BingEx revenue contracts as net loss widens

BingEx (NASDAQ:FLX) reported a modest contraction in its top-line performance for the first quarter of 2026, driven by changing dynamics in China’s on-demand courier market, though the company managed to maintain positive operating income and extend its capital return program.

The Beijing-based courier specialist, known for its premium "FlashEx" delivery brand, generated net revenues of RMB935.3 million ($129.4 million) for the three months ended March 31, 2026.

Gross profit for the first quarter landed at RMB105.8 million, translating into a gross profit margin of 11.3%.

The metric reflects the rigid variable costs associated with maintaining an active, independent courier network across dense metropolitan hubs.

Despite the softer revenue generation, the platform managed to post a positive income from operations of RMB11 million, benefiting from tighter adjustments to its internal cost structures and infrastructure overhead.

However, the company's total net loss widened significantly during the three-month window, reaching RMB42.6 million due to non-operating items and shifting valuation variables.

BingEx concluded the first quarter with a robust liquidity framework.

Total balance sheet resources, encompassing cash, restricted cash, and short-term investments, aggregated to RMB859.1 million, offering a stable financial cushion to withstand near-term transactional volatility.

Recognizing the liquid position, the company's board of directors authorized a direct extension of its active capital allocation program.

The existing US$30 million share repurchase facility has been extended to run until April 1, 2027.

Under this ongoing program, BingEx has bought back approximately 3.3 million American Depositary Shares (ADS) for a cumulative financial consideration of US$10.4 million, according to data finalized through May 20, 2026.