SHANGHAI, May 19, 2026 /PRNewswire/ -- ATRenew Inc. ("ATRenew" or the "Company") $(RERE)$, a pioneer in technology-driven recycling and trade-in solutions for consumer products in China, today announced its unaudited financial results for the three months ended March 31, 2026.
First Quarter 2026 Highlights
-- Total net revenues grew by 32.4% to RMB6,160.1 million (US$893.0 million)
from RMB4,653.5 million in the same period of 2025.
-- Income from operations increased by 154.9% to RMB185.3 million (US$26.9
million) from RMB72.7 million in the same period of 2025. Adjusted income
from operations (non-GAAP)[1] grew by 70.2% to RMB190.5 million (US$27.6
million) from RMB111.9 million in the same period of 2025.
-- Net income increased by 215.7% to RMB135.1 million (US$19.6 million) from
RMB42.8 million in the same period of 2025. Adjusted net income
(non-GAAP)[1] grew by 79.6% to RMB140.1 million (US$20.3 million) from
RMB78.0 million in the same period of 2025.
-- Number of consumer products transacted[2] was 10.8 million compared to
9.5 million in the same period of 2025.
Mr. Kerry Xuefeng Chen, Founder, Chairman, and Chief Executive Officer of ATRenew, commented, "ATRenew achieved accelerated growth across multiple dimensions in the first quarter of 2026. Total net revenue reached RMB6,160.1 million, representing a 32.4% year-on-year increase. We deepened our self-operated capabilities across the value chain. On the sourcing side, we continuously improved users' awareness of recycling and trade-in programs, expanded our doorstep fulfillment network, and actively deployed our capital to acquire first-hand sources. In the meantime, we leverage AI capabilities to offer better prices, thus strengthening control over upstream supply while delivering a more reliable user experience. As we expanded our compliant refurbishment capacity to a high standard on the processing side, we also ensured supply for our direct retail business and high-quality resale to small business owners on the distribution side. These efforts ultimately created greater value end-to-end across the entire value chain."
Mr. Rex Chen, Chief Financial Officer of ATRenew, added, "In addition to strong topline growth, ATRenew also achieved rapid profit growth in the first quarter of 2026. Adjusted income from operations increased by 70.2% year-on-year to RMB190.5 million. In refining our management and operations, we prioritized building out doorstep fulfillment capabilities and optimizing operational spending. These initiatives, combined with economies of scale, drove year-on-year improvements in our key expense ratios, effectively boosting profitability for the quarter. Looking forward, we will continue to pursue rapid growth in scale and revenue, seize development opportunities in the second-hand industry, and further optimize our cost structure to create long-term value for both users and shareholders."
([1]) For all measures labeled as "non-GAAP" on this page and following pages, please see "Unaudited Reconciliations of GAAP and Non-GAAP Results" for more information. ([2]) "Number of consumer products transacted" represents the number of consumer products distributed to merchants and consumers through transactions on the Company's PJT Marketplace, Paipai Marketplace and other channels the Company operates in a given period, prior to returns and cancellations, excluding the number of consumer products collected through AHS Recycle; a single consumer product may be counted more than once according to the number of times it is transacted on PJT Marketplace, Paipai Marketplace and other channels the Company operates through the distribution process to end consumer.
First Quarter 2026 Financial Results
REVENUE
Total net revenues increased by 32.4% to RMB6,160.1 million (US$893.0 million) from RMB4,653.5 million in the same period of 2025.
-- Net product revenues increased by 34.4% to RMB5,729.8 million (US$830.6
million) from RMB4,263.7 million in the same period of 2025. The increase
was primarily attributable to an increase in the sales of pre-owned
consumer electronics through the Company's online channels.
-- Net service revenues increased by 10.4% to RMB430.3 million (US$62.4
million), compared to RMB389.8 million in the same period of 2025. This
increase was primarily due to an increase in the service revenue
generated from multi-category recycling business and PJT Marketplace.
OPERATING COSTS AND EXPENSES
Operating costs and expenses were RMB5,987.9 million (US$868.1 million), compared to RMB4,581.0 million in the same period of 2025, representing an increase of 30.7%.
-- Merchandise costs were RMB4,816.8 million (US$698.3 million), compared to
RMB3,615.9 million in the same period of 2025, representing an increase
of 33.2%. The increase was primarily due to the growth in product sales.
-- Fulfillment expenses were RMB524.0 million (US$76.0 million), compared to
RMB427.8 million in the same period of 2025, representing an increase of
22.5%. The increase was primarily due to (i) an increase in personnel
costs driven by the growth of our business, and (ii) an increase in
operating center related expenses as the Company conducted more recycling
and transaction activities compared with the same period of 2025.
-- Selling and marketing expenses were RMB493.9 million (US$71.6 million),
compared to RMB418.9 million in the same period of 2025, representing an
increase of 17.9%. The increase was primarily due to an increase in
commission expenses in relation to channel service fees, partially offset
by a decrease in amortization of intangible assets resulting from assets
and business acquisitions due to the maturity of major remaining
intangible assets in the second quarter of 2025.
-- General and administrative expenses were RMB79.8 million (US$11.6
million), compared to RMB63.4 million in the same period of 2025,
representing an increase of 25.9%. The increase was primarily due to an
increase in personnel costs and sales tax and associated charges,
partially offset by a decrease in share-based compensation expenses.
-- Research and development expenses were RMB73.4 million (US$10.6 million),
compared to RMB55.0 million in the same period of 2025, representing an
increase of 33.5%. The increase was primarily due to an increase in
personnel costs.
INCOME FROM OPERATIONS
Income from operations was RMB185.3 million (US$26.9 million), representing an increase of 154.9% from RMB72.7 million in the same period of 2025.
Adjusted income from operations (non-GAAP) was RMB190.5 million (US$27.6 million), representing an increase of 70.2% from RMB111.9 million in the same period of 2025.
NET INCOME
Net income was RMB135.1 million (US$19.6 million), representing an increase of 215.7% from RMB42.8 million in the same period of 2025.
Adjusted net income (non-GAAP) was RMB140.1 million (US$20.3 million), representing an increase of 79.6% from RMB78.0 million in the same period of 2025.
BASIC AND DILUTED NET INCOME PER ORDINARY SHARE
Basic and diluted net income per ordinary share were RMB0.84 (US$0.12) and RMB0.84 (US$0.12), compared to RMB0.27 and RMB0.26 in the same period of 2025.
Adjusted basic and diluted net income per ordinary share (non-GAAP) were RMB0.87 (US$0.13) and RMB0.87 (US$0.13), compared to RMB0.48 and RMB0.48 in the same period of 2025.
CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM INVESTMENTS AND FUNDS RECEIVABLE FROM THIRD PARTY PAYMENT SERVICE PROVIDERS
Cash and cash equivalents, restricted cash, short-term investments and funds receivable from third party payment service providers were RMB1,718.8 million (US$249.2 million) as of March 31, 2026, as compared to RMB2,187.4 million as of December 31, 2025.
Business Outlook
For the second quarter of 2026, the Company currently expects its total revenues to be between RMB6,240.0 million and RMB6,340.0 million, representing an increase of 25.0% to 27.0% year-over-year. This forecast only reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change.
Recent Developments
On June 30, 2025, the board of directors of the Company (the "Board") authorized a new share repurchase program, under which the Company may repurchase up to US$50 million of its shares (including ADSs) over a 12-month period starting from June 30, 2025. During the first quarter of 2026, the Company repurchased a total of approximately 0.5 million ADSs for approximately US$2.7 million. As of March 31, 2026, the Company had cumulatively repurchased a total of approximately 2.3 million ADSs for approximately US$10.6 million, with approximately US$39.4 million remaining available for repurchases under the share repurchase program. On May 19, 2026, the Board has authorized an extension of the existing share repurchase program for an additional 12-month period commencing from June 30, 2026, with other key terms remaining unchanged.
Conference Call Information
The Company's management will hold a conference call on Tuesday, May 19, 2026 at 08:00 A.M. Eastern Time (or 08:00 P.M. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:
International: 1-412-317-6061 United States Toll Free: 1-888-317-6003 Mainland China Toll Free: 4001-206115 Hong Kong Toll Free: 800-963976 Access Code: 2239384
The replay will be accessible through May 26, 2026 by dialing the following numbers:
International: 1-412-317-0088 United States Toll Free: 1-855-669-9658 Access Code: 3889521
A live and archived webcast of the conference call will also be available at the Company's investor relations website at ir.atrenew.com.
About ATRenew Inc.
Headquartered in Shanghai, ATRenew Inc. is a pioneer in technology-driven recycling and trade-in solutions for consumer products in China. Since inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, reducing the environmental impact of pre-owned consumer products by facilitating recycling, trade-ins and distribution that prolong their lifecycle. ATRenew's open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Powered by proprietary technologies and a scalable platform ecosystem, ATRenew enhances transaction efficiency and pricing transparency for consumers and merchants alike while advancing circular economy standards in China. ATRenew is a participant in the United Nations Global Compact, and adheres to its principles-based approach to responsible business.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2026.
Use of Non-GAAP Financial Measures
The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses adjusted income from operations, adjusted net income and adjusted net income per ordinary share as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures 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. Adjusted income from operations is income from operations excluding the share-based compensation expenses and amortization of intangible assets resulting from assets and business acquisitions. Adjusted net income is net income excluding the share-based compensation expenses and amortization of intangible assets resulting from assets and business acquisitions and tax effects of amortization of intangible assets resulting from assets and business acquisitions. Adjusted net income per ordinary share is adjusted net income attributable to ordinary shareholders divided by weighted average number of shares used in calculating net income per ordinary share.
The Company presents non-GAAP financial measures because they are used by the Company's management to evaluate the Company's financial and operating performance and formulate business plans. The Company believes that adjusted income from operations and adjusted net income help identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that are included in income from operations and net income. The Company also believes that the use of non-GAAP financial measures facilitates investors' assessment of the Company's operating performance. The Company believes that adjusted income from operations and adjusted net income provide useful information about the Company's operating results, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision making.
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 non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company's operations. The share-based compensation expenses, amortization of intangible assets resulting from assets and business acquisitions and tax effects of amortization of intangible assets resulting from assets and business acquisitions have been and may continue to be incurred in the Company's business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company's. In light of the foregoing limitations, the non-GAAP financial measures for the period should not be considered in isolation from or as an alternative to income from operations, net income, and net income attributable to ordinary shareholders per share, or other financial measures prepared in accordance with U.S. GAAP.
The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company's performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "Reconciliations of GAAP and Non-GAAP Results."
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (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 ATRenew'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, including but not limited to the following: ATRenew's strategies; ATRenew's future business development, financial condition and results of operations; ATRenew's ability to maintain its relationship with major strategic investors; its ability to facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew's filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
ATRenew Inc.
Investor Relations
Email: ir@atrenew.com
Christensen Advisory
Email: rere@christensencomms.com
ATRENEW INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
As of December 31, As of March 31,
------------------- ------------------
2025 2026
------------------- ------------------
RMB RMB US$
ASSETS
Current assets:
Cash and cash
equivalents 1,537,461 1,012,641 146,802
Restricted cash 500 500 72
Short-term
investments 267,641 247,913 35,940
Amount due from
related parties,
net 414,779 482,458 69,942
Inventories 1,074,080 1,486,198 215,453
Funds receivable
from third party
payment service
providers 381,284 457,279 66,292
Accounts
receivables, net 131,598 145,388 21,077
Prepayments and
other receivables,
net 933,960 941,984 136,560
------------------ --------- -------
Total current assets 4,741,303 4,774,361 692,138
------------------ --------- -------
Non-current
assets:
Long-term
investments 485,401 467,253 67,737
Property and
equipment, net 239,378 235,968 34,208
Intangible assets,
net 10,653 9,875 1,432
Other non-current
assets 489,209 497,693 72,150
Total non-current
assets 1,224,641 1,210,789 175,527
------------------ --------- -------
TOTAL ASSETS 5,965,944 5,985,150 867,665
================== ========= =======
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Current
liabilities:
Short-term
borrowings 322,855 294,706 42,723
Accounts payable 335,622 225,011 32,620
Contract liabilities 231,771 271,178 39,313
Accrued expenses and
other current
liabilities 644,782 841,980 122,061
Accrued payroll and
welfare 189,904 181,242 26,275
Amount due to
related parties 178,224 160,367 23,248
------------------ --------- -------
Total current
liabilities 1,903,158 1,974,484 286,240
------------------ --------- -------
Non-current
liabilities:
Operating lease
liabilities,
non-current 70,031 64,847 9,401
Deferred tax
liabilities 2,352 2,235 324
------------------ --------- -------
Total non-current
liabilities 72,383 67,082 9,725
------------------ --------- -------
TOTAL LIABILITIES 1,975,541 2,041,566 295,965
------------------ --------- -------
TOTAL SHAREHOLDERS'
EQUITY 3,990,403 3,943,584 571,700
------------------ --------- -------
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY 5,965,944 5,985,150 867,665
================== ========= =======
ATRENEW INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
(Amounts in thousands, except share and per share and otherwise
noted)
Three months ended,
---------------------------------------------------
March 31, December
2025 31, 2025 March 31, 2026
------------ ----------- ------------------------
RMB RMB RMB US$
Net revenues
Net product
revenues 4,263,679 5,831,223 5,729,814 830,649
Net service
revenues 389,766 422,968 430,300 62,380
Operating
(expenses)
income (1)(2)
Merchandise costs (3,615,916) (5,032,320) (4,816,769) (698,285)
Fulfillment
expenses (427,849) (483,139) (524,048) (75,971)
Selling and
marketing
expenses (418,858) (464,083) (493,873) (71,597)
General and
administrative
expenses (63,374) (59,966) (79,831) (11,573)
Research and
development
expenses (55,004) (62,618) (73,404) (10,641)
Other operating
income, net 244 19,575 13,131 1,904
----------- ----------- ----------- -----------
Income from
operations 72,688 171,640 185,320 26,866
----------- ----------- ----------- -----------
Interest expense (1,885) (1,152) (2,125) (308)
Interest income 8,374 628 3,938 571
Other loss, net (6,487) (8,344) (15,973) (2,316)
----------- ----------- ----------- -----------
Income before
income taxes and
share of loss in
equity method
investments 72,690 162,772 171,160 24,813
Income tax
expenses (6,270) (16,284) (19,022) (2,758)
Share of loss in
equity method
investments (23,620) (16,153) (17,044) (2,471)
----------- ----------- ----------- -----------
Net income 42,800 130,335 135,094 19,584
Net income per
ordinary
share:
Basic 0.27 0.81 0.84 0.12
Diluted 0.26 0.80 0.84 0.12
Weighted
average number
of shares used
in calculating
net income per
ordinary share
Basic 161,373,633 161,005,931 160,826,793 160,826,793
Diluted 162,568,603 162,019,666 161,376,066 161,376,066
----------- ----------- ----------- -----------
Net income 42,800 130,335 135,094 19,584
Foreign currency
translation
adjustments (999) 2,353 (7,080) (1,026)
----------- ----------- ----------- -----------
Total
comprehensive
income 41,801 132,688 128,014 18,558
=========== =========== =========== ===========
ATRENEW INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME (CONTINUED)
(Amounts in thousands)
Three months ended,
------------------------------------
December
March 31, 31,
2025 2025 March 31, 2026
--------- -------- ---------------
RMB RMB RMB US$
(1) Includes
share-based
compensation
expenses as
follows:
Fulfillment
expenses (2,357) (2,965) (1,745) (253)
Selling and
marketing
expenses (4,437) (1,424) (642) (93)
General and
administrative
expenses (3,956) (2,415) (845) (122)
Research and
development
expenses (1,983) (2,298) (1,130) (164)
(2) Includes
amortization of
intangible
assets
resulting from
assets and
business
acquisitions as
follows:
Selling and
marketing
expenses (26,479) (780) (780) (113)
Research and -- -- -- --
development
expenses
Unaudited Reconciliations of GAAP and Non-GAAP Results
(Amounts in thousands, except share and per share and otherwise
noted)
Three months ended,
---------------------------------------------------
March 31, December
2025 31, 2025 March 31, 2026
------------ ----------- ------------------------
RMB RMB RMB US$
Income from
operations 72,688 171,640 185,320 26,866
Add:
Share-based
compensation
expenses 12,733 9,102 4,362 632
Amortization of
intangible
assets
resulting from
assets and
business
acquisitions 26,479 780 780 113
----------- ----------- ----------- -----------
Adjusted income
from
operations
(non-GAAP) 111,900 181,522 190,462 27,611
=========== =========== =========== ===========
Net income 42,800 130,335 135,094 19,584
Add:
Share-based
compensation
expenses 12,733 9,102 4,362 632
Amortization of
intangible
assets
resulting from
assets and
business
acquisitions 26,479 780 780 113
Less:
Tax effects of
amortization
of intangible
assets
resulting from
assets and
business
acquisitions (3,972) (116) (117) (17)
----------- ----------- ----------- -----------
Adjusted net
income
(non-GAAP) 78,040 140,101 140,119 20,312
=========== =========== =========== ===========
Adjusted net
income per
ordinary
share
(non-GAAP):
Basic 0.48 0.87 0.87 0.13
Diluted 0.48 0.86 0.87 0.13
Weighted
average
number of
shares used
in
calculating
net income
per ordinary
share
Basic 161,373,633 161,005,931 160,826,793 160,826,793
Diluted 162,568,603 162,019,666 161,376,066 161,376,066
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SOURCE ATRenew Inc.
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May 19, 2026 04:00 ET (08:00 GMT)