Luckin Coffee Inc. Announces Unaudited Second Quarter 2019 Financial Results
Net Revenues from Products Increased Over 698 Percent Year-Over-Year with 5.9 Million New Transacting Customers Acquired During the Quarter
SECOND QUARTER 2019 HIGHLIGHTS1
- Total net revenues from products in the quarter were
RMB870.0 million (US$126.7 million ), representing an increase of 698.4% fromRMB109.0 million in the same quarter of 2018.
- Cumulative number of transacting customers increased to 22.8 million from 2.9 million as of the end of the second quarter of 2018. During the second quarter of 2019, the Company acquired 5.9 million new transacting customers.
- Average monthly transacting customers in the quarter were 6.2 million, representing an increase of 410.6% from 1.2 million in the second quarter of 2018.
- Average monthly total items sold in the quarter were 27.6 million, representing an increase of 589.7% from 4.0 million in the second quarter of 2018.
- Total number of stores at the end of the quarter were 2,963 stores, representing an increase of 374.8% from 624 stores at the end of the second quarter of 2018.
- Store level operating loss in the quarter was
RMB55.8 million (US$8.1 million ), decreasing from a loss ofRMB81.7 million in the second quarter of 2018.
“We are pleased with the performance of our business as we continue to execute against our long-term growth plan,” said Ms.
Ms. Qian continued, “At the same time we have substantially reduced our store operating loss as a percentage of net revenues as a result of benefits of scale and increased bargaining power, operating efficiency from technology, and higher store throughput, and we are on track to reach our store level break-even point during the third quarter of 2019.”
“Furthermore, we opened 593 net new Luckin stores during the quarter, providing enhanced convenience to our customers, and strategically launched our new freshly-brewed tea drinks ‘Luckin Tea’ to capture different consumption moments and benefit from strong demand for freshly-brewed tea drinks in
SECOND QUARTER 2019 UNAUDITED FINANCIAL RESULTS
Total net revenues were
- Net revenues from freshly brewed drinks were
RMB659.2 million (US$96.0 million ), representing 72.5% of total net revenues in the second quarter of 2019, compared toRMB100.5 million , or 82.7% of total net revenues, in the second quarter of 2018.
- Net revenues from other products were
RMB210.8 million (US$30.7 million ), representing 23.2% of total net revenues in the second quarter of 2019, compared toRMB8.4 million , or 7.0% of total net revenues, in the second quarter of 2018.
- Other revenues, which mainly include delivery fees, were
RMB39.1 million (US$5.7 million ), representing 4.3% of total net revenues in the second quarter of 2019, compared toRMB12.5 million , or 10.3% of total net revenues, in the second quarter of 2018.
Total operating expenses were
- Cost of materials were
RMB465.8 million (US$67.9 million ), representing an increase of 514.8% fromRMB75.8 million in the second quarter of 2018, in line with the increase in sales of products.
- Store rental and other operating costs were
RMB371.5 million (US$54.1 million ), representing an increase of 271.7% fromRMB99.9 million in the second quarter of 2018, mainly due to increases in the number of stores and headcount.
- Depreciation expenses were
RMB88.5 million (US$12.9 million ), representing an increase of 491.0% fromRMB15.0 million in the second quarter of 2018, mainly due to increases in depreciation of leasehold improvements and purchases of operating equipment.
- Sales and marketing expenses were
RMB390.1 million (US$56.8 million ), representing an increase of 119.1% fromRMB178.1 million in the second quarter of 2018, mainly due to increases in advertising expenses and delivery expenses as the Company launched new marketing initiatives and entered into new cities. Furthermore, free product promotion expenses increased in line with the growth of new transacting customers.
- General and administrative expenses were
RMB265.8 million (US$38.7 million ), representing an increase of 254.8% fromRMB74.9 million in the second quarter of 2018. The increase in general and administrative expenses was mainly driven by business expansion, costs related to the Company’s Initial Public Offering (“IPO”), and share-based compensation to senior management.
- Store preopening and other expenses were
RMB17.2 million (US$2.5 million ), representing a decrease of 19.4% fromRMB21.3 million in the second quarter of 2018, mainly due to decreased rental costs before opening as a result of improved efficiency for new store openings.
Operating loss was
Net loss was
Basic and diluted net loss per ADS was
Net cash used in operating activities was
Cash and cash equivalents and short-term investments were
KEY OPERATING DATA
| For the three months ended or as of | ||||||||
| Jun 30, 2018 |
Sep 30, 2018 |
Dec31, 2018 |
Mar 31, 2019 |
Jun 30, 2019 |
||||
| Total stores | 624 | 1,189 | 2,073 | 2,370 | 2,963 | |||
| Pick-up stores | 356 | 903 | 1,811 | 2,163 | 2,741 | |||
| Relax stores | 22 | 45 | 86 | 109 | 123 | |||
| Delivery kitchens | 246 | 241 | 176 | 98 | 99 | |||
| Cumulative number of transacting customers (in thousands) | 2,917.8 | 5,984.3 | 12,529.5 | 16,872.3 | 22,777.5 | |||
| Average monthly transacting customers (in thousands) | 1,207.6 | 1,877.4 | 4,325.9 | 4,402.0 | 6,166.0 | |||
| Average monthly total items sold (in thousands) | 4,001.0 | 7,760.3 | 17,645.1 | 16,275.8 | 27,593.0 | |||
| Freshly brewed drinks | 3,743.7 | 6,220.4 | 13,418.8 | 13,077.2 | 21,055.7 | |||
| Other products | 257.3 | 1,539.9 | 4,226.4 | 3,198.6 | 6,537.3 | |||
GUIDANCE
For the third quarter ending
SUBSEQUENT EVENTS
On
KEY DEFINITIONS
- Net revenues from products. Calculated as the sum of net revenues from freshly brewed drinks and net revenues from other products.
- Transacting customers for the period. Refers to a customer who bought at least one item we offer on our mobile apps or through third-party platforms in a given period, regardless of whether the customer paid for the item or merely ordered through our free product marketing initiative. Each unique mobile account is treated as a separate customer for purposes of calculating transacting customer.
- Cumulative number of transacting customers. The total number of transacting customers since our inception.
- Average monthly transacting customers. The number of average monthly transacting customers in the three months during the quarter.
- Average monthly total items sold. Calculated by dividing the total number of items sold during the quarter by three.
- Store level operating profit (loss). Calculated by deducting the cost of materials, store rental and other operating costs, and depreciation expenses from net revenues from products.
- Non-GAAP operating loss. Calculated by adjusting operating loss for non-cash share-based compensation expenses.
- Non-GAAP net loss. Calculated by adjusting net loss for non-cash share-based compensation expenses and change in the fair value of warrant liability.
- Non-GAAP basic and diluted net loss per share. Calculated as non-GAAP net loss divided by weighted average number of basic and diluted share.
- Non-GAAP basic and diluted net loss per ADS. Calculated as non-GAAP net loss divided by weighted average number of basic and diluted ADS.
CONFERENCE CALL
A conference call and webcast to discuss Luckin Coffee’s financial results and guidance will be held at
Interested parties may listen to the conference call by dialing numbers below:
| United States: | +1-845-675-0437 |
| International: | +65-6713-5090 |
| China Domestic: | 400-620-8038 |
| Hong Kong: | +852-3018-6771 |
| Conference ID: | 5790867 |
The replay will be accessible through
| United States: | +1-646-254-3697 |
| International: | +61-2-8199-0299 |
| Conference ID: | 5790867 |
The webcast will be available at investor.luckincoffee.com and will be archived on the site shortly after the call has concluded.
A presentation to supplement the call and webcast will be available on the Company’s IR website at investor.luckincoffee.com.
USE OF NON-GAAP FINANCIAL MEASURES
In evaluating the business, the Company considers and uses non-GAAP measures, such as non-GAAP operating loss, non-GAAP net loss, non-GAAP basic and diluted net loss per ADS, as supplemental measures to review and assess 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 accounting principles generally accepted in
The Company presents these non-GAAP financial measures because they are used by management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, which is a non-cash charge. The Company also believes that the non-GAAP financial measures could provide further information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects.
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. The Company’s non-GAAP financial measures do not reflect all items of income and expense that affect the Company’s operations and do not represent the residual cash flow available for discretionary expenditures. Further, these 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 measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure.
For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth 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. Unless otherwise stated, all translations from RMB to US$ were made at the rate of
SAFE HARBOR STATEMENTS
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "targets," "guidance" and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the
STATEMENT REGARDING PRELIMINARY UNAUDITED FINANCIAL INFORMATION
The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.
ABOUT
INVESTOR AND MEDIA CONTACTS
Investor Relations:
Email: ir@luckincoffee.com
Phone: 203 682 8200
Media Relations:
Email: pr@luckincoffee.com
Ed Trissel / Scott Bisang / Amy Feng
Phone: 212 355 4449
______________________
1 Please refer to the section “KEY DEFINITIONS” on Page 4 for detailed definitions.
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 2018 AND UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
AS OF JUNE 30, 2019
(Amounts in thousands of RMB and US$, except for number of shares)
| As of | ||||
| 31-Dec-18 | 30-Jun-19 | |||
| RMB | RMB | US$ | ||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | 1,630,983 | 3,988,751 | 581,027 | |
| Restricted cash – current | - | 16,867 | 2,457 | |
| Short-term investments | 130,000 | 2,062,410 | 300,424 | |
| Receivables from online payment platforms | 4,609 | 6,950 | 1,012 | |
| Inventories | 150,015 | 231,651 | 33,744 | |
| Prepaid expenses and other current assets | 365,510 | 493,462 | 71,881 | |
| Amount due from a related party | 147,559 | - | - | |
| Total current assets | 2,428,676 | 6,800,091 | 990,545 | |
| Non-current assets: | ||||
| Property and equipment, net | 904,992 | 1,063,987 | 154,987 | |
| Restricted cash – non-current | - | 2,002 | 292 | |
| Other non-current assets | 151,408 | 294,725 | 42,932 | |
| Total non-current assets | 1,056,400 | 1,360,714 | 198,211 | |
| TOTAL ASSETS | 3,485,076 | 8,160,805 | 1,188,756 | |
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICITS)/ EQUITY | ||||
| Current liabilities | ||||
| Short-term bank borrowings | 8,000 | 67,582 | 9,844 | |
| Current portion of long-term borrowing | 72,787 | 222,758 | 32,448 | |
| Capital lease obligation | 108,664 | 61,384 | 8,942 | |
| Accounts and note payable | 176,704 | 258,928 | 37,717 | |
| Accrued expenses and other liabilities | 371,017 | 590,991 | 86,089 | |
| Amounts due to related parties | 24,198 | 7,682 | 1,119 | |
| Warrant liability | 19,520 | - | - | |
| Total current liabilities | 780,890 | 1,209,325 | 176,159 | |
| Non-current liabilities: | ||||
| Long-term borrowing | 226,969 | 76,998 | 11,216 | |
| Deferred revenues | 126,469 | 52,550 | 7,655 | |
| Total non-current liabilities | 353,438 | 129,548 | 18,871 | |
| Total liabilities | 1,134,328 | 1,338,873 | 195,030 | |
| Mezzanine equity: | ||||
| Series A convertible redeemable preferred shares1 | 2,113,347 | - | - | |
| Series B convertible redeemable preferred shares2 | 2,164,994 | - | - | |
| Total mezzanine equity | 4,278,341 | - | - | |
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 2018 AND UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
AS OF JUNE 30, 2019 (Continued)
(Amounts in thousands of RMB and US$, except for number of shares)
| As of | |||||||
| 31-Dec-18 | 30-Jun-19 | ||||||
| RMB | RMB | US$ | |||||
| Shareholders’ (deficits)/equity: | |||||||
| Ordinary shares3 | - | - | - | ||||
| Angel-1 shares4 | 743,376 | - | - | ||||
| Angel-2 shares5 | 512,812 | - | - | ||||
| Class A Ordinary shares | - | 5 | 1 | ||||
| Class B Ordinary shares | - | 16 | 2 | ||||
| Additional paid-in capital | 65,000 | 11,860,217 | 1,727,635 | ||||
| Accumulated other comprehensive loss | (2,076 | ) | (4,373 | ) | (637 | ) | |
| Accumulated deficits | (3,246,705 | ) | (5,033,933 | ) | (733,275 | ) | |
| Total Shareholders’ (deficits)/equity | (1,927,593 | ) | 6,821,932 | 993,726 | |||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICITS)/ EQUITY | 3,485,076 | 8,160,805 | 1,188,756 | ||||
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FINANCIAL STATEMENTS
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS FOR THE THREE MONTHS ENDED
(Amounts in thousands of RMB and US$, except for number of shares and per share data)
| For the three months ended June 30, | For the six months ended June 30, | ||||||||||||
| 2018 | 2019 | 2018 | 2019 | ||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||
| Net revenues: | |||||||||||||
| Freshly brewed drinks | 100,518 | 659,161 | 96,018 | 110,093 | 1,020,256 | 148,617 | |||||||
| Other products | 8,449 | 210,835 | 30,712 | 9,852 | 294,815 | 42,945 | |||||||
| Others | 12,542 | 39,119 | 5,698 | 14,518 | 72,554 | 10,569 | |||||||
| Total net revenues | 121,509 | 909,115 | 132,428 | 134,463 | 1,387,625 | 202,131 | |||||||
| Cost of materials | (75,771 | ) | (465,822 | ) | (67,855 | ) | (85,190 | ) | (741,634 | ) | (108,031 | ) | |
| Store rental and other operating costs | (99,939 | ) | (371,460 | ) | (54,109 | ) | (120,163 | ) | (653,831 | ) | (95,241 | ) | |
| Depreciation expenses | (14,973 | ) | (88,485 | ) | (12,889 | ) | (18,938 | ) | (172,464 | ) | (25,122 | ) | |
| Sales and marketing expenses | (178,061 | ) | (390,104 | ) | (56,825 | ) | (232,473 | ) | (558,207 | ) | (81,312 | ) | |
| General and administrative expenses | (74,916 | ) | (265,781 | ) | (38,715 | ) | (113,938 | ) | (438,743 | ) | (63,910 | ) | |
| Store preopening and other expenses | (21,296 | ) | (17,171 | ) | (2,501 | ) | (32,381 | ) | (39,545 | ) | (5,760 | ) | |
| Total operating expenses | (464,956 | ) | (1,598,823 | ) | (232,894 | ) | (603,083 | ) | (2,604,424 | ) | (379,376 | ) | |
| Operating loss | (343,447 | ) | (689,708 | ) | (100,466 | ) | (468,620 | ) | (1,216,799 | ) | (177,245 | ) | |
| Interest income | 144 | 14,134 | 2,059 | 197 | 15,685 | 2,285 | |||||||
| Interest and financing expenses | (554 | ) | (8,488 | ) | (1,236 | ) | (554 | ) | (16,433 | ) | (2,394 | ) | |
| Foreign exchange gain/(loss), net | 13,644 | 5,584 | 813 | 7,235 | (3,056 | ) | (445 | ) | |||||
| Other expenses | (2,784 | ) | (2,803 | ) | (408 | ) | (3,484 | ) | (4,140 | ) | (603 | ) | |
| Change in the fair value of warrant liability | - | - | - | - | (8,322 | ) | (1,212 | ) | |||||
| Net loss before income taxes | (332,997 | ) | (681,281 | ) | (99,238 | ) | (465,226 | ) | (1,233,065 | ) | (179,614 | ) | |
| Income tax expense | - | - | - | - | - | - | |||||||
| Net loss | (332,997 | ) | (681,281 | ) | (99,238 | ) | (465,226 | ) | (1,233,065 | ) | (179,614 | ) | |
| Add: accretion to redemption value of convertible redeemable preferred shares | (793,992 | ) | (533,191 | ) | (77,668 | ) | (793,992 | ) | (552,036 | ) | (80,413 | ) | |
| Add: deemed distribution to a certain holder of Series B preferred shares | - | - | - | - | (2,127 | ) | (310 | ) | |||||
| Net loss attributable to ordinary and angel shareholders | (1,126,989 | ) | (1,214,472 | ) | (176,906 | ) | (1,259,218 | ) | (1,787,228 | ) | (260,337 | ) | |
| Loss per ordinary share1: - Basic and diluted |
(2.88 | ) | (0.82 | ) | (0.12 | ) | (3.29 | ) | (1.39 | ) | (0.20 | ) | |
| Loss per ADS (8 ordinary shares per ADS): - Basic and diluted |
(23.04 | ) | (6.56 | ) | (0.96 | ) | (26.32 | ) | (11.12 | ) | (1.60 | ) | |
| ____________________________________ | |||||||||||||
| 1 Loss per ordinary shares for the three and six months ended June 30, 2019 is computed using the weighted-average number of ordinary shares outstanding as of June 30, 2019 which include the automatic conversion of all of the Company’s Angel-1 shares, Angel-2 shares, Series A convertible redeemable preferred shares, Series B convertible redeemable preferred shares and Series B-1 convertible redeemable preferred shares into ordinary shares immediately prior to the completion of the IPO at the conversion ratio of 1:1. | |||||||||||||
FINANCIAL STATEMENTS LUCKIN COFFEE INC. UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS FOR THE THREE MONTHS ENDED JUNE 30, 2018 AND JUNE 30, 2019 AND FOR THE SIX MONTHS ENDED JUNE 30, 2018 AND JUNE 30, 2019 (Continued) (Amounts in thousands of RMB and US$, except for number of shares and per share data) |
|||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | ||||||||||||
| 2018 | 2019 | 2018 | 2019 | ||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||
| Weighted average shares outstanding used in calculating basic and diluted loss per share: - Basic and diluted |
390,700,549 | 1,487,846,055 | 1,487,846,055 | 382,893,646 | 1,289,711,276 | 1,289,711,276 | |||||||
| Other comprehensive gain/ (loss), net of tax of nil: | |||||||||||||
| Foreign currency translation difference, net of tax of nil | 26,468 | 9,625 | 1,402 | 26,706 | (2,297 | ) | (335 | ) | |||||
| Total comprehensive loss | (1,100,521 | ) | (1,204,847 | ) | (175,504 | ) | (1,232,512 | ) | (1,789,525 | ) | (260,672 | ) | |
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED
(Amounts in thousands of RMB and US$)
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||
| 2018 | 2019 | 2018 | 2019 | |||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||
| Net cash used in operating activities | (195,956 | ) | (375,243 | ) | (54,660 | ) | (319,601 | ) | (1,002,872 | ) | (146,083 | ) | ||
| Net cash used in investing activities | (145,214 | ) | (2,364,980 | ) | (344,498 | ) | (312,612 | ) | (2,288,335 | ) | (333,335 | ) | ||
| Net cash generated from financing activities | 1,314,327 | 5,565,302 | 810,677 | 1,491,973 | 5,651,536 | 823,239 | ||||||||
| Effect of foreign exchange rate changes on cash and cash equivalents | 14,257 | 4,831 | 704 | 9,277 | (2,561 | ) | (373 | ) | ||||||
| Net increase in cash and cash equivalents | 987,414 | 2,829,910 | 412,223 | 869,037 | 2,357,768 | 343,448 | ||||||||
| Cash and cash equivalents at beginning of the period | 100,719 | 1,158,841 | 168,804 | 219,096 | 1,630,983 | 237,579 | ||||||||
| Cash and cash equivalents at end of the period | 1,088,133 | 3,988,751 | 581,027 | 1,088,133 | 3,988,751 | 581,027 | ||||||||
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES
(Unaudited, amounts in thousands of RMB and US$, except for number of shares and per share data)
| For the three months ended June 30, | For the six months ended June 30, | ||||||||||||||||
| 2018 | 2019 | 2018 | 2019 | ||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||
| (Amounts in thousands of RMB and US$, except for share and per share data) | |||||||||||||||||
| A. Non-GAAP operating loss | |||||||||||||||||
| Operating loss | (343,447 | ) | (689,708 | ) | (100,466 | ) | (468,620 | ) | (1,216,799 | ) | (177,245 | ) | |||||
| Adjusted for: | |||||||||||||||||
| Share-based compensation expenses | - | 70,456 | 10,263 | - | 70,456 | 10,263 | |||||||||||
| Non-GAAP operating loss | (343,447 | ) | (619,252 | ) | (90,203 | ) | (468,620 | ) | (1,146,343 | ) | (166,982 | ) | |||||
| B. Non-GAAP net loss | |||||||||||||||||
| Net loss | (332,997 | ) | (681,281 | ) | (99,238 | ) | (465,226 | ) | (1,233,065 | ) | (179,614 | ) | |||||
| Adjusted for: | |||||||||||||||||
| Share-based compensation expenses | - | 70,456 | 10,263 | - | 70,456 | 10,263 | |||||||||||
| Change in the fair value of warrant liability | - | - | - | - | 8,322 | 1,212 | |||||||||||
| Non-GAAP net loss | (332,997 | ) | (610,825 | ) | (88,975 | ) | (465,226 | ) | (1,154,287 | ) | (168,139 | ) | |||||
| C. Non-GAAP net loss per share – basic and diluted | |||||||||||||||||
| Net loss attributable to the Company’s ordinary shareholders | (1,126,989 | ) | (1,214,472 | ) | (176,906 | ) | (1,259,218 | ) | (1,787,228 | ) | (260,337 | ) | |||||
| Add: | |||||||||||||||||
| Accretion to redemption value of convertible redeemable preferred shares | 793,992 | 533,191 | 77,668 | 793,992 | 552,036 | 80,413 | |||||||||||
| Share-based compensation expenses | - | 70,456 | 10,263 | - | 70,456 | 10,263 | |||||||||||
| Change in the fair value of warrant liability | - | - | - | - | 8,322 | 1,212 | |||||||||||
| Non-GAAP net loss attributable to the Company's ordinary shareholders | (332,997 | ) | (610,825 | ) | (88,975 | ) | (465,226 | ) | (1,156,414 | ) | (168,449 | ) | |||||
| Weighted average number of Class A and Class B ordinary shares in issue- basic and diluted | 390,700,549 | 1,487,846,055 | 1,487,846,055 | 382,893,646 | 1,289,711,276 | 1,289,711,276 | |||||||||||
| Non-GAAP net loss per share – Basic and diluted |
(0.85 | ) | (0.41 | ) | (0.06 | ) | (1.22 | ) | (0.90 | ) | (0.13 | ) | |||||
| Non-GAAP net loss per ADS – Basic and diluted |
(6.80 | ) | (3.28 | ) | (0.48 | ) | (9.76 | ) | (7.20 | ) | (1.04 | ) | |||||
Source: Luckin Coffee Inc.