BingEx Limited Announces First Quarter 2026 Financial Results
Rhea-AI Summary
BingEx (Nasdaq: FLX) reported first quarter 2026 revenue of RMB935.3 million, down from RMB960.8 million a year earlier. Gross profit was RMB105.8 million with an 11.3% margin.
Net loss widened to RMB42.6 million, while operating income reached RMB11.0 million. Cash, restricted cash and short-term investments totaled RMB859.1 million. The board extended a US$30 million share repurchase program to April 1, 2027; about 3.3 million ADSs for US$10.4 million had been bought by May 20, 2026.
Positive
- Total operating expenses fell 18.7% year over year to RMB94.8 million
- Selling and marketing expenses decreased 22.0% to RMB38.5 million
- Research and development expenses declined 44.1% to RMB16.5 million
- Income from operations increased to RMB11.0 million from RMB10.0 million
- Cash, restricted cash and short-term investments were RMB859.1 million at March 31, 2026
- Board extended share repurchase authorization of up to US$30.0 million to April 1, 2027
Negative
- Revenues declined to RMB935.3 million from RMB960.8 million year over year
- Gross profit fell to RMB105.8 million and margin dropped to 11.3% from 13.2%
- Net loss widened to RMB42.6 million from RMB10.3 million
- Non-GAAP net result shifted to RMB11.1 million loss from RMB49.6 million income
- Investment line turned to RMB36.2 million loss from RMB8.9 million income
News Market Reaction – FLX
In the May 21 session, FLX declined 7.82%, reflecting a notable negative market reaction. Argus tracked a peak move of +4.3% during that session. Argus tracked a trough of -5.2% from its starting point during tracking. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 17 | Q4/FY25 earnings | Positive | +20.8% | Full-year 2025 profits and margin gains despite lower revenues. |
| Nov 19 | Q3 2025 earnings | Positive | +11.3% | Q3 2025 profitability and stable margins with buybacks. |
| Aug 19 | Q2 2025 earnings | Positive | +0.8% | Q2 2025 net income and margin improvement despite revenue decline. |
| May 22 | Q1 2025 earnings | Negative | -1.3% | Shift from prior-year profit to loss with higher expenses. |
| Mar 12 | Q4/FY24 earnings | Positive | +0.8% | FY2024 gross profit and margin expansion with stable revenues. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have generally led to share price moves in the same direction as the fundamental tone, with multiple past quarters seeing positive reactions despite revenue pressure when margins or profitability improved.
Over the past year, BingEx’s earnings reports have shown revenue pressure but gradual margin and profitability improvements. Q4 and FY2025 results on Mar 17, 2026 and prior quarters in 2025 featured declining revenues but better gross profit margins and recurring net income. These announcements often coincided with share repurchase activity and generally positive price reactions. Today’s Q1 2026 release continues the theme of efficiency focus and non-GAAP metrics, but with a shift back to larger reported net losses.
Key Terms
non-gaap financial
ads financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
BEIJING, May 21, 2026 (GLOBE NEWSWIRE) -- BingEx Limited (the “Company”) (Nasdaq: FLX), a leading on-demand dedicated courier service provider in China (branded as “FlashEx”), today announced its unaudited financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Highlights:
- Revenues were RMB935.3 million (US
$135.6 million ) in the first quarter of 2026, compared with RMB960.8 million in the same period of 2025. - Gross profit was RMB105.8 million (US
$15.3 million ) in the first quarter of 2026, compared with RMB126.7 million in the same period of 2025. - Income from operations was RMB11.0 million (US
$1.6 million ) in the first quarter of 2026, compared with RMB10.0 million in the same period of 2025. - Non-GAAP income from operations1 was RMB21.6 million (US
$3.1 million ) in the first quarter of 2026, compared with RMB26.6 million in the same period of 2025. - Net loss was RMB42.6 million (US
$6.2 million ) in the first quarter of 2026, compared with RMB10.3 million in the same period of 2025. - Non-GAAP net loss1 was RMB11.1 million (US
$1.6 million ) in the first quarter of 2026, compared with non-GAAP net income of RMB49.6 million in the same period of 2025. - The number of orders fulfilled was 57.9 million in the first quarter of 2026.
Mr. Adam Xue, Founder, Chairman, and Chief Executive Officer of FlashEx, commented, “In the first quarter of 2026, FlashEx delivered resilient performance amid an evolving market, while making meaningful progress in operational excellence and technological innovation. We further improved service efficiency, refined our merchant and user mix, and deepened penetration in lifestyle scenarios. On the technology front, we became the first in China’s on-demand delivery industry to open-source our core CLI tool, embedding delivery capabilities into AI workflows, while internally AI has become a systemic enabler across customer service, operations, and R&D. We also advanced our low-altitude logistics initiative, securing a strategic investment to support the scaled deployment of drone delivery. Looking ahead, by combining disciplined execution with deeper AI adoption, FlashEx is well positioned to capture new growth opportunities and deliver sustainable long-term value for all stakeholders.”
Mr. Luke Tang, Chief Financial Officer of FlashEx, said, “In the first quarter of 2026, we made meaningful progress in deploying AI at the organizational level. The broader adoption of AI across our organization has also contributed to a reduction in operating expenses during the quarter. We remain committed to disciplined execution as AI becomes an increasingly powerful lever for margin improvement and long-term growth.”
First Quarter 2026 Financial Results
Revenues were RMB935.3 million (US
Cost of revenues was RMB829.5 million (US
Gross profit was RMB105.8 million (US
Total operating expenses were RMB94.8 million (US
Selling and marketing expenses were RMB38.5 million (US
General and administrative expenses were RMB39.9 million (US
Research and development expenses were RMB16.5 million (US
Income from operations was RMB11.0 million (US
Non-GAAP income from operations1 was RMB21.6 million (US
Changes in fair value of long-term investments were RMB20.8 million (US
Investment loss was RMB36.2 million (US
Net loss was RMB42.6 million (US
Non-GAAP net loss1 was RMB11.1 million (US
Basic net loss per ordinary share was RMB0.21 (US
Diluted net loss per ordinary share was RMB0.21 (US
As of March 31, 2026, cash and cash equivalents, restricted cash and short-term investments were RMB859.1 million (US
_______________________________
1 Non-GAAP income from operations, non-GAAP net income (loss), non-GAAP operating margin and non-GAAP net income (loss) margin are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Reconciliations of GAAP and Non-GAAP Results.”
Update on Share Repurchase
On March 17, 2026, the Board of Directors approved a one-year extension of the Company’s existing share repurchase program. The Company is authorized to repurchase up to an aggregate of US
Conference Call
The Company will host an earnings conference call on Thursday, May 21, 2026, at 8:00PM Beijing Time (8:00AM U.S. Eastern Time) to discuss the results.
Participants are required to pre-register for the conference call at:
https://register-conf.media-server.com/register/BI679071586eb64abfa7ef0cacb5cf24bd
Upon registration, participants will receive an email containing participant dial-in numbers and a personal PIN to join the conference call.
A live webcast of the conference call will be available on the Company’s investor relations website at http://ir.ishansong.com, and a replay of the webcast will be available following the session.
About BingEx Limited
BingEx Limited (Nasdaq: FLX) is a pioneer in China in providing on-demand dedicated courier services for individual and business customers with superior time certainty, delivery safety and service quality. The company brands its services as “FlashEx,” or “闪送”. FlashEx has become synonymous with on-demand dedicated courier services in China. With a mission to make people’s lives better through its services, FlashEx remains dedicated to consistently providing a superior customer experience and offering a unique value proposition to all participants in its business.
For more information, please visit: http://ir.ishansong.com.
Use of Non-GAAP Financial Measures
To supplement our financial results presented in accordance with U.S. GAAP, we use non-GAAP financial measures, namely non-GAAP income from operations, non-GAAP net income (loss), non-GAAP operating margin and non-GAAP net income (loss) margin, as supplemental measures to evaluate our operating results and make financial and operational decisions. Non-GAAP income from operations represents income from operations excluding share-based compensation expenses. Non-GAAP operating margin is equal to non-GAAP income from operations divided by revenues. Non-GAAP net income (loss) represents net income (loss) excluding changes in fair value of long-term investments and share-based compensation expenses. Non-GAAP net income (loss) margin is equal to non-GAAP net income (loss) divided by revenues.
By excluding the impact of changes in fair value of long-term investments and share-based compensation expenses, which are non-cash charges, we believe that non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of certain earnings or losses that we include in results based on U.S. GAAP. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility into key metrics used by our management in its financial and operational decision-making.
Our non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.
Reconciliations of our non-GAAP results to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the non-GAAP financial measures.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.8980 to US
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company'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. In some cases, these forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
Investor Relations Contact
In China:
BingEx Limited
Investor Relations
E-mail: ir@ishansong.com
Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: FlashEx@thepiacentegroup.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FlashEx@thepiacentegroup.com
| BINGEX LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for number of shares and per share data) | |||||||||
| December 31, | March 31, | ||||||||
| 2025 | 2026 | ||||||||
| RMB | RMB | USD | |||||||
| ASSETS | |||||||||
| Current assets | |||||||||
| Cash and cash equivalents | 561,127 | 525,809 | 76,226 | ||||||
| Restricted cash | 91 | 300 | 43 | ||||||
| Short-term investments | 390,353 | 333,019 | 48,278 | ||||||
| Accounts receivable | 36,726 | 35,793 | 5,189 | ||||||
| Prepayments and other current assets | 45,665 | 30,574 | 4,431 | ||||||
| Total current assets | 1,033,962 | 925,495 | 134,167 | ||||||
| Non-current assets | |||||||||
| Long-term investments | 224,404 | 230,188 | 33,370 | ||||||
| Property and equipment, net | 1,941 | 1,764 | 256 | ||||||
| Operating lease right-of-use assets | 25,087 | 22,901 | 3,320 | ||||||
| Other non-current assets | 3,062 | 3,086 | 447 | ||||||
| Total non-current assets | 254,494 | 257,939 | 37,393 | ||||||
| Total assets | 1,288,456 | 1,183,434 | 171,560 | ||||||
| LIABILITIES | |||||||||
| Current liabilities | |||||||||
| Accounts payable | 224,090 | 198,561 | 28,785 | ||||||
| Deferred revenue | 60,541 | 58,584 | 8,493 | ||||||
| Operating lease liabilities, current | 9,728 | 9,685 | 1,404 | ||||||
| Accrued expenses and other current liabilities | 145,791 | 122,248 | 17,722 | ||||||
| Total current liabilities | 440,150 | 389,078 | 56,404 | ||||||
| Non-current liabilities | |||||||||
| Operating lease liabilities, non-current | 12,879 | 10,867 | 1,575 | ||||||
| Total non-current liabilities | 12,879 | 10,867 | 1,575 | ||||||
| Total liabilities | 453,029 | 399,945 | 57,979 | ||||||
| Shareholders’ equity | 835,427 | 783,489 | 113,581 | ||||||
| Total liabilities and shareholders’ equity | 1,288,456 | 1,183,434 | 171,560 | ||||||
| BINGEX LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for number of shares and per share data) | ||||||||||
| Three months ended March 31, | ||||||||||
| 2025 | 2026 | 2026 | ||||||||
| RMB | RMB | USD | ||||||||
| Revenues | 960,762 | 935,295 | 135,589 | |||||||
| Cost of revenues | (834,088 | ) | (829,463 | ) | (120,247 | ) | ||||
| Gross Profit | 126,674 | 105,832 | 15,342 | |||||||
| Operating expenses | ||||||||||
| Selling and marketing expenses | (49,334 | ) | (38,482 | ) | (5,579 | ) | ||||
| General and administrative expenses | (37,897 | ) | (39,886 | ) | (5,782 | ) | ||||
| Research and development expenses | (29,482 | ) | (16,471 | ) | (2,388 | ) | ||||
| Total operating expenses | (116,713 | ) | (94,839 | ) | (13,749 | ) | ||||
| Income from operations | 9,961 | 10,993 | 1,593 | |||||||
| Interest income | 4,291 | 3,029 | 439 | |||||||
| Changes in fair value of long-term investments | (43,258 | ) | (20,813 | ) | (3,017 | ) | ||||
| Investment income (loss) | 8,912 | (36,151 | ) | (5,241 | ) | |||||
| Other income | 9,860 | 365 | 53 | |||||||
| Loss before income taxes | (10,234 | ) | (42,577 | ) | (6,173 | ) | ||||
| Income tax expense | (35 | ) | (23 | ) | (3 | ) | ||||
| Net loss | (10,269 | ) | (42,600 | ) | (6,176 | ) | ||||
| Net loss per ordinary share | ||||||||||
| – Basic | (0.05 | ) | (0.21 | ) | (0.03 | ) | ||||
| – Diluted | (0.05 | ) | (0.21 | ) | (0.03 | ) | ||||
| Weighted average number of shares outstanding used in computing net loss per ordinary share | ||||||||||
| – Basic | 208,420,034 | 202,259,242 | 202,259,242 | |||||||
| – Diluted | 208,420,034 | 202,259,242 | 202,259,242 | |||||||
| BINGEX LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in thousands, except for number of shares and per share data) | ||||||||||
| Three months ended March 31, | ||||||||||
| 2025 | 2026 | 2026 | ||||||||
| RMB | RMB | USD | ||||||||
| Income from operations | 9,961 | 10,993 | 1,593 | |||||||
| Add: Share-based compensation expenses | 16,648 | 10,646 | 1,543 | |||||||
| Non-GAAP income from operations | 26,609 | 21,639 | 3,136 | |||||||
| Operating margin | 1.0% | 1.2% | ||||||||
| Add: Share-based compensation expenses as a percentage of revenues | ||||||||||
| Non-GAAP operating margin | 2.7% | 2.3% | ||||||||
| Net loss | (10,269 | ) | (42,600 | ) | (6,176 | ) | ||||
| Add: Changes in fair value of long-term investments | 43,258 | 20,813 | 3,017 | |||||||
| Add: Share-based compensation expenses | 16,648 | 10,646 | 1,543 | |||||||
| Non-GAAP net income (loss) | 49,637 | (11,141 | ) | (1,616 | ) | |||||
| Net loss margin | - | - | ||||||||
| Add: Changes in fair value of long-term investments as a percentage of revenues | ||||||||||
| Add: Share-based compensation expenses as a percentage of revenues | ||||||||||
| Non-GAAP net income (loss) margin | 5.1% | - | ||||||||
