Dada Announces Unaudited Fourth Quarter and Fiscal Year 2024 Financial Results

SHANGHAI, China, March 05, 2025 (GLOBE NEWSWIRE) -- 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 fourth quarter and fiscal year ended December 31, 2024.

Fourth Quarter 2024 Financial Results

Total net revenues were RMB2,432.7 million in the fourth quarter of 2024, compared with RMB2,752.2 million in the same quarter of 2023.

Beginning with the second quarter of 2024, the Company changed the presentation of disaggregated revenues to better reflect its lines of business. The table below sets forth the disaggregation of revenues for the three months ended December 31, 2024, with prior period financial results retrospectively recast to conform to current period presentation.

 
                                For the three months ended 
                     ------------------------------------------------- 
                      December     September   December 31,    YoY% 
                      31, 2023     30, 2024        2024        Change 
                     -----------  -----------  ------------  --------- 
                        (RMB in thousands, except percentage data) 
Net revenues 
   JD NOW(1) 
      Commission 
       fee               436,646      331,719       296,785  (32.0)% 
      Online 
       advertising 
       and 
       marketing 
       services          425,264       66,392        48,680  (88.6)% 
      Fulfillment 
       services and 
       others            686,621      532,100       391,894  (42.9)% 
                     -----------  -----------  ------------ 
      Subtotal         1,548,531      930,211       737,359  (52.4)% 
                     -----------  -----------  ------------ 
   Dada NOW(2) 
      Intra-city 
       delivery 
       services        1,045,139    1,321,809     1,474,903   41.1% 
      Last-mile 
       delivery 
       services          135,810      129,222       152,307   12.1% 
      Others              22,709       48,197        68,110  199.9% 
                     -----------  -----------  ------------ 
      Subtotal         1,203,658    1,499,228     1,695,320   40.8% 
                     -----------  -----------  ------------ 
Total                  2,752,189    2,429,439     2,432,679  (11.6)% 
                     ===========  ===========  ============ 
 
 
   -- Net revenues generated from JD NOW were RMB737.4 million in the fourth 
      quarter of 2024, compared with RMB1,548.5 million in the fourth quarter 
      of 2023, mainly due to a decrease in online advertising and marketing 
      services revenues and a decrease in fulfillment services and other 
      revenues. 
 
   -- Net revenues generated from Dada NOW increased by 40.8% from RMB1,203.7 
      million in the fourth quarter of 2023 to RMB1,695.3 million in the fourth 
      quarter of 2024, mainly driven by an increase in order volume of 
      intra-city delivery services provided to various chain merchants. 

Total costs and expenses were RMB3,712.9 million in the fourth quarter of 2024, compared with RMB4,077.9 million in the same quarter of 2023.

   -- Operations and support costs were RMB1,914.1 million in the fourth 
      quarter of 2024, compared with RMB1,918.9 million in the same quarter of 
      2023. The decrease was primarily due to a decrease in online advertising 
      and marketing services costs, offset by an increase in rider cost as a 
      result of the increased order volume of intra-city delivery services 
      provided to various chain merchants. 
 
   -- Selling and marketing expenses were RMB609.5 million in the fourth 
      quarter of 2024, compared with RMB1,002.3 million in the same quarter of 
      2023. The decrease was primarily due to a decrease in promotional 
      activities initiated by us on the JD NOW platform. 
 
   -- General and administrative expenses were RMB27.5 million in the fourth 
      quarter of 2024, compared with RMB88.8 million in the same quarter of 
      2023. The decrease was primarily due to a decrease in provision for 
      credit loss. 
 
   -- Research and development expenses were RMB92.8 million in the fourth 
      quarter of 2024, compared with RMB91.5 million in the same quarter of 
      2023. 
 
   -- Impairment loss of intangible assets was RMB1,058.7 million in the fourth 
      quarter of 2024, compared with nil in the same quarter of 2023. 
 
   -- Impairment loss of goodwill was nil in the fourth quarter of 2024, 
      compared with RMB957.6 million in the same quarter of 2023. 

Loss from operations was RMB1,257.3 million in the fourth quarter of 2024, compared with RMB1,314.7 million in the same quarter of 2023.

Non-GAAP loss from operations(3) was RMB48.6 million in the fourth quarter of 2024, compared with RMB190.2 million in the same quarter of 2023.

Net loss was RMB1,227.0 million in the fourth quarter of 2024, compared with RMB1,282.4 million in the same quarter of 2023.

Non-GAAP net loss(4) was RMB29.0 million in the fourth quarter of 2024, compared with RMB159.1 million in the same quarter of 2023.

Basic and diluted net loss per ordinary share was RMB1.18 in the fourth quarter of 2024, compared with RMB1.22 for the fourth quarter of 2023.

Non-GAAP basic and diluted net loss per ordinary share(5) was RMB0.03 in the fourth quarter of 2024, compared with RMB0.15 for the fourth quarter of 2023.

Fiscal Year 2024 Financial Results

Total net revenues were RMB9,663.8 million in 2024, compared with RMB10,506.3 million in 2023.

The table below sets forth the disaggregation of revenues for the twelve months ended December 31, 2024, with prior period financial results retrospectively recast to conform to current period presentation.

 
                                For the twelve months ended 
                      ------------------------------------------------ 
                                                               YoY% 
                      December 31, 2023   December 31, 2024    Change 
                      ------------------  -----------------  --------- 
                         (RMB in thousands, except percentage data) 
Net revenues 
   JD NOW(1) 
      Commission fee           1,679,218          1,423,256  (15.2)% 
      Online 
       advertising 
       and marketing 
       services                2,131,150            606,720  (71.5)% 
      Fulfillment 
       services and 
       others                  2,681,386          1,828,580  (31.8)% 
                      ------------------  ----------------- 
      Subtotal                 6,491,754          3,858,556  (40.6)% 
                      ------------------  ----------------- 
   Dada NOW(2) 
      Intra-city 
       delivery 
       services                3,529,214          5,077,762   43.9% 
      Last-mile 
       delivery 
       services                  347,678            524,822   51.0% 
      Others                     137,604            202,640   47.3% 
                      ------------------  ----------------- 
      Subtotal                 4,014,496          5,805,224   44.6% 
                      ------------------  ----------------- 
Total                         10,506,250          9,663,780   (8.0)% 
                      ==================  ================= 
 
 
   -- Net revenues generated from JD NOW were RMB3,858.6 million in 2024, 
      compared with RMB6,491.8 million in 2023, mainly due to a decrease in 
      online advertising and marketing services revenues and a decrease in 
      fulfillment services and other revenues. 
 
   -- Net revenues generated from Dada NOW increased by 44.6% from RMB4,014.5 
      million in 2023 to RMB5,805.2 million in 2024, mainly driven by an 
      increase in order volume of intra-city delivery services provided to 
      various chain merchants. 

Total costs and expenses were RMB11,854.1 million in 2024, compared with RMB12,678.6 million in 2023.

   -- Operations and support costs were RMB7,221.5 million in 2024, compared 
      with RMB 6,530.3 million in 2023. The increase was primarily due to an 
      increase in rider cost as a result of the increased order volume of 
      intra-city delivery services provided to various chain merchants, offset 
      by a decrease in online advertising and marketing services costs. 
 
   -- Selling and marketing expenses were RMB2,927.1 million in 2024, compared 
      with RMB4,474.1 million in 2023. The decrease was primarily due to a 
      decrease in promotional activities initiated by us on the JD NOW 
      platform. 
 
   -- General and administrative expenses were RMB233.9 million in 2024, 
      compared with RMB252.8 million in 2023. 
 
   -- Research and development expenses were RMB362.6 million in 2024, compared 
      with RMB416.3 million in 2023. The decrease was primarily due to a 
      decrease in research and development personnel costs. 
 
   -- Impairment loss of intangible assets was RMB1,058.7 million in 2024, 
      compared with nil in 2023. 
 
   -- Impairment loss of goodwill was nil in 2024, compared with RMB957.6 
      million in 2023. 

Loss from operations was RMB2,159.5 million in 2024, compared with RMB2,108.5 million in 2023.

Non-GAAP loss from operations(3) was RMB529.5 million in 2024, compared with RMB487.8 million in 2023.

Net loss was RMB2,038.5 million in 2024, compared with RMB1,957.5 million in 2023.

Non-GAAP net loss(4) was RMB425.5 million in 2024, compared with RMB341.8 million in 2023.

Basic and diluted net loss per ordinary share was RMB1.95 in 2024, compared with RMB1.88 in 2023.

Non-GAAP basic and diluted net loss per ordinary share(5) was RMB0.41 in 2024, compared with RMB0.33 in 2023.

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March 05, 2025 17:00 ET (22:00 GMT)