RLX Technology Q3 2024 Revenue Up 20.6% to $104M Net Profit $35.62M

Nov.15.2024
RLX Technology Q3 2024 Revenue Up 20.6% to $104M Net Profit $35.62M
RLX Technology reported Q3 2024 net revenue of $104 million, a 20.6% quarter-over-quarter increase, and net profit of $35.62 million. The company attributed the growth primarily to its international expansion.

On November 15th, RELX Technology (RLX Technology Inc.) (NYSE: RLX) released its unaudited financial report for the third quarter of 2024.

 

According to the financial report, the net revenue for the third quarter of 2024 was $104.12 million, marking a 20.6% increase quarter-over-quarter and a 51.6% increase year-over-year.  

 

Under non-US GAAP, the adjusted net profit for the third quarter was $35.62 million, up 22.9% from the previous quarter and 30.0% year-over-year.  

 

The financial highlights for the third quarter of 2024 are as follows:  

 

  • Net Revenue: $104.12 million, a 20.6% increase quarter-over-quarter and a 51.6% increase year-over-year, driven primarily by the company's international expansion.  
  • Gross Profit: $28.77 million.  
  • Adjusted Net Profit: $35.62 million under non-US Generally Accepted Accounting Principles.  
  • Cash and Investments: As of September 30, 2024, RLX Technology held $2.10 billion in total cash, cash equivalents, restricted cash, short-term bank deposits, short-term investments, long-term bank deposits, and long-term investment securities.  

 

RELX Technology founder, chairman, and CEO Wang Ying said: "The company delivered strong performance once again in the third quarter, showcasing its ability to thrive amid rapidly evolving market trends and regulatory changes."  

 

"Our efficient and adaptable localization strategy has positioned us as market leaders in several countries. By working closely with local distributors and retailers, we have achieved a high level of product-market alignment."  

 

"Built on a foundation of high-quality and reliable pod products, we now offer a broader portfolio, including a diverse range of disposable and open-system products. These innovations have earned the trust of adult smokers worldwide."  

 

"As a trusted e-cigarette brand for adult smokers, we remain dedicated to developing innovative, high-quality products that align with market trends and comply with regulatory standards. Our goal is to meet the needs of global users while driving sustainable long-term growth for the company. "

 

RELX Technology's CFO, Lu Chao, said: "The company's net income in the third quarter increased by 51.6% year-over-year, reaching $104 million. This reflects the success of our internationalization strategy."

 

"Thanks to changes in our revenue structure and cost optimization measures, our gross profit margin improved by 3.2 percentage points compared to the same period last year, reaching 27.2%."

 

"Despite rapid revenue growth, we have maintained stable operating expenses under US GAAP, demonstrating strong operational leverage." 

 

"We are also pleased to return value to shareholders by distributing the second cash dividend since our IPO and continuing our stock repurchase plan." 

 

"We will actively pursue development opportunities to achieve sustainable profit growth and deliver higher returns to shareholders." 

 

Germany Probes 7.6 Million Illegal Vape Case With Estimated €33.3 Million Tax Loss; Four Chinese Manufacturer Employees Under Investigation, Some Packaging in Enforcement Images Resembles FUMOT Products
Germany Probes 7.6 Million Illegal Vape Case With Estimated €33.3 Million Tax Loss; Four Chinese Manufacturer Employees Under Investigation, Some Packaging in Enforcement Images Resembles FUMOT Products
German prosecutors and customs authorities are conducting a criminal investigation into an alleged cross-border organised vape network. Authorities say that between January 2024 and March 2025, four employees of an unnamed Chinese e-cigarette manufacturer allegedly built a network of sales agents and wholesalers that brought more than 7.6 million nicotine disposable vapes into Germany, causing an estimated €33.3 million in excise-tax losses. The manufacturer has not been named. Some products visible in enforcement images have packaging resembling products from FUMOT’s portfolio. European regulatory records from 2024, FUMOT’s public overseas-sales materials and records involving German vape importer and distribution company Zamu-Pro GmbH also show FUMOT/RandM products and German distribution activity during the period covered by the investigation.
Sep.21
Ispire Q4 Revenue Rebounds 33% but Full-Year Sales Still Fall 25% as FY2027 Focus Shifts to Malaysia Manufacturing, ODM, Nicotine Pouches and Age Verification
Ispire Q4 Revenue Rebounds 33% but Full-Year Sales Still Fall 25% as FY2027 Focus Shifts to Malaysia Manufacturing, ODM, Nicotine Pouches and Age Verification
Ispire Technology reported FY2026 revenue of about $96 million, down 24.7% year over year, as U.S. cannabis-vapor hardware and European e-cigarette sales declined by $17.4 million and $12.7 million, respectively. Fourth-quarter revenue rose 32.5% to $26.7 million, while quarterly gross margin fell to 6.3%. For FY2027, the company is prioritizing Malaysia manufacturing and vapor ODM while continuing to develop nicotine pouches, IKE Tech age-verification technology and G-Mesh licensing. Ispire has not separately disclosed the revenue or profit contribution of those newer businesses.
Regulations
Sep.17 by 2Firsts Perspectives
Ireland Raises Nicotine Product Taxes Again as Cigarettes Gain €1 and Vape Duty Is Set to Jump 40%
Ireland Raises Nicotine Product Taxes Again as Cigarettes Gain €1 and Vape Duty Is Set to Jump 40%
Ireland has increased tobacco excise under Budget 2027 and announced a further rise in its E-liquid Products Tax. From Oct. 7, the tax burden on a pack of 20 cigarettes in the most popular price category increased by €1, with pro-rata increases on other tobacco products. The government plans to raise EPT from €0.50 to €0.70 per millilitre from Jan. 1, 2027, a 40% increase applying to both nicotine-containing and nicotine-free e-liquids. The tobacco duty increase is expected to raise about €63.1 million in a full year.
Regulations
Oct.09
Smoore Seeks to Toss CCELL Price-Fixing Claim as Court Weighs Vertical Distribution Versus Horizontal Conspiracy
Smoore Seeks to Toss CCELL Price-Fixing Claim as Court Weighs Vertical Distribution Versus Horizontal Conspiracy
Smoore and four authorized U.S. CCELL distributors are asking a California federal court to permanently dismiss a core antitrust claim brought by direct purchasers. Plaintiffs allege that Smoore coordinated minimum wholesale prices, customer allocation and limits on price competition among distributors, amounting to a per se unlawful horizontal conspiracy. The defendants say the alleged conduct reflects ordinary vertical relationships between a manufacturer and its distributors. The court previously dismissed a similar claim, and the latest dispute centers on whether the second amended complaint adds sufficient facts to establish a horizontal agreement.
Sep.14
PMI Global R&D Chief Meets Chinese Tobacco Regulator as China Advances Heated Cigarette Standards
PMI Global R&D Chief Meets Chinese Tobacco Regulator as China Advances Heated Cigarette Standards
Philip Morris International’s global R&D chief Michele Cattoni met Liu Sanjiang, deputy director of China’s State Tobacco Monopoly Administration, in Beijing on Aug. 27. The meeting comes as China advances mandatory standards for heated cigarettes and nicotine pouches, laying groundwork for their domestic introduction. Cattoni has held senior roles in PMI’s heated tobacco development, while China’s draft standard covers multiple heating architectures, including systems similar in principle to PMI’s IQOS ILUMA technology.
Aug.27
Special Report | How Capital Is Reassessing the Global Tobacco and Modern Nicotine Industry: Lessons from a New York Forum
Special Report | How Capital Is Reassessing the Global Tobacco and Modern Nicotine Industry: Lessons from a New York Forum
Capital is reassessing the global tobacco and modern nicotine industry as heated tobacco, vaping and nicotine pouches reshape demand, profitability and regulation. At the 2026 New Approaches Summit in New York, investors and analysts examined whether smoke-free growth can sustain earnings, how regulation shapes startup value, and whether shareholder engagement can be more effective than divestment. The debate points to a broader shift: tobacco transition is increasingly becoming a capital-allocation, governance and valuation question.
Capital Markets
Oct.05