On the evening of June 3, Monster Charging (NASDAQ: EM) released its unaudited financial report for the first quarter of 2024 as of March 31.
Data shows that in the first quarter, the revenue of Monster Charging was 397.2 million yuan, and under non US accounting standards (Non Gaap), the adjusted net profit of Monster Charging was 3.8 million yuan, a decrease compared to the same period last year. It is reported that the main reason for the decline in revenue is the decrease in mobile device charging revenue due to changes in contract arrangements with network partners.
At the main business level, starting from the second quarter of 2023, the recognition of revenue from monster charging agency business will be adjusted from full amount to net amount. Monster Charging's mobile charging service revenue in the first quarter was 378.1 million yuan. Meanwhile, as of March 31, the cumulative registered users of Monster Charging have exceeded 400 million, with 12.8 million new registered users added in the first quarter and 9.4 million online shared power banks. There are a total of 1.245 million POIs (points) nationwide, and the proportion of proxy points has increased from 72.8% at the end of 2023 to 79.7%.
The 2024 China Shared Power Bank Industry Research Report released by iResearch Consulting shows that the market size of the shared power bank industry reached 12.6 billion yuan in 2023. In the context of increasing user dependence on mobile phones, increasing power consumption, and no breakthrough innovation in battery technology, iResearch predicts that the industry is expected to maintain an average annual growth rate of around 20% in the future, and is expected to exceed 40 billion yuan in scale by 2029.