PINTEC ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST HALF OF 2025
Rhea-AI Summary
Pintec Technology Holdings (NASDAQ:PT) reported its unaudited financial results for H1 2025, showing mixed performance. Total revenues increased by 2.71% to RMB15.33 million (US$2.14 million), while net loss decreased significantly by 43.26% to RMB4.73 million (US$0.66 million) compared to H1 2024.
Key operational metrics showed some challenges, with total loans facilitated decreasing by 13% to RMB40.17 million and loan outstanding balance declining by 19.11% to RMB53.13 million. The company faces substantial going concern issues, reporting a negative working capital of RMB403.79 million and an accumulated deficit of RMB2,533.38 million.
In a significant development, Pintec acquired a 25% equity stake in ZIITECH through a share transfer agreement, issuing 83,726,789 Class A ordinary shares in exchange. The company also secured a US$40 million credit facility with 7% annual interest to address capital needs.
Positive
- Net loss decreased significantly by 43.26% to RMB4.73 million
- Gross profit increased by 4.88% to RMB9.34 million with improved margin of 60.92%
- Cash and cash equivalents increased to RMB38.90 million from RMB31.95 million
- Secured US$40 million credit facility to support operations
- Acquired 25% stake in ZIITECH with controlling board representation
Negative
- Substantial going concern issues with RMB403.79 million negative working capital
- Massive accumulated deficit of RMB2,533.38 million raises sustainability concerns
- Total loans facilitated decreased by 13% to RMB40.17 million
- Loan outstanding balance declined by 19.11% to RMB53.13 million
- Recurring operational losses since 2019 with uncertain path to profitability
News Market Reaction – PT
On the day this news was published, PT gained 5.87%, reflecting a notable positive market reaction. Argus tracked a peak move of +11.0% during that session. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $902K to the company's valuation, bringing the market cap to $16M at that time.
Data tracked by StockTitan Argus on the day of publication.
First Half 2025 Financial Highlights
- Total revenues increased by
2.71% orRMB0.40 million toRMB15.33 million (US ) for the first half of 2025 compared to total revenues of$2.14 million RMB14.92 million for the same period of 2024. - Gross profit increased by
4.88% toRMB9.34 million (US ) for the first half of 2025 from$1.30 million RMB8.90 million for the same period of 2024. Gross margin was60.92% for the first half of 2025 compared to59.66% for the same period of 2024. - Loss from operations decreased by
5.17% toRMB7.21 million (US ) for the first half of 2025 from$1.01 million RMB7.61 million for the same period of 2024. - Net loss decreased by
43.26% toRMB4.73 million (US ) for the first half of 2025 compared to net loss of$0.66 million RMB8.34 million for the same period of 2024.
First Half 2025 Operating Highlights
- Total loans facilitated decreased by
13.00% toRMB40.17 million (US ) for the first half of 2025 from$5.61 million RMB46.17 million for the same period of 2024. - Loan outstanding balance decreased by
19.11% toRMB53.13 million (US ) as of June 30, 2025 from$7.42 million RMB65.68 million as of December 31, 2024. - The following table provides delinquency rates by balance for all loans facilitated by the Company as of the dates indicated:
Delinquent for | ||||||||||||
16-30 days | 31-60 days | 61-90 days | ||||||||||
December 31, 2022 | 0.23 | % | 0.58 | % | 0.18 | % | ||||||
December 31, 2023 | 0.26 | % | 0.22 | % | 0.27 | % | ||||||
December 31, 2024 | 0.04 | % | 0.58 | % | 1.39 | % | ||||||
June 30, 2025 | 0.31 | % | 0.42 | % | 1.28 | % | ||||||
Mr. Zexiong Huang, Chief Executive Officer of Pintec, commented, "In the first half 2025, Pintec navigated a complex and challenging environment. Despite headwinds from evolving industry policies, regulatory adjustments, and a slowing global economy, we succeeded in identifying and capturing new opportunities—especially in our international business."
"We have maintained an unwavering focus on boosting operational efficiency, strengthening risk management, and streamlining costs. These efforts have solidified our financial position and allowed us to respond rapidly to shifting market conditions. International expansion is a case in point: leveraging our technological edge and unique value proposition, we are preparing to enter multiple new global markets with deep engagement. These initiates show significant potential and are expected to contribute meaningfully to growth in the coming quarters."
"Although global economic recovery remains sluggish and market risks fluctuate, our prudent risk management continues to be a cornerstone of stability—critical to sustainable development. We believe that maintaining robust financial performance, underpinned by high-quality assets, is key to seizing long-term global growth opportunities."
"Looking ahead, we will double down on our core strategy. In this uncertain macroenvironment, financial stability and risk management remain top priorities. We will pursue sustainable growth by delivering innovative financial digitization solutions to partners, financial institutions, and end customers, with quality-led development guiding all efforts. To this end, we will enhance comprehensive risk management, expand our customer base, strengthen strategic partnerships, optimize operations, and implement cost-effective measures. We are confident that these actions will fuel stronger performance going forward." Mr. Huang concluded.
First Half 2025 Financial Results
Revenues
Total revenues increased by
Cost of Revenues
Cost of revenues decreased by
Gross Profit
Gross profit increased to
Operating Expenses
Total operating expenses increased by
- Sales and marketing expenses for the first half of 2025 decreased by
4.54% toRMB8.15 million (US ) from$1.14 million RMB8.54 million for the same period of 2024. This decrease was primarily due to the decrease in marketing consulting expenditures. - General and administrative expenses for the first half of 2025 increased by
5.68% toRMB6.03 million (US ) from$0.84 million RMB5.71 million for the same period of 2024. This increase was primarily due to the increase in professional service fees. - Research and development expenses for the first half of 2025 increased by
4.64% toRMB2.37 million (US ) from$0.33 million RMB2.26 million for the same period of 2024. The slight increase was primarily due to the increase in salary and welfare for research and development department.
Loss from operations
Loss from operations decreased by
Income tax (expense)/benefit
The Company recorded income tax benefit of
Net loss
As a result of the foregoing, net loss was
Net loss attributable to ordinary shareholders was
Adjusted net loss was
Net Loss Per Share
Basic and diluted net loss per ordinary share for the first half of 2025 were both
Adjusted basic and diluted net loss per ordinary share for the first half of 2025 were both
Balance Sheet
The Company has an aggregate of cash and cash equivalents and long-term restricted cash of
Going Concern
The Company acknowledged that there were recurring losses from operation since 2019. For the six months ended June 30, 2025, the Company reported a net loss of
Due to the uncertainty of future capital markets and the industry in which we operate, there is no assurance that the Company will achieve its budget goals, that future capital raising will be sufficient to support the Company's ongoing operations, or that any additional financing will be available in a timely manner or on acceptable terms, if at all. Failure to raise sufficient financing or the occurrence of events or circumstances that prevent the Company from meeting its budget goals, could have a material adverse effect on the Company's financial position, results of operations, cash flows, and ability to achieve its intended business objectives. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The condensed consolidated financial statements have been prepared on a going concern basis, which assumes the realization of assets and the satisfaction of liabilities in the normal course of business. Such realization and satisfaction are dependent, among other things, on the Company's ability to operate profitably, generate cash flows from operations, and secure financing arrangements to support its working capital requirements.
Related party transaction
A shareholder who also serves as a board member of the Company transferred its equity interests in Jimu Group to a third party and resigned from its key position at Jimu Group. In January 2025, the Company noted and verified this change and further assessed whether any other directors and key management personnel of the Company were related parties of Jimu Group, noting none. Accordingly, the Company concluded that Jimu Group ceased to be a related party of the Company as of January 1, 2025.
Subsequent event
On September 3, 2025, the Company entered into a share transfer agreement with ZIITECH PTY LTD ("ZIITECH") and certain shareholders of ZIITECH ("Transferors"). Under the share transfer agreement, the Transferors agreed to transfer an aggregate of 715,521 ordinary shares of ZIITECH, representing approximately
Use of Non-GAAP Financial Measures
In evaluating its business, the Company considers and uses adjusted net income/loss as a supplemental measure to review and assess its operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with
The Company believes that this non-GAAP financial measure can help management evaluate the Company's operating performance and formulate business plans. Adjusted net income/loss enables management to assess operating results without considering the impact of share-based compensation expenses and income tax benefit recognized due to reversal of uncertain tax position. The Company also believes that this non-GAAP financial measure provides useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by management in their financial and operational decision-making.
This non-GAAP financial measure is not defined under
The Company compensates for these limitations by reconciling this non-GAAP financial measure to the most directly comparable
Exchange Rate
This announcement contains translations of certain RMB amounts into
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the
About Pintec
Pintec is a Nasdaq-listed company providing technology enabled financial and digital services to micro, small and medium enterprises in
Pintec Technology Holdings Ltd. Unaudited Condensed Consolidated Balance Sheets (In thousands, except for share and per share data) | ||||||||||||
As of | As of June 30, | |||||||||||
2024 | 2025 | 2025 | ||||||||||
RMB | RMB | US$ | ||||||||||
ASSETS | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | 26,951 | 33,901 | 4,732 | |||||||||
Short-term financing receivables, net | 62,476 | 51,183 | 7,144 | |||||||||
Accounts receivable, net | 3,442 | 1,876 | 262 | |||||||||
Prepayments and other current assets, net | 1,609 | 1,764 | 247 | |||||||||
Total current assets | 94,478 | 88,724 | 12,385 | |||||||||
Non-current assets: | ||||||||||||
Non-current restricted cash | 5,000 | 5,000 | 698 | |||||||||
Long-term financing receivables, net | 1,625 | 1,116 | 156 | |||||||||
Right-of-use assets, net | 1,790 | 970 | 135 | |||||||||
Other non-current assets | 547 | 547 | 76 | |||||||||
Total non-current assets | 8,962 | 7,633 | 1,065 | |||||||||
TOTAL ASSETS | 103,440 | 96,357 | 13,450 | |||||||||
LIABILITIES | ||||||||||||
Current liabilities: | ||||||||||||
Accounts payable | 4,094 | 2,452 | 342 | |||||||||
Amounts due to related parties, current | 302,893 | - | - | |||||||||
Tax payable | 18,924 | 16,866 | 2,354 | |||||||||
Accrued expenses and other liabilities | 163,861 | 468,752 | 65,436 | |||||||||
Short-term borrowings | 1,825 | 2,865 | 400 | |||||||||
Lease liabilities, current | 1,658 | 1,577 | 220 | |||||||||
Total current liabilities | 493,255 | 492,512 | 68,752 | |||||||||
Non-current liabilities: | ||||||||||||
Other non-current liabilities | 4,106 | 3,546 | 495 | |||||||||
Lease liabilities, non-current | 1,198 | 454 | 63 | |||||||||
Total non-current liabilities | 5,304 | 4,000 | 558 | |||||||||
TOTAL LIABILITIES | 498,559 | 496,512 | 69,310 | |||||||||
DEFICIT | ||||||||||||
Class A Ordinary Shares ( | 454 | 454 | 63 | |||||||||
Class B Ordinary Shares ( | 42 | 42 | 6 | |||||||||
Additional paid-in capital | 2,036,473 | 2,036,473 | 284,281 | |||||||||
Statutory reserves | 9,288 | 9,516 | 1,328 | |||||||||
Accumulated other comprehensive income | 73,143 | 72,841 | 10,168 | |||||||||
Accumulated deficit | (2,528,273) | (2,533,377) | (353,646) | |||||||||
Total shareholders' deficit | (408,873) | (414,051) | (57,800) | |||||||||
Non-controlling interests | 13,754 | 13,896 | 1,940 | |||||||||
TOTAL DEFICIT | (395,119) | (400,155) | (55,860) | |||||||||
TOTAL LIABILITIES AND DEFICIT | 103,440 | 96,357 | 13,450 | |||||||||
Pintec Technology Holdings Ltd. Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except for share and per share data) | ||||||||||||
For the six months ended June 30, | ||||||||||||
2024 | 2025 | 2025 | ||||||||||
RMB | RMB | US$ | ||||||||||
Revenues: | ||||||||||||
Technical service fees | 2,658 | 3,035 | 424 | |||||||||
Installment service fees | 6,493 | 6,591 | 920 | |||||||||
Wealth management service fees and others | 5,771 | 5,700 | 795 | |||||||||
Total revenues | 14,922 | 15,326 | 2,139 | |||||||||
Cost of revenues: | ||||||||||||
Provision of credit losses | (1,730) | (2,111) | (295) | |||||||||
Origination and servicing cost | (5,055) | (3,879) | (542) | |||||||||
Recovery of guarantee | 765 | - | - | |||||||||
Cost of revenues | (6,020) | (5,990) | (837) | |||||||||
Gross profit | 8,902 | 9,336 | 1,302 | |||||||||
Operating expenses: | ||||||||||||
Sales and marketing expenses | (8,537) | (8,149) | (1,138) | |||||||||
General and administrative expenses | (5,708) | (6,032) | (842) | |||||||||
Research and development expenses | (2,264) | (2,369) | (331) | |||||||||
Total operating expenses | (16,509) | (16,550) | (2,311) | |||||||||
Loss from operations | (7,607) | (7,214) | (1,009) | |||||||||
Financial income, net | 132 | 139 | 19 | |||||||||
Other (expenses)/income, net | (409) | 526 | 73 | |||||||||
Loss before income tax (expense)/benefit | (7,884) | (6,549) | (917) | |||||||||
Income tax (expense)/benefit | (459) | 1,815 | 253 | |||||||||
Net loss | (8,343) | (4,734) | (664) | |||||||||
Less: net income attributable to non-controlling interests | 86 | 142 | 20 | |||||||||
Net loss attributable to Pintec Technology Holdings Limited | (8,429) | (4,876) | (684) | |||||||||
Other comprehensive loss: | ||||||||||||
Foreign currency translation adjustments, net of nil tax | (224) | (302) | (42) | |||||||||
Total other comprehensive loss | (224) | (302) | (42) | |||||||||
Total comprehensive loss | (8,567) | (5,036) | (706) | |||||||||
Total comprehensive income attributable to non-controlling interests | 86 | 142 | 20 | |||||||||
Total comprehensive loss attributable to Pintec Technology | (8,653) | (5,178) | (726) | |||||||||
Net loss per ordinary share | ||||||||||||
Basic | (0.02) | (0.01) | (0.00) | |||||||||
Diluted | (0.02) | (0.01) | (0.00) | |||||||||
Weighted average ordinary shares outstanding | ||||||||||||
Basic | 554,687,200 | 554,687,175 | 554,687,175 | |||||||||
Diluted | 554,687,200 | 554,687,175 | 554,687,175 | |||||||||
Pintec Technology Holdings Ltd. Unaudited Reconciliations of GAAP and Non-GAAP Results (In thousands, except for share and per share data) | ||||||||||||
For the six months ended June 30, | ||||||||||||
2024 | 2025 | 2025 | ||||||||||
RMB | RMB | US$ | ||||||||||
Net loss | (8,343) | (4,734) | (664) | |||||||||
Add: Share-based compensation expenses | - | - | - | |||||||||
Less: Income tax benefit recognized due to reversal of uncertain tax | - | 2,102 | 293 | |||||||||
Adjusted net loss | (8,343) | (6,836) | (957) | |||||||||
Less: Adjusted net income attributable to non-controlling interests | 86 | 142 | 20 | |||||||||
Adjusted net loss attributable to Pintec Technology Holdings Limited | (8,429) | (6,978) | (977) | |||||||||
Adjusted net loss per ordinary share | ||||||||||||
Basic and diluted | (0.02) | (0.01) | (0.00) | |||||||||
Weighted average number of ordinary shares outstanding | ||||||||||||
Basic and diluted | 554,687,200 | 554,687,175 | 554,687,175 | |||||||||
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SOURCE Pintec Technology Holdings Limited
FAQ
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