ATRenew Inc. announced its unaudited financial results for the third quarter ended September 30, 2024, reporting total net revenues of RMB 4,051.2 million (US$577.3 million), a 24.4% increase year-over-year. This robust revenue growth was accompanied by a significant milestone as the company achieved GAAP income from operations of RMB 24.9 million (US$3.5 million), a turnaround from a loss of RMB 28.1 million in the same period of 2023.
The company's profitability also saw substantial improvement, with non-GAAP income from operations reaching RMB 104.0 million (US$14.8 million), an increase from RMB 73.8 million in Q3 2023, marking the first time this figure exceeded RMB 100 million. GAAP net income for the quarter was RMB 17.9 million (US$2.6 million), compared to a net loss of RMB 44.2 million in the prior year, demonstrating enhanced operational efficiency.
Looking ahead, ATRenew provided a positive outlook for the fourth quarter of 2024, projecting total revenues between RMB 4,740.0 million and RMB 4,840.0 million, representing a year-over-year increase of 22.4% to 24.9%. The company also continued its share repurchase program, buying back approximately 4.9 million ADSs for about US$12.1 million during the quarter, bringing the total repurchases under the current program to approximately 8.2 million ADSs for US$20.1 million.
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