BingEx Limited Announces Second Quarter 2026 Financial Results
Rhea-AI Summary
BingEx Limited (Nasdaq: FLX) reported second quarter 2026 revenues of RMB940.3 million, down from RMB1,024.6 million a year earlier, as intensified competition weighed on growth. Gross profit declined to RMB95.5 million, with gross margin narrowing to 10.2% from 12.0%.
Income from operations fell to RMB7.3 million, while non-GAAP income from operations was RMB10.8 million. The company recorded a net loss of RMB34.0 million versus net income of RMB53.5 million in Q2 2025, mainly due to RMB41.7 million losses from changes in fair value of long-term investments and RMB2.4 million investment loss.
Non-GAAP net income was RMB11.4 million. Operating expenses decreased 14.6% to RMB88.3 million, with notable reductions in selling and marketing and R&D. As of June 30, 2026, cash, restricted cash and short-term investments totaled RMB853.4 million. By August 19, 2026, BingEx had repurchased about 3.9 million ADSs for roughly US$11.8 million.
Positive
- Revenues RMB940.3m, with positive income from operations of RMB7.3m in Q2 2026
- Operating expenses down 14.6% year over year to RMB88.3m in Q2 2026
- Selling and marketing expenses down 24.0% and R&D down 28.6% year over year
- Non-GAAP net income RMB11.4m in Q2 2026, despite GAAP net loss
- Strong liquidity with RMB853.4m in cash, restricted cash and short-term investments as of June 30, 2026
- Share repurchases of ~3.9m ADSs for about US$11.8m under the authorized US$30m program
Negative
- Revenue declined ~8% year over year to RMB940.3m in Q2 2026 amid intensifying competition
- Gross profit fell to RMB95.5m, with gross margin down from 12.0% to 10.2%
- Net result swung to loss: RMB34.0m loss vs RMB53.5m income in Q2 2025
- Non-GAAP net income down to RMB11.4m from RMB45.6m a year earlier
- Fair value and investment impacts: RMB41.7m loss on long-term investments and RMB2.4m investment loss in Q2 2026
- Shareholders’ equity decreased from RMB835.4m at December 31, 2025 to RMB733.9m at June 30, 2026
News Explained
The additional structural detail is that BingEx’s share-repurchase program is authorized—not committed—to spend up to
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 21 | Q1 2026 earnings | Negative | -7.8% | Revenue declined and net loss widened despite improved operating income. |
| Mar 17 | Q4/FY 2025 earnings | Positive | +20.8% | Full-year profitability and gross margin improved alongside continued share repurchases. |
| Nov 19 | Q3 2025 earnings | Positive | +11.3% | Positive net income and operating income accompanied higher gross profit. |
| Aug 19 | Q2 2025 earnings | Neutral | +0.8% | Revenue declined while margin improved and net income remained positive. |
| May 22 | Q1 2025 earnings | Negative | -1.3% | Revenue declined and the company reported a net loss year over year. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Historical earnings reactions were mostly aligned with the reported direction, including negative reactions to Q1 2026 and Q1 2025 results and positive reactions to Q4/FY 2025 and Q3 2025 results.
Key Terms
non-gaap financial measures financial
fair value measurement financial
non-gaap net income financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
BEIJING, Aug. 20, 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 second quarter ended June 30, 2026.
Second Quarter 2026 Highlights:
- Revenues were RMB940.3 million (US
$138.6 million ) in the second quarter of 2026, compared with RMB1,024.6 million in the same period of 2025. - Gross profit was RMB95.5 million (US
$14.1 million ) in the second quarter of 2026, compared with RMB122.7 million in the same period of 2025. - Income from operations was RMB7.3 million (US
$1.1 million ) in the second quarter of 2026, compared with RMB19.3 million in the same period of 2025. - Non-GAAP income from operations1 was RMB10.8 million (US
$1.6 million ) in the second quarter of 2026, compared with RMB31.9 million in the same period of 2025. - Net loss was RMB34.0 million (US
$5.0 million ) in the second quarter of 2026, compared with net income of RMB53.5 million in the same period of 2025. - Non-GAAP net income1 was RMB11.4 million (US
$1.7 million ) in the second quarter of 2026, compared with RMB45.6 million in the same period of 2025. - The number of orders fulfilled was 63.1 million in the second quarter of 2026.
Mr. Adam Xue, Founder, Chairman, and Chief Executive Officer of FlashEx, commented, “In the second quarter of 2026, amid a persistently challenging market environment, we continued to optimize capacity allocation while expanding both our usage scenarios and service offerings. This drove a sequential recovery in our core operating metrics, with service scale and delivery efficiency improving in parallel. The quarter also marked a step forward in how AI is reshaping our business. Externally, we are embedding our fulfillment capability directly into emerging AI ecosystems, extending our reach to the point where user demand originates. Internally, AI has evolved from a set of isolated applications into a systemic capability that underpins the way our organization operates. Together with our low-altitude logistics business moving from pilot routes to multi-route commercial operation, these efforts position FlashEx to deliver sustainable long-term value for all stakeholders.”
Mr. Luke Tang, Chief Financial Officer of FlashEx, said, “Our differentiated on-demand dedicated courier model continued to demonstrate resilience as we further refined operations in the second quarter. We closed the quarter with RMB853.4 million in cash and short-term investments and had repurchased approximately 3.9 million ADSs for approximately US
Second Quarter 2026 Financial Results
Revenues were RMB940.3 million (US
Cost of revenues was RMB844.7 million (US
Gross profit was RMB95.5 million (US
Total operating expenses were RMB88.3 million (US
Selling and marketing expenses were RMB36.6 million (US
General and administrative expenses were relatively stable at RMB37.9 million (US
Research and development expenses were RMB13.7 million (US
Income from operations was RMB7.3 million (US
Non-GAAP income from operations1 was RMB10.8 million (US
Changes in fair value of long-term investments recorded losses of RMB41.7 million (US
Investment loss was RMB2.4 million (US
Net loss was RMB34.0 million (US
Non-GAAP net income1 was RMB11.4 million (US
Net loss attributable to ordinary shareholders was RMB34.0 million (US
Non-GAAP net income attributable to ordinary shareholders1 was RMB11.3 million (US
Basic net loss per ordinary share was RMB0.17 (US
Diluted net loss per ordinary share was RMB0.17 (US
As of June 30, 2026, cash and cash equivalents, restricted cash and short-term investments were RMB853.4 million (US
_______________________________
1 Non-GAAP income from operations, non-GAAP net income, non-GAAP net income attributable to ordinary shareholders, non-GAAP operating margin and non-GAAP net income 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, August 20, 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/BI25d01e95418142d6be0cc75c8dbe6755
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, non-GAAP net income attributable to ordinary shareholders, non-GAAP operating margin and non-GAAP net income 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 represents net income (loss) excluding changes in fair value of long-term investments and share-based compensation expenses. Non-GAAP net income margin is equal to non-GAAP net income divided by revenues. Non-GAAP net income attributable to ordinary shareholders represents net income (loss) attributable to ordinary shareholders excluding changes in fair value of long-term investments and share-based compensation expenses.
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 RMB6.7851 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, | June 30, | |||||
| 2025 | 2026 | |||||
| RMB | RMB | USD | ||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 561,127 | 574,424 | 84,660 | |||
| Restricted cash | 91 | 130 | 19 | |||
| Short-term investments | 390,353 | 278,833 | 41,095 | |||
| Accounts receivable | 36,726 | 27,011 | 3,981 | |||
| Prepayments and other current assets | 45,665 | 36,267 | 5,344 | |||
| Total current assets | 1,033,962 | 916,665 | 135,099 | |||
| Non-current assets | ||||||
| Long-term investments | 224,404 | 185,637 | 27,360 | |||
| Property and equipment, net | 1,941 | 1,502 | 221 | |||
| Operating lease right-of-use assets | 25,087 | 21,651 | 3,191 | |||
| Other non-current assets | 3,062 | 3,094 | 456 | |||
| Total non-current assets | 254,494 | 211,884 | 31,228 | |||
| Total assets | 1,288,456 | 1,128,549 | 166,327 | |||
| LIABILITIES | ||||||
| Current liabilities | ||||||
| Accounts payable | 224,090 | 196,829 | 29,009 | |||
| Deferred revenue | 60,541 | 56,579 | 8,339 | |||
| Operating lease liabilities, current | 9,728 | 10,202 | 1,503 | |||
| Accrued expenses and other current liabilities | 145,791 | 117,005 | 17,244 | |||
| Total current liabilities | 440,150 | 380,615 | 56,095 | |||
| Non-current liabilities | ||||||
| Operating lease liabilities, non-current | 12,879 | 8,974 | 1,323 | |||
| Total non-current liabilities | 12,879 | 8,974 | 1,323 | |||
| Total liabilities | 453,029 | 389,589 | 57,418 | |||
| Redeemable noncontrolling interest | - | 5,065 | 746 | |||
| Shareholders’ equity | 835,427 | 733,895 | 108,163 | |||
| Total liabilities, redeemable noncontrolling interest and shareholders’ equity | 1,288,456 | 1,128,549 | 166,327 | |||
| BINGEX LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for number of shares and per share data) | ||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||||
| 2025 | 2026 | 2026 | 2025 | 2026 | 2026 | |||||||||||||
| RMB | RMB | USD | RMB | RMB | USD | |||||||||||||
| Revenues | 1,024,558 | 940,258 | 138,577 | 1,985,320 | 1,875,553 | 276,422 | ||||||||||||
| Cost of revenues | (901,866 | ) | (844,723 | ) | (124,497 | ) | (1,735,954 | ) | (1,674,186 | ) | (246,744 | ) | ||||||
| Gross Profit | 122,692 | 95,535 | 14,080 | 249,366 | 201,367 | 29,678 | ||||||||||||
| Operating expenses: | ||||||||||||||||||
| Selling and marketing expenses | (48,194 | ) | (36,637 | ) | (5,400 | ) | (97,528 | ) | (75,119 | ) | (11,071 | ) | ||||||
| General and administrative expenses | (35,952 | ) | (37,916 | ) | (5,588 | ) | (73,849 | ) | (77,802 | ) | (11,467 | ) | ||||||
| Research and development expenses | (19,234 | ) | (13,728 | ) | (2,023 | ) | (48,716 | ) | (30,199 | ) | (4,451 | ) | ||||||
| Total operating expenses | (103,380 | ) | (88,281 | ) | (13,011 | ) | (220,093 | ) | (183,120 | ) | (26,989 | ) | ||||||
| Income from operations | 19,312 | 7,254 | 1,069 | 29,273 | 18,247 | 2,689 | ||||||||||||
| Interest income | 3,179 | 2,936 | 433 | 7,470 | 5,965 | 879 | ||||||||||||
| Changes in fair value of long-term investments | 20,539 | (41,744 | ) | (6,152 | ) | (22,719 | ) | (62,557 | ) | (9,220 | ) | |||||||
| Investment income (loss) | 9,184 | (2,394 | ) | (353 | ) | 18,096 | (38,545 | ) | (5,681 | ) | ||||||||
| Other income | 1,281 | 118 | 17 | 11,141 | 483 | 71 | ||||||||||||
| Income (loss) before income taxes | 53,495 | (33,830 | ) | (4,986 | ) | 43,261 | (76,407 | ) | (11,262 | ) | ||||||||
| Income tax expense | - | (141 | ) | (21 | ) | (35 | ) | (164 | ) | (24 | ) | |||||||
| Net income (loss) | 53,495 | (33,971 | ) | (5,007 | ) | 43,226 | (76,571 | ) | (11,286 | ) | ||||||||
| Net income attributable to redeemable noncontrolling interests | - | 65 | 10 | - | 65 | 10 | ||||||||||||
| Net income (loss) attributable to ordinary shareholders | 53,495 | (34,036 | ) | (5,017 | ) | 43,226 | (76,636 | ) | (11,296 | ) | ||||||||
| Net earnings (loss) per ordinary share | ||||||||||||||||||
| – Basic | 0.26 | (0.17 | ) | (0.03 | ) | 0.21 | (0.38 | ) | (0.06 | ) | ||||||||
| – Diluted | 0.26 | (0.17 | ) | (0.03 | ) | 0.21 | (0.38 | ) | (0.06 | ) | ||||||||
| Weighted average number of shares outstanding used in computing net earnings (loss) per ordinary share | ||||||||||||||||||
| – Basic | 208,488,138 | 201,353,244 | 201,353,244 | 208,454,128 | 201,803,741 | 201,803,741 | ||||||||||||
| – Diluted | 209,438,670 | 201,353,244 | 201,353,244 | 209,979,209 | 201,803,741 | 201,803,741 | ||||||||||||
| BINGEX LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in thousands, except for number of shares and per share data) | ||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||||
| 2025 | 2026 | 2026 | 2025 | 2026 | 2026 | |||||||||||||
| RMB | RMB | USD | RMB | RMB | USD | |||||||||||||
| Income from operations | 19,312 | 7,254 | 1,069 | 29,273 | 18,247 | 2,689 | ||||||||||||
| Add: Share-based compensation expenses | 12,630 | 3,591 | 529 | 29,278 | 14,237 | 2,098 | ||||||||||||
| Non-GAAP income from operations | 31,942 | 10,845 | 1,598 | 58,551 | 32,484 | 4,787 | ||||||||||||
| Operating margin | 1.9% | 0.8% | 1.5% | 1.0% | ||||||||||||||
| Add: Share-based compensation expenses as a percentage of revenues | ||||||||||||||||||
| Non-GAAP operating margin | 3.1% | 1.2% | 3.0% | 1.8% | ||||||||||||||
| Net income (loss) | 53,495 | (33,971 | ) | (5,007 | ) | 43,226 | (76,571 | ) | (11,286 | ) | ||||||||
| Add: Changes in fair value of long-term investments | (20,539 | ) | 41,744 | 6,152 | 22,719 | 62,557 | 9,220 | |||||||||||
| Add: Share-based compensation expenses | 12,630 | 3,591 | 529 | 29,278 | 14,237 | 2,098 | ||||||||||||
| Non-GAAP net income | 45,586 | 11,364 | 1,674 | 95,223 | 223 | 32 | ||||||||||||
| Net income (loss) margin | 5.2% | - | 2.2% | - | ||||||||||||||
| 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 margin | 4.4% | 1.2% | 4.8% | 0.0% | ||||||||||||||
| Net income (loss) attributable to ordinary shareholders | 53,495 | (34,036 | ) | (5,017 | ) | 43,226 | (76,636 | ) | (11,296 | ) | ||||||||
| Add: Changes in fair value of long-term investments | (20,539 | ) | 41,744 | 6,152 | 22,719 | 62,557 | 9,220 | |||||||||||
| Add: Share-based compensation expenses | 12,630 | 3,591 | 529 | 29,278 | 14,237 | 2,098 | ||||||||||||
| Non-GAAP net income attributable to ordinary shareholders | 45,586 | 11,299 | 1,664 | 95,223 | 158 | 22 | ||||||||||||
