Uxin Limited announced its unaudited financial results for the quarter ended September 30, 2024, reporting a retail transaction volume of 6,005 units. This represents a 47% sequential increase and a 163% year-over-year growth, demonstrating strong operational momentum.
Total revenues for the quarter reached RMB497.2 million (US$70.9 million), marking a 39.6% increase year-over-year. Retail vehicle sales revenue specifically grew by 78.5% year-over-year to RMB444.4 million (US$63.3 million), driven by the increased transaction volume and high in-store customer conversion rates.
The company's gross margin improved to 7.0% from 6.2% in the same period last year, attributed to increasing the proportion of vehicles acquired directly from individual owners and enhancing value-added service penetration. Uxin's non-GAAP adjusted EBITDA loss significantly narrowed by 80% year-over-year to RMB9.2 million (US$1.3 million).
For the upcoming quarter ending December 31, 2024, Uxin forecasts retail transaction volume to be between 7,800 and 8,100 units, representing over a 150% year-over-year increase. Total revenues are projected to be in the range of RMB560 million to RMB580 million, with the company expecting to achieve its first positive quarterly non-GAAP adjusted EBITDA.
As of September 30, 2024, Uxin reported cash and cash equivalents of RMB29.1 million. The company's current liabilities exceeded current assets by approximately RMB403.6 million, and it had an accumulated deficit of RMB19.6 billion. Management expressed confidence in its liquidity for the next twelve months, citing planned equity and debt financings and cash flows from operations.
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