Artificial Intelligence
Li Auto Inc. Announces Unaudited Third Quarter 2020 Financial Results
Quarterly total revenues reached RMB2.51 billion (US$369.8 million)1
Quarterly deliveries were 8,660 vehicles
Quarterly gross margin reached 19.8%
BEIJING, China, Nov. 13, 2020 (GLOBE NEWSWIRE) — Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI), an innovator in China’s new energy vehicle market, today announced its unaudited financial results for the third quarter ended September 30, 2020.
Operating Highlights for the Third Quarter of 2020
- Deliveries of Li ONEs were 8,660 in the third quarter of 2020, representing a 31.1% quarter-over-quarter increase and setting a new quarterly record.
2020 Q1 | 2020 Q2 | 2020 Q3 | |
Deliveries | 2,896 | 6,604 | 8,660 |
- As of September 30, 2020, the Company had 35 retail stores covering 30 cities.
Financial Highlights for the Third Quarter of 2020
- Vehicle sales were RMB2.46 billion (US$363.0 million) in the third quarter of 2020, representing an increase of 28.4% from RMB1.92 billion in the second quarter of 2020.
- Vehicle margin2 was 19.8% in the third quarter of 2020, compared with 13.7% in the second quarter of 2020.
- Total revenues were RMB2.51 billion (US$369.8 million) in the third quarter of 2020, representing an increase of 28.9% from RMB1.95 billion in the second quarter of 2020.
- Gross profit was RMB496.8 million (US$73.2 million) in the third quarter of 2020, representing an increase of 91.3% from RMB259.7 million in the second quarter of 2020.
- Gross margin was 19.8% in the third quarter of 2020, compared with 13.3% in the second quarter of 2020.
- Loss from operations was RMB180.0 million (US$26.5 million) in the third quarter of 2020, representing an increase of 2.1% from RMB176.3 million in the second quarter of 2020. Non-GAAP loss from operations3 was RMB45.0 million (US$6.6 million) in the third quarter of 2020, representing a decrease of 74.5% from RMB176.3 million in the second quarter of 2020.
- Net loss was RMB106.9 million (US$15.7 million) in the third quarter of 2020, representing an increase of 42.2% from RMB75.2 million in the second quarter of 2020. Non-GAAP net income3 was RMB16.0 million (US$2.4 million) in the third quarter of 2020, compared with RMB159.2 million Non-GAAP net loss3 in the second quarter of 2020.
- Operating cash flow was RMB929.8 million (US$136.9 million) in the third quarter of 2020, representing an increase of 105.8% from RMB451.7 million in the second quarter of 2020.
- Free cash flow4 was RMB749.9 million (US$110.4 million) in the third quarter of 2020, representing an increase of 149.3% from RMB300.8 million in the second quarter of 2020.
Key Financial Results
(in RMB millions, except for percentages)
For the Three Months Ended | |||||
September 30, | June 30, | Q o Q | |||
2020 | 2020 | % Change5 | |||
Vehicle sales | 2,464.7 | 1,919.2 | 28.4% | ||
Vehicle margin | 19.8% | 13.7% | 6.1% | ||
Total revenues | 2,510.8 | 1,947.2 | 28.9% | ||
Gross profit | 496.8 | 259.7 | 91.3% | ||
Gross margin | 19.8% | 13.3% | 6.5% | ||
Loss from operations | (180.0) | (176.3) | 2.1% | ||
Non-GAAP loss from operations3 | (45.0) | (176.3) | (74.5%) | ||
Net loss | (106.9) | (75.2) | 42.2% | ||
Non-GAAP net income/(loss)3 | 16.0 | (159.2) | N/A | ||
Operating cash flow | 929.8 | 451.7 | 105.8% | ||
Free cash flow | 749.9 | 300.8 | 149.3% | ||
Recent Developments
Deliveries Update
- In October 2020, the Company delivered 3,692 Li ONEs, representing a steady increase compared to September 2020. As of October 31, 2020, the Company had 41 retail stores covering 36 cities.
Executive and Board Appointments
- The Company appointed Mr. Kai Wang as chief technology officer, effective September 15, 2020. In this role, Mr. Wang leads the Company’s advanced technology research and development (“R&D”) in smart vehicles, including electronic and electrical architecture, intelligent cockpit, autonomous driving, platform development and Li OS, the real-time operating system of Li Auto. The Company plans to continue recruiting outstanding professionals worldwide to further expand and strengthen its team.
- The Company appointed Mr. Zheng Fan as a new independent director to the Company’s board of directors, effective October 22, 2020. Following the appointment, Mr. Fan serves as a member of the audit committee, compensation committee, and nominating and corporate governance committee of the board of directors.
Strategic Cooperation
- In September 2020, the Company entered a three-way strategic cooperation with NVIDIA Corporation (“NVIDIA”), the world’s leading artificial intelligence computing company, and NVIDIA’s Chinese partner, Huizhou Desay SV Automotive (“Desay SV”). Through this strategic cooperation, Li Auto will be the first OEM equipping its vehicles, the full-size extended-range premium smart SUV to be launched in 2022, with the powerful NVIDIA Orin system-on-a-chip (“SoC”) chipset. Through this cooperation, the Company plans to further increase its R&D investment and accelerate the development of autonomous driving.
CEO and CFO comments
Mr. Xiang Li, founder, chairman and chief executive officer of Li Auto, commented, “This is our first quarterly earnings release as a public company, and we are pleased to announce robust third quarter results reflecting not only our strong growth momentum driven by the outstanding value proposition of our products, but also our relentless pursuit of operating efficiencies. We delivered 8,660 Li ONEs in the third quarter, representing a 31.1% quarter-over-quarter increase and setting a new quarterly record. Cumulative deliveries in 2020 at the end of October reached 21,852 vehicles. This is a strong testament to the competitiveness of the Li ONE. For the fourth quarter of 2020, we expect our growth momentum to continue with deliveries reaching 11,000 to 12,000 vehicles.”
“In terms of R&D, we will further increase our investment in this regard and continue to leverage technology to create value for users and optimize our user experience. Through product and technology innovations, we are committed to providing our users with safer, easier and more cost-effective travel solutions, ensuring we live up to their support and trust.” concluded Mr. Li.
Mr. Tie Li, chief financial officer of Li Auto, added, “We are pleased to report our third quarter financial and operating results with 28.9% quarter-over-quarter growth in total revenues driven by our record quarterly vehicle deliveries, as well as gross margin expansion, which increased to 19.8% compared with 13.3% of the second quarter. In the third quarter, we generated operating cash flow of RMB929.8 million, 105.8% higher than the prior quarter, which demonstrated our operational efficiency and successful cash flow management strategy. Looking forward, we will continue investing in both R&D and direct sales and servicing network expansion, as product iteration and sales channel integrity are the key components of our success.”
Financial Results for the Third Quarter of 2020
Revenues
- Total revenues were RMB2.51 billion (US$369.8 million) in the third quarter of 2020, representing an increase of 28.9% from RMB1.95 billion in the second quarter of 2020.
- Vehicle sales were RMB2.46 billion (US$363.0 million) in the third quarter of 2020, representing an increase of 28.4% from RMB1.92 billion in the second quarter of 2020. The increase in vehicle sales was mainly attributable to a 31.1% increase in vehicle deliveries to 8,660 vehicles in the third quarter of 2020 from 6,604 vehicles in the second quarter of 2020.
- Other sales and services were RMB46.1 million (US$6.8 million) in the third quarter of 2020, representing an increase of 64.1% from RMB28.1 million in the second quarter of 2020. The increase in other sales and services was in line with the increased vehicle sales and the increased number of vehicles using the Company’s services.
Cost of Sales and Gross Margin
- Cost of sales was RMB2.01 billion (US$296.6 million) in the third quarter of 2020, representing an increase of 19.3% from RMB1.69 billion in the second quarter of 2020.
- Gross profit was RMB496.8 million (US$73.2 million) in the third quarter of 2020, representing an increase of 91.3% from RMB259.7 million in the second quarter of 2020. The increase of gross profit was primarily attributable to increased vehicle sales.
- Vehicle margin2 was 19.8% in the third quarter of 2020, compared with 13.7% in the second quarter of 2020. The increase in vehicle margin was primarily attributable to the decrease in purchase price of certain materials including a one-time rebate received from a supplier and lower unit manufacturing overhead cost due to the increased production volume.
- Gross margin was 19.8% in the third quarter of 2020, compared with 13.3% in the second quarter of 2020, which was mainly driven by the increase of vehicle margin.
Operating Expenses
- Total operating expenses were RMB676.7 million (US$99.7 million) in the third quarter of 2020, representing an increase of 55.2% from RMB436.0 million in the second quarter of 2020.
- Research and development expenses were RMB334.5 million (US$49.3 million) in the third quarter of 2020, representing an increase of 66.1% from RMB201.4 million in the second quarter of 2020. Non-GAAP research and development expenses3 were RMB278.8 million (US$41.1 million) in the third quarter of 2020, representing an increase of 38.4% from RMB201.4 million in the second quarter of 2020. The increase in research and development expenses was primarily attributable to share-based compensation expenses recognized related to the stock options granted to employees with service conditions and a performance condition related to the IPO and initiating research and development for the Company’s next vehicle model, as well as increased headcount.
- Selling, general and administrative expenses were RMB342.2 million (US$50.4 million) in the third quarter of 2020, representing an increase of 45.9% from RMB234.5 million in the second quarter of 2020. Non-GAAP selling, general and administrative expenses3 were RMB264.2 million (US$38.9 million) in the third quarter of 2020, representing an increase of 12.7% from RMB234.5 million in the second quarter of 2020. The increase in selling, general and administrative expenses was primarily driven by share-based compensation expenses recognized related to the stock options granted to employees with service conditions and a performance condition related to the IPO and increased headcount, as well as increased marketing and promotional expenses.
Loss from Operations
- Loss from operations was RMB180.0 million (US$26.5 million) in the third quarter of 2020, representing an increase of 2.1% from RMB176.3 million in the second quarter of 2020. Non-GAAP loss from operations3 was RMB45.0 million (US$6.6 million) in the third quarter of 2020, representing a decrease of 74.5% from RMB176.3 million in the second quarter of 2020.
Net Loss and Earnings Per Share
- Net loss was RMB106.9 million (US$15.7 million) in the third quarter of 2020, representing an increase of 42.2% from RMB75.2 million in the second quarter of 2020. Non-GAAP net income3 was RMB16.0 million (US$2.4 million) in the third quarter of 2020, compared with RMB159.2 million Non-GAAP net loss3 in the second quarter of 2020.
- Basic and diluted net loss per ADS attributable to ordinary shareholders were both RMB0.52 (US$0.08) in the third quarter of 2020. Non-GAAP basic and diluted net income per ADS attributable to ordinary shareholders3 were RMB0.03 and RMB0.02, respectively, in the third quarter of 2020.
Balance Sheets, Operating Cash Flow and Free Cash Flow
- Balance of cash and cash equivalents, restricted cash, time deposits and short-term investments was RMB18.92 billion (US$2.79 billion) as of September 30, 2020, compared with RMB3.71 billion as of December 31, 2019. This increase was primarily attributable to the issuance of Series D private financing, the completion of IPO and concurrent private placements.
- Operating cash flow was RMB929.8 million (US$136.9 million) in the third quarter of 2020, representing an increase of 105.8% from RMB451.7 million in the second quarter of 2020.
- Free cash flow4 was RMB749.9 million (US$110.4 million) in the third quarter of 2020, representing an increase of 149.3% from RMB300.8 million in the second quarter of 2020.
Business Outlook
For the fourth quarter of 2020, the Company expects:
- Deliveries of vehicles to be between 11,000 and 12,000 units, representing an increase of approximately 27.0% to 38.6% from the third quarter of 2020.
- Total revenues to be between RMB3.11 billion (US$457.8 million) and RMB3.39 billion (US$499.4 million), representing an increase of approximately 23.9% to 35.1% from the third quarter of 2020.
This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change.
Conference Call
Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on Friday, November 13, 2020 (9:00 p.m. Beijing Time on November 13, 2020) to discuss financial results and answer questions from investors and analysts.
For participants who wish to join the call, please complete online registration using the link provided below at least 20 minutes prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, Direct Event passcode, a unique registrant ID and an e-mail with detailed instructions to join the conference call.
Participant Online Registration: https://apac.directeventreg.com/registration/event/5259875
A replay of the conference call will be accessible through November 21, 2020, by dialing the following numbers:
United States: | +1-855-452-5696 |
Mainland China: | +86-400-602-2065 |
Hong Kong, China: | +852-3051-2780 |
International: | +61-2-8199-0299 |
Conference ID: | 5259875 |
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.lixiang.com.
Non-GAAP Financial Measure
The Company uses Non-GAAP measures, such as Non-GAAP research and development expenses, Non-GAAP selling, general and administrative expenses, Non-GAAP loss from operations, Non-GAAP net loss, Non-GAAP basic and diluted net income per ADS attributable to ordinary shareholders and free cash flow, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, changes in fair value of warrants and derivative liabilities, accretion on convertible redeemable preferred shares to redemption value and the effect of exchange rate changes on convertible redeemable preferred shares, the Company believes that the Non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the Non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
The Non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from Non-GAAP methods of accounting and reporting used by other companies. The Non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
The Company mitigates these limitations by reconciling the Non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.
For more information on the Non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.
About Li Auto Inc.
Li Auto Inc. is an innovator in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric SUVs. Through innovative products, technology, and business model, the Company provides customers with safe, convenient, and cost-effective mobility solutions. Li Auto is the first to successfully commercialize extended-range electric vehicles in China. The Company started volume production of its first model, Li ONE, in November 2019. With Li ONE, the Company leverages its in-house technology to create value for our customers, focusing on range extension, smart technology, and autonomous driving solutions. Beyond Li ONE, the Company aims to expand its product line by developing new vehicles to target a broader consumer base.
For more information, please visit: http://ir.lixiang.com.
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. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles, Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Li Auto Inc.
Investor Relations
Email: [email protected]
The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
Email: [email protected]
Brandi Piacente
Tel: +1-212-481-2050
Email: [email protected]
Li Auto Inc. | |||||||||||||||||
Unaudited Condensed Consolidated Statements of Loss | |||||||||||||||||
Amounts expressed in RMB, unless otherwise stated | |||||||||||||||||
(in thousands, except for share and per share data) | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, 2020 |
September 30, 2020 |
September 30, 2020 |
June 30, 2020 |
||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
(US$) | |||||||||||||||||
Revenues: | |||||||||||||||||
Vehicle sales | 1,919,184 | 2,464,724 | 363,015 | 2,760,242 | |||||||||||||
Other sales and services | 28,054 | 46,075 | 6,786 | 38,671 | |||||||||||||
Total revenues | 1,947,238 | 2,510,799 | 369,801 | 2,798,913 | |||||||||||||
Cost of sales: | |||||||||||||||||
Vehicle sales | (1,655,443 | ) | (1,976,078 | ) | (291,045 | ) | (2,425,439 | ) | |||||||||
Other sales and services | (32,092 | ) | (37,970 | ) | (5,592 | ) | (45,483 | ) | |||||||||
Total cost of sales | (1,687,535 | ) | (2,014,048 | ) | (296,637 | ) | (2,470,922 | ) | |||||||||
Gross profit | 259,703 | 496,751 | 73,164 | 327,991 | |||||||||||||
Operating expenses: | |||||||||||||||||
Research and development | (201,440 | ) | (334,527 | ) | (49,271 | ) | (391,130 | ) | |||||||||
Selling, general and administrative | (234,543 | ) | (342,180 | ) | (50,398 | ) | (347,304 | ) | |||||||||
Total operating expenses | (435,983 | ) | (676,707 | ) | (99,669 | ) | (738,434 | ) | |||||||||
Loss from operations | (176,280 | ) | (179,956 | ) | (26,505 | ) | (410,443 | ) | |||||||||
Other income/(expense) | |||||||||||||||||
Interest expense | (21,296 | ) | (12,862 | ) | (1,894 | ) | (40,931 | ) | |||||||||
Interest income and investment income, net | 31,538 | 70,269 | 10,350 | 15,363 | |||||||||||||
Changes in fair value of warrants and derivative liabilities | 84,036 | 12,008 | 1,769 | 260,319 | |||||||||||||
Others, net | 6,840 | 3,612 | 532 | 9,044 | |||||||||||||
Loss before income tax expense | (75,162 | ) | (106,929 | ) | (15,748 | ) | (166,648 | ) | |||||||||
Income tax expense | – | – | – | – | |||||||||||||
Net loss from continuing operations | (75,162 | ) | (106,929 | ) | (15,748 | ) | (166,648 | ) | |||||||||
Net loss from discontinued operations, net of tax | – | – | – | 14,373 | |||||||||||||
Net loss | (75,162 | ) | (106,929 | ) | (15,748 | ) | (152,275 | ) | |||||||||
Accretion on convertible redeemable preferred shares to redemption value | (264,208 | ) | (120,617 | ) | (17,765 | ) | (530,573 | ) | |||||||||
Effect of exchange rate changes on convertible redeemable preferred shares | (5,780 | ) | (93,104 | ) | (13,713 | ) | 103,966 | ||||||||||
Net loss attributable to ordinary shareholders | (345,150 | ) | (320,650 | ) | (47,226 | ) | (578,882 | ) | |||||||||
Weighted average number of ADSs6 | |||||||||||||||||
Basic and diluted | 127,500,000 | 614,802,583 | 614,802,583 | 127,500,000 | |||||||||||||
Net loss per ADS attributable to ordinary shareholders | |||||||||||||||||
Basic and diluted | (2.71 | ) | (0.52 | ) | (0.08 | ) | (4.54 | ) |
Li Auto Inc. | ||||||||||||||||||
Unaudited Condensed Consolidated Balance Sheets | ||||||||||||||||||
Amounts expressed in RMB, unless otherwise stated | ||||||||||||||||||
(in thousands, except for share and per share data) | ||||||||||||||||||
December 31, 2019 |
June 30, 2020 |
September 30, 2020 |
September 30, 2020 |
|||||||||||||||
(audited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||
(US$) | ||||||||||||||||||
ASSETS | ||||||||||||||||||
Current assets: | ||||||||||||||||||
Cash and cash equivalents | 1,296,215 | 1,062,134 | 6,472,280 | 953,264 | ||||||||||||||
Restricted cash | 140,027 | 49,968 | 338,546 | 49,862 | ||||||||||||||
Time deposits and short-term investments | 2,272,653 | 2,578,662 | 12,105,274 | 1,782,914 | ||||||||||||||
Trade receivable | 8,303 | 83,004 | 111,836 | 16,472 | ||||||||||||||
Inventories | 518,086 | 821,259 | 863,642 | 127,201 | ||||||||||||||
Prepayments and other current assets | 812,956 | 582,569 | 685,183 | 100,916 | ||||||||||||||
Assets held for sale, current | 17,599 | – | – | – | ||||||||||||||
Total current assets | 5,065,839 | 5,177,596 | 20,576,761 | 3,030,629 | ||||||||||||||
Non-current assets: | ||||||||||||||||||
Longterm investments | 126,181 | 160,725 | 153,286 | 22,577 | ||||||||||||||
Property, plant and equipment, net | 2,795,122 | 2,496,582 | 2,497,475 | 367,838 | ||||||||||||||
Operating lease right-of-use assets, net | 510,227 | 1,275,412 | 1,289,599 | 189,937 | ||||||||||||||
Intangible assets, net | 673,867 | 671,351 | 681,675 | 100,400 | ||||||||||||||
Other non-current assets | 311,933 | 182,712 | 183,562 | 27,036 | ||||||||||||||
Assets held for sale, non-current | 30,253 | – | – | – | ||||||||||||||
Total non-current assets | 4,447,583 | 4,786,782 | 4,805,597 | 707,788 | ||||||||||||||
Total assets | 9,513,422 | 9,964,378 | 25,382,358 | 3,738,417 | ||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||
Current liabilities: | ||||||||||||||||||
Short-term borrowings | 238,957 | – | – | – | ||||||||||||||
Trade and notes payable | 624,666 | 1,306,813 | 2,070,804 | 304,996 | ||||||||||||||
Amounts due to related parties | 9,764 | 10,187 | 13,452 | 1,981 | ||||||||||||||
Deferred revenue, current | 56,695 | 53,143 | 157,344 | 23,174 | ||||||||||||||
Operating and finance lease liabilities, current | 538,307 | 172,432 | 204,446 | 30,112 | ||||||||||||||
Warrants and derivative liabilities | 1,648,690 | 1,183,096 | – | – | ||||||||||||||
Accruals and other current liabilities | 867,259 | 579,539 | 507,192 | 74,701 | ||||||||||||||
Convertible debts, current | 692,520 | – | – | – | ||||||||||||||
Liabilities held for sale, current | 2,862 | – | – | – | ||||||||||||||
Total current liabilities | 4,679,720 | 3,305,210 | 2,953,238 | 434,964 | ||||||||||||||
Non-current liabilities: | ||||||||||||||||||
Long-term borrowings | – | 497,200 | 504,367 | 74,285 | ||||||||||||||
Deferred revenue, non-current | 5,943 | 41,312 | 76,608 | 11,283 | ||||||||||||||
Operating and finance lease liabilities, non-current | 241,109 | 1,400,939 | 1,407,379 | 207,284 | ||||||||||||||
Other non-current liabilities | 5,519 | 68,912 | 110,162 | 16,225 | ||||||||||||||
Total non-current liabilities | 252,571 | 2,008,363 | 2,098,516 | 309,077 | ||||||||||||||
Total liabilities | 4,932,291 | 5,313,573 | 5,051,754 | 744,041 | ||||||||||||||
Mezzanine equity | 10,255,662 | 10,906,520 | – | – | ||||||||||||||
Total shareholders’ (deficit)/equity | (5,674,531 | ) | (6,255,715 | ) | 20,330,604 | 2,994,376 | ||||||||||||
Total liabilities, mezzanine equity and shareholders’ (deficit)/equity | 9,513,422 | 9,964,378 | 25,382,358 | 3,738,417 |
Li Auto Inc. | ||||||||||||||||||
Unaudited Condensed Consolidated Statements of Cash Flows | ||||||||||||||||||
Amounts expressed in RMB, unless otherwise stated | ||||||||||||||||||
(in thousands, except for share and per share data) | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, 2020 |
September 30, 2020 |
September 30, 2020 |
June 30, 2020 |
|||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||
(US$) | ||||||||||||||||||
Net cash provided by operating activities | 451,711 | 929,759 | 136,939 | 388,704 | ||||||||||||||
Net cash used in investing activities | (372,106 | ) | (9,883,509 | ) | (1,455,684 | ) | (553,523 | ) | ||||||||||
Net cash (used in)/provided by financing activities | (30,000 | ) | 14,885,719 | 2,192,429 | (165,977 | ) | ||||||||||||
Effect of exchange rate changes | 1,849 | (233,245 | ) | (34,353 | ) | 6,509 | ||||||||||||
Net change in cash, cash equivalents and restricted cash | 51,454 | 5,698,724 | 839,331 | (324,287 | ) | |||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 1,060,648 | 1,112,102 | 163,795 | 1,436,389 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | 1,112,102 | 6,810,826 | 1,003,126 | 1,112,102 | ||||||||||||||
Net cash provided by operating activities | 451,711 | 929,759 | 136,939 | 388,704 | ||||||||||||||
Capital expenditures | (150,933 | ) | (179,880 | ) | (26,493 | ) | (273,079 | ) | ||||||||||
Free cash flow | 300,778 | 749,879 | 110,446 | 115,625 |
Li Auto Inc. | ||||||||||||||||||
Unaudited Reconciliation of GAAP and Non-GAAP Results | ||||||||||||||||||
Amounts expressed in RMB, unless otherwise stated | ||||||||||||||||||
(in thousands, except for share and per share data) | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, 2020 |
September 30, 2020 |
September 30, 2020 |
June 30, 2020 |
|||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||
(US$) | ||||||||||||||||||
Cost of sales | (1,687,535 | ) | (2,014,048 | ) | (296,637 | ) | (2,470,922 | ) | ||||||||||
Shared-based compensation expenses | – | 1,225 | 180 | – | ||||||||||||||
Non-GAAP cost of sales | (1,687,535 | ) | (2,012,823 | ) | (296,457 | ) | (2,470,922 | ) | ||||||||||
Research and development | (201,440 | ) | (334,527 | ) | (49,271 | ) | (391,130 | ) | ||||||||||
Shared-based compensation expenses | – | 55,715 | 8,206 | – | ||||||||||||||
Non-GAAP research and development expenses | (201,440 | ) | (278,812 | ) | (41,065 | ) | (391,130 | ) | ||||||||||
Selling, general and administrative | (234,543 | ) | (342,180 | ) | (50,398 | ) | (347,304 | ) | ||||||||||
Shared-based compensation expenses | – | 77,993 | 11,487 | – | ||||||||||||||
Non-GAAP selling, general and administrative expenses | (234,543 | ) | (264,187 | ) | (38,911 | ) | (347,304 | ) | ||||||||||
Loss from operations | (176,280 | ) | (179,956 | ) | (26,505 | ) | (410,443 | ) | ||||||||||
Shared-based compensation expenses | – | 134,933 | 19,873 | – | ||||||||||||||
Non-GAAP loss from operations | (176,280 | ) | (45,023 | ) | (6,632 | ) | (410,443 | ) | ||||||||||
Net loss | (75,162 | ) | (106,929 | ) | (15,748 | ) | (152,275 | ) | ||||||||||
Shared-based compensation expenses | – | 134,933 | 19,873 | – | ||||||||||||||
Changes in fair value of warrants and derivative liabilities | (84,036 | ) | (12,008 | ) | (1,769 | ) | (260,319 | ) | ||||||||||
Non-GAAP net (loss)/income | (159,198 | ) | 15,996 | 2,356 | (412,594 | ) | ||||||||||||
Net loss attributable to ordinary shareholders | (345,150 | ) | (320,650 | ) | (47,226 | ) | (578,882 | ) | ||||||||||
Shared-based compensation expenses | – | 134,933 | 19,873 | – | ||||||||||||||
Changes in fair value of warrants and derivative liabilities | (84,036 | ) | (12,008 | ) | (1,769 | ) | (260,319 | ) | ||||||||||
Accretion on convertible redeemable preferred shares to redemption value | 264,208 | 120,617 | 17,765 | 530,573 | ||||||||||||||
Effect of exchange rate changes on convertible redeemable preferred shares | 5,780 | 93,104 | 13,713 | (103,966 | ) | |||||||||||||
Non-GAAP net (loss)/ income attributable to ordinary shareholders | (159,198 | ) | 15,996 | 2,356 | (412,594 | ) | ||||||||||||
Weighted average number of ADSs (Non-GAAP) | ||||||||||||||||||
Basic | 127,500,000 | 614,802,583 | 614,802,583 | 127,500,000 | ||||||||||||||
Diluted | 127,500,000 | 832,252,188 | 832,252,188 | 127,500,000 | ||||||||||||||
Non-GAAP net (loss)/income per ADS attributable to ordinary shareholders7 |
||||||||||||||||||
Basic | (1.25 | ) | 0.03 | 0.00 | (3.24 | ) | ||||||||||||
Diluted | (1.25 | ) | 0.02 | 0.00 | (3.24 | ) |
1 All translations from Renminbi(“RMB”) to U.S. dollar(“US$”) are made at a rate of RMB6.7896 to US$1.00, the noon buying rate in effect on September 30, 2020 as set forth in the H.10 statistical release of the Federal Reserve Board.
2 Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only.
3 The Company’s Non-GAAP financial measures exclude share-based compensation expenses, changes in fair value of warrants and derivative liabilities, accretion on convertible redeemable preferred shares to redemption value and the effect of exchange rate changes on convertible redeemable preferred shares. See “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.
4 Free cash flow represents operating cash flow less capital expenditures.
5 Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are calculated.
6 Each ADS represents two ordinary shares.
7 Non–GAAP basic net (loss)/income per ADS attributable to ordinary shareholders is calculated by dividing Non-GAAP net (loss)/income attributable to ordinary shareholders by the weighted average number of shares outstanding during the periods. Non-GAAP diluted net (loss)/income per ADS attributable to ordinary shareholders is calculated by dividing Non-GAAP net (loss)/income attributable to ordinary shareholders by the weighted average number of shares and dilutive potential shares outstanding during the periods, including the dilutive effect of convertible redeemable preferred shares as determined under the if-converted method and share-based awards as determined under the treasury stock method.
Artificial Intelligence
Brainomix Achieves Breakthrough with FDA Clearance of e-Lung AI Software
Established market leader in stroke AI imaging receives its first FDA clearance in the lung imaging space.With this expanded foundation of AI-driven healthcare solutions, the Oxford-based company remains committed to driving innovation and delivering impactful advancements in imaging biomarkers.OXFORD, England, and CHICAGO, May 17, 2024 /PRNewswire/ — Brainomix, a pioneer in artificial intelligence (AI) imaging solutions to enable precision medicine, is proud to announce the FDA clearance of its latest product, Brainomix 360 e-Lung. Brainomix’s entry into the lung imaging space follows a series of successful clearances and widespread clinical adoption of its Brainomix 360 Stroke platform in both the US and Europe.
The clearance of e-Lung marks a significant milestone in Brainomix’s journey to expand its footprint in medical imaging beyond stroke-related applications and represents a notable step forward in the quest for advanced lung imaging solutions. The company, with its rich academic heritage and record of scientific excellence, will expand its research collaborations in the pulmonology space to yield new insights to inform future iterations of e-Lung and chart a path towards continual improvements for the lung imaging technology.
Dr Deji Adegunsoye, Assistant Professor of Medicine and Scientific Director of the Interstitial Lung Disease Program at University of Chicago Medicine, said: “This is an exciting step for Brainomix, who have a demonstrated track record of developing novel AI-based solutions in stroke and are now applying that expertise to develop innovative tools in the lung space. The preliminary data for e-Lung is impressive and would indicate that we have a promising tool that could help to expedite healthcare delivery and improve clinically meaningful outcomes for patients with lung disease.”
Brainomix recently announced the publication of a new study1 in the prestigious peer-reviewed journal American Journal of Respiratory and Critical Care Medicine (AJRCCM), resulting from a research collaboration with AstraZeneca. The results showed that Brainomix’s proprietary lung imaging biomarkers, which include the weighted reticulovascular score (WRVS), stratified patients at risk of Idiopathic Pulmonary Fibrosis (IPF) progression, outperforming standard measures.
Dr Michalis Papadakis, CEO and Co-Founder of Brainomix, said: “We are harnessing our expertise in AI-powered imaging to develop novel biomarkers in other disease indications where AI can support imaging-based diagnostic and treatment decisions.
“This e-Lung FDA clearance reflects our focus on developing innovative solutions that empower healthcare professionals with cutting-edge tools for sophisticated disease evaluation, enhancing access to treatments that can ultimately work to improve patient outcomes.”
Brainomix will be presenting its latest e-Lung data at the American Thoracic Society (ATS) annual conference in San Diego May 17th – 22nd, including results from research collaborations with Heidelberg University and with Seattle-based Avalyn Pharma.
Am. J. Respir. Crit. Care Med.: 2024 Feb 16 – e-Lung CT Biomarker Stratifies Patients at Risk of IPF Progression in a 52-Week Clinical Trialhttps://www.atsjournals.org/doi/abs/10.1164/rccm.202312-2274LEAbout Brainomix
Brainomix specializes in the creation of AI-powered software solutions to enable precision medicine for better treatment decisions in stroke and lung fibrosis. With origins as a spin-out from the University of Oxford, Brainomix is an expanding commercial-stage company with offices in the UK, Ireland and the USA, and operations in more than 30 countries. A private company, backed by leading healthtech investors, Brainomix has innovated award-winning imaging biomarkers and software solutions that have been clinically adopted in hundreds of hospitals worldwide. Its first product, the Brainomix 360 stroke platform, provides clinicians with the most comprehensive stroke imaging solution, driving increased treatment rates and improving functional independence for patients.
To learn more about Brainomix and its technology visit www.brainomix.com, and follow us on Twitter, LinkedIn and Facebook.
Contacts
Jeff Wyrtzen, Chief Marketing & Business Development [email protected] +44 (0)7927 164210T +44 (0)1865 582730
Media enquiries
Charles ConsultantsSue [email protected] M +44 (0)7968 726585
Logo – https://mma.prnewswire.com/media/1989193/3856380/Brainomix_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/brainomix-achieves-breakthrough-with-fda-clearance-of-e-lung-ai-software-302144836.html
Artificial Intelligence
CUBE acquires global regulatory intelligence businesses from Thomson Reuters
LONDON, May 17, 2024 /PRNewswire/ — CUBE, a global leader in Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM), announces today its acquisition of the Thomson Reuters Regulatory Intelligence and Oden products and businesses.
The acquisition of these global businesses represents a major step forward in CUBE’s growth plans. It will deliver significant scale across many of the world’s leading and systemically important financial institutions. CUBE’s existing global customer base will be expanded to total approximately 1,000 customers in banking, insurance, asset and investment management, payments and adjacent regulated industries.
CUBE’s global employees will expand to 600, of which close to 250 are highly qualified regulatory subject matter experts, legal and compliance professionals.
Ben Richmond, founder and CEO of CUBE said: “Thomson Reuters is known to be the biggest and best in the industry for providing regulatory expert analysis and subject matter expertise, alongside world-leading journalism and news. The combination of CUBE’s purpose-built AI, with the years of content curated by Thomson Reuters Regulatory Intelligence and Oden expert analysts, will accelerate innovation. Together, we will deliver regulatory transformation capabilities for our global customers that could only have been imagined before.”
Richmond continues: “This combination will provide tremendous scale and depth across CUBE’s regulatory content and technology. It is a significant step toward creating an industry-defining regulatory compliance and risk platform that will benefit all customers and elevate the industry as a whole.”
Through this acquisition, CUBE will provide an expanded and comprehensive selection of specialized regulatory intelligence and regulatory change services, committed to excellence, quality, and highly contextualised and meaningful regulatory content for customers. By combining cutting-edge technology and subject matter expertise at scale CUBE will set a new bar for the industry in regulatory automation and content.
Chris Maguire, General Manager, Risk and Fraud, Corporates, Thomson Reuters said: “It was clear to us that CUBE had established itself as a leading regulatory intelligence provider for global enterprise clients in the financial services and insurance sectors. We wanted to ensure our customers and employees could work with an organisation that would continue to innovate and significantly invest in solutions like Thomson Reuters Regulatory Intelligence and Oden. We are working tirelessly to ensure a seamless and value-enhancing transition for customers and employees, and we are looking forward to working with the CUBE team during this transition.”
Christopher Fielding, Hg, said: “We’re delighted to further extend our market reach, bringing in two high quality and complementary global businesses to the CUBE platform.”
Thomas Martin, Hg, added: “We see these acquisitions as enabling further innovation in the regulatory intelligence and change management sector, leading to strengthened demand for these quality solutions across the globe.”
The terms of the transaction will not be disclosed.
About CUBE
CUBE provides a highly comprehensive and robust source of classified, and meaningful AI-driven regulatory data to power its Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM) solutions. CUBE’s purpose-built regulatory technology including its AI engine (RegBrain) and software platform (RegPlatform) tracks, analyses, and monitors laws, rules, and regulations in every country and in every published language to create an always up-to-date regulatory footprint that transforms visibility and compliance capability for customers across the globe.
With operations across Europe, North America, Canada, Asia, and Australia, CUBE serves a diverse and global base of customers and partners including the largest financial institutions in the world who leverage CUBE’s platform to streamline their complex regulatory intelligence and change management processes.
Following the strategic partnership with Hg in March 2024, CUBE announced the acquisition of US-based Reg-Room in May 2024.
About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.
This industry is characterised by digitisation trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.
With a vast European network and strong presence across North America, Hg’s 400 employees and around $70 billion in funds under management support a portfolio of around 50 businesses, worth over $140 billion aggregate enterprise value, with over 110,000 employees, consistently growing revenues at more than 20%.
About Regulatory Intelligence
Regulatory Intelligence is a proactive, connected, and comprehensive solution that tracks and analyses regulatory changes within ~2,000 regulatory bodies and rulebooks for more than 20 countries. It enables banking, financial services, and insurance (BFSI) sectors to manage exposure to operational, regulatory, and compliance risk.
About Oden
Oden State Rules and Regulations (SR&R), Oden Policy Terminator/Sentry PT, and OdenTrack provide repositories and automated solutions for complying with state rules and regulations on the provisioning of Personal and Business Insurance in the US.
View original content:https://www.prnewswire.co.uk/news-releases/cube-acquires-global-regulatory-intelligence-businesses-from-thomson-reuters-302147604.html
Artificial Intelligence
Cayman Enterprise City Publishes Socio-Economic Impact Assessment by Economist and Leading Advisor on the Caribbean, Marla Dukharan
The Impact of Cayman Enterprise City’s Socio-Economic Development Project Nears USD $1 Billion
GRAND CAYMAN, Cayman Islands, May 16, 2024 /PRNewswire/ — Cayman Enterprise City (CEC) has released a Socio-Economic Impact Assessment by Marla Dukharan. The report illustrates that CEC is increasing its impact by supporting higher earnings for Caymanians and is driving a shift towards a knowledge-based economy by focusing on high productivity sectors. The release by Dukharan reads, “Caymanian resourcefulness and private sector-led innovation have been the driving force behind the islands’ outstanding socio-economic success. Cayman Enterprise City underpins the next generation of Cayman innovation and dynamism.”
With an economic impact of USD $130 million in 2023, contributing just under USD $1 billion to the local economic activity in 12 years since inception, “CEC is helping the nation to diversify economically, in terms of sectors and jobs, ensuring locals have economic and employment opportunities that match the nation’s progress,” the report reads.
The CEC socio-economic development project is now home to 352 Special Economic Zones Companies (SEZCos), many of which are globally recognised institutions led by top executives and industry experts. “CEC member companies are providing high-value employment with salaries exceeding those typically found outside of the special economic zone,” said Charlie Kirkconnell, Chief Executive Officer at CEC. “The CEC community is fully invested in Cayman and the report illustrates that the CEC socio-economic development project is making a very significant impact on Cayman’s economy and community.”
“As CEC continues to grow, it continues to create significant employment and entrepreneurial opportunities for Caymanians and we encourage anyone that might be interested in finding out how they might get involved, whether as a member of the community and/or as a volunteer in our Enterprise Cayman non-profit organisation (NPO).”
77% of Caymanian-held jobs at CEC member companies, are in sectors with high social returns and increasing global demand. “By putting skills first and prioritizing learning, CEC is enabling new industries to take root,” the release by Dukharan reads.
CEC, through its Enterprise Cayman NPO, is a first-mover in private sector-facilitated education and training in the Caribbean, making it a leading force to boost youth participation in the economy. By offering training in specialised skills, Enterprise Cayman is helping to close the gap in higher education and earnings for Caymanians. “Through Enterprise Cayman we’ve set out to strategically support meaningful employment and entrepreneurial opportunities for Caymanians, by providing internship and mentorship opportunities, by hosting skill-building and career focused training, and by providing invaluable networking and community engagement opportunities,” said Kirkconnell.
In 2023 individuals took advantage of 4,226 opportunities to participate in education, training, and career development events and, since launching entrepreneurial programming in 2021, Enterprise Cayman has worked with 41 new Cayman-born business ventures. “We’re helping to develop a local talent pool that meets the demand of Cayman’s growing digital innovation and technology sectors while, in parallel, offering exciting opportunities for individuals to launch new business ventures within an innovative business environment,” said Kirkconnell.
With CEC’s new campus and state-of-the-art facilities, Signal House, the project “holds the promise of deep, continued economic impact,” the report concludes.
To access CEC’s economic impact assessments and Enterprise Cayman’s annual reports please visit https://www.enterprisecayman.ky/reports. For more information on how to get involved and for upcoming programmes and events visit www.enterprisecayman.ky.
Website: www.caymanenterprisecity.com LinkedIn: @CaymanEnterpriseCityTwitter: @CEC_CaymanInstagram: @CaymanEnterpriseCityFacebook: @CaymanEnterpriseCityYouTube: @ceccayman
About Cayman Enterprise City
Cayman Enterprise City (CEC) is an award-winning development project which consists of three special economic zones (SEZs) focused on attracting knowledge-based and specialised-services businesses to set up a genuine physical presence in the Cayman Islands. The zones included within CEC are Cayman Tech City, Cayman Commodities & Derivatives Centre, and Cayman Maritime & Aviation City. With a dedicated Government Authority, licensing fee concessions and guaranteed fast-track processes, CEC enables international companies to quickly and efficiently establish a Cayman Islands office, which in turn enables them to generate active business income within a tax neutral environment.
About Enterprise Cayman
Enterprise Cayman is a non-profit organisation (NPO) powered by Cayman Enterprise City in partnership with Cayman Islands’ special economic zone companies (SEZCos). The organisation, which applies the Theory of Change (TOC) methodology, provides Caymanians and residents with access to high-quality learning experiences and opportunities to develop and launch new business ventures, to pursue careers within the technology and innovation sectors, and to join a dynamic network of industry professionals. Let’s grow the next generation of Caymanian innovators and entrepreneurs with Enterprise Cayman!
Logo: https://mma.prnewswire.com/media/1317764/2860789/Cayman_Enterprise_City_Logo.jpg
FOR MORE INFORMATION:Contact: Kaitlyn Elphinstone Email: [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/cayman-enterprise-city-publishes-socio-economic-impact-assessment-by-economist-and-leading-advisor-on-the-caribbean-marla-dukharan-302148206.html
-
Artificial Intelligence7 days ago
Identity Threat Detection and Response (ITDR) Market worth $35.6 billion by 2029- Exclusive Report by MarketsandMarkets™
-
Artificial Intelligence7 days ago
atNorth Shortlisted for Datacloud Global Awards, The Energy Awards and The Women in Green Business Awards
-
Artificial Intelligence6 days ago
WIO Taps Gracenote to Revolutionize Television Broadcast Reporting
-
Artificial Intelligence7 days ago
ProofID wins Judges’ Award for Global Ambition at the 2024 Northern Tech Awards
-
Artificial Intelligence7 days ago
IDTechEx Explores Printed Electronics in Electrified and Autonomous Mobility
-
Uncategorized4 days ago
Precisely Showcases Critical Role of Trusted Data in AI at the Gartner® Data & Analytics Summit in London
-
Uncategorized4 days ago
Crossover Markets Becomes First Crypto ECN to Integrate with Talos
-
Uncategorized3 days ago
Artificial intelligence tool detects sex-related differences in brain structure