Monster Energy (EM.US) released its 2024 Q2 results: profit and scale maintained a steady growth under the mode adjustment.
According to Zhitong Finance, on August 22, 2024, the second quarter, the un-audited financial report of the technology consumption company, the beast charging (EM.US) was released.
Benefiting from the continuous expansion of scale, the beast charging realized more than RMB 1.2 billion in mobile charging business in the second quarter. The cumulative number of registered users increased to 417 million, a new high.
Since the second quarter of 2023, the beast charging has adjusted the recognition of the agent business revenue from full amount to net amount. The beast charging's revenue in the second quarter of 2024 was RMB 4.63 billion, and the adjusted net profit was RMB 152 million under non-GAAP, maintaining the profitability for six consecutive quarters; the GAAP net profit was RMB 92 million.
With the steady promotion of business model adjustment, the beast charging continues to activate scale expansion and service network coverage. The number of points and online charging treasure numbers also hit new highs. As of June 30, 2024, the beast charging had 950,000 online charging treasure and 126,700 POI (point of interest) nationwide.
The CEO of the beast charging, Cai Guangyuan, said: "We achieved a stable performance this quarter and further restored profitability. We firmly adjusted the business model, focused on the sustainable development of the agent block, and worked with more agents to deepen our industry. In addition, we are actively exploring the layout of shared charging business overseas, promoting business growth and creating greater value for shareholders."
The president of the beast charging, Xu Peifeng, said: "The proportion of agent points in the beast charging this quarter, compared with the end of the first quarter, increased by nearly 10 percentage points, which is faster than our expectations. The current market environment, strengthening the layout and construction of agent channel networks, has a positive role in our healthy operation and steady growth."
The CFO of the beast charging, Xin Yi, said: "The company has maintained positive adjusted net income for six consecutive quarters. While continuously improving the operating efficiency of mobile charging business, the company focuses on the development of new business segments, and relies on the multiple capabilities accumulated by the beast charging to promote the overall growth and revenue of the company, and stimulate the potential of enterprises."
As of the end of the second quarter of 2024, the cash and cash equivalents, short-term investments and restricted cash of the beast charging were RMB 3.2 billion, with sufficient cash reserves.
Facing the challenges and opportunities of the current external consumption environment and the transformation of business, the beast charging will continue to focus on the long-term development of the industry and enterprises, and strive to achieve steady operation and financial performance, and create long-term value for enterprises; with high-quality products and professional services, benefit more users and partners.