we have entered a new chapter with a focus on building a sustainable ecosystem,” said Mr. Bing Fu, Interim President of Dada, “For JD NOW, we are determined to fully embrace the JD.com ecosystem in a customer-centric approach and are making dedicated investments to improve customer experience, including rolling out delivery fee waiver program and further lowering the free delivery threshold to RMB29. This strategic focus has catalyzed a significant boost in our core operating metrics from January through April this year. Notably, the number of monthly transacting users1 and orders through the JD App increased by over 70% in the first quarter of 2024 and by over 100% in April year over year. For Dada Now, we continue to strengthen partnerships with chain restaurant and beverage customers while consolidating our leading position among supermarket chains, with year-over-year revenue growth in the first quarter reaching the highest of the past eight quarters.” “We remain highly optimistic about the potential of the on-demand retail and delivery industries. Looking ahead, for JD NOW, we remain committed to making the shopping journey smoother and continuously improving selection, speed, quality, and value, to enhance user experience and drive greater penetration among JD.com users. For Dada Now, we will strengthen our rider ecosystem and enhance fulfillment capabilities to continue expanding our market share in the third-party on-demand delivery industry,” added Mr. Fu. “Starting in 2024, we undertook a comprehensive business review and decided to further strengthen our commitment to customer experience and focus on high-quality development, which we believe will pave the way for our long-term sustainable growth,” said Mr. Henry Mao, Chief Financial Officer of Dada. “While the voluntary business adjustment and investment in user experience may bring pressure to JD NOW’s overall revenue growth in the near future, we are encouraged to see that our core metrics including user growth have resumed strong growth momentum, which strengthens our confidence on the path towards market leadership. Dada Now continued to deliver robust revenue growth that significantly outpaced the on-demand delivery industry. Despite the investments in core business to uplift customer experience, in the quarter, our non-GAAP net loss margin remained largely stable year over year.” First Quarter 2024 Financial Results Total net revenues were RMB2,451.8 million, compared with RMB2,535.4 million in the same period of 2023. For the three months ended March 31, YoY%change 2023 2024 (RMB in thousands) Net revenues JD NOW2 Services note (1) 1,786,564 1,278,538 (28.4)%Subtotal 1,786,564 1,278,538 (28.4