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."