Uxin Reports Unaudited Financial Results for the Quarter Ended March 31, 2026
Rhea-AI Summary
Uxin (Nasdaq: UXIN) reported unaudited results for the quarter ended March 31, 2026. Retail transaction volume was 16,530 units, up 119.1% year over year, while total revenues rose 112.9% to RMB1,073.7 million. Gross margin was 7.0%. Net loss reached RMB91.6 million and non-GAAP adjusted EBITDA loss was RMB34.3 million. Current liabilities exceeded current assets by about RMB156.1 million, with cash of RMB47.4 million. Uxin expects Q2 2026 retail volume of 18,000–19,000 units and revenues of RMB1,050–1,100 million. The company also announced a Hebei partnership and a new Chongqing superstore project.
Positive
- Total revenue RMB1,073.7 million, up 112.9% year over year
- Retail vehicle sales revenue RMB1,015.0 million, up 118.0% year over year
- Retail transaction volume 16,530 units, up 119.1% year over year
- Gross margin 7.0%, up 0.2 percentage points quarter over quarter
- Guides Q2 2026 revenue to RMB1,050–1,100 million
- Equity partnership with Hebei Chengying to establish new subsidiary
- Chongqing superstore project with >5,000-vehicle capacity announced
Negative
- Total revenue down 10.4% quarter over quarter to RMB1,073.7 million
- Loss from operations widened to RMB66.6 million from RMB58.7 million QoQ
- Net loss increased to RMB91.6 million from RMB82.8 million QoQ
- Non-GAAP adjusted EBITDA loss widened to RMB34.3 million from RMB27.2 million QoQ
- Current liabilities exceed current assets by approximately RMB156.1 million
- Cash balance only RMB47.4 million as of March 31, 2026
- Accumulated deficit reached RMB20.0 billion
News Market Reaction – UXIN
In the Jun 16 session, UXIN declined 10.38%, reflecting a significant negative market reaction. Argus tracked a trough of -15.3% from its starting point during tracking. Our momentum scanner triggered 18 alerts that day, indicating notable 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 |
|---|---|---|---|---|
| Apr 10 | Q4 2025 & FY results | Positive | -1.3% | Strong Q4 and full-year 2025 growth with expanding superstore network. |
| Dec 18 | Q3 2025 results | Positive | +10.9% | High double-digit growth, margin improvement and new financing agreement. |
| Sep 29 | Q2 2025 results | Positive | -0.8% | Strong Q2 2025 volume and revenue growth, led by Wuhan superstore. |
| Jun 12 | Q1 2025 results | Negative | -8.5% | Mixed Q1 2025 results with liquidity pressures despite strong YoY growth. |
| Apr 30 | Q4 2024 & FY results | Positive | +9.1% | Robust Q4 and 2024 growth with first positive adjusted EBITDA quarter. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have often produced modest moves, with both rallies and selloffs despite generally strong volume and revenue growth trends.
Recent earnings for Uxin show rapid growth in retail transaction volume and revenues alongside persistent losses and tight liquidity. Prior reports on Dec 18, 2025 and Apr 10, 2026 highlighted expanding superstores, gross margin around 7–7.5%, and narrowed but ongoing adjusted EBITDA losses. Liquidity strains, including current liabilities exceeding current assets and large accumulated deficits, have been recurring. Today’s Q1 2026 results continue this pattern of strong year-over-year growth and continued operating and net losses, plus very limited cash.
Key Terms
non-gaap financial
adjusted ebitda financial
net promoter score technical
current liabilities financial
registered capital regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Highlights for the Quarter Ended March 31, 2026
- Transaction volume was 18,211 units for the three months ended March 31, 2026, representing a decrease of
15.8% from 21,634 units in the last quarter and an increase of120.4% from 8,264 units in the same period last year. - Retail transaction volume was 16,530 units, representing a decrease of
13.7% from 19,160 units in the last quarter and an increase of119.1% from 7,545 units in the same period last year. - Total revenues were
RMB1,073.7 million (US ) for the three months ended March 31, 2026, representing a decrease of$155.6 million 10.4% fromRMB1,197.9 million in the last quarter and an increase of112.9% fromRMB504.2 million in the same period last year. - Gross margin was
7.0% for the three months ended March 31, 2026, compared with6.8% in the last quarter and7.0% in the same period last year. - Loss from operations was
RMB66.6 million (US ) for the three months ended March 31, 2026, compared with$9.7 million RMB58 .7 million in the last quarter andRMB35.3 million in the same period last year. - Non-GAAP adjusted EBITDA[1] was a loss of
RMB34.3 million (US ), compared with a loss of$5.0 million RMB27.2 million in the last quarter and a loss ofRMB8.9 million in the same period last year.
[1] This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, furnished as Exhibit 99.1 to our Current Report on Form 6-K on June 16, 2026 with the SEC, "Unaudited Reconciliations of GAAP And Non-GAAP Results" for a reconciliation and additional information on non-GAAP measures. |
Mr. Kun Dai, Founder, Chairman and Chief Executive Officer of Uxin, commented, "In the first quarter of 2026, despite the seasonal impact of the Chinese New Year holiday, our retail transaction volume still reached 16,530 units, up
Mr. Dai continued, "In March, our Tianjin Superstore commenced operations, bringing the number of superstores in operation to six. With the continued ramp-up of our existing superstores and the planned opening of additional superstores, we remain confident in achieving retail transaction volume growth of more than
Mr. Feng Lin, Chief Financial Officer of Uxin, stated, "In the first quarter of 2026, retail transaction volume and revenue experienced a normal sequential decline due to the Chinese New Year holiday season, while our overall business achieved a strong year-over-year growth. Total revenue reached
Financial Results for the Quarter Ended March 31, 2026
Total revenues were
Retail vehicle sales revenue was
Wholesale vehicle sales revenue was
Other revenue was
Cost of revenues was
Gross margin was
Total operating expenses were
- Sales and marketing expenses were
RMB115.8 million (US ) for the three months ended March 31, 2026, representing a decrease of$16.8 million 5.3% fromRMB122.3 million in the last quarter and an increase of87.6% fromRMB61.7 million in the same period last year. The quarter-over-quarter decrease was mainly due to the decreased salaries for the sales teams. The year-over-year increase was mainly due to the increased employee compensation for the sales teams as a result of the increase in headcount. - General and administrative expenses were
RMB23.4 million (US ) for the three months ended March 31, 2026, representing an increase of$3.4 million 2.7% fromRMB22.8 million in the last quarter and an increase of27.5% fromRMB18.3 million in the same period last year. The year-over-year increase was mainly due to the increased employee compensation as a result of the increase in superstores. - Research and development expenses were
RMB2.9 million (US ) for the three months ended March 31, 2026, representing a decrease of$0.4 million 12.2% fromRMB3.3 million in the last quarter and an increase of1.0% fromRMB2.9 million in the same period last year. The quarter-over-quarter decrease was mainly due to the impact of share-based compensation expenses.
Other operating income, net was
Loss from operations was
Interest expenses were
Net loss from operations was net loss of
Non-GAAP adjusted EBITDA was a loss of
Liquidity
The Company has incurred net losses since inception. For the quarter ended March 31, 2026, the Company incurred net loss of
Recent Development
Strategic Partnership with Shijiazhuang State-Owned Enterprise
The Company has entered into an equity investment agreement with Hebei Chengying Investment Promotion Operation Co., Ltd. ("Hebei Chengying") to establish a subsidiary of the Company. Pursuant to the equity agreement, Uxin (
Chongqing Used Car Superstore Project
On May 21, 2026, Uxin announced the launch of a new used car superstore project in
Business Outlook
For the three months ended June 30, 2026, the Company expects its retail transaction volume to range between 18,000 units and 19,000 units. The Company estimates that its total revenues including retail vehicle sales revenue, wholesale vehicle sales revenue and other revenue to range between RMB1,050 million and RMB1,100 million. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to changes.
Conference Call
Uxin's management team will host a conference call Tuesday, June 16, 2026, at 8:00 A.M.
Conference Call Preregistration：https://dpregister.com/sreg/10209737/1042ec49cec
A telephone replay of the call will be available after the conclusion of the conference call until June 23, 2026. The dial-in details for the replay are as follows:
+1 855 669 9658 | |
International: | +1 412 317 0088 |
Replay PIN: | 3285335 |
A live webcast and archive of the conference call will be available on the Investor Relations section of Uxin's website at http://ir.xin.com.
About Uxin
Uxin is China's leading used car retailer, pioneering industry transformation with advanced production, new retail experiences, and digital empowerment. We offer high-quality and value-for-money vehicles as well as superior after-sales services through a reliable, one-stop, and hassle-free transaction experience. Under our omni-channel strategy, we are able to leverage our pioneering online platform to serve customers nationwide and establish market leadership in selected regions through offline superstores with inventory capacities ranging from 2,000 to 8,000 vehicles. Leveraging our extensive industry data and continuous technology innovation throughout more than ten years of operation, we have established strong used car management and operation capabilities. We are committed to upholding our customer-centric approach and driving the healthy development of China's used car industry.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses certain non-GAAP measures, including Adjusted EBITDA and adjusted net loss from operations per share – basic and diluted, as supplemental measures to review and assess its operating performance. The presentation of the 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 U.S. GAAP. The Company defines Adjusted EBITDA as EBITDA excluding share-based compensation, foreign exchange (losses)/gain, other income/(expenses), structure realignment cost which was mainly severance cost and equity in income of affiliates. The Company defines adjusted net loss attributable to ordinary shareholders per share – basic and diluted as net loss attributable to ordinary shareholders per share excluding impact of share-based compensation, deemed dividend to preferred shareholders due to triggering of a down round feature and accretion on redeemable non-controlling interests. The Company presents the non-GAAP financial measures because they are used by the management to evaluate the operating performance and formulate business plans. The Company also believes that the use of the non-GAAP measures facilitate investors' assessment of its operating performance as this measure excludes certain finance or non-cash items that the Company does not believe directly reflect its core operations. The Company believe that excluding these items enables us to evaluate our performance period-over-period more effectively and relative to our competitors.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using Adjusted EBITDA is that it does not reflect all items of income and expenses that affect the Company's operations. Share-based compensation, other income/(expenses) and foreign exchange (losses)/gain have been and may continue to be incurred in the business. Further, the non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.
Reconciliations of Uxin's non-GAAP financial measures to the most comparable U.S. GAAP measure are included 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, except for those transaction amounts that were actually settled in U.S. dollars. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.8980 to US
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 business outlook and quotations from management in this announcement, as well as Uxin's strategic and operational plans, contain forward-looking statements. Uxin 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 Uxin'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: Uxin's goal and strategies; its expansion plans; its future business development, financial condition and results of operations; Uxin's expectations regarding demand for, and market acceptance of, its products and services; its ability to provide differentiated and superior customer experience, maintain and enhance customer trust in its platform, and assess and mitigate various risks, including credit; its expectations regarding maintaining and expanding its relationships with business partners, including financing partners; trends and competition in China's used car e-commerce industry and other related industries; the laws and regulations relating to Uxin's industry; the 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 Uxin'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 Uxin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media enquiries, please contact:
Uxin Limited Investor Relations
Uxin Limited
Email: ir@xin.com
The Blueshirt Group
Mr. Jack Wang
Phone: +86 166-0115-0429
Email: Jack@blueshirtgroup.co
Uxin Limited | ||||||
Unaudited Consolidated Statements of Comprehensive Loss | ||||||
(In thousands except for number of shares and per share data) | ||||||
For the three months ended March 31, | ||||||
2025 | 2026 | |||||
RMB | RMB | US$ | ||||
Revenues | ||||||
Retail vehicle sales | 465,518 | 1,014,958 | 147,138 | |||
Wholesale vehicle sales Others | 22,547 16,164 | 27,885 30,811 | 4,042 4,467 | |||
Total revenues | 504,229 | 1,073,654 | 155,647 | |||
Cost of revenues | (468,888) | (998,609) | (144,768) | |||
Gross profit | 35,341 | 75,045 | 10,879 | |||
Operating expenses | ||||||
Sales and marketing | (61,703) | (115,784) | (16,785) | |||
General and administrative | (18,334) | (23,383) | (3,390) | |||
Research and development | (2,899) | (2,928) | (424) | |||
Reversal of credit losses, net | 395 | - | - | |||
Total operating expenses | (82,541) | (142,095) | (20,599) | |||
Other operating income, net | 11,948 | 456 | 66 | |||
Loss from operations | (35,252) | (66,594) | (9,654) | |||
Interest income | 7 | 11 | 2 | |||
Interest expenses | (22,542) | (23,923) | (3,468) | |||
Other income | 6,285 | 457 | 66 | |||
Other expenses | (655) | (1,288) | (187) | |||
Foreign exchange gains/(losses) | 776 | (280) | (41) | |||
Loss before income tax expense | (51,381) | (91,617) | (13,282) | |||
Income tax expense | - | - | - | |||
Equity in loss of affiliates, net of tax | - | - | - | |||
Net loss, net of tax | (51,381) | (91,617) | (13,282) | |||
Add: net profit attribute to redeemable non- | (1,690) | (6,409) | (929) | |||
Net loss attributable to UXIN LIMITED | (53,071) | (98,026) | (14,211) | |||
Deemed dividend to preferred shareholders due to | - | - | - | |||
Net loss attributable to ordinary shareholders | (53,071) | (98,026) | (14,211) | |||
Net loss | (51,381) | (91,617) | (13,282) | |||
Foreign currency translation, net of tax nil | 75 | 597 | 87 | |||
Total comprehensive loss | (51,306) | (91,020) | (13,195) | |||
Add: net profit attribute to redeemable non- | (1,690) | (6,409) | (929) | |||
Total comprehensive loss attributable to UXIN | (52,996) | (97,429) | (14,124) | |||
Net loss attributable to ordinary shareholders | (53,071) | (98,026) | (14,211) | |||
Weighted average shares outstanding - basic | 58,275,586,722 | 66,443,917,277 | 66,443,917,277 | |||
Weighted average shares outstanding - diluted | 58,275,586,722 | 66,443,917,277 | 66,443,917,277 | |||
Net loss per share for ordinary shareholders, basic | (0.00) | (0.00) | (0.00) | |||
Net loss per share for ordinary shareholders, diluted | (0.00) | (0.00) | (0.00) | |||
Uxin Limited | ||||||
Unaudited Consolidated Balance Sheets | ||||||
(In thousands except for number of shares and per share data) | ||||||
As of December 31, | As of March 31, | |||||
2025 | 2026 | |||||
RMB | RMB | US$ | ||||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | 83,006 | 47,359 | 6,866 | |||
Restricted cash | 71 | 71 | 10 | |||
Accounts receivable, net | 4,613 | 3,326 | 482 | |||
Other receivables, net of provision for credit | 23,186 | 24,882 | 3,607 | |||
Inventory, net | 545,554 | 422,137 | 61,197 | |||
Prepaid expenses and other current assets | 87,466 | 91,450 | 13,257 | |||
Total current assets | 743,896 | 589,225 | 85,419 | |||
Non-current assets | ||||||
Property, equipment and software, net | 85,447 | 86,119 | 12,485 | |||
Finance lease right-of-use assets, net | 1,319,087 | 1,312,177 | 190,226 | |||
Operating lease right-of-use assets, net | 270,325 | 240,899 | 34,923 | |||
Total non-current assets | 1,674,859 | 1,639,195 | 237,634 | |||
Total assets | 2,418,755 | 2,228,420 | 323,053 | |||
LIABILITIES, MEZZANINE EQUITY AND | ||||||
Current liabilities | ||||||
Accounts payable | 65,009 | 60,479 | 8,768 | |||
Other payables and other current liabilities | 291,338 | 275,943 | 40,002 | |||
Current portion of operating lease liabilities | 35,842 | 33,323 | 4,831 | |||
Current portion of finance lease liabilities | 187,541 | 60,755 | 8,808 | |||
Short-term borrowings from third parties | 397,161 | 314,831 | 45,641 | |||
Total current liabilities | 976,891 | 745,331 | 108,050 | |||
Non-current liabilities | ||||||
Long-term borrowings from third parties | 10,000 | 10,000 | 1,450 | |||
Finance lease liabilities | 1,081,322 | 1,098,678 | 159,275 | |||
Operating lease liabilities | 245,373 | 223,004 | 32,329 | |||
Total non-current liabilities | 1,336,695 | 1,331,682 | 193,054 | |||
Total liabilities | 2,313,586 | 2,077,013 | 301,104 | |||
Mezzanine equity | ||||||
Redeemable non-controlling interests (i) | 336,057 | 470,211 | 68,166 | |||
Total Mezzanine equity | 336,057 | 470,211 | 68,166 | |||
Shareholders' deficit | ||||||
Ordinary shares (ii) | 45,922 | 45,929 | 6,658 | |||
Additional paid-in capital (ii) | 19,370,282 | 19,379,788 | 2,809,479 | |||
Subscription receivable from shareholders (ii) | (21,165) | (21,165) | (3,068) | |||
Accumulated other comprehensive income | 234,630 | 235,227 | 34,101 | |||
Accumulated deficit | (19,860,557) | (19,958,583) | (2,893,387) | |||
Total Uxin's shareholders' deficit | (230,888) | (318,804) | (46,217) | |||
Non-controlling interests | - | - | - | |||
Total shareholders' deficit | (230,888) | (318,804) | (46,217) | |||
Total liabilities, mezzanine equity and | 2,418,755 | 2,228,420 | 323,053 | |||
(i) On October 16, 2024, the Company, through Uxin Anhui, entered into an agreement with Wuhan Junshan Urban Asset Operation | ||||||
* Share-based compensation charges included are as follows: | ||||||
For the three months ended March 31, | ||||||
2025 | 2026 | |||||
RMB | RMB | US$ | ||||
Sales and marketing | 1,166 | 1,279 | 185 | |||
General and administrative | 8,025 | 7,872 | 1,141 | |||
Research and development | 617 | 361 | 52 | |||
Uxin Limited | ||||||
Unaudited Reconciliations of GAAP And Non-GAAP Results | ||||||
(In thousands except for number of shares and per share data) | ||||||
For the three months ended March 31, | ||||||
2025 | 2026 | |||||
RMB | RMB | US$ | ||||
Net loss, net of tax | (51,381) | (91,617) | (13,282) | |||
Add: Income tax expense | - | - | - | |||
Interest income | (7) | (11) | (2) | |||
Interest expenses | 22,542 | 23,923 | 3,468 | |||
Depreciation | 16,593 | 22,780 | 3,302 | |||
EBITDA | (12,253) | (44,925) | (6,514) | |||
Add: Share-based compensation expenses | 9,808 | 9,512 | 1,378 | |||
- Sales and marketing | 1,166 | 1,279 | 185 | |||
- General and administrative | 8,025 | 7,872 | 1,141 | |||
- Research and development | 617 | 361 | 52 | |||
Other income | (6,285) | (457) | (66) | |||
Other expenses | 655 | 1,288 | 187 | |||
Foreign exchange (gains)/losses | (776) | 280 | 41 | |||
Non-GAAP adjusted EBITDA | (8,851) | (34,302) | (4,974) | |||
For the three months ended March 31, | ||||||
2025 | 2026 | |||||
RMB | RMB | US$ | ||||
Net loss attributable to ordinary shareholders | (53,071) | (98,026) | (14,211) | |||
Add: Share-based compensation expenses | 9,808 | 9,512 | 1,378 | |||
- Sales and marketing | 1,166 | 1,279 | 185 | |||
- General and administrative | 8,025 | 7,872 | 1,141 | |||
- Research and development | 617 | 361 | 52 | |||
Add: accretion on redeemable non-controlling | 1,688 | 6,409 | 929 | |||
Deemed dividend to preferred shareholders | - | - | - | |||
Non-GAAP adjusted net loss attributable to | (41,575) | (82,105) | (11,904) | |||
Net loss per share for ordinary shareholders - | (0.00) | (0.00) | (0.00) | |||
Net loss per share for ordinary shareholders - | (0.00) | (0.00) | (0.00) | |||
Non-GAAP adjusted net loss to ordinary | (0.00) | (0.00) | (0.00) | |||
Weighted average shares outstanding - basic | 58,275,586,722 | 66,443,917,277 | 66,443,917,277 | |||
Weighted average shares outstanding - diluted | 58,275,586,722 | 66,443,917,277 | 66,443,917,277 | |||
Note: The conversion of Renminbi (RMB) into | ||||||
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SOURCE Uxin Limited