RLX Technology net revenue nearly doubles on international expansion

RLX Technology (NYSE:RLX), a leading global branded electronic vapor company, announced its unaudited financial results for the first quarter of 2026, delivering substantial top- and bottom-line growth fueled by policy shifts and a strategic overseas footprint.

Total net revenues for the three months ended March 31, 2026, accelerated to RMB1,585.8 million, representing a 96.2% increase compared to the same period in the prior year.

Operational efficiencies and favorable business developments helped expand the company's gross margin to 31.8% for the quarter.

The revenue surge was heavily driven by the company's international operations, which accounted for 72.3% of total sales during the three-month period.

This segment expansion was accelerated by an acquisition finalized in May 2025, alongside broader structural adaptations to evolving export and compliance regulations.

Net income under U.S. GAAP rose 32.1% year-over-year to RMB294.2 million, while non-GAAP net income climbed 41.4% to reach RMB357.3 million.

The expansion in profitability was underscored by non-GAAP income from operations, which experienced an increase of 187.9% to RMB310.3 million.

RLX Technology also maintained a heavily capitalized balance sheet to close the quarter, reporting a combined total of RMB14,529.7 million in cash, cash equivalents, restricted cash, short-term deposits, and long-term investments.

For the three months ended March 31, 2026, net cash used in operating activities stood at RMB68.8 million.