Exhibit
99.1
Ryde
Announces Results for First Quarter 2026
SINGAPORE,
May 6, 2026 – Ryde Group Ltd (NYSE American: RYDE) (“Ryde” or the “Company”),
a leading technology platform for mobility and quick commerce headquartered in Singapore, today announced its unaudited financial
results for the first quarter ended March 31, 2026.
Key
Financial Highlights for First Quarter 2026:
| ● |
Revenue:
The Company reported revenue of S$3.77 million (US$2.93 million), representing an increase from S$2.72 million (US$2.08 million)
in the first quarter of 2025. This growth was primarily attributable to the expansion of both supply and demand on the platform,
underpinned by stronger engagement from riders and driver-partners, as well as ongoing enhancements in operational and platform efficiency. |
| |
|
| ● |
Adjusted
EBITDA: The Company’s adjusted EBITDA improved by 44%, with the adjusted EBITDA deficit narrowing to S$1.02 million (US$0.79
million) in the first quarter of 2026. This improvement reflects ongoing efforts to enhance operational efficiency, including disciplined
optimisation of driver-partner incentives and rider-related costs. These initiatives have contributed to a more sustainable cost
structure, strengthening the Company’s pathway toward profitability while continuing to support value creation for both driver-partners
and riders. |
| |
|
| ● |
Shareholders’
equity: Shareholders’ equity stood at S$31.12 million (US$24.14 million) as of March 31, 2026, reflecting the cumulative impact
of multiple capital-raising initiatives successfully completed in September, October, and December 2025. These fund-raising activities
strengthened the Company’s balance sheet and provided additional financial flexibility to support ongoing growth and strategic
initiatives. |
The
first quarter of 2026 marked continued execution momentum for Ryde, as we advanced our strategic priorities with discipline. Revenue
increased by 38% year-on-year to S$3.77 million (US$2.93 million), driven by sustained growth in ride volume and improving user engagement
across our platform. At the same time, we reduced our adjusted EBITDA deficit by 44%, underscoring the impact of our ongoing cost optimization
initiatives and operational efficiencies. Our differentiated zero-commission model and rider-first philosophy remain central to strengthening
our ecosystem and deepening loyalty among both driver-partners and riders.
Looking
ahead, we are encouraged by the resilience of demand and the progress we have made in building a leaner and more scalable operating model.
We remain committed to sustainable growth and to delivering long-term value for our stakeholders as we continue to evolve the Ryde platform.
About
Ryde Group Ltd
Ryde
is a super mobility app founded in Singapore and recognised as the world’s FIRST on-demand carpooling app since 2014. As a publicly
listed company on the NYSE American, Ryde is reimagining the way people and goods move around by offering a full suite of services, including
carpooling, private hire, taxi, and delivery. What distinguishes Ryde is its commitment to empowering private-hire and taxi partners
by taking 0% commission, ensuring that drivers retain more of their hard-earned earnings. For more information, please visit https://rydesharing.com/.
Safe
Harbor Statement
This
press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking
statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which
we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance,
including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities.
You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such
as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,”
“believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes”
or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including:
our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive
environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.
Forward-looking
statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time
by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties,
and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement.
Contacts
For
Media Relations:
Media
Team
Ryde
Group Ltd
Email:
media@rydesharing.com
For
Investor Relations:
Investor
Relations Team
Ryde
Group Ltd
Email:
investor@rydesharing.com
Unaudited
Financial Information
The condensed consolidated statements of operations and comprehensive loss
for the three months ended March 31, 2025 and 2026 are unaudited and have been derived from the Company’s management accounts, which
have not been reviewed or audited.
The condensed consolidated balance sheet as of December 31, 2025 has been
derived from the Company’s audited financial statements for the financial year ended December 31,2025. The condensed consolidated
balance sheet as of March 31, 2026 is unaudited and has been derived from management accounts that have not been reviewed or audited.
Certain
amounts and percentages that appear in this document may not sum due to rounding.
Convenience Translation
Translations of balances in the condensed consolidated
balance sheet as of March 31, 2026 and the condensed consolidated statements of operations and comprehensive loss from SGD into USD are
solely for the convenience of the readers and are calculated at the rate of SGD1.00 = USD0.7756, representing the exchange rate set forth
in the H.10 statistical release of the Federal Reserve Board on March 31, 2026. No representation is made that the SGD amounts could
have been, or could be, converted, realized or settled into USD at such rate, or at any other rate.
Non-US
GAAP Financial Measures
This
document includes references to non-US GAAP financial measures. Ryde uses these non-US GAAP financial measures for financial and operational
decision-making and as a means to evaluate period-to-period comparisons, and Ryde’s management believes that these non-US GAAP
financial measures provide meaningful supplemental information regarding its performance by excluding certain items that may not be indicative
of its recurring core business operating results. However, there are a number of limitations related to the use of non-US GAAP financial
measures, and as such, the presentation of these non-US GAAP financial measures should not be considered in isolation from, or as an
alternative to, financial measures determined in accordance with US GAAP. In addition, these non-US GAAP financial measures may differ
from non-US GAAP financial measures with comparable names used by other companies. See below for additional explanations about the non-US
GAAP financial measures, including their definitions and a reconciliation of these measures to the most directly comparable US GAAP financial
measures.
Explanation
of non-US GAAP financial measures:
Adjusted
EBITDA is a non-US GAAP financial measure calculated as net loss adjusted to exclude: (a) finance costs, (b) income tax expenses,
(c) depreciation and amortization, (d) share-based compensation, and (e) impairment loss on goodwill.
Adjusted
EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the
related financial information prepared in accordance with US GAAP. For a reconciliation of Adjusted EBITDA to the most directly comparable
US GAAP measure see the section titled “Reconciliation of Non-US GAAP Financial Measures”.
Reconciliation
of Non-US GAAP Financial Measures
To
supplement our financial information, we use the following non-US GAAP financial measures: Adjusted EBITDA. However, the definitions
of our non-US GAAP financial measures may be different from those used by other companies, and therefore, may not be comparable. Furthermore,
these non-US GAAP financial measures have certain limitations in that they do not include the impact of certain expenses that are reflected
in our consolidated financial statements that are necessary to run our business. Thus, these non-US GAAP financial measures should be
considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with US GAAP. We compensate
for these limitations by providing a reconciliation of these non-US GAAP financial measures to the related US GAAP financial measures.
We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and
to view these non-US GAAP financial measures in conjunction with their respective related US GAAP financial measures.
The
following table provides reconciliations of Adjusted EBITDA.
| | |
For the three months ended March 31, | |
| | |
2025 | | |
2026 | | |
2026 | |
| | |
S$’000 | | |
S$’000 | | |
US$’000 | |
| | |
| | |
| | |
| |
| Net loss | |
| (3,553 | ) | |
| (2,073 | ) | |
| (1,608 | ) |
| Depreciation and amortization expenses | |
| 150 | | |
| 160 | | |
| 124 | |
| Finance costs | |
| 2 | | |
| 1 | | |
| 1 | |
| Share-based compensation | |
| 1,564 | | |
| 891 | | |
| 691 | |
| Adjusted EBITDA | |
| (1,837 | ) | |
| (1,021 | ) | |
| (792 | ) |
Unaudited
Summary of Financial Results
Condensed
consolidated statements of operations and comprehensive loss
| | |
For the three months ended March 31, | |
| | |
2025 | | |
2026 | | |
2026 | |
| | |
S$’000 | | |
S$’000 | | |
US$’000 | |
| | |
| | |
| | |
| |
| Revenue | |
| 2,717 | | |
| 3,772 | | |
| 2,926 | |
| | |
| | | |
| | | |
| | |
| Drivers and riders cost and related expenses | |
| (1,495 | ) | |
| (2,466 | ) | |
| (1,913 | ) |
| Total expenses, net | |
| (3,211 | ) | |
| (2,488 | ) | |
| (1,930 | ) |
| Operational loss | |
| (1,989 | ) | |
| (1,182 | ) | |
| (917 | ) |
| Share-based compensation | |
| (1,564 | ) | |
| (891 | ) | |
| (691 | ) |
| Loss before income taxes | |
| (3,553 | ) | |
| (2,073 | ) | |
| (1,608 | ) |
| Income tax expense | |
| - | | |
| - | | |
| - | |
| Net loss | |
| (3,553 | ) | |
| (2,073 | ) | |
| (1,608 | ) |
| | |
| | | |
| | | |
| | |
| Other comprehensive loss | |
| | | |
| | | |
| | |
| Foreign currency translation adjustment | |
| (722 | ) | |
| (30 | ) | |
| (23 | ) |
| Total other comprehensive loss | |
| (4,275 | ) | |
| (2,103 | ) | |
| (1,631 | ) |
| Less: Comprehensive loss attributable to non-controlling interest | |
| (2 | ) | |
| 248 | | |
| 192 | |
| Comprehensive loss attributable to Ryde Group Ltd | |
| (4,273 | ) | |
| (2,351 | ) | |
| (1,823 | ) |
| | |
| | | |
| | | |
| | |
| Net loss per share attributable to ordinary shareholders | |
| | | |
| | | |
| | |
| Basic and diluted | |
| (0.15 | ) | |
| (0.02 | ) | |
| (0.01 | ) |
| | |
| | | |
| | | |
| | |
| Weighted average number of ordinary shares used in computing net loss per share | |
| | | |
| | | |
| | |
| Basic and diluted (‘000) | |
| 28,700 | | |
| 121,715 | | |
| 121,715 | |
Condensed
consolidated balance sheets
| | |
December 31,
2025 | | |
March 31,
2026 | | |
March 31,
2026 | |
| | |
S$’000 | | |
S$’000 | | |
US$’000 | |
| Assets | |
| | | |
| | | |
| | |
| Current assets | |
| 35,687 | | |
| 40,323 | | |
| 31,275 | |
| Non-current assets | |
| 2,634 | | |
| 2,628 | | |
| 2,038 | |
| Total assets | |
| 38,321 | | |
| 42,951 | | |
| 33,313 | |
| | |
| | | |
| | | |
| | |
| Liabilities and shareholders’ equity | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | |
| Current liabilities | |
| 6,339 | | |
| 11,830 | | |
| 9,175 | |
| Non-current liabilities | |
| - | | |
| - | | |
| - | |
| Total liabilities | |
| 6,339 | | |
| 11,830 | | |
| 9,175 | |
| Shareholders’ equity | |
| 31,982 | | |
| 31,121 | | |
| 24,138 | |
| Total liabilities and shareholders’ equity | |
| 38,321 | | |
| 42,951 | | |
| 33,313 | |
