Zepp Health Corporation announced its unaudited financial results for the fourth quarter and full year 2024, reporting Q4 revenues of US$59.5 million, a 28.3% decrease year-over-year but a 40.2% increase quarter-over-quarter. Amazfit-branded product revenue saw a 43.4% quarter-over-quarter increase, driven by positive market reception for recent launches like the T-Rex 3. For the full year 2024, total revenues were US$182.6 million, a 48.3% decrease from 2023, primarily due to an 88.0% decline in Xiaomi wearable product sales.
The gross margin for Q4 2024 was 36.8%, up from 34.7% in Q4 2023. For the full year 2024, gross margin reached 38.5%, a substantial increase from 26.2% in 2023, attributed to a better product mix and enhanced brand awareness. The company reported an operating loss of US$8.9 million in Q4 2024 and a net loss of US$36.9 million, which included non-cash provisions for income tax impacts and net investment results.
As of December 31, 2024, Zepp Health held US$111 million in cash. By February 2025, the company successfully refinanced the majority of its short-term debts maturing in 2025 into multi-year long-term debt instruments with lower interest rates. Since Q1 2023, US$56.3 million of debt has been retired. The share repurchase program was extended through November 2026, with US$15.0 million used to repurchase approximately 1.9 million ADSs as of December 31, 2024.
Technological advancements included Zepp OS integration with OpenAI 4.5 and the expansion of the food logging feature in the Zepp App to Europe and North America, with exploration into DeepSeek for cost reduction. The company also deepened its collaboration with HYROX and expanded its Amazfit Athletes team with Gabby Thomas and Jasmine Paolini. Management expressed confidence in continued growth for 2025, driven by new product launches like Amazfit Active 2 and Bip 6.
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