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Globe Newswire 14-Mar-2025 4:30 AM
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 Continues Global Expansion with Strategic Launches Across Europe, the Middle East and Asia
Robotaxi
Robobus
Robovan
Robosweeper
WeRide Continues to be Recognized for Product Innovation and Industry Recognition
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.
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.
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.
Net Loss
Unaudited Full Year 2024 Financial Results
Revenue
Total revenue was RMB361.1 million (US$49.5 million) compared to RMB401.8 million in 2023.
Cost of Revenue
Cost of revenue was RMB250.4 million (US$34.3 million) compared to RMB218.4 million in 2023.
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.
Net Loss
Basic and Diluted Net Loss Per ADS
Balance Sheet
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/BIcd7a942a8d0542f98a0017a0cae59216 |
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.