Pioneering Autonomous Technology Drives Global Expansion and Commercial Market Growth
WeRide Announces Unaudited Financial Results for the Fourth Quarter and Full Year 2024
NEW YORK, March 14, 2025 (GLOBE NEWSWIRE) -- WeRide Inc. (Nasdaq: WRD) ("WeRide" or the "Company"), a global leader in autonomous driving technology, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.
Recent Highlights
WeRide continues to enhance its global market presence through thoughtful market entries and strategic expansions in Europe, the Middle East and Asia. These efforts are all made possible by the Company's continuous technological innovation and operational expertise, both key to its leadership in autonomous driving. In 2024, WeRide achieved record-high robotaxi revenue and the strongest international revenue since the company's inception.
WeRide Continues Technology Innovation with End-to-End Models in ADAS and Level-4 Systems
-- WeRide started to deploy end-to-end models in both Level-4 driverless and
ADAS systems in 2024.
-- WeRide's end-to-end model employs a large VLM (visual-language model)
which is encoded with general knowledge of the world and then trained
with nearly 1 million hours of carefully selected high quality driving
data from human drivers and simulated driving scenarios. This approach
ensures the trained model has a general understanding of the world as
well as deep driving insights.
-- WeRide's training data continuously grows to cover more long tail cases
via real-world and simulated data.
-- Eventually, WeRide's autonomous driving systems can perform like a
seasoned professional driver in complex urban scenarios. They can bring
about human-like judgment and an extremely smooth driving experience to
the Company's customers.
-- In WeRide's Level-4 driverless products, such as robotaxi and robobus,
the end-to-end model is accompanied with deterministic safety critical
frameworks to bring about smooth, human-like driving experience while
maintaining the same high level of safety required by driverless systems.
They are available in the Company's latest version of robotaxi GXR
running in multiple countries and cities.
WeRide Continues Global Expansion with Strategic Launches Across Europe, the Middle East and Asia
Robotaxi
-- Expanding Commercial Robotaxi Services in Abu Dhabi, United Arab
Emirates. In March 2025, WeRide announced that with the support of the
Abu Dhabi Integrated Transport Centre, it is on track to further expand
its collaboration with Uber in Abu Dhabi. WeRide expects the number of
robotaxis to reach 50 units in mid-2025 on the Uber Platform, marking a
key milestone in its fleet growth in the Middle East. This follows the
initial announcement in December 2024, when WeRide and Uber launched
their ride-hailing partnership in Abu Dhabi. The service is available in
major areas, between Saadiyat Island, Yas Island, and routes to and from
Zayed International Airport. Plans are in motion to expand the operating
territory.
-- Launch of Commercial Robotaxi Service in Beijing's Core Urban Area for
the First Time. In March 2025, WeRide officially obtained the permit to
conduct commercial robotaxi ride-hailing services between the Beijing
Economic-Technological Development Area $(BDA.SI)$ and Beijing South Railway
Station. This milestone marks the first commercial robotaxi operation
covering Beijing's core urban area.
-- Latest GXR Model Starts Fully Unmanned Commercial Operations in Beijing.
In February 2025, WeRide announced that it had received approval to
launch its latest generation robotaxi, the GXR, for fully unmanned paid
ride-hailing services in Beijing. This marks WeRide's second robotaxi
model to achieve fully driverless commercial operations in Beijing and
GXR's first large-scale commercial deployment in China.
-- Launch of Strategic Robotaxi Pilot Project in Switzerland. In January
2025, WeRide was selected as the technology provider for the first
autonomous driving robotaxi project funded by the Canton of Zurich and
the Swiss national railway Schweizerische Bundesbahnen $(SBB)$ and managed
by the Swiss Transit Lab $(STL.AU)$. WeRide's leading Level-4 autonomous
driving technology and mature operational capability have once again been
recognized by the international market.
-- Latest GXR Model Secures Highway and Driverless Testing Permits in
Guangzhou. In December 2024, only two months after launch of its latest
GXR robotaxi, WeRide received additional permits for passenger ride,
highway and remote driverless in Guangzhou, China. This milestone
underscores WeRide's leadership in achieving industry-specific regulatory
approvals and marks a significant step towards fully-driverless
commercial operations on GXR platform in Guangzhou.
Robobus
-- First Autonomous Robobus Trial in Spain. In March 2025, WeRide and
Renault launched their first autonomous robobus trial in Spain. The
service ran from March 10th to March 14th, offering a free autonomous
robobus trial service in the center of Barcelona to showcase the maturity
and potential of automated transport technologies.
-- First European Fully-Driverless Commercial Robobus Deployment. In
February 2025, WeRide launched the first European fully-driverless
Level-4 robobus commercial deployment in collaboration with Beti, Renault
Group and Macif in France's Drôme region. The open road route
covered by the automated shuttles, serves the train station, the off-site
long-term parking area, the business park's catering hub and about 150
companies totaling approximately 3000 employees within a 162-hectare
area.
-- Deployment of Autonomous Robobus at Zurich Airport. In January 2025,
WeRide deployed its autonomous robobus shuttle service at Zurich Airport,
marking a significant milestone as one of the first autonomous bus
shuttle projects at a European airport. The service will transport
airport employees along a dedicated route connecting employee-access
gates.
-- Launch of BRT Robobus Shuttle Line in Guangzhou, China. In December 2024,
WeRide inaugurated the commercial operation of the Tianhe BRT robobus
shuttle line in Guangzhou. This line marks the first autonomous shuttle
to navigate the BRT system in Guangzhou's city center that operates at
night in a tier-one Chinese city, offering an efficiently safe and
convenient option for nighttime commuters.
Robovan
-- Release of Robovan W5. In February 2025, WeRide launched the robovan W5,
a Level-4 autonomous logistics vehicle designed for open urban roads.
Built on WeRide's 40 million kilometers of autonomous driving mileage,
the vehicle features the largest cargo capacity in its class at 5.5 cubic
meters with a 1,000 kg maximum payload and an operating range of up to
220 kilometers.
-- Advancing Innovation Across Singapore's Logistics Industry. In February
2025, WeRide announced that it had signed an MoU with the Singapore
Logistics Association $(SLA.AU)$, marking a significant milestone in advancing
autonomous vehicle technology for Singapore's logistics sector. WeRide
will collaborate with SLA to provide frontier solutions -- including the
recently unveiled robovan W5 -- that will strengthen Singapore's position
as a global logistics hub while promoting sustainable and efficient
transportation solutions.
Robosweeper
-- Urban Sanitation MoU with Chye Thiam Maintenance. In February 2025,
WeRide signed an MoU with Chye Thiam Maintenance Pte Ltd $(CTM)$ in
Singapore. This collaboration combines WeRide's leading Level-4
autonomous robosweeper technology with CTM's extensive urban maintenance
expertise, creating a powerful alliance to develop smarter, cleaner, and
more sustainable cities across Southeast Asia and beyond.
-- Expanding City Sanitation Operations Across China. WeRide continues to
grow the market reach of its smart city sanitation solutions. Since the
fourth quarter of 2024, WeRide has commenced operation or secured
agreements to run robosweeper fleets in multiple new locations across
China, such as Shenzhen, Tianjin and Erdos, among other cities.
WeRide Continues to be Recognized for Product Innovation and Industry Recognition
-- Strengthening Global Cybersecurity Standards. In January 2025, WeRide
announced that it had obtained ISO/IEC 27001:2022 certification,
underscoring its commitment to top-grade information security. This
certification validates WeRide's alignment with international standards
in information security management with a robust foundation for global
expansion and cross-industry collaboration.
-- Recognition on the Fortune Future 50 List. In December 2024, WeRide was
recognized, on the 2024 Fortune Future 50 List, as the highest ranked
autonomous driving company. The inclusion affirms the Company's position
as one of the global leaders in the autonomous driving industry. This
highly-regarded recognition came on the heels of the Company's successful
Initial Public Offering and Nasdaq listing in October 2024, when it
became the world's first publicly listed robotaxi company.
Management Commentary
Tony Han, WeRide's Founder, Chairman, and Chief Executive Officer, commented, "WeRide continues to drive the future of autonomous mobility across the globe. Our success is built upon our endless commitment to innovation and safety. This has enabled us to expand our presence globally in new markets as well as deepen and refine our operations in existing markets. Internationally, we grew our footprint in Europe, the Middle East, and Asia, by engaging with partners and regulators to identify the best solutions for each market. We made significant progress in our international robotaxi deployment in 2024, including launching the largest robotaxi fleet outside the U.S and China. This achievement validates all of our efforts and is proof of our continued momentum for further expansion in 2025. In China, we made significant strides with fully unmanned commercial operations on our latest generation GXR robotaxi in Beijing, as well as multiple launches of our robobus and robosweeper services across multiple domestic cities. As the first publicly listed robotaxi company, we remain committed to pushing the boundaries of autonomous technology, delivering safer, smarter, and more sustainable transportation solutions worldwide."
Jennifer Li, WeRide's Chief Financial Officer, added, "Amidst a challenging macro environment, we adopted a comprehensive approach in 2024 to optimize revenue and customer structure through internationalization, competitive pricing, and strategic partnerships. This strategy delivered meaningful results in 2024, including achieving record-high robotaxi revenue and the strongest growth of international revenue since company's inception. As we expand into new markets and scale our autonomous fleet, we continue to break through in technology, optimize operations, and enhance overall efficiency. Collaborating with local partners and stakeholders enables us to execute a cost-effective, rapid go-to-market model, allowing us to adapt quickly to diverse competitive landscapes. By leveraging strategic alliances and real-world insights, we are building a scalable mobility ecosystem that prioritizes innovation, reliability, and sustainable success."
Unaudited Fourth Quarter 2024 Financial Results
Revenue
Total revenue was RMB140.8 million (US$19.3 million) compared to RMB144.8 million in the same period of 2023.
-- Product revenue increased to RMB51.7 million (US$7.1 million) from
RMB35.5 million in the same period of 2023. The increase was primarily
attributable to a significant increase in the sales of robotaxis,
robosweepers and robovans in the fourth quarter of 2024, partially offset
by a decrease in the sales of robobuses.
-- Service revenue decreased to RMB89.1 million (US$12.2 million) from
RMB109.3 million in the same period of 2023. The decrease was primarily
due to (i) a decrease of RMB37.2 million in revenue from ADAS research
and development services as the customized R&D services for certain
clients had been completed during the third quarter of 2024 with renewal
contracts expected to take effect in 2025 and (ii) a decrease of RMB14.7
million in revenue from operational and technical support services as
some technical support services engagement had been completed in FY2023
without renewal. The foregoing decreases were partially offset by an
increase of RMB31.8 million in revenue from intelligent data services
commenced in 2024.
Cost of Revenue
Cost of revenue was RMB89.5 million (US$12.3 million) compared to RMB68.1 million in the same period of 2023.
-- Cost of goods sold increased to RMB42.8 million (US$5.9 million) from
RMB15.1 million in the same period of 2023, which was in line with
revenue growth.
-- Cost of services decreased to RMB46.7 million (US$6.4 million) from
RMB53.0 million in the same period of 2023. The decrease was mainly due
to a decrease of RMB34.4 million in costs associated with ADAS research
and development services for certain clients completed during the
previous quarter which is consistent with the revenue growth and
partially offset by an increase of RMB18.6 million costs for intelligent
data services that commenced in 2024.
Gross Profit and Gross Margin
Gross profit was comprised of gross profit for products of RMB8.9 million (US$1.2 million), representing a gross margin of 17.3%, and gross profit for services of RMB42.4 million (US$5.8 million), representing a gross margin of 47.6%.
Operating Expenses
Operating expenses were RMB639.7 million (US$87.6 million) compared to RMB351.6 million in the same period of 2023. The change was mainly due to a 60% increase in personnel-related expenses compared to the same period in 2023.
-- Research and development (R&D) expenses were RMB320.0 million (US$43.8
million), compared to RMB241.9 million in the same period of 2023.
Excluding share-based compensation expenses, R&D expenses were RMB283.8
million, compared to RMB181.2 million in the same period of 2023,
representing an increase of 56.6%. The significant increase in R&D
expenses was primarily due to (i) an increase of RMB65.6 million in
personnel-related expenses mainly for strengthening and enhancing the
technological leadership and position in the industry, and (ii) an
increase of RMB37.5 million in design fee for upgrading of sensor suites
related to the Company's autonomous driving vehicles.
-- Selling expenses were RMB15.2 million (US$2.1 million), compared to
RMB10.0 million in the same period of 2023. Excluding share-based
compensation expenses, selling expenses were RMB13.5 million, compared to
RMB7.9 million in the same period of 2023, representing an increase of
70.9%. The increase in selling expenses was primarily due to (i) an
increase of RMB2.8 million in personnel costs related to business
expansion, and (ii) an increase of RMB1.7 million in marketing expenses
for activities associated with client development.
-- Administrative expenses were RMB304.5 million (US$41.7 million), compared
to RMB99.7 million in the same period of 2023. Excluding share-based
compensation, administrative expenses were RMB66.1 million, compared to
RMB40.6 million in the same period of 2023, representing an increase of
62.8%. The significant increase was primarily due to (i) an increase of
RMB12.8 million in personnel costs to build necessary support functions
of a growing business, and (ii) an increase of RMB6.3 million in
professional services fees mainly related to U.S. IPO completed in late
2024.
Net Loss
-- Net loss was RMB592.4 million (US$81.2 million), compared to RMB379.3
million in the same period of 2023.
-- Non-IFRS adjusted net loss1 was RMB245.5 million (US$33.6 million),
compared to RMB115.7 million in the same period of 2023.
Unaudited Full Year 2024 Financial Results
Revenue
Total revenue was RMB361.1 million (US$49.5 million) compared to RMB401.8 million in 2023.
-- Product revenue increased to RMB87.7 million (US$12.0 million) from
RMB54.2 million in 2023. The increase was primarily attributable to a
significant increase in the sales of robotaxis, robosweepers and robovans
in 2024, partially offset by a decrease in the sales of robobuses and
more competitive prices we offered for robobuses in 2024.
-- Service revenue decreased to RMB273.4 million (US$37.5 million) from
RMB347.6 million in 2023. The decrease was primarily due to a decrease of
RMB153.3 million in revenue from ADAS research and development services
as the customized R&D services for certain client had been completed
since the third quarter of 2024 and partially offset by (i) an increase
of RMB23.2 million in revenue from operational and technical support
services as increased operational services generated from robobuses and
robosweepers, and (ii) an increase of RMB55.8 million in revenue from
intelligent data services commenced in 2024.
Cost of Revenue
Cost of revenue was RMB250.4 million (US$34.3 million) compared to RMB218.4 million in 2023.
-- Cost of goods sold increased to RMB71.7 million (US$9.8 million) compared
to RMB34.1 million in 2023, which was in line with revenue growth in
2024.
-- Cost of services decreased to RMB178.7 million (US$24.5 million) from
RMB184.2 million in 2023. The decrease was mainly due to a decrease of
RMB68.4 million in personnel-related expense associated with ADAS
research and development services for certain clients completed during
the third quarter of 2024 which is consistent with the revenue growth and
partially offset by an increase of RMB44.5 million in personnel-related
expenses in intelligent data services commenced in 2024.
Gross Profit and Gross Margin
Gross profit was comprised of gross profit for products of RMB16.0 million (US$2.2 million), representing a gross margin of 18.2%, and gross profit for services of RMB94.7 million (US$13.0 million), representing a gross margin of 34.6%.
Operating Expenses
Operating expenses were RMB2,283.8 million (US$312.9 million) compared to RMB1,725.2 million in 2023. The increase in operating expenses was mainly due to a 40% increase in personnel-related expenses compared to the same period in 2023.
-- R&D expenses were RMB1,091.4 million (US$149.5 million), compared to
RMB1,058,4 million in 2023. Excluding share-based compensation, R&D
expenses were RMB857.0 million, compared to RMB618.3 million in 2023,
representing an increase of 38.6%. The significant increase in R&D
expenses was primarily due to (i) an increase of RMB161.1 million in
personnel-related expenses mainly for strengthening and enhancing the
technological leadership, and (ii) an increase of RMB52.3 million in
service fee for upgrading of sensor suites related to the Company's
autonomous driving vehicles and surveying and mapping services.
-- Selling expenses were RMB53.6 million (US$7.3 million), compared to
RMB41.4 million in 2023. Excluding share-based compensation, selling
expenses were RMB44.9 million, compared to RMB25.8 million in 2023,
representing an increase of 74.0%. The increase in selling expenses was
primarily due to (i) an increase of RMB9.0 million in personnel-related
expenses as an increase in the number of personnel with selling and
marketing functions for business expansions, (ii) an increase of RMB6.1
million in marketing expenses for brand promotion, business development
and clients relationships maintaining.
-- Administrative expenses were RMB1,138.8 million (US$156.0 million),
compared to RMB625.4 million in 2023. Excluding share-based compensation,
administrative expenses were RMB201.1 million, compared to RMB159.7
million in 2023, representing an increase of 25.9%. The significant
increase was primarily due to (i) an increase of RMB23.8 million in
personnel-related expenses mainly for hiring administrative and
management personnel and increasing average payroll and employee benefits
in 2024 to support the operations of a growing organization, and (ii) an
increase of RMB16.0 million in professional services mainly related to
U.S. IPO completed in late 2024.
Net Loss
-- Net loss was RMB2,516.8 million (US$344.8 million), compared to
RMB1,949.1 million in 2023.
-- Non-IFRS adjusted net loss2 was RMB801.9 million (US$109.9 million),
compared to RMB501.7 million in 2023.
Basic and Diluted Net Loss Per ADS
-- Basic and diluted net loss per ordinary share was RMB8.54 (US$1.17),
compared to RMB16.86 in 2023.
-- Basic and diluted net loss per ADS was RMB25.62 (US$3.51), compared to
RMB50.58 in 2023.
Balance Sheet
-- As of December 31, 2024, the Company had RMB4,888.4 million (US$669.7
million) in cash and cash equivalents and time deposits, RMB1,742.1
million (US$238.7 million) in financial assets measured at fair value
through profit or loss, and RMB14.5 million (US$2.0 million) in
restricted cash.
-- As of December 31, 2024, the Company had long-term bank borrowings of
RMB50.0 million (US$6.9 million) and short-term bank borrowings of
RMB30.0 million (US$4.1 million).
Conference Call Information
The Company's management team will hold a conference call at 07:00 A.M. U.S. Eastern Time on March 14, 2025 to discuss the financial results. Details for the conference call are as follows:
Event Title: WeRide Inc. Fourth Quarter and Full Year 2024 Earnings
Conference Call
Registration Link: https://register.vevent.com/register/BIcd7a942a
8d0542f98a0017a0cae59216
All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a unique access PIN, which can be used to join the conference call.
A live and archived webcast of the conference call will be available at the Company's investor relations website at https://ir.weride.ai.
About WeRide
WeRide is a global leader and a first mover in the autonomous driving industry, as well as the first publicly traded robotaxi company. Empowered by the smart, versatile, cost-effective, and highly adaptable WeRide One platform, WeRide provides autonomous driving products and services from L2 to L4, addressing a vast majority of transportation needs across a wide range of use cases on the open road, including in the mobility, logistics, and sanitation industries. WeRide earned a prestigious position among the top ten on Fortune Magazine's "2023 Change the World" list and was named to Fortune Magazine's 2024 "The Future 50" list. For more information, please visit https://www.weride.ai.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2993 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2024.
Use of Non-IFRS Financial Measures
In evaluating its business, the Company considers and uses the non-IFRS financial measure of adjusted net loss as a supplemental measure to review and assess operating performance. The Company believes that adjusted net loss provides useful information to investors and others in understanding and evaluating the Company's consolidated results of operations in the same manner as it helps the Company's management. The Company defines adjusted net loss as net loss for the year/period excluding share-based compensation expenses, fair value changes of financial liabilities measured at FVTPL, fair value changes of financial assets at FVTPL and changes in the carrying amounts of preferred shares and other financial instruments subject to redemption and other preferential rights.
The Company presents the non-IFRS financial measure because it is used by its management to evaluate its operating performance and formulate business plans. Adjusted net loss enables the Company's management to assess the Company's operating results without considering the impact of the aforementioned non-cash adjustment items that it does not consider to be indicative of its core operations. Accordingly, the Company believes that the use of this non-IFRS financial measure provides useful information to investors and others in understanding and evaluating its operating results in the same manner as its management and board of directors.
This non-IFRS financial measure is not defined under IFRS and is not presented in accordance with IFRS. The non-IFRS financial measure has limitations as an analytical tool. One of the key limitations of using the adjusted net loss is that it does not reflect all items of expenses that affect the Company's operations. Further, this non-IFRS measure may differ from the non-IFRS information used by other companies, including peer companies, and therefore its comparability may be limited.
The non-IFRS financial measure should not be considered in isolation or construed as an alternative to loss for the year/period or any other measure of performance information prepared and presented in accordance with IFRS or as an indicator of the Company's operating performance. Investors are encouraged to review the Company's historical non-IFRS financial measure in light of the most directly comparable IFRS measure, as shown below. The non-IFRS financial measure presented here may not be comparable to similarly titled measure presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing the Company's data comparatively. It is encouraged that you review the Company's financial information in its entirety and not rely on a single financial measure.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Statements that are not historical facts, including statements about WeRide's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in WeRide's filings with the SEC. All information provided in this press release is as of the date of this press release, and WeRide does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Contacts
Investor inquiries: ir@weride.ai
Press inquiries: pr@weride.ai
WeRide Inc.
Unaudited Condensed Consolidated Statements of Financial
Position
As of
December 31, December 31, December 31,
2024 2024 2023
------------ ------------ ------------
RMB'000 USD'000 RMB'000
ASSETS
Non-current assets
Property and equipment 178,179 24,410 98,574
Right-of-use assets 73,564 10,078 51,658
Intangible assets 21,664 2,968 24,594
Goodwill 44,758 6,132 44,758
Restricted cash -- non-current 9,669 1,325 1,575
Deferred tax assets 997 137 1,994
Financial assets at FVTPL --
non-current 56,919 7,798 -
Other non-current assets 20,025 2,743 21,082
------------ ------------ ------------
Total non-current assets 405,775 55,591 244,235
------------ ------------ ------------
Current assets
Inventories 204,705 28,045 218,220
Contract assets 28,005 3,837 82,826
Trade receivables 252,607 34,607 266,933
Prepayments and other
receivables 197,652 27,078 192,530
Prepayments to and amounts due
from related parties 26,618 3,647 26,923
Financial assets at FVTPL -
current 1,685,146 230,864 317,042
Time deposits 620,148 84,960 2,550,279
Cash and cash equivalents 4,268,300 584,755 1,661,152
Restricted cash -- current 4,814 660 10,194
Subscription receivables - - 43,924
------------ ------------ ------------
Total current assets 7,287,995 998,453 5,370,023
Total assets 7,693,770 1,054,044 5,614,258
============ ============ ============
EQUITY
Total equity/(deficit) 7,066,019 968,041 (3,051,918)
============ ============ ============
WeRide Inc.
Unaudited Condensed Consolidated Statements of Financial
Position
As of
December 31, December 31, December 31,
2024 2024 2023
------------ ------------ ------------
RMB'000 USD'000 RMB'000
LIABILITIES
Non-current liabilities
Lease liabilities --
non-current 26,059 3,570 22,309
Put option liabilities --
non-current - - 40,449
Long-term bank loan 50,040 6,855 -
Deferred tax liabilities 4,486 615 5,483
Other non-current liabilities 4,677 641 6,522
------------ ------------ ------------
Total non-current liabilities 85,262 11,681 74,763
Current liabilities
Short-term bank loan 30,019 4,113 -
Trade payables 20,713 2,838 16,962
Preferred shares and other
financial instruments subject
to redemption and other
preferential rights - - 8,181,722
Other payables, deposits
received and accrued
expenses 397,755 54,492 271,306
Contract liabilities 4,476 613 12,498
Lease liabilities -- current 36,900 5,055 31,098
Amounts due to related parties 9,450 1,295 77,827
Put option liabilities --
current 41,099 5,631 -
Income taxes payable 2,077 285 -
------------ ------------ ------------
Total current liabilities 542,489 74,322 8,591,413
------------ ------------ ------------
Total liabilities 627,751 86,003 8,666,176
============ ============ ============
Total equity and liabilities 7,693,770 1,054,044 5,614,258
============ ============ ============
WeRide Inc.
Unaudited Condensed Consolidated Statements of Profit
or Loss
For The Year Ended December 31, Three Months Ended December 31,
----------------------------------- -----------------------------------
2024 2023 2024 2023
---------------------- ----------- ---------------------- -----------
RMB'000 USD'000 RMB'000 RMB'000 USD'000 RMB'000
Revenue
Product
revenue 87,710 12,016 54,190 51,698 7,083 35,521
Service
revenue 273,424 37,459 347,654 89,124 12,210 109,247
---------- -------- ---------- -------- ------- --------
361,134 49,475 401,844 140,822 19,293 144,768
---------- -------- ---------- -------- ------- --------
Cost of
revenue(a)
Cost of
goods sold (71,716) (9,825) (34,138) (42,755) (5,857) (15,078)
Cost of
services (178,703) (24,482) (184,230) (46,705) (6,399) (53,063)
---------- -------- ---------- -------- ------- --------
(250,419) (34,307) (218,368) (89,460) (12,256) (68,141)
---------- -------- ---------- -------- ------- --------
Gross profit 110,715 15,168 183,476 51,362 7,037 76,627
Research and
development
expenses(a) (1,091,357) (149,515) (1,058,395) (319,987) (43,838) (241,902)
Selling
expenses(a) (53,566) (7,339) (41,447) (15,249) (2,089) (10,029)
Administrative
expenses(a) (1,138,802) (156,015) (625,369) (304,524) (41,720) (99,717)
Other net
income 16,491 2,259 15,750 7,776 1,065 2,461
Impairment loss
on receivables
and contract
assets (28,664) (3,927) (40,217) (6,628) (908) (10,909)
Operating loss (2,185,183) (299,369) (1,566,202) (587,250) (80,453) (283,469)
Net foreign
exchange gain 27,880 3,820 7,052 22,210 3,043 2,776
Interest income 176,902 24,235 132,042 44,936 6,156 42,067
Fair value
changes of
financial
assets at
FVTPL (61,834) (8,471) 42,960 (27,270) (3,736) 5,397
Other finance
costs (3,451) (473) (3,490) (1,311) (180) (800)
Fair value
changes of
financial
liabilities
measured at
FVTPL - - (4,549) - - -
Changes in the
carrying
amounts of
preferred
shares and
other
financial
instruments
subject to
redemption and
other
preferential
rights (465,254) (63,740) (554,048) (41,079) (5,628) (145,207)
Loss before
taxation (2,510,940) (343,998) (1,946,235) (589,764) (80,798) (379,236)
Income tax (5,868) (804) (2,866) (2,677) (367) (14)
Loss for the
year/period (2,516,808) (344,802) (1,949,101) (592,441) (81,165) (379,250)
========== ======== ========== ======== ======= ========
Loss
attributable
to ordinary
shareholders
of the
Company (2,516,808) (344,802) (1,949,101) (592,441) (81,165) (379,250)
========== ======== ========== ======== ======= ========
Loss per
ordinary share
Basic and
diluted loss
per Class A
and Class B
ordinary
share (8.54) (1.17) (16.86) (0.81) (0.11) (3.20)
Loss per ADS
Basic and
diluted loss
per ADS (25.62) (3.51) (50.58) (2.43) (0.33) (9.60)
Notes:
(a) Includes share-based compensation expenses as follows:
For The Year Ended December 31, Three Months Ended December 31,
--------------------------------- --------------------------------
2024 2023 2024 2023
---------------------- --------- ------------------- -----------
RMB'000 USD'000 RMB'000 RMB'000 USD'000 RMB'000
Cost of revenue (7,161) (981) (10,285) (2,335) (320) (1,738)
Research and
development
expenses (234,350) (32,106) (440,138) (36,151) (4,953) (60,702)
Administrative
expenses (937,660) (128,459) (465,678) (238,386) (32,659) (59,126)
Selling
expenses (8,696) (1,191) (15,683) (1,766) (242) (2,134)
---------- -------- -------- -------- ------- --------
Total
share-based
compensation
expenses (1,187,867) (162,737) (931,784) (278,638) (38,174) (123,700)
========== ======== ======== ======== ======= ========
WeRide Inc.
Reconciliation of IFRS and Non-IFRS results
For The Year Ended December 31, Three Months Ended December 31,
----------------------------------- --------------------------------
2024 2023 2024 2023
---------------------- -----------
RMB'000 USD'000 RMB'000 RMB'000 USD'000 RMB'000
Loss for the
period (2,516,808) (344,802) (1,949,101) (592,441) (81,165) (379,250)
Add:
Share-based
compensation
expenses 1,187,867 162,737 931,784 278,638 38,174 123,700
Fair value
changes of
financial
assets at
FVTPL 61,834 8,471 (42,960) 27,270 3,736 (5,397)
Fair value
changes of
financial
liabilities
measured at
FVTPL - - 4,549 - - -
Changes in
the carrying
amounts of
preferred
shares and
other
financial
instruments
subject to
redemption
and other
preferential
rights 465,254 63,740 554,048 41,079 5,628 145,207
---------- -------- ---------- -------- ------- --------
Adjusted net
loss (801,853) (109,854) (501,680) (245,454) (33,627) (115,740)
========== ======== ========== ======== ======= ========
(____________________________)
(1) Adjusted net loss is defined as net loss for the year/period excluding share-based compensation expenses, fair value changes of financial liabilities measured at FVTPL, fair value changes of financial assets at FVTPL and changes in the carrying amounts of preferred shares and other financial instruments subject to redemption and other preferential rights.
(2) Adjusted net loss is defined as net loss for the year/period excluding share-based compensation expenses, fair value changes of financial liabilities measured at FVTPL, fair value changes of financial assets at FVTPL and changes in the carrying amounts of preferred shares and other financial instruments subject to redemption and other preferential rights.
(END) Dow Jones Newswires
March 14, 2025 04:30 ET (08:30 GMT)
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