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XPeng Reports Third Quarter 2020 Unaudited Financial Results

12/11/2020

GUANGZHOU, China--(BUSINESS WIRE)-- XPeng Inc. (“XPeng” or the “Company”, NYSE: XPEV), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Operational Highlights

  • Deliveries of vehicles reached 8,578, representing an increase of 265.8% from 2,345 in the third quarter of 2019 and an increase of 165.7% from 3,228 in the second quarter of 2020.
  • Deliveries of the P71reached 6,210, compared with 325 in the second quarter of 2020.
  • Among the total P7s delivered for the quarter, 98% can support XPILOT 2.5 or XPILOT 3.0.
  • As of September 30, 2020, XPeng’s physical sales and service network consisted of a total of 116 stores and 50 service centers, covering 58 cities.
  • As of September 30, 2020, Xpeng-branded super charging stations expanded to 135, covering 50 cities.

1 XPeng started mass delivery of the P7 in late June 2020.

Third Quarter 2020 Financial Highlights

  • Total revenues were RMB1,990.1 million (US$293.1 million) for the third quarter of 2020, representing an increase of 342.5% from RMB449.7 million for the same period of 2019 and an increase of 236.9% from RMB590.8 million for the second quarter of 2020.
  • Revenues from vehicle sales were RMB1,898.0 million (US$279.6 million) for the third quarter of 2020, representing an increase of 376.0% from RMB398.8 million for the same period of 2019, and an increase of 250.8% from RMB541.1 million for the second quarter of 2020.
  • Gross margin was 4.6% for the third quarter of 2020, compared with negative 10.1% for the same period of 2019 and negative 2.7% for the second quarter of 2020.
  • Vehicle margin, which is gross profit or gross loss of vehicle sales as a percentage of revenues from vehicle sales, was 3.2% for the third quarter of 2020, compared to negative 10.8% for the same period of 2019 and negative 5.6% for the second quarter of 2020.
  • Net loss was RMB1,148.8 million (US$169.2 million) for the third quarter of 2020, compared with RMB776.3 million for the same period of 2019 and RMB146.0 million for the second quarter of 2020. Excluding share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, non-GAAP net loss was RMB864.9 million (US$127.4 million) in the third quarter of 2020, compared with RMB750.8 million for the same period of 2019 and RMB769.5 million for the second quarter of 2020.
  • Net loss attributable to ordinary shareholders of XPeng Inc. was RMB2,025.8 million (US$298.4 million) for the third quarter of 2020, compared with RMB982.6 million for the same period of 2019 and RMB1,141.5 million in the second quarter of 2020. Fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value were non-cash events and will no longer recur after the listing of the Company on the New York Stock Exchange on August 27, 2020. Excluding share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value, non-GAAP net loss attributable to ordinary shareholders of XPeng Inc. was RMB864.9 million (US$127.4 million) for the third quarter of 2020, compared with RMB750.8 million for the same period of 2019 and RMB769.5 million for the second quarter of 2020.
  • Basic and diluted net loss per American depositary share (ADS) were both RMB5.07 (US$0.75) for the third quarter of 2020.Non-GAAP basic and diluted net loss per ADS were both RMB2.16 (US$0.32) for the third quarter of 2020. Each ADS represents two Class A ordinary shares.
  • Cash and cash equivalents, restricted cash and short-term investments were RMB19,998.4 million (US$2,945.4 million) as of September 30, 2020.

“In our first quarter as a public company we achieved strong operating and financial results, highlighted by the rapid growth in deliveries of our P7 Smart EV,” said Mr. He Xiaopeng, Chairman and CEO of XPeng.

“Our commitment to innovation through end-to-end in-house R&D and data-driven capabilities is the cornerstone of our business. This will not only keep XPeng at the forefront of the technologies of Smart EV but also position us well in capturing the significant growth potential in the Smart EV industry. Looking ahead, XPeng will continue to capitalize on its core strengths in technology, while heightening sales and marketing efforts, further enhancing manufacturing capability, and developing our global strategy,” Mr. He concluded.

Following its official launch in April this year, P7 deliveries helped to more than triple the total Smart EV delivery number in the third quarter, fueling a 342.5% increase in total revenues, on a year-over-year basis.

“The robust results we achieved in the third quarter, from delivery numbers, production ramp-up, and advancement in R&D, to expansion plans for the new factory and overseas business, reflect the strong market appeal of our products, the resonance of our strategy, and our ability to adeptly execute our operational plan,” said Dr. Brian Gu, Vice Chairman and President of XPeng. “Achieving our first positive gross profit also underscores our growth and our ability to realize economies of scale.”

Closing Initial Public Offering (“IPO”)

The Company closed its initial public offering of 114,693,333 American depositary shares ("ADSs"), each representing two Class A ordinary shares, on August 31, 2020. At a price to the public of US$15.00 per ADS, the total offering size was over US$1.72 billion. The number of ADSs issued at closing included the exercise in full of the underwriters' option to purchase 14,959,999 additional ADSs to cover over-allotments.

Recent Developments

Deliveries in October 2020

Total Smart EV deliveries reached 3,040 units in October 2020, representing a 229.0% increase year-over-year. The deliveries consisted of 2,104 P7s, XPeng’s smart sports sedan, and 936 G3s, XPeng’s compact smart SUV. As of October 31, 2020, a cumulative total of 8,639 P7s were delivered.

New Smart EV Manufacturing Base

On September 28, 2020, the Company announced the cooperation agreement (“Cooperation Agreement”) with Guangzhou GET Investment Holdings Co., Ltd, a wholly owned investment company of Guangzhou Economic and Technological Development Zone (“GETDZ”), for developing and building a new Smart EV manufacturing base (“Smart EV Manufacturing Base”) for XPeng in Guangzhou. Pursuant to the cooperation agreement, Guangzhou GET Investment will invest RMB4 billion to support the development and construction of the Smart EV Manufacturing Base in the GETDZ.

The Smart EV Manufacturing Base is expected to commence production by December 2022 and will provide a comprehensive range of facilities for R&D, manufacturing, vehicle testing, sales and other smart mobility functions.

The Cooperation Agreement marks another milestone in XPeng’s strategy to expand its manufacturing capabilities, and bolsters the Company’s leadership position in the Smart EV market. In addition to its wholly owned plant in Zhaoqing, Guangdong province, which has an annual production capacity of 100,000 units, XPeng’s new Smart EV Manufacturing Base in Guangzhou will significantly expand the Company’s production capacity and accelerate XPeng’s momentum to achieve its goals in innovation, technological advancement and growth.

XPeng 2020 Tech Day

On October 24, 2020, XPeng held its second annual Tech Day where it showcased its differentiated end-to-end R&D capabilities, featuring an array of cutting-edge autonomous driving and in-car smart technologies. These innovative features include Navigation Guided Pilot (NGP) for highways and memory auto parking for carparks, both are features of XPILOT 3.0, our upcoming advanced autonomous driving system. In conjunction with this event, XPeng also launched another OTA upgrade to its Xmart OS operating system, which features a prominent in-car voice system that is able to engage in continuous driver-vehicle dialogues.

Third Quarter 2020 Unaudited Financial Results

Total revenues were RMB1,990.1 million (US$293.1 million) for the third quarter of 2020, representing an increase of 342.5% from RMB449.7 million for the same period of 2019 and an increase of 236.9% from RMB590.8 million for the second quarter of 2020.

Revenues from vehicle sales were RMB1,898.0 million (US$279.6 million) for the third quarter of 2020, representing an increase of 376.0% from RMB398.8 million for the same period of 2019 and an increase of 250.8% from RMB541.1 million for the second quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly due to the acceleration in deliveries of the P7 since we began its mass delivery in late June this year.

Revenues from services and others were RMB92.1 million (US$13.6 million) for the third quarter of 2020, representing an increase of 80.8% from RMB50.9 million for the same period of 2019 and an increase of 85.4% from RMB49.7 million for the second quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly attributed to the increased revenue recognized from the after-sales services which was associated with the increase in the accumulated number of vehicles we delivered.

Cost of sales was RMB1,898.6 million (US$279.6 million) for the third quarter of 2020, representing an increase of 283.5% from RMB495.0 million for the same period of 2019, and an increase of 212.8% from RMB607.0 million for the second quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly due to the increase in the number of vehicles delivered as described above.

Gross margin was 4.6% for the third quarter of 2020, compared to negative 10.1% and negative 2.7% for the third quarter of 2019 and the second quarter of 2020, respectively.

Vehicle margin was 3.2% for the third quarter of 2020, compared to negative 10.8% for the same period of 2019 and negative 5.6% for the second quarter of 2020, primarily due to better product mix, decrease in material costs and improvement of manufacturing efficiency.

Research and development expenses were RMB635.4 million (US$93.6 million) for the third quarter of 2020, representing an increase of 46.1% from RMB435.0 million for the same period of 2019 and an increase of 98.7% from RMB319.8 million for the second quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly due to a significant amount of share-based compensation expenses recognized related to the share-based awards granted to the Company’s employees with a performance condition of an IPO. Excluding the share-based compensation expenses, (i) research and development expenses decreased year-over-year primarily because the Company incurred significant amounts of expenses relating to the development of the P7 in the same period of 2019, and (ii) research and development expenses increased quarter-over-quarter mainly due to the increase in design and development expenses relating to the development of the new model to be launched next year.

Selling, general and administrative expenses were RMB1,203.8 million (US$177.3 million) for the third quarter of 2020, representing an increase of 320.8% from RMB286.0 million for the same period of 2019 and an increase of 152.3% from RMB477.1 million for the second quarter of 2020. The year-over-year and the quarter-over-quarter increases were mainly due to a significant amount of share-based compensation expenses recognized for the reason mentioned above. Excluding the share-based compensation expenses, the increases mainly resulted from the higher marketing, promotional and advertising expenses to support new vehicle sales.

Loss from operations was RMB1,744.2 million (US$256.9 million) for the third quarter of 2020, compared with RMB761.5 million for the same period of 2019 and RMB779.1 million for the second quarter of 2020.

Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB822.6 million (US$121.2 million) in the third quarter, compared with RMB761.4 million for the same period of 2019 and RMB779.1 million for the second quarter of 2020.

Net loss was RMB1,148.8 million (US$169.2 million) for the third quarter of 2020, compared with RMB776.3 million for the same period of 2019 and RMB146.0 million for the second quarter of 2020.

Non-GAAP net loss, which excludes share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, was RMB864.9 million (US$127.4 million) for the third quarter of 2020, compared with RMB750.8 million for the same period of 2019 and RMB769.5 million for the second quarter of 2020.

Net loss attributable to ordinary shareholders of XPeng Inc. was RMB2,025.8 million (US$298.4 million) for the third quarter of 2020, compared with RMB982.6 million for the same period of 2019 and RMB1,141.5 million in the second quarter of 2020.

Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc., which excludes share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value, was RMB864.9 million (US$127.4 million) for the third quarter of 2020, compared with RMB750.8 million for the same period of 2019 and RMB769.5 million for the second quarter of 2020.

Basic and diluted net loss per ADS were both RMB5.07 (US$0.75) for the third quarter of 2020, compared to RMB5.62 for the third quarter of 2019 and RMB6.29 for the second quarter of 2020.

Non-GAAP basic and diluted net loss per ADS were both RMB2.16 (US$0.32) for the third quarter of 2020, compared to RMB4.30 for the third quarter of 2019 and RMB4.24 for the second quarter of 2020.

Balance Sheets

As of September 30, 2020, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB19,998.4 million (US$2,945.4 million), compared to RMB2,815.6 million as of December 31, 2019. The increase was primarily due to net proceeds received from the Company's IPO in August 2020 and Series C+ round financing.

Business Outlook

For the fourth quarter of 2020, the Company expects:

  • Deliveries of vehicles to be approximately 10,000 vehicles, representing a year-over-year increase of approximately 210.8%.
  • Total revenues to be approximately RMB2,200 million, representing a year-over-year increase of approximately 243.7%.

The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

Conference Call

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on November 12, 2020 (9:00 PM Beijing/Hong Kong time on November 12, 2020).

Dial-in details for the earnings conference call are as follows:

 

 

United States:

 

+1-833-350-1333

 

 

United Kingdom

 

+44-0203-547-8612

 

 

International:

 

+1-236-389-2427

 

 

Hong Kong, China:

 

+852-3012-6671

 

 

Mainland China:

 

400-820-9391

 

 

Conference ID:

 

7269200

Participants should dial-in at least 5 minutes before the scheduled start time to be connected to the call.

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.xiaopeng.com.

A replay of the conference call will be accessible approximately two hours after the conclusion of the call until November 19, 2020, by dialing the following telephone numbers:

United States:

+1-800-585-8367

International:

+1-416-621-4642

Replay Access Code:

7269200

About XPeng Inc.

XPeng Inc. is a leading Chinese smart electric vehicle company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers in China. Its mission is to drive Smart EV transformation with technology and data, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPeng develops in-house its full-stack autonomous driving technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrification/electronic architecture. XPeng is headquartered in Guangzhou, China, with offices in Beijing, Shanghai, Silicon Valley, and San Diego in the U.S. The Company’s Smart EVs are manufactured at plants in Zhaoqing and Zhengzhou, located in Guangdong and Henan provinces, respectively. For more information, please visit https://en.xiaopeng.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic loss per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and/or accretion on preferred shares to redemption value, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures 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 presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of GAAP and non-GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.7896 to US$1.00, the exchange rate on September 30, 2020 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPeng’s beliefs 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: XPeng’s goal and strategies; XPeng’s expansion plans; XPeng’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPeng’s expectations regarding demand for, and market acceptance of, its products and services; XPeng’s expectations regarding its relationships with customers, contract manufacturer, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPeng’s filings with the SEC. All information provided in this press release is as of the date of this press release, and XPeng does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share and per share data)

 

 

As of

 

 

December 31, 2019

 

September 30, 2020

 

September 30, 2020

 

 

(audited)

 

(unaudited)

 

(unaudited)

 

 

RMB

 

RMB

 

USD

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

1,946,931

 

12,221,210

 

1,799,990

Restricted cash

 

460,812

 

2,008,811

 

295,866

Short-term investments

 

407,844

 

5,768,347

 

849,586

Accounts receivable, net

 

539,199

 

893,567

 

131,608

Current portion of finance lease
receivables, net

 

45,836

 

61,649

 

9,080

Inventory

 

454,116

 

860,919

 

126,800

Amounts due from related parties

 

22,605

 

8,441

 

1,243

Prepayments and other current assets

 

1,083,307

 

1,438,787

 

211,910

Total current assets

 

4,960,650

 

23,261,731

 

3,426,083

 

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

 

Property, plant and equipment, net

 

3,229,952

 

3,107,556

 

457,694

Right-of-use assets

 

440,097

 

402,641

 

59,303

Intangible assets, net

 

117,932

 

607,340

 

89,452

Land use rights, net

 

255,257

 

251,265

 

37,007

Finance lease receivables, net

 

109,965

 

104,154

 

15,340

Other non-current assets

 

137,512

 

60,905

 

8,970

Long-term investments

 

-

 

1,000

 

147

Total non-current assets

 

4,290,715

 

4,534,861

 

667,913

Total assets

 

9,251,365

 

27,796,592

 

4,093,996

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share and per share data)

 

 

As of

 

 

December 31, 2019

 

September 30, 2020

 

September 30, 2020

 

 

(audited)

 

(unaudited)

 

(unaudited)

 

 

RMB

 

RMB

 

USD

Liabilities

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Short-term borrowings

 

419,950

 

227,900

 

33,566

Accounts and notes payable

 

953,946

 

3,491,965

 

514,311

Amount due to a related party

 

678

 

8,301

 

1,223

Current portion of lease liabilities

 

90,740

 

100,174

 

14,754

Current portion of deferred revenue

 

16,382

 

72,034

 

10,609

Current portion of long-term
borrowings

 

60,000

 

52,500

 

7,732

Accruals and other liabilities

 

1,755,995

 

1,979,582

 

291,562

Total current liabilities

 

3,297,691

 

5,932,456

 

873,757

Non-current liabilities

 

 

 

 

 

 

Long-term borrowings

 

1,690,000

 

1,667,490

 

245,595

Lease liabilities

 

361,404

 

309,065

 

45,520

Deferred revenue

 

69,116

 

85,157

 

12,542

Other non-current liabilities

 

73,015

 

56,844

 

8,372

Derivative liabilities

 

897,091

 

17,570

 

2,588

Total non-current liabilities

 

3,090,626

 

2,136,126

 

314,617

Total liabilities

 

6,388,317

 

8,068,582

 

1,188,374

 

 

 

 

 

 

 

Mezzanine Equity

 

 

 

 

 

 

Convertible redeemable preferred
shares

 

9,693,478

 

-

 

-

Total mezzanine equity

 

9,693,478

 

-

 

-

 

 

 

 

 

 

 

Shareholder's equity

 

 

 

 

 

 

Class A Ordinary shares

 

2

 

56

 

8

Class B Ordinary shares

 

19

 

26

 

4

Class C Ordinary shares

-

 

12

 

2

Additional paid in capital

-

 

30,427,485

 

4,481,484

Accumulated other comprehensive
loss

(5,948)

 

(164,567)

 

(24,238)

Accumulated deficit

(6,824,503)

 

(10,535,002)

 

(1,551,638)

Total shareholders' equity

 

(6,830,430)

 

19,728,010

 

2,905,622

Noncontrolling interests

 

- 

 

-

 

-

Total shareholders' equity

 

(6,830,430)

 

19,728,010

 

2,905,622

Total liabilities, mezzanine equity
and shareholders’ equity

 

9,251,365

 

27,796,592

 

4,093,996

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(All amounts in thousands, except for share and per share data)

 

 

Three Months Ended

 

 

September 30, 2019

 

June 30, 2020

 

September 30, 2020

 

September 30, 2020

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

RMB

 

RMB

 

RMB

 

USD

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

 

 

-Vehicle sales

 

398,775

 

541,118

 

1,898,041

 

279,551

 

-Services and others

 

50,942

 

49,663

 

92,078

 

13,562

 

Total revenues

 

449,717

 

590,781

 

1,990,119

 

293,113

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

 

 

 

 

 

 

 

-Vehicle sales

 

(441,728)

 

(571,400)

 

(1,836,756)

 

(270,525)

 

-Services and others

 

(53,293)

 

(35,624)

 

(61,822)

 

(9,105)

 

Total cost of sales

 

(495,021)

 

(607,024)

 

(1,898,578)

 

(279,630)

 

 

 

 

 

 

 

 

 

 

 

Gross loss

 

(45,304)

 

(16,243)

 

91,541

 

13,483

 

Operating expenses

 

 

 

 

 

 

 

 

 

Research and development

 

(435,002)

 

(319,796)

 

(635,373)

 

(93,580)

 

Selling, general and administrative
expenses

 

(286,049)

 

(477,149)

 

(1,203,792)

 

(177,299)

 

Total operating expenses

 

(721,051)

 

(796,945)

 

(1,839,165)

 

(270,879)

 

Other income

 

4,808

 

34,096

 

3,440

 

507

 

Loss from operations

 

(761,547)

 

(779,092)

 

(1,744,184)

 

(256,889)

 

Interest income

 

22,575

 

10,295

 

23,216

 

3,419

 

Interest expense

 

(10,468)

 

(7,676)

 

(3,926)

 

(578)

 

Fair value (loss)/gain on derivative
liabilities

 

(25,364)

 

623,410

 

620,209

 

91,347

 

Other non-operating (loss)/income, net

 

(1,472)

 

7,021

 

(44,070)

 

(6,491)

 

Loss before income taxes

 

(776,276)

 

(146,042)

 

(1,148,755)

 

(169,192)

 

Income tax expenses

 

-

 

-

 

(6)

 

(1)

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

(776,276)

 

(146,042)

 

(1,148,761)

 

(169,193)

 

Accretion on Preferred Shares to redemption value

 

(206,328)

 

(995,444)

 

(877,007)

 

(129,169)

 

Net loss attributable to ordinary shareholders of XPeng Inc.

 

(982,604)

 

(1,141,486)

 

(2,025,768)

 

(298,362)

 

Net loss

 

(776,276)

 

(146,042)

 

(1,148,761)

 

(169,193)

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment, net of nil tax

 

30,621

 

(3,423)

 

(143,220)

 

(21,094)

 

Total other comprehensive loss

 

30,621

 

(3,423)

 

(143,220)

 

(21,094)

 

Total comprehensive loss

 

(745,655)

 

(149,465)

 

(1,291,981)

 

(190,287)

 

 

 

 

 

 

 

 

 

 

 

Accretion on Preferred Shares to redemption value

 

(206,328)

 

(995,444)

 

(877,007)

 

(129,169)

 

Comprehensive loss attributable to ordinary shareholders of XPeng Inc.

 

(951,983)

 

(1,144,909)

 

(2,168,988)

 

(319,456)

 

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(All amounts in thousands, except for share and per share data)

 

 

Three Months Ended

 

 

September 30, 2019

 

June 30, 2020

 

September 30, 2020

 

September 30, 2020

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

RMB

 

RMB

 

RMB

 

USD

Weighted average number of ordinary shares used in computing net loss per share

 

 

 

 

 

 

 

 

Basic and diluted

 

349,414,050

 

362,747,375

 

799,364,696

 

799,364,696

 

 

 

 

 

 

 

 

 

Net loss per share attributable to ordinary shareholders

 

 

 

 

 

 

 

 

Basic and diluted

 

(2.81)

 

(3.15)

 

(2.53)

 

(0.37)

 

 

 

 

 

 

 

 

 

Weighted average number of ADS used in computing net loss per ADS

 

 

 

 

 

 

 

 

Basic and diluted

 

174,707,025

 

181,373,688

 

399,682,348

 

399,682,348

 

 

 

 

 

 

 

 

 

Net loss per ADS attributable to ordinary shareholders

 

 

 

 

 

 

 

 

Basic and diluted

 

(5.62)

 

(6.29)

 

(5.07)

 

(0.75)

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for share and per share data)

 

 

Three Months Ended

 

 

September 30, 2019

 

June 30, 2020

 

September 30, 2020

 

September 30, 2020

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

RMB

 

RMB

 

RMB

 

USD

Loss from operations

 

(761,547)

 

(779,092)

 

(1,744,184)

 

(256,889)

Share-based compensation expenses

 

130

 

-

 

921,610

 

135,738

Non-GAAP loss from operations

 

(761,417)

 

(779,092)

 

(822,574)

 

(121,151)

Net loss

 

(776,276)

 

(146,042)

 

(1,148,761)

 

(169,193)

Fair value change on derivative

liabilities

 

25,364

 

(623,410)

 

(637,779)

 

(93,935)

Share-based compensation expenses

 

130

 

-

 

921,610

 

135,738

Non-GAAP net (loss)/Gain

 

(750,782)

 

(769,452)

 

(864,930)

 

(127,390)

 

 

 

 

 

 

 

 

 

Net loss attributable to ordinary shareholders

 

(982,604)

 

(1,141,486)

 

(2,025,768)

 

(298,362)

Fair value change on derivative

liabilities

 

25,364

 

(623,410)

 

(637,779)

 

(93,935)

Share-based compensation

expenses

 

130

 

-

 

921,610

 

135,738

Accretion on Preferred Shares to redemption value

 

206,328

 

995,444

 

877,007

 

129,169

Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.

 

(750,782)

 

(769,452)

 

(864,930)

 

(127,390)

 
Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share

 

 

 

 

 

 

 

 

Basic and diluted

 

349,414,050

 

362,747,375

 

799,364,696

 

799,364,696

 
Non-GAAP net loss per ordinary share

 

 

 

 

 

 

 

 

Basic and diluted

 

(2.15)

 

(2.12)

 

(1.08)

 

(0.16)

 
Weighted average number of ADS used in calculating Non-GAAP net loss per ADS
Basic and diluted

174,707,025

181,373,688

399,682,348

399,682,348

Non-GAAP net loss per ADS
Basic and diluted

(4.30)

(4.24)

(2.16)

(0.32)

 

For Investor Enquiries
IR Department
XPeng Inc.
E-mail: ir@xiaopeng.com

Jenny Cai
The Piacente Group
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: xpeng@tpg-ir.com

For Media Enquiries
Marie Cheung
XPeng Inc.
Tel: +852 9750 5170 / +86 1550 7577 546
E-mail: mariecheung@xiaopeng.com

Source: XPeng Inc.


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