High Templar Tech Limited Reports Fourth Quarter and Full Year 2025 Unaudited Financial Results

Rhea-AI Summary

High Templar Tech (NYSE: HTT) reported unaudited results for Q4 and full year ended Dec 31, 2025. Q4 revenue was RMB3.2M and Q4 net loss was RMB163.1M (RMB1.03 per diluted ADS). FY2025 revenue fell 81.1% to RMB41.0M while FY net income was RMB708.6M (RMB4.25 per diluted ADS) driven by higher investment and derivative gains. Cash and equivalents totaled RMB5,532.4M with restricted cash RMB1,523.7M. The company continues transitioning away from last-mile delivery and executed share repurchases totaling ~182.3M ADSs through Mar 8, 2026.

Positive

• Net income of RMB708.6M for FY2025 driven by investment gains
• Cash and cash equivalents of RMB5,532.4M at year-end
• Share repurchases totaling 182.3M ADSs through Mar 8, 2026

Negative

• Total revenue down 81.1% YoY to RMB41.0M in 2025
• Q4 2025 net loss of RMB163.1M (RMB1.03 per diluted ADS)
• Loss from operations of RMB398.4M for FY2025

XIAMEN, China, March 11, 2026 /PRNewswire/ -- High Templar Tech Limited ("High Templar" or "the Company" or "We") (NYSE: HTT), an enabler of AI-driven technology company in China, today announced its unaudited financial results for the quarter and full year ended December 31, 2025.

Fourth quarter 2025 Financial Highlights:

• Total revenues were RMB3.2 million (US$0.5 million), compared to RMB52.2 million for the same period of last year
• Net loss attributable to the Company's shareholders was RMB163.1 million (US$23.3 million), compared to RMB66.4 million for the same period of last year; net loss per diluted ADS was RMB1.03 (US$0.15) for the fourth quarter of 2025

Full Year 2025 Financial Highlights:

• Total revenues were RMB41.0 million (US$5.9 million) for 2025, representing a decrease of 81.1% from 2024, primarily attributable to the decrease in sales income generated from last-mile delivery business
• Net income attributable to the Company's shareholders was RMB708.6 million (US$101.3 million), compared to RMB91.7 million in 2024; net income per diluted ADS was RMB4.25 (US$0.61) for 2025

We continued to execute our business transition while maintaining a healthy balance sheet by pursuing efficient cash management. Moving forward, we remain focused on navigating market dynamics and capitalizing on new business in order to build long-term value for our shareholders.

Fourth Quarter Financial Results

Sales income and others decreased by 93.9% to RMB3.2 million (US$0.5 million) from RMB52.2 million for the fourth quarter of 2024, which was primarily due to the winding down of our last-mile delivery business.

Total operating costs and expenses decreased by 31.8% to RMB111.6 million (US$16.0 million) from RMB163.7 million for the fourth quarter of 2024.

Cost of revenues decreased by 95.2% to RMB2.3 million (US$0.3 million) from RMB47.8 million for the fourth quarter of 2024, primarily due to the decrease in service cost as we wing down the last-mile delivery business.

General and administrative expenses decreased by 16.7% to RMB94.6 million (US$13.5 million) from RMB113.6 million for the fourth quarter of 2024, primarily due to the decrease in staff compensations.

Research and development expenses decreased by 20.3% to RMB10.2 million (US$1.5 million) from RMB12.8 million for the fourth quarter of 2024, as a result of the decrease in staff head count, which led to a corresponding decrease in staff salaries.

Loss from operations was RMB108.4 million (US$15.5 million), compared to RMB111.3 million for the fourth quarter of 2024, mainly due to the winding down of our last-mile delivery and decrease in staff compensations.

Interest and investment loss, net was RMB36.9 million (US$5.3 million), compared to an income of RMB8.0 million for the fourth quarter of 2024, mainly due to the decrease of income from investments in the fourth quarter of 2025.

Gain on derivative instrument was RMB37.3 million (US$5.3 million), compared to a loss of RMB32.6 million for the fourth quarter of 2024, mainly attributable to the increase in quoted price of the underlying equity securities relating to the derivative instruments we held.

Net loss attributable to the Company's shareholders was RMB163.1 million (US$23.3 million), compared to RMB66.4 million in the fourth quarter of 2024. Net loss per diluted ADS was RMB1.03 (US$0.15).

Full Year 2025 Financial Results

Sales income and others decreased by 81.1% to RMB41.0 million (US$5.9 million) from RMB216.4 million for the year of 2024, which was primarily due to the winding down of our last-mile delivery business.

Total operating costs and expenses decreased by 16.2% to RMB439.7 million (US$62.9 million) from RMB524.9 million for 2024.

Cost of revenues decreased by 81.1% to RMB38.0 million (US$5.4 million) from RMB201.0 million for 2024, primarily due to the decrease in service cost as we wind down the last-mile delivery business.

General and administrative expenses increased by 5.4% to RMB291.5 million (US$41.7 million) from RMB276.6 million for 2024, primarily due to the increase in depreciation and property tax expenses following the completion of the construction of the Company's headquarters and partially offset by the decrease in staff compensations.

Research and development expenses decreased by 21.9% to RMB45.7 million (US$6.5 million) from RMB58.5 million for 2024, primarily due to the decrease in staff head count, which led to a corresponding decrease in staff salaries.

Loss from operations was RMB398.4 million (US$57.0 million) compared to RMB308.1 million for 2024.

Interest and investment income, net increased by 160.6% to RMB990.4 million (US$141.6 million) from RMB380.1 million for 2024, primarily attributable to the increase of income from investments in the year of 2025.

Gain on derivative instrument was RMB188.7 million (US$27.0 million) from RMB19.5 million for 2024, mainly due to increase in quoted price of the underlying equity securities relating to the derivative instruments we held.

Net income attributable to the Company's shareholders was RMB708.6 million (US$101.3 million), compared to RMB91.7 million in 2024; net income per diluted ADS was RMB4.25 (US$0.61).

Cash Flow

As of December 31, 2025, the Company had cash and cash equivalents of RMB5,532.4 million (US$791.1 million) and restricted cash of RMB1,523.7 million (US$217.9 million). Restricted cash mainly represents security deposits held in designated bank accounts for the guarantee of short-term borrowings. Such restricted cash is not available to fund the general liquidity needs of the Company.

For the fourth quarter of 2025, net cash provided by operating activities was RMB50.0 million (US$7.1 million), mainly attributable to proceeds from interest and investment income. Net cash used in investing activities was RMB1,347.6 million (US$192.7 million), mainly due to payments of deposit pledged as collateral for derivative instrument. Net cash used in financing activities was RMB128.0 million (US$18.3 million), mainly due to the repurchase of ordinary shares.

For the full year of 2025, net cash provided by operating activities was RMB687.2 million (US$98.3 million), mainly attributable to proceeds from interest and investment income. Net cash provided by investing activities was RMB851.8 million (US$121.8 million), mainly attributable to proceeds from redemption of short-term investments and redemption of deposit pledged as collateral for derivative instrument. Net cash provided by financing activities was RMB555.5 million (US$79.4 million), mainly due to the proceeds from short-term borrowings and partially offset by the repurchase of ordinary shares.

Update on Share Repurchase

Our Board approved a share repurchase program in March 2024 to purchase up to US$300 million worth of Class A ordinary shares or ADSs in the next 36 months starting from June 13, 2024. From the launch of the share repurchase program on June 13, 2024 to March 8, 2026, the Company has in aggregate purchased 28.0 million ADSs in the open market for a total amount of approximately US$77.7 million (an average price of $2.8 per ADS) pursuant to the share repurchase program.

As of March 8, 2026, the Company had in aggregate purchased 182.3 million ADSs for a total amount of approximately US$771.9 million (an average price of $4.2 per ADS).

About High Templar Tech Limited

High Templar Tech Limited ("High Templar") is an enabler of AI-driven technology. High Templar is exploring innovative business opportunities globally to satisfy clients' demand by leveraging its technology know-how and financial service capabilities.

For more information, please visit https://ir.hightemplar.com/.

Use of Non-GAAP Financial Measures

We use Non-GAAP net income/loss attributable to the Company's shareholders, a Non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that Non-GAAP net income/loss attributable to the Company's shareholders helps identify underlying trends in our business by excluding the impact of share-based compensation expenses, which are non-cash charges. We believe that Non-GAAP net income/loss attributable to the Company's shareholders provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP net income/loss attributable to the Company's shareholders is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as an analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for net loss /income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP.

We mitigate these limitations by reconciling the Non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance.

For more information on this Non-GAAP financial measure, please see the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Statement Regarding Preliminary Unaudited Financial Information

The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the expectation of its collection efficiency and delinquency, contain forward-looking statements. High Templar may also make written or oral forward-looking statements in its periodic reports to 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 High Templar's beliefs 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: High Templar's goal and strategies; High Templar's expansion plans; High Templar's future business development, financial condition and results of operations; High Templar's expectations regarding demand for, and market acceptance of, its products; High Templar's expectations regarding keeping and strengthening its relationships with customers, business partners and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in High Templar's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and High Templar does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
High Templar Tech Limited
Tel: +86-592-596-8208
E-mail: ir@hightemplar.com 

 

High Templar Tech Limited
Unaudited Condensed Consolidated Statements of Operations
		Three months ended December 31,
(In thousands except for number		2024		2025
of shares and per-share data)				(Unaudited)		(Unaudited)
		RMB		RMB		US$
Revenues:
Sales income and others		52,236		3,162		452
Total revenues		52,236		3,162		452
Operating cost and expenses:
Cost of revenues		(47,826)		(2,300)		(329)
Sales and marketing		(2,586)		(256)		(37)
General and administrative		(113,560)		(94,636)		(13,533)
Research and development		(12,816)		(10,236)		(1,464)
Expected credit reversal/(loss) for receivables and other assets		13,346		(3,168)		(453)
Impairment loss from other assets		(229)		(1,020)		(146)
Total operating cost and expenses		(163,671)		(111,616)		(15,962)
Other operating income		157		12		2
Loss from operations		(111,278)		(108,442)		(15,508)
Interest and investment income/(loss), net		7,971		(36,916)		(5,279)
Loss from equity method investments		(2,102)		(17,831)		(2,550)
(Loss)/Gain on derivative instruments		(32,648)		37,250		5,327
Foreign exchange gain/(loss), net		29,524		(27,344)		(3,910)
Other income		51,216		(7)		(1)
Other expenses		2,604		(1,037)		(148)
Net loss before income taxes		(54,713)		(154,327)		(22,069)
Income tax expenses		(11,647)		(8,816)		(1,261)
Net loss		(66,360)		(163,143)		(23,330)
Net loss attributable to the Company's shareholders		(66,360)		(163,143)		(23,330)
Loss per share for Class A and Class B ordinary shares:
Basic		(0.38)		(1.03)		(0.15)
Diluted		(0.38)		(1.03)		(0.15)
Loss per ADS (1 Class A ordinary share equals 1 ADSs):
Basic		(0.38)		(1.03)		(0.15)
Diluted		(0.38)		(1.03)		(0.15)
Weighted average number of Class A and Class B ordinary shares outstanding:
Basic		172,381,467		157,946,200		157,946,200
Diluted		177,303,133		162,728,128		162,728,128
Other comprehensive gain/(loss):
Foreign currency translation adjustment		60,308		(29,021)		(4,150)
Total comprehensive loss		(6,052)		(192,164)		(27,480)
Total comprehensive loss attributable to the Company's shareholders		(6,052)		(192,164)		(27,480)

 

High Templar Tech Limited
Unaudited Condensed Consolidated Statements of Operations
		Year ended December 31,
(In thousands except for number		2024		2025
of shares and per-share data)				(Unaudited)		(Unaudited)
		RMB		RMB		US$
Revenues:
Sales income and others		216,428		40,964		5,858
Total revenues		216,428		40,964		5,858
Operating cost and expenses:
Cost of revenues		(201,023)		(38,045)		(5,440)
Sales and marketing		(5,868)		(8,064)		(1,153)
General and administrative		(276,565)		(291,504)		(41,685)
Research and development		(58,464)		(45,734)		(6,540)
Expected credit reversal/(loss) for receivables and other assets		18,616		(2,122)		(303)
Impairment loss from other assets		(1,570)		(54,276)		(7,761)
Total operating cost and expenses		(524,874)		(439,745)		(62,882)
Other operating income		298		377		54
Loss from operations		(308,148)		(398,404)		(56,970)
Interest and investment income, net		380,062		990,369		141,621
Loss from equity method investments		(4,049)		(18,937)		(2,708)
Gain on derivative instruments		19,457		188,711		26,985
Foreign exchange gain/(loss), net		20,658		(46,305)		(6,622)
Other income		61,352		26,020		3,721
Other expenses		(11,795)		(2,152)		(308)
Net income before income taxes		157,537		739,302		105,719
Income tax expenses		(65,806)		(30,675)		(4,386)
Net income		91,731		708,627		101,333
Net income attributable to the Company's shareholders		91,731		708,627		101,333
Earnings per share for Class A and Class B ordinary shares:
Basic		0.50		4.37		0.63
Diluted		0.49		4.25		0.61
Earnings per ADS (1 Class A ordinary share equals 1 ADSs):
Basic		0.50		4.37		0.63
Diluted		0.49		4.25		0.61
Weighted average number of Class A and Class B ordinary shares outstanding:
Basic		182,859,075		162,123,417		162,123,417
Diluted		187,780,699		166,905,308		166,905,308
Other comprehensive gain/(loss):
Foreign currency translation adjustment		37,882		(68,933)		(9,857)
Total comprehensive income		129,613		639,694		91,476
Total comprehensive income attributable to the Company's shareholders		129,613		639,694		91,476

 

 

High Templar Tech Limited
Unaudited Condensed Consolidated Balance Sheets
			As of December 31,		As of December 31,
(In thousands except for number			2024		2025
of shares and per-share data)					(Unaudited)	(Unaudited)
			RMB		RMB	US$
ASSETS:
Current assets:
Cash and cash equivalents			4,263,312		5,532,376	791,119
Restricted cash and cash equivalents			781,187		1,523,658	217,880
Time and structured deposit			2,009,019		1,885,243	269,586
Derivative instruments-asset			-		113,191	16,186
Short-term investments			1,118,547		879,225	125,727
Accounts receivables			34,275		5,351	765
Other current assets			1,933,182		1,420,231	203,090
Total current assets			10,139,522		11,359,275	1,624,353
Non-current assets:
Right-of-use assets			158,007		92,623	13,245
Investment in equity method investee			146,101		126,533	18,094
Long-term investments			78,987		72,769	10,406
Property and equipment, net			1,586,034		1,677,993	239,950
Intangible assets			2,207		1,586	227
Other non-current assets			353,369		282,132	40,345
Total non-current assets			2,324,705		2,253,636	322,267
TOTAL ASSETS			12,464,227		13,612,911	1,946,620

 

High Templar Tech Limited
Unaudited Condensed Consolidated Balance Sheets (Continued)
			As of December 31,		As of December 31,
(In thousands except for number			2024		2025
of shares and per-share data)					(Unaudited)	(Unaudited)
			RMB		RMB	US$
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings			720,000		1,576,000	225,365
Short-term lease liabilities			18,697		4,233	605
Derivative instruments-liability			89,895		52,012	7,438
Accrued expenses and other current liabilities			262,078		290,252	41,506
Income tax payable			33,423		58,156	8,316
Total current liabilities			1,124,093		1,980,653	283,230
Non-current liabilities:
Long-term lease liabilities			48,706		655	94
Total non-current liabilities			48,706		655	94
Total liabilities			1,172,799		1,981,308	283,324
Shareholders' equity:
Class A Ordinary shares			132		132	18
Class B Ordinary shares			44		44	6
Treasury shares			(1,419,286)		(1,716,516)	(245,459)
Additional paid-in capital			4,026,668		4,024,379	575,479
Accumulated other comprehensive profit/(loss)			13,752		(55,181)	(7,891)
Retained earnings			8,670,118		9,378,745	1,341,143
Total equity			11,291,428		11,631,603	1,663,296
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			12,464,227		13,612,911	1,946,620

 

High Templar Tech Limited
Unaudited Reconciliation of GAAP And Non-GAAP Results
			Three months ended December 31,
			2024		2025
(In thousands except for number					(Unaudited)		(Unaudited)
of shares and per-share data)			RMB		RMB		US$
Total net loss attributable to the Company's shareholders			(66,360)		(163,143)		(23,330)
Add: Share-based compensation expenses			2,150		-		-
Non-GAAP net loss attributable to the Company's shareholders			(64,210)		(163,143)		(23,330)
Non-GAAP net loss per share—basic			(0.37)		(1.03)		(0.15)
Non-GAAP net loss per share—diluted			(0.37)		(1.03)		(0.15)
Weighted average shares outstanding—basic			172,381,467		157,946,200		157,946,200
Weighted average shares outstanding—diluted			177,303,133		162,728,128		162,728,128

 

High Templar Tech Limited
Unaudited Reconciliation of GAAP And Non-GAAP Results
			Year ended December 31,
			2024		2025
(In thousands except for number					(Unaudited)		(Unaudited)
of shares and per-share data)			RMB		RMB		US$
Total net income attributable to the Company's shareholders			91,731		708,627		101,333
Add: Share-based compensation expenses			2,258		-		-
Non-GAAP net income attributable to the Company's shareholders			93,989		708,627		101,333
Non-GAAP net income per share—basic			0.51		4.37		0.63
Non-GAAP net income per share—diluted			0.50		4.25		0.61
Weighted average shares outstanding—basic			182,859,075		162,123,417		162,123,417
Weighted average shares outstanding—diluted			187,780,699		166,905,308		166,905,308

 

 

View original content:https://www.prnewswire.com/news-releases/high-templar-tech-limited-reports-fourth-quarter-and-full-year-2025-unaudited-financial-results-302710654.html

SOURCE High Templar Tech Limited

FAQ

Why did High Templar Tech (HTT) report an 81.1% revenue decline in FY2025?

The revenue decline was mainly due to winding down the last-mile delivery business, reducing sales income significantly. According to the company, sales income fell to RMB41.0M in 2025 from RMB216.4M in 2024, reflecting the business transition away from last-mile services.

How did High Templar Tech (HTT) record net income of RMB708.6M in 2025 despite lower revenues?

The FY2025 net income was driven by large investment and derivative gains rather than operating sales. According to the company, interest and investment income and gains on derivative instruments materially increased, producing net income of RMB708.6M.

What were High Templar Tech's (HTT) cash and restricted cash positions as of Dec 31, 2025?

As of Dec 31, 2025, cash and cash equivalents were RMB5,532.4M and restricted cash was RMB1,523.7M. According to the company, restricted cash mainly represents security deposits not available for general liquidity needs.

How much has High Templar Tech (HTT) spent on its share repurchase program through Mar 8, 2026?

Through Mar 8, 2026, the company purchased 182.3M ADSs for approximately US$771.9M in aggregate. According to the company, the repurchases are part of a program authorized to buy up to US$300M starting June 13, 2024, and continued thereafter.

What drove the Q4 2025 net loss of RMB163.1M at High Templar Tech (HTT)?

Q4 net loss reflected low sales and operating costs tied to winding down last-mile delivery and reduced investment income. According to the company, Q4 revenue fell to RMB3.2M and interest and investment loss, net was RMB36.9M.

What is High Templar Tech's (HTT) outlook or strategic focus after the 2025 results?

The company said it will continue its business transition and focus on efficient cash management and new business opportunities to build long-term shareholder value. According to the company, management remains focused on navigating market dynamics post-transition.