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📘 Marktkapitalisierung
📈 Was ist das?
Die Marktkapitalisierung zeigt, wie viel ein Unternehmen laut Börse aktuell wert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft Unternehmen in Größenklassen (Large, Mid, Small Cap) einzuordnen und gibt Hinweise auf Marktmacht und Stabilität.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Große Unternehmen gelten als stabiler, zahlen oft Dividenden, wachsen aber langsamer.
- Kleine Firmen können stärker wachsen, sind aber schwankungsanfälliger.
- Die Marktkapitalisierung ist ein guter Indikator für Unternehmensgröße, aber kein Maß für Unter- oder Überbewertung.
📘 Enterprise Value (Unternehmenswert)
📈 Was ist das?
Der Enterprise Value (EV) zeigt, was ein Unternehmen tatsächlich kostet, wenn man es komplett übernehmen würde – inklusive Schulden und abzüglich Cash.
🧮 Wie wird es berechnet?
(= Marktkapitalisierung + Nettoverschuldung)
🏛️ Wofür ist es wichtig?
Der EV ist eine realistischere Bewertungsbasis als die Marktkapitalisierung, da er die Kapitalstruktur berücksichtigt. Er ist Grundlage für Kennzahlen wie EV/FCF oder EV/Sales.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Der Enterprise Value zeigt, was ein Unternehmen tatsächlich wert ist – unabhängig davon, wie es finanziert ist.
- Er ist besonders wichtig für professionelle Investoren, da er eine objektivere Grundlage für Bewertungsvergleiche bietet als die Marktkapitalisierung allein.
- Ein Unternehmen mit hoher Verschuldung erscheint im EV teurer, eines mit viel Cash günstiger – auch wenn sie an der Börse gleich viel wert sind.
📘 Nettoverschuldung
📈 Was ist das?
Die Nettoverschuldung zeigt, wie viele Schulden nach Abzug des verfügbaren Cashs tatsächlich verbleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie zeigt, wie stark ein Unternehmen von Fremdkapital abhängig ist – und wie gut es in der Lage ist, seine Schulden kurzfristig zu bedienen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige oder negative Nettoverschuldung bedeutet hohe finanzielle Stabilität.
- Unternehmen mit viel Cash und geringer Verschuldung sind besser gerüstet für Krisen.
- Eine hohe Nettoverschuldung erhöht das Risiko – besonders bei steigenden Zinsen oder konjunkturellen Schwächen.
📘 Cash
📈 Was ist das?
Der Cashbestand zeigt, wie viele liquide Mittel einem Unternehmen sofort zur Verfügung stehen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Er gibt Auskunft über die finanzielle Flexibilität: Ein hoher Cashbestand ermöglicht Investitionen, Rückkäufe oder Krisenresistenz.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Cashbestand zeigt finanzielle Stärke und Handlungsspielraum.
- Cash kann für Investitionen, Schuldentilgung oder Aktienrückkäufe genutzt werden.
- Allerdings: Zu viel ungenutztes Kapital kann auch auf mangelnde Investitionsideen hinweisen.
📘 Anzahl ausstehender Aktien
📈 Was ist das?
Die Anzahl ausstehender Aktien gibt an, wie viele Aktien eines Unternehmens aktuell im Umlauf sind und von Investoren gehalten werden.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die Grundlage für viele Kennzahlen wie Gewinn je Aktie (EPS), Marktkapitalisierung oder KGV.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Je weniger Aktien im Umlauf sind, desto höher fällt z. B. der Gewinn je Aktie aus – wichtig für Bewertung und Dividendenrendite.
- Aktienrückkäufe verringern die Anzahl ausstehender Aktien – und steigern den Wert je Aktie.
- Kapitalerhöhungen haben den gegenteiligen Effekt: mehr Aktien → Verwässerung der bestehenden Anteile.
📘 Kurs-Gewinn-Verhältnis (KGV)
📈 Was ist das?
Das KGV zeigt, wie oft der Gewinn pro Aktie im aktuellen Aktienkurs enthalten ist – also wie „teuer“ eine Aktie im Verhältnis zum Gewinn ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KGV gehört zu den bekanntesten Bewertungskennzahlen. Es hilft Anlegern einzuschätzen, ob eine Aktie im Vergleich zu ihrem Gewinn eher günstig oder teuer erscheint.
🧮 Berechnung
📊 KGV (TTM) = bezogen auf den Gewinn der letzten 12 Monate (Trailing Twelve Months):🎯 Was bedeutet das für Anleger?
- Ein niedriges KGV kann auf eine günstige Bewertung hindeuten – oder auf Probleme im Geschäftsmodell.
- Ein hohes KGV kann Wachstumserwartungen widerspiegeln – oder eine überbewertete Aktie.
📘 Kurs-Umsatz-Verhältnis (KUV)
📈 Was ist das?
Das KUV zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen – unabhängig vom Gewinn.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KUV ist besonders bei wachstumsstarken oder noch nicht profitablen Unternehmen hilfreich. Es zeigt, wie hoch der Umsatz an der Börse bewertet wird.
🧮 Berechnung
Marktkapitalisierung = 42,52 Mio. $ | Umsatz (TTM) = 58,35 Mio. $
🎯 Was bedeutet das für Anleger?
- Ein niedriges KUV kann auf Unterbewertung hindeuten – oder auf schwache Margen.
- Ein hohes KUV kann hohe Erwartungen widerspiegeln – oder übermäßigen Optimismus.
- Besonders sinnvoll bei Wachstumsunternehmen, bei denen der Gewinn oder Free Cashflow (noch) keine Aussagekraft hat.
📘 Unternehmenswert zu Umsatz (EV/Sales)
📈 Was ist das?
EV/Sales zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen, wenn man auch Schulden und Cash berücksichtigt – es ist eine kapitalstrukturbereinigte Version des KUV.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl eignet sich besonders für den Vergleich von Unternehmen mit unterschiedlicher Verschuldung – sie zeigt, wie teuer ein Unternehmen tatsächlich im Verhältnis zum Umsatz ist.
🧮 Berechnung
Enterprise Value = 19,03 Mio. $ | Umsatz (TTM) = 58,35 Mio. $
🎯 Was bedeutet das für Anleger?
- EV/Sales ist neutral gegenüber der Kapitalstruktur und eignet sich gut für Unternehmensvergleiche.
- Ein niedriges Verhältnis kann auf eine günstig bewertete Aktie hindeuten – ein hohes Verhältnis auf hohe Erwartungen oder Überbewertung.
- Besonders nützlich bei wachstumsstarken, noch nicht profitablen Firmen.
📘 Unternehmenswert zu Free Cashflow (EV/FCF) | ex SBC
📈 Was ist das?
EV/FCF setzt den Unternehmenswert eines Unternehmens ins Verhältnis zu seinem Free Cashflow. Die Kennzahl zeigt damit, mit welchem Vielfachen des aktuellen Free Cashflows ein Unternehmen bewertet wird. EV/FCF ex SBC berücksichtigt zusätzlich aktienbasierte Vergütungen (Stock-Based Compensation, SBC). SBC verursacht zwar keinen direkten Cash-Abfluss, kann bestehende Aktionäre jedoch durch die Ausgabe zusätzlicher Aktien verwässern. Deshalb wird SBC bei dieser Variante vom Free Cashflow abgezogen.
🧮 Wie wird es berechnet?
EV/FCF ex SBC = Enterprise Value ÷ (Free Cashflow (TTM) − SBC)
🏛️ Wofür ist es wichtig?
EV/FCF ermöglicht eine Bewertung auf Basis des Free Cashflows und ergänzt damit gewinnbasierte Bewertungskennzahlen wie das KGV. Die Variante ex SBC berücksichtigt zusätzlich die wirtschaftliche Belastung durch aktienbasierte Vergütungen und ermöglicht dadurch eine konservativere Betrachtung aus Sicht der Aktionäre.
🎯 Was bedeutet das für Anleger?
- Ein niedriges EV/FCF bedeutet, dass der Unternehmenswert im Verhältnis zum aktuellen Free Cashflow niedrig ist. Die Ursachen dafür sollten jedoch immer im Unternehmens- und Branchenkontext betrachtet werden.
- Ein hohes EV/FCF bedeutet, dass der Unternehmenswert im Verhältnis zum aktuellen Free Cashflow hoch ist. Das kann beispielsweise auf hohe Wachstumserwartungen oder eine vorübergehend schwache Cash-Generierung zurückzuführen sein.
- Bei positiver SBC und positivem bereinigtem Free Cashflow fällt EV/FCF ex SBC in der Regel höher aus als das klassische EV/FCF.
- Besonders aussagekräftig ist die Kennzahl bei Unternehmen mit relativ stabilen und gut einschätzbaren Cashflows.
- Bei negativem oder sehr niedrigem Free Cashflow ist EV/FCF nur eingeschränkt aussagekräftig und sollte nicht wie ein gewöhnliches Bewertungsmultiple interpretiert werden.
📘 Kurs-Buchwert-Verhältnis (KBV)
📈 Was ist das?
Das KBV zeigt, wie hoch der Marktwert eines Unternehmens im Verhältnis zu seinem bilanziellen Eigenkapital ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KBV ist besonders bei Substanzwerten (z. B. Banken, Industrie) relevant. Es hilft Anlegern zu erkennen, ob ein Unternehmen unter oder über seinem buchhalterischen Vermögen bewertet ist.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein KBV unter 1 kann auf Unterbewertung oder schwache Rentabilität hindeuten.
- Ein KBV über 1 zeigt, dass der Markt dem Unternehmen Mehrwert über den Buchwert hinaus zuschreibt (z. B. Marken, Patente, Wachstum).
- Das KBV eignet sich besonders gut für Unternehmen mit stabilen, materiellen Vermögenswerten.
📘 Eigenkapitalquote
📈 Was ist das?
Die Eigenkapitalquote zeigt, wie hoch der Anteil des Eigenkapitals an der Bilanzsumme eines Unternehmens ist – also wie stark es sich aus eigenen Mitteln finanziert.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Eine hohe Eigenkapitalquote steht für finanzielle Stabilität, Krisenfestigkeit und gute Bonität. Sie ist besonders relevant bei der Beurteilung der Verschuldung.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalquote signalisiert finanzielle Stabilität – besonders in Krisenzeiten.
- Ein niedriger Wert kann auf ein höheres Risiko oder eine aggressive Verschuldung hinweisen.
- Wichtig: Die Eigenkapitalquote sollte immer gemeinsam mit der Eigenkapitalrendite betrachtet werden. Nur so lässt sich beurteilen, ob ein Unternehmen nicht nur solide, sondern auch effizient wirtschaftet.
📘 Eigenkapitalrendite (ROE)
📈 Was ist das?
Die Eigenkapitalrendite zeigt, wie effizient ein Unternehmen mit dem Kapital seiner Aktionäre arbeitet – also wie viel Gewinn es pro Euro Eigenkapital erwirtschaftet.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Eigenkapitalrendite ist eine zentrale Rentabilitätskennzahl. Sie hilft Anlegern zu erkennen, ob das Unternehmen eine attraktive Verzinsung auf das eingesetzte Eigenkapital erwirtschaftet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalrendite spricht für ein starkes, effizientes Geschäftsmodell.
- Besonders interessant ist sie bei kapitalintensiven Firmen oder solchen mit hoher Eigenkapitalquote.
- Wichtig: Ein sehr hoher ROE kann auch auf hohe Schulden hinweisen – daher sollte sie immer im Kontext mit der Eigenkapitalquote betrachtet werden.
📘 Return on Capital Employed (ROCE)
📈 Was ist das?
ROCE misst die Gesamtrentabilität eines Unternehmens – also wie effizient es das eingesetzte Kapital (Eigen- und Fremdkapital) zur Gewinnerzielung nutzt.
🧮 Wie wird es berechnet?
Das eingesetzte Kapital ist das gesamte betriebsnotwendige Kapital, unabhängig von der Finanzierungsquelle.
🏛️ Wofür ist es wichtig?
ROCE eignet sich besonders gut für den Vergleich unterschiedlich finanzierter Unternehmen. Es zeigt, wie effektiv ein Unternehmen Kapital investiert – unabhängig von der Kapitalstruktur.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROCE zeigt, dass ein Unternehmen sein Kapital effizient einsetzt – unabhängig davon, ob es durch Eigen- oder Fremdkapital finanziert ist.
- Je höher der ROCE im Vergleich zu ähnlichen Unternehmen, desto mehr Wert schafft das Unternehmen mit seinem investierten Kapital.
- Besonders wichtig ist der ROCE bei Firmen mit hohen Investitionen – z. B. in Industrie, Energie oder Infrastruktur.
📘 Return on Invested Capital (ROIC)
📈 Was ist das?
ROIC zeigt, wie effizient ein Unternehmen das Kapital investiert, das langfristig im operativen Geschäft gebunden ist – unabhängig davon, ob es aus Eigen- oder Fremdkapital stammt.
🧮 Wie wird es berechnet?
- NOPAT = „Net Operating Profit After Taxes“
- Investiertes Kapital = operatives Vermögen abzüglich nicht-verzinster Schulden
🏛️ Wofür ist es wichtig?
ROIC ist eine der präzisesten Kennzahlen zur Bewertung der Kapitalrendite – besonders im Vergleich zur Eigenkapitalrendite, weil es Verzerrungen durch Schulden vermeidet. Er zeigt, ob ein Unternehmen Mehrwert für alle Kapitalgeber schafft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROIC zeigt, wie gut ein Unternehmen mit dem tatsächlich investierten (betriebsnotwendigen) Kapital wirtschaftet.
- Im Unterschied zu ROCE wird nur Kapital betrachtet, das wirklich zur Finanzierung operativer Aktivitäten dient – und verzinst werden muss.
- Besonders hilfreich, um die Kapitalrendite von Unternehmen mit viel „überschüssigem“ Kapital oder zinsfreien Verbindlichkeiten realistisch zu vergleichen.
📘 Verschuldungsgrad (Leverage Ratio)
📈 Was ist das?
Der Verschuldungsgrad zeigt, wie stark ein Unternehmen durch verzinsliche Schulden (z. B. Kredite und Anleihen) im Verhältnis zum Eigenkapital finanziert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Kennzahl hilft, das finanzielle Risiko und die Abhängigkeit von Fremdkapital zu beurteilen. Ein hoher Verschuldungsgrad kann die Eigenkapitalrendite steigern – birgt aber auch erhöhte Risiken bei Zinsanstiegen oder Liquiditätsengpässen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Verschuldungsgrad steht für finanzielle Stabilität und Unabhängigkeit.
- Ein hoher Wert kann auf erhöhte Risiken hinweisen – insbesondere bei schwankenden Zinsen oder konjunkturellen Schwächen.
- Wichtig: Immer im Kontext zur Branche und Kapitalintensität bewerten.
📘 Umsatz
📈 Was ist das?
Der Umsatz zeigt, wie viel ein Unternehmen insgesamt mit seinen Produkten und Dienstleistungen verdient – also den Bruttoerlös vor Abzug von Kosten.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Umsatz ist eine der zentralen Kennzahlen zur Einschätzung der Unternehmensgröße, Marktstellung und Wachstumskraft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein wachsender Umsatz zeigt eine steigende Nachfrage und kann ein guter Frühindikator für Gewinnsteigerungen sein.
- Vergleiche von aktuellem und erwartetem Umsatz geben Hinweise auf das Marktumfeld und Analystenerwartungen.
- Wichtig: Starker Umsatz allein genügt nicht – auch Margen und Profitabilität zählen.
📘 EBITDA
📈 Was ist das?
EBITDA steht für „Earnings Before Interest, Taxes, Depreciation and Amortization“ – also Gewinn vor Zinsen, Steuern und Abschreibungen. Es zeigt das operative Ergebnis eines Unternehmens, bereinigt um bilanztechnische und finanzierungsbedingte Effekte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBITDA ist eine verbreitete Kennzahl zur Beurteilung der operativen Leistungsfähigkeit – insbesondere bei kapitalintensiven Unternehmen oder im internationalen Vergleich.
🎯 Was bedeutet das für Anleger?
- Ein hohes oder wachsendes EBITDA spricht für starke operative Erträge – unabhängig von Bilanzierung oder Steuerlast.
- EBITDA ist besonders nützlich, um Unternehmen branchenübergreifend zu vergleichen.
- Wichtig: EBITDA ist keine offizielle Gewinnkennzahl – Abschreibungen und Finanzierungskosten werden ausgeklammert.
📘 EBIT
📈 Was ist das?
EBIT steht für „Earnings Before Interest and Taxes“ – also Gewinn vor Zinsen und Steuern. Es zeigt das operative Ergebnis eines Unternehmens nach Abschreibungen, aber vor Finanzierungs- und Steueraufwand.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBIT ist eine zentrale Kennzahl zur Beurteilung der Profitabilität aus dem Kerngeschäft – unabhängig von Kapitalstruktur oder Steuersystem.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes EBIT deutet auf ein profitables Kerngeschäft hin – vor Zinslasten oder steuerlichen Effekten.
- Es erlaubt objektivere Vergleiche zwischen Unternehmen mit unterschiedlicher Finanzierung.
- Im Vergleich mit EBITDA zeigt EBIT bereits den Einfluss von Abschreibungen auf das operative Ergebnis.
📘 Nettogewinn
📈 Was ist das?
Der Nettogewinn ist der verbleibende Jahresüberschuss (oder -fehlbetrag) eines Unternehmens – nach Abzug aller Kosten, Steuern, Zinsen und Abschreibungen
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Nettogewinn ist die zentrale Erfolgskennzahl – er zeigt, wie profitabel ein Unternehmen nach allen Kosten tatsächlich arbeitet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein steigender Nettogewinn zeigt, dass das Unternehmen effizient wirtschaftet – trotz aller Kosten.
- Die Entwicklung des Gewinns beeinflusst z. B. direkt das KGV und weitere Kennzahlen.
- Im Zeitverlauf lässt sich ablesen, wie stabil und profitabel ein Geschäftsmodell wirklich ist.
📘 Free Cashflow (FCF) | ex SBC
📈 Was ist das?
Der Free Cashflow gibt an, wie viel Bargeld tatsächlich übrig bleibt, nachdem ein Unternehmen seine Betriebsausgaben und Investitionsausgaben gedeckt hat. Der FCF ex SBC zieht zusätzlich die aktienbasierte Vergütung ab, um den Cashflow um den Effekt der nicht zahlungswirksamen SBC zu bereinigen.
🧮 Wie wird es berechnet?
Free Cashflow ex SBC = Operativer Cashflow − SBC − Investitionen in Sachanlagen (CAPEX)
🏛️ Wofür ist es wichtig?
Der FCF spiegelt die tatsächliche Finanzkraft eines Unternehmens wider – unabhängig von den bilanziellen Gewinnen. Er zeigt, wie viel Spielraum ein Unternehmen für Dividenden, Aktienrückkäufe oder den Schuldenabbau hat. Der FCF ex SBC zieht zusätzlich die aktienbasierte Vergütung ab und zeigt, wie hoch die Cash-Generierung nach Abzug der SBC ausfällt.
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow bedeutet, dass ein Unternehmen echte Finanzkraft besitzt – unabhängig vom bilanzierten Gewinn.
- Er ist oft die solideste Grundlage für nachhaltige Dividenden und Aktienrückkäufe.
- Sinkender FCF kann ein Warnsignal sein – auch wenn der Gewinn stabil aussieht.
📘 Umsatzwachstum
📈 Was ist das?
Das Umsatzwachstum zeigt, wie stark sich die Erlöse eines Unternehmens im Vergleich zum Vorjahr verändert haben – tatsächlich (TTM) und auf Prognosebasis (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (Umsatz erwartet ÷ Umsatz Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein wachsender Umsatz ist ein zentrales Signal für steigende Nachfrage, Geschäftsausweitung und Marktanteilsgewinne – besonders bei Wachstumsunternehmen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachstum ist der Motor langfristiger Wertsteigerung – besonders bei Technologie- und Wachstumsaktien.
- Wichtig ist nicht nur das aktuelle Wachstum, sondern auch dessen Nachhaltigkeit.
- Prognosen zeigen, ob Analysten weiteres Potenzial erwarten – oder eine Verlangsamung.
📘 EBITDA-Wachstum
📈 Was ist das?
Das EBITDA-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens vor Zinsen, Steuern und Abschreibungen im Vergleich zum Vorjahr gestiegen oder gesunken ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBITDA ÷ EBITDA Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein steigendes EBITDA ist ein Zeichen für verbesserte operative Ertragskraft – unabhängig von Finanzierungsstruktur oder Abschreibungen.
🎯 Was bedeutet das für Anleger?
- Starkes EBITDA-Wachstum signalisiert operative Effizienz und Skalierung – besonders relevant in Wachstumsphasen.
- EBITDA-Wachstum ist ein Frühindikator für Margen- und Gewinnentwicklung – sollte aber stets im Zusammenhang mit Umsatz und EBIT betrachtet werden.
📘 EBIT Wachstum
📈 Was ist das?
Das EBIT-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens (nach Abschreibungen, aber vor Zinsen und Steuern) im Vergleich zum Vorjahr gewachsen ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBIT ÷ EBIT Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Das EBIT-Wachstum ist ein direkter Indikator für die wirtschaftliche Entwicklung des operativen Geschäfts – unter Berücksichtigung der Kapitalintensität (Abschreibungen).
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Steigendes EBIT signalisiert wachsende operative Rentabilität – auch unter Berücksichtigung von Abschreibungen.
- Das EBIT-Wachstum ist ein wichtiges Maß zur Beurteilung von Geschäftsmodellen mit hohen Investitionskosten.
- Im Zusammenspiel mit Umsatz- und EBITDA-Wachstum ergibt sich ein umfassendes Bild zur operativen Entwicklung.
📘 Nettogewinn-Wachstum
📈 Was ist das?
Das Nettogewinn-Wachstum zeigt, wie stark der Jahresüberschuss eines Unternehmens gegenüber dem Vorjahr gestiegen oder gesunken ist – sowohl tatsächlich (TTM) als auch auf Basis von Prognosen (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (erwarteter Nettogewinn ÷ Nettogewinn Vorjahr − 1) × 100
Der erwartete Wert basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Der Gewinn ist die entscheidende Ergebnisgröße für ein Unternehmen. Ein wachsender Nettogewinn deutet auf steigende Effizienz, stabile Kostenkontrolle und nachhaltige Ertragskraft hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachsender Nettogewinn stärkt die Bewertung, Dividendenfähigkeit und Kursfantasie.
- Stagnierender oder rückläufiger Gewinn trotz Umsatzwachstum kann auf Margendruck hinweisen.
📘 Free Cashflow-Wachstum
📈 Was ist das?
Das Free-Cashflow-Wachstum zeigt, wie sich der freie Mittelzufluss eines Unternehmens im Vergleich zum Vorjahr verändert hat – also der Betrag, der nach allen operativen Ausgaben und Investitionen übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Free Cashflow ist der echte, verfügbare Geldzufluss. Wachstum in diesem Bereich ist ein Zeichen für finanzielle Stärke und steigende Flexibilität bei Dividenden, Rückkäufen oder Investitionen.
🎯 Was bedeutet das für Anleger?
- Sinkender Free Cashflow kann auf steigende Investitionen, höhere Kosten oder stagnierende operative Erträge hindeuten.
- Besonders bei Dividendenwerten ist das FCF-Wachstum wichtig – denn Dividenden werden letztlich aus dem verfügbaren Cash gezahlt.
- Ein negativer Trend sollte genauer analysiert werden – er ist nicht zwangsläufig schlecht, aber potenziell ein Warnsignal.
📘 Bruttomarge
📈 Was ist das?
Die Bruttomarge zeigt, wie viel vom Umsatz nach Abzug der direkten Herstellungskosten (Material, Produktion) als Bruttogewinn übrig bleibt – also der „Rohgewinn“ eines Unternehmens.
🧮 Wie wird es berechnet?
Auch: Bruttomarge = Bruttogewinn ÷ Umsatz × 100
🏛️ Wofür ist es wichtig?
Die Bruttomarge gibt Aufschluss über die Profitabilität eines Produkts oder Geschäftsmodells vor Fixkosten, Steuern und Zinsen. Sie zeigt, wie effizient ein Unternehmen produzieren oder einkaufen kann.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Bruttomarge deutet auf starke Preissetzungsmacht und effiziente Herstellung hin.
- Sinkende Bruttomargen können auf Kostensteigerungen oder Preisdruck hindeuten.
- Besonders im Vergleich zu Wettbewerbern liefert die Bruttomarge wertvolle Einblicke in die Geschäftsqualität.
📘 EBITDA-Marge
📈 Was ist das?
Die EBITDA-Marge zeigt, wie viel vom Umsatz als operativer Gewinn vor Zinsen, Steuern und Abschreibungen (EBITDA) übrig bleibt. Sie misst die operative Effizienz – ohne Verzerrungen durch Finanzierung oder Buchwerte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBITDA-Marge hilft zu verstehen, wie viel operativer Gewinn ein Unternehmen aus jedem Euro Umsatz erzielt – unabhängig von Kapitalstruktur oder steuerlichem Umfeld.
🎯 Was bedeutet das für Anleger?
- Eine hohe EBITDA-Marge zeigt starke operative Ertragskraft – unabhängig von Bilanzierungseffekten.
- Die Marge ermöglicht gute Vergleiche zwischen Unternehmen und Branchen.
- Ein stabiler oder wachsender Wert kann auf effiziente Kostenkontrolle und Skalierbarkeit hindeuten.
📘 EBIT-Marge
📈 Was ist das?
Die EBIT-Marge zeigt, wie viel Prozent des Umsatzes als operativer Gewinn nach Abschreibungen, aber vor Zinsen und Steuern übrig bleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBIT-Marge misst die operative Ertragskraft eines Unternehmens unter Berücksichtigung der Kapitalintensität (z. B. Maschinen, Anlagen). Sie eignet sich gut zum Vergleich von Geschäftsmodellen mit unterschiedlich hohen Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBIT-Marge zeigt, dass ein Unternehmen auch nach Abschreibungen effizient arbeitet.
- Sie ist besonders relevant in kapitalintensiven Branchen.
- Langfristig stabile oder steigende Margen sind ein Zeichen wirtschaftlicher Stärke und Preissetzungsmacht.
📘 Nettomarge
📈 Was ist das?
Die Nettomarge zeigt, wie viel vom Umsatz am Ende als „Reingewinn“ übrig bleibt – also nach Abzug aller Kosten, Zinsen, Steuern und Abschreibungen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Nettomarge gibt an, wie effizient ein Unternehmen über alle Stufen hinweg wirtschaftet. Sie zeigt, wie viel Gewinn tatsächlich je Euro Umsatz übrig bleibt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Nettomarge zeigt, dass ein Unternehmen nicht nur operativ stark ist, sondern auch seine Finanzierung und Steuerbelastung im Griff hat.
- Vergleiche mit Wettbewerbern geben Einblicke in die wirtschaftliche Qualität.
- Sinkende Nettomargen trotz Umsatzwachstum können ein Warnsignal sein – etwa für steigende Kosten oder sinkende Effizienz.
📘 Free-Cashflow-Marge | ex SBC
📈 Was ist das?
Die Free-Cashflow-Marge zeigt, wie viel Free Cashflow ein Unternehmen im Verhältnis zu seinem Umsatz erwirtschaftet. Der Free Cashflow entspricht vereinfacht dem operativen Cashflow abzüglich der Investitionsausgaben. Die Free-Cashflow-Marge ex SBC berücksichtigt zusätzlich aktienbasierte Vergütungen (Stock-Based Compensation, SBC). SBC verursacht zwar keinen direkten Cash-Abfluss, kann bestehende Aktionäre jedoch durch die Ausgabe zusätzlicher Aktien verwässern. Daher wird SBC bei dieser Kennzahl vom Free Cashflow abgezogen.
🧮 Wie wird es berechnet?
Free-Cashflow-Marge ex SBC = (Free Cashflow − SBC) ÷ Umsatz × 100
🏛️ Wofür ist es wichtig?
Die Free-Cashflow-Marge zeigt, wie effizient ein Unternehmen seinen Umsatz in Free Cashflow umwandelt. Ein hoher Free Cashflow kann dem Unternehmen finanziellen Spielraum für Dividenden, Aktienrückkäufe, Schuldentilgung oder weitere Investitionen geben. Die Variante ex SBC berücksichtigt zusätzlich die wirtschaftliche Belastung durch aktienbasierte Vergütungen und ermöglicht dadurch eine konservativere Betrachtung der Cash-Generierung aus Sicht der Aktionäre.
🎯 Was bedeutet das für Anleger?
- Eine hohe Free-Cashflow-Marge zeigt, dass ein Unternehmen einen hohen Anteil seines Umsatzes in Free Cashflow umwandelt.
- Das kann dem Unternehmen mehr finanziellen Spielraum für Dividenden, Aktienrückkäufe, Schuldentilgung oder Investitionen geben.
- Die Free-Cashflow-Marge ex SBC berücksichtigt zusätzlich die mögliche Verwässerung durch aktienbasierte Vergütungen.
- Besonders aussagekräftig ist die Entwicklung über mehrere Jahre. Sinkende Werte können beispielsweise auf höhere Investitionen, Veränderungen im Working Capital oder eine schwächere operative Entwicklung zurückzuführen sein.
📘 Ergebnis je Aktie (EPS)
📈 Was ist das?
Das Ergebnis je Aktie (EPS) zeigt, wie viel Gewinn auf eine einzelne Aktie entfällt – und ist eine der wichtigsten Kennzahlen zur Bewertung von Unternehmen.
🧮 Wie wird es berechnet?
Die verwässerte Aktienanzahl berücksichtigt auch potenzielle neue Aktien, etwa durch Optionen, Wandelanleihen oder andere Umtauschrechte.
🏛️ Wofür ist es wichtig?
EPS bildet die Basis für viele Bewertungskennzahlen wie KGV, PEG oder Payout Ratio. Es macht den Gewinn für Aktionäre vergleichbar – unabhängig von der Unternehmensgröße.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- EPS hilft, die Profitabilität pro Aktie zu erfassen – und ist besonders wichtig im Zeitvergleich oder im Vergleich mit Analystenschätzungen.
- Steigendes EPS kann ein Zeichen für stabiles Wachstum oder Aktienrückkäufe sein.
- Wichtig: Verwende verwässertes EPS für realistische Bewertungen – besonders bei stark aktienbasierten Vergütungssystemen.
📘 Free Cashflow je Aktie (FCF je Aktie)
📈 Was ist das?
Der Free Cashflow je Aktie zeigt, wie viel freier Mittelzufluss einem Unternehmen pro Aktie zur Verfügung steht – nach Investitionen, aber vor Dividenden oder Schuldentilgung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der FCF je Aktie zeigt, wie viel liquide Mittel pro Aktie tatsächlich im Unternehmen verbleiben – wichtig für Dividenden, Aktienrückkäufe oder Schuldentilgung. Im Gegensatz zum Gewinn ist er schwerer manipulierbar und daher besonders aussagekräftig.
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow je Aktie ist ein Zeichen für hohe finanzielle Flexibilität.
- Er zeigt, wie viel Kapital ein Unternehmen effektiv einsetzen oder ausschütten kann.
- Besonders relevant für dividendenstarke Unternehmen oder solche mit starker Kapitalrendite.
📘 Short Interest
📈 Was ist das?
Short Interest zeigt, wie viele Aktien eines Unternehmens aktuell leerverkauft wurden – also von Investoren geliehen und verkauft, in der Erwartung fallender Kurse.
🧮 Wie wird es berechnet?
Der Wert zeigt den Anteil der Aktien, der aktuell auf fallende Kurse spekuliert wird.
🏛️ Wofür ist es wichtig?
Short Interest dient als Stimmungsindikator: Ein hoher Wert deutet auf Skepsis oder negative Erwartungen gegenüber dem Unternehmen hin – kann aber auch zu einem „Short Squeeze“ führen, wenn der Kurs plötzlich steigt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Short Interest deutet auf Vertrauen in das Unternehmen hin.
- Ein hoher Wert kann ein Warnsignal sein – oder eine Chance, wenn sich die Stimmung dreht.
- Besonders spannend in volatilen Märkten oder vor wichtigen Quartalszahlen.
📘 Employees
📈 Was ist das?
Die Mitarbeiteranzahl zeigt, wie viele Personen ein Unternehmen weltweit beschäftigt – ein Indikator für Größe, Struktur und Geschäftsmodell.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft bei der Einschätzung von Skaleneffekten, Effizienz und Personalkosten. Zusammen mit Umsatz und Gewinn lassen sich Kennzahlen wie Produktivität je Mitarbeiter ableiten.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Viele Mitarbeiter bedeuten große operative Komplexität – aber auch hohes Umsatzpotenzial.
- Produktivität je Mitarbeiter ist ein wichtiger Indikator für Effizienz.
- Besonders spannend bei stark wachsenden Tech- oder Industrieunternehmen.
📘 Umsatz je Mitarbeiter
📈 Was ist das?
Der Umsatz je Mitarbeiter zeigt, wie viel Erlös ein Unternehmen durchschnittlich pro Beschäftigtem erwirtschaftet – eine Kennzahl für Effizienz und Produktivität.
🧮 Wie wird es berechnet?
Die Mitarbeiterzahl stammt in der Regel aus dem letzten verfügbaren Jahresbericht.
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Geschäftsmodelle zu vergleichen – insbesondere zwischen arbeitsintensiven und technologiegetriebenen Unternehmen. Ein hoher Wert deutet auf Automatisierung, Effizienz oder hohen Wertschöpfungsanteil hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Umsatz je Mitarbeiter spricht für ein skalierbares und margenstarkes Geschäftsmodell.
- Ein niedriger Wert kann auf arbeitsintensive Prozesse oder geringere Wertschöpfung hinweisen.
- Besonders hilfreich beim Vergleich von Tech- vs. Industrieunternehmen.
Aurora Mobile Ltd Sponsored ADR Class A Aktie Analyse
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Aurora Mobile Ltd Sponsored ADR Class A — Q2 2026 Earnings Call
1. Management Discussion
Thank you. Hello, everyone, and thank you for joining us today. Aurora Mobile's earnings release was distributed earlier today and is available on its IR website at ir.aurora-mobile.com. On the call today are Mr. WeiDong Luo, Chairman and Chief Executive Officer; Mr. Shan-Nen Bong, Chief Financial Officer; and Mr. Guangyan Chen, General Manager. Following their prepared remarks, they will be available to answer your questions during the Q&A session that follows. Before we begin, I'd like to remind you that this conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended and as defined in the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based upon management's current expectations and current market and operating conditions, which are difficult to predict and may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties and factors are included in the company's filings with the U.S. SEC. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. With that, I'd now like to turn the conference call over to Mr. Luo. Please go ahead.
Thanks, Christian.
Hi, everyone. Welcome to Aurora Mobile's 2026 Second Quarter Earnings Call. Before I comment on our Q2 results, I would like to remind everyone that we have uploaded the quarterly earnings deck on our IR website. You may refer to the deck as we proceed with the call today. As we've done in the past, the suitable description that I will give to the second quarter of 2026 is our RMB 100 million revenue quarter. The reason for this narrative is obvious. Our achievements in the second quarter of 2026 are as follows. Firstly, for the third time in our history, we recorded SaaS business revenue in excess of RMB 100 million in a single quarter. This was fueled by the highest developer service revenue in history of RMB 79.9 million in this quarter.
Secondly, our global flagship product, EngageLabs, has its best quarter yet. The EngageLabs ARR for June 2026 has scaled to a record high of $14.6 million, representing 170% year-over-year growth. Thirdly, gross profit grew by 16% year-over-year. Gross margin improved by 197 basis points between the years. Having top line growth alone is not enough. In this quarter, we delivered the fifth consecutive quarters of U.S. GAAP net profit. Last but not least, operationally, we brought a net cash inflow of RMB 23.3 million this quarter. This marks a strong second quarter performance hitting on our Q1 results in May. Taken together, the first 2 quarters of 2026 validate our robust growth momentum, and we remain on track to deliver against our targets for highly promising full year 2026.
Let me now share more on the business aspects. RMB 100 million revenue a quarter. Yes, we made it again. This milestone came 1 quarter earlier than what we previously anticipated. We are very pleased with this early pleasant surprise. Our total Q2 group revenue reached RMB 101.2 million, representing a strong 13% year-over-year growth. This RMB 100 million of quarter revenue is a very important milestone for us. It signifies a few key messages that I think are important that I share with you all today. Firstly, the RMB 100 million quarterly revenue milestone marks a landmark validation of Aurora Mobile's pure SaaS strategic transformation forming a durable larger revenue foundation. Secondly, top line expansion is anchored by high-margin recurring developer subscription revenue supported by solid customer retention and rising enterprise demand.
Thirdly, dual growth engines, domestic developer ecosystem and fast-growing global EngageLab business jointly drive scalable cross-market revenue expansion. Fourthly, greater revenue scale improves operating leverage, underpinning our consistent profitability trend and long-term path of sustainable shareholder returns. In this quarter, Developer Services recorded a great 24% revenue growth year-over-year, but Vertical Applications revenue decreased 16% year-over-year. Developer services revenues, which consists of subscription service and value-added services, delivered excellent performance in this quarter. Our core business, developer subscription services delivered another historic high quarterly revenue number of RMB 70.7 million, representing growth of 32% year-over-year and 9% quarter-over-quarter.
The year-over-year and quarter-over-quarter revenue growth was mainly driven by increases in both customer number and ARPU. In short, the momentum of this business is very strong, and I do have high hope of the continued growth in many more quarters to come. Now let's move on to the update on our global flagship product, EngageLabs. EngageLabs being the jewel of Aurora Mobile's growth engine has again brought in excellent numbers every quarter since its launch. In this quarter, the highlights include Firstly, EngageLab recorded another quarter of tremendous growth where the ARR reached a new milestone of $14.6 million as of June 2026.
This represents a 170% year-over-year growth. Secondly, EngageLab broke another record where the cumulative signed contract value has exceeded RMB 200 million by the end of Q2 of 2026. This speaks volume in terms of the market acceptance and total addressable market for these products. For sure, we are very pleased with this achievement. Nevertheless, we will continue to work hard and smart to conquer more markets and winning more contracts. In Q2 alone, we [indiscernible] more than RMB 27.4 million worth of new contracts. Thirdly, more and more new global customers are being converted and switched to EngageLab. The EngageLab customer number has exceeded 2,100 as of the 30th of June 2026.
The expansion of EngageLab across the globe has been very successful. Fourthly, the recognized revenue for EngageLab in Q2 of 2026 reached RMB 27.5 million, representing an outstanding 186% growth year-over-year. Also, in this quarter, there was a new addition to the EngageLab family, where we officially launched Silent Auth, an advanced password-less authentication solution designed to complement existing SMS OTP services and elevate identity verification for the global market. Silent Auth provides a more dependable approach to phone-based authentication across 3 key use cases, namely: firstly, faster registration and login; secondly, secure verification for high-risk operations; and thirdly, marketing fraud prevention.
We view the launch of Silent Auth not only enriches EngageLab's omnichannel customer engagement portfolio, but also reinforces Aurora Mobile's commitment to providing global enterprises with stable, efficient and intelligent solutions. Going forward, it is my goal that EngageLab will continue to leverage advanced technology to help businesses build stronger, trust-based customer relationships and accelerate global growth. Within subscription revenue, some of the notable wins in this quarter include but are not limited to, Bank of China, Hong Kong, CXMT, Mingshun Zhenzhen [indiscernible]. Value-added services revenues were RMB 9.2 million, up 36% quarter-over-quarter but down 15% year-over-year.
The quarter-over-quarter spike was mainly attributable to the traditional quarterly online shopping of [indiscernible] in Q2. I think it is also time for me to provide an update on the progress and updates we have on our enterprise AI agent platform, GPTbots.ai. Recently, we released a major production grade upgrade to GPTbots.ai, tackling the key industry limitations, whereby conventional AI agents only support conversations and demos like business system integration and end-to-end task execution. The upgrade centers on 3 pillars: a graph enhanced knowledge base for context-aware business analysis, autonomous workflow automation across 14 communication channels via agent collaboration. and robust enterprise governance with audit trails, onetime safeguard and mandatory human validation for live deployment.
This product advancement supports GPT global expansion through the following: Firstly, transform the platform into a production-ready solution to improve overseas sales conversion. Secondly, native compatibility with global channels, including WhatsApp, Flex and Teams expand market reach across North America, Europe and Southeast Asia. Thirdly, strengthen governance satisfies international data compliance requirements, enabling deals with multinationals and regulated sectors. Fourthly, optimized knowledge processing reduces customization and onboarding costs for global clients and improves project gross margin. We believe the upgrade puts Aurora Mobile in a strong position to capture market share as enterprises worldwide transition from AI testing to large-scale deployment of agent AI.
As you can see, besides growing the business globally, we have been busy on the R&D front. Our team has not taken our eyes off the need to continue to upgrade and create new products and services to supplement our entire suite of service to our customers. This is important because we will not rest on our laurels amidst our achievements to date. We must remain attuned to the latest developments across global markets and implement necessary product upgrades, adjustments and innovations as circumstances demand. Only by doing so can we stay relevant and meet the evolving needs of our global customer base. Collectively, these efforts form critical building blocks to sustain ongoing revenue growth and advance our path towards improved profitability. Now let me pass the call over to Shan-Nen, who will take you through the metrics on vertical applications and financial performance for this quarter.
Vertical application that includes Financial Risk Management and Market Intelligence. Overall, Vertical Application revenue decreased year-over-year and quarter-over-quarter. Within Vertical Application, Financial Risk Management revenue decreased 17% year-over-year and pretty much remained flat quarter-over-quarter. We are still operating in a tough business environment, and we are making the necessary adjustment on go-to-market and various strategies. The customers that we signed up or renewed in Q2 include, but not limited to, Pufahang, Ping An Xxin, Yitonghang and many more licensed credit for financial institutions throughout China.
Market Intelligence revenue decreased 11% quarter-over-quarter and 12% year-over-year due to the continued weak market demand for Chinese APP data. And this result is in line with our expectation. Coming to the other P&L items. Our gross profit recorded another strong Q2 quarter with 16% year-over-year growth to RMB 69.2 million. Our gross margin has also recorded significant improvement by 197 basis points year-over-year. This improvement reflects better product mix and tighter operating control discipline. Higher gross profit gives us greater flexibility to invest in growth while absorbing external cost pressure. Most importantly, it proves that we can convert business scale into sustainable profit generation, which is critical to driving shareholders' return over time.
On net profit, following the great momentum we had in Q1 of 2026, we recorded yet another GAAP net profit quarter, making it fifth consecutive quarter of GAAP net profit. We are very pleased with how this quarter has played out financially from top line growth to bottom line profitability. On to operating expenses. Q2 OpEx was at RMB 67.6 million, up 2% quarter-over-quarter and up 11% year-over-year. The OpEx is within our forecast, and we are happy at the level where they are. I'll now dive deeper into the individual OpEx category. R&D expenses increased by 13% year-over-year to RMB 29.3 million, mainly due to the higher staff costs and associated expenses. Technical service fees also contributed to the year-over-year increase. Selling and marketing expenses increased by 25% year-over-year to RMB 28.3 million, mainly due to the higher staff costs driven by overseas business expansion.
G&A expenses decreased by 18% year-over-year to RMB 10 million, mainly due to the decrease in bad debt provision resulting from improved collection efficiency. Besides, there was no loss on disposal on property and equipment in Q2 of 2026, while such loss was incurred in the same quarter last year. Next, I'll share 4 other very important KPIs that we closely monitor. Our net dollar retention rate, a commonly used KPI for SaaS company stood at 106% for our core developer subscription business for the trailing 12-month period ended June 2026. This is the highest NDR number that we have recorded to date. This is an important signal of existing customer health. This record NDR speaks to strong product stickiness, expanded usage from our installed base and the success upsell and cross-selling activity within our customer -- within our current clients.
While NDR can fluctuate quarter-over-quarter, given customer-specific renewal dynamics, but we are very encouraged by this peak result, and we are focused on sustaining healthy retention trends ahead. Secondly, another financial KPI for tracking the performance of SaaS company is total deferred revenue. This represents cash collected in advance from customers for future contract performance and it stood at RMB 181.9 million as of June 30, 2026. This is also a historic high balance. This balance acts as a high-quality leading indicator. It gives us good visibility into the near-term revenue stream and strengthen our operating cash flow profile by bringing cash collection forward relative to the income statement recognition.
Thirdly, we continue to maintain a healthy level of AR turnover days of 37. These low AR turnover days ensure we have great cash liquidity while mitigating the risk of bad and doubtful debt. And on to cash flow, another important financial KPI for us to manage the business. For the quarter ended June 30, 2026, we recorded net operating cash inflow of RMB 23.3 million. Having operating net cash inflow is very important as it validates our earnings quality and gives investors and shareholders greater confidence in the sustainability of the reported profit.
And let's now recap on Chris' comment on our RMB 100 million quarter revenue quarter. In the second quarter of 2026, we achieved another quarter of GAAP net profit in 2026. This marks our fifth consecutive quarters of net profit, a great trend for healthy, profitable and sustainable business. Two, our core developer subscription business has outgone itself again by recording another historical high of RMB 70.7 million revenue in this quarter. The jewel of Aurora Mobile, EngageLab continues to scale rapidly across the globe. Our EngageLab business exceeded its past record in this quarter.
The ARR in June 2026 reached USD 14.6 million. This represents a stunning 170% year-over-year growth. Fourth, our gross margin grew by 197 basis points year-over-year and gross profit grew by 16% year-over-year. Five, our net dollar retention for core developer service stood strongly at 106%, another historic high. Number six, equally important was the net cash inflow that I mentioned of RMB 23.3 million we brought in from operating activities.
As I have alluded in the last quarter's earnings call, Q1 numbers we have recorded paved the way for a great financial year of 2026. And this momentum we built in Q2 of 2026 was truly phenomenal. The quarterly operating and financial results that Chris and I shared during the call today reflect the considerable strength across our business. We will continue to executing against our established strategic priorities. As we deliver on our execution road map, we are confident these operational wins will translate into sustained improvement in our financial statement. Lastly, before I conclude, I'll give a quick update on the share repurchase plan.
In the quarter ended June 30, 2026, we repurchased 44,000 ADS. Cumulatively, we have repurchased a total of 485,000 ADS since the start of our repurchase program. And this concludes our prepared remarks. We are happy to take your questions now. Operator, please proceed.[ id="-1" name="Operator" />
[Operator Instructions]
And the first question comes from Calvin Wong with Ser Capital.
2. Question Answer
Based on the numbers released today, we note that you have a very, very strong Q2 quarter. So can I get the management to shed some light on the Q2 quarter and perhaps maybe some hints on how Q3 and Q4 will be for 2026?
Calvin, thanks for your question. Let me take your question today. Yes, you're right. The Q2 numbers that we just had was a good quarter for us. If I may take a few minutes or just probably just 1 minute to summarize here, the 3 key highlights for Q2 of 2026 would be: number one, our quarterly revenue exceeded RMB 100 million mark.
Number two, we recorded the fifth consecutive quarters of U.S. GAAP profit. And number three, operating activities brought in net cash inflow of RMB 23.3 million. And hitting all these 3 milestones in 1 quarter is significant. It reflects a thriving business where revenue is at a high level. We are delivering GAAP profitability while we also generate net cash inflow, which is very important. And Chris and I are very pleased with how this quarter has unfolded. As we look into the rest of 2026, our stance remains cautiously optimistic. We are encouraged by the business growth trajectory with the global EngageLab business delivering standout momentum. Meanwhile, we will continue to exercise strict cost discipline. Even so, we will still allocate resources selectively to high-priority initiatives that we believe are critical to driving durable and long-term sustainable growth. I hope this answers your question, Calvin.
[ id="-1" name="Operator" />
And our next question is going to come from Jack Sun with Gelonghui Research.
I'm Jack from Gelonghui Research. I noticed from the press release by the company and the commentary made by Chris during the call, we are launching various new services such as Silent Auth and Modellix together with some upgrades to GPTBots. My question is, are they necessary? And how do they benefit the company as a whole?
Jack, good to hear from you. Let me take this question. Those services and upgrades that you mentioned are purpose built upgrades built upon our existing customers' engagement and AI platforms. They are not disconnected new ventures.
And this is an important differentiator when compared to others in the space. We are not building all these new tools or services just to follow the flavor of demand trend. Instead, every single new capability ties back to our core business. I think, for example, Silent Auth they expand EngageLab value proposition beyond traditional messaging. It reduces user lock-in drop-off. It strengthens the fraud defense and give us high-value authentication revenue from our existing global enterprise clients.
And for Modellix that you mentioned also, it addresses the fragmentation enterprise space juggling different AI model vendors. It acts as our unified AI model gateway, cutting integration overheads for customers and it simplifies billing and operation and feeding model by multimodel capability directly into the GPTBots to make our AI agent more powerful for end user. And just to share, even our own internal IR team, we use Modellix to prepare the Q2 ER deck that we uploaded to the IR website today. It's simply because Modellix has so many different large language models that we can pick and choose from within one single platform. There's no need to switch between different large language model accounts for different companies. It is also very easy to use. So I will sincerely encourage everyone on this call to try out Modellix too. As for our GPTBot platform upgrades, it advances our enterprise AI agent offering. It expands multi-agent orchestration, multimodel workflow and no-code tooling. And this drives upsell among our large existing customer base and attract new clients seeking production-ready AI automation and not just AI prototypes.
So if I may summarize, collectively, I believe these upgrades or new products that you mentioned, they reinforce our integrated platform strategy where deeper stickiness within our current account. It helps higher our average contract value and also this represent a new venture, new revenue stream while leveraging our existing global sales, compliance and infrastructure footprint. I hope this answers your question.
Jack?
Yes, that's very clear.
Operator, I have no more questions.
[ id="-1" name="Operator" />
[Operator instructions]
I am showing no further questions at this time. I will now turn the call back over to Christian for closing remarks.
Thank you, everyone, for joining the call tonight. If you have any further questions or comments, please don't hesitate to reach out to the IR team. This concludes the call. Have a good evening. Thank you very much.
[ id="-1" name="Operator" />
Thank you. This does conclude today's conference call. Thank you for participating, and you may now disconnect.
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Aurora Mobile Ltd Sponsored ADR Class A — Q2 2026 Earnings Call
Aurora Mobile Ltd Sponsored ADR Class A — Q1 2026 Earnings Call
1. Management Discussion
Ladies and gentlemen, thank you for standing by, and welcome to the Aurora Mobile First Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your host today, Christian Arnell. Thank you. Please go ahead, sir.
Thank you. Hello, everyone, and thank you for joining us today. Aurora Mobile's earnings release was distributed earlier today and is available on the IR website at ir.jiguang.cn. On the call today are Mr. Weidong Luo, Chairman and Chief Executive Officer; Mr. Shan-Nen Bong, Chief Financial Officer; and Mr. Guangyan Chen, General Manager.
Following their prepared remarks, they will be available to answer your questions during the Q&A session that follows. Before we begin, I'd like to remind you that this conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon management's current expectations and current market and operating conditions, which are difficult to predict and may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements.
Further information regarding these and other risks, uncertainties and/or factors are included in the company's filings with the U.S. SEC. The company does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.
With that, I'd now like to turn the conference over to Mr. Luo. Please go ahead.
Thanks, Christian. Hi, everyone. Welcome to Aurora Mobile's 2026 First Quarter Earnings Call. Before I comment on our Q1 results, I would like to remind everyone that we have uploaded the quarterly earnings deck on our IR website. You may refer to the deck as we proceed with the call today. As we've done in the past, the simple description that I would give to the first quarter of 2026 is a good spring brings a good year.
Within this first quarter of 2026, our achievements are as follows: Firstly, in this quarter, the group recorded revenue of RMB 93.3 million, representing a solid 5% year-over-year growth. Secondly, our global flagship product, EngageLab, continues to shine. The EngageLab ARR for March 2026 surged to a record high of $11.7 million, representing 172% year-over-year growth. Thirdly, gross profit grew by 13% year-over-year. Gross margin improved by 490 basis points between the year. Along the way, we delivered the fourth consecutive quarter of U.S. GAAP net profit.
Trust you would agree with me, the Q1 that we have delivered was indeed a fairly good set of financials, and this is a great way to kick off a brand-new 2026 financial year. Let me now share more on the business aspects. Q1 of each year is always the tough quarter for majority, if not all of businesses. Just to share, within the first quarter of the year, we have the shorter month of February, coupled with the long Chinese New Year holidays, business activities tend to be slower at this time of the year.
Despite the slower quarter of the year, we worked harder and smarter and managed to pull through with relative excellent results. Our total Q1 group revenue reached RMB 93.3 million, representing a solid 5% year-over-year growth. In this quarter, Developer Service recorded great 15% revenue growth year-over-year, but vertical applications revenue dipped 19% year-over-year. Developer Service revenues, which consists of subscription service and value-added services delivered strong performance with 15% growth year-over-year but decreased 6% quarter-over-quarter.
Our core business, Developer Subscription Service delivered another quarter of excellent revenue number of RMB 64.9 million, representing growth of 21% year-over-year and 5% quarter-over-quarter. The year-over-year revenue growth was mainly driven by increases in both customer number and ARPU. In this quarter, subscription revenue recorded its highest level in history yet at RMB 64.9 million, surpassing the RMB 61.9 million high level in Q4 of 2025.
Now let's move on to the update on our global flagship product, EngageLab. As we have seen in the past 12 to 18 months, EngageLab is now the indisputable primary driver of revenue growth for Aurora Mobile and it is on great acceleration path. First, EngageLab ARR has refreshed its own record and achieved a new milestone of $11.7 million as of March 2026. For the second consecutive quarter, we recorded very remarkable year-over-year ARR growth. In this quarter, the growth was 172%.
Secondly, EngageLab continues to record another strong quarter. Cumulative signed contract value amounted to RMB 185 million by the end of Q1 of 2026. In Q1 alone, we won and signed up about RMB 28 million worth of new contracts. It has again shown the great growth momentum for this business.
Thirdly, we continue to witness the influx of new global customers signing up to purchase EngageLab. In this quarter alone, we have converted and won over 223 new customers all over the world. The customer number has grown by 120% year-over-year to 1,864. We are very pleased with the new wins.
Fourthly, the recognized revenue for EngageLab in Q1 of 2026 reached RMB 24 million, representing an outstanding 210% growth year-over-year. We continue to see great strength in EngageLab business expansion. The revenue growth, new wins and great ARR numbers were all result of the great work done by the team to meet and exceed overseas customers' needs and expectations quarter-over-quarter. We saw more customers converted to using EngageLab platform due to the superior suite of products we have to address their needs. Equally important is our service-oriented mindset to attend to and resolve customers' issues on a timely basis.
Let me take a few minutes to share with you on our Aurora Mobile competitive advantages based on what I have witnessed for the past 18 to 24 months and why we can grow the EngageLab revenue with strength quarter-over-quarter. Firstly, over the years, we have built mature, highly concurrent and elastically scalable underlying infrastructure polished through years of commercial operation. This infrastructure supports massive data processing, real-time delivery and global traffic scheduling for our customers. Secondly, we have completed global market layout at an early stage and have established solid brand recognition in overseas digital service sectors.
Thirdly, we possess exclusive capabilities, helping our customers to unify their full lifecycle user data, covering acquisition, activation, engagement, retention and conversion. Fourthly, our products are equipped with self-developed native AI technology, deeply embedded in full product scenarios together with standardized automated workflow engines. Our solutions help customers boost operational efficiency, realize intelligent management and cut labor costs significantly.
Fifthly, we have spent considerable effort ensuring we fully comply with global stringent data regulations, including privacy protection, cross-border data transmission and regional data residency rules, meeting market access requirements across Europe, America, Southeast Asia and other key regions. Fifth equally important is our lightweight architecture features easy access and low development barriers, friendly to developers and enterprise technical teams for fast integration and launch.
At the same time, it lowers potential customers' reaching depletion barriers and greatly improve market replication efficiency. I believe these competitive advantages will no doubt solidify our position in the global user engagement space and market. These advantages are pivotal to long-term revenue acceleration in the years to come.
On to our global expansion road map, we made great progress in Q1 of 2026. Within the first 3 months of 2026, we managed to sign up and finalize 9 other new overseas partners. These overseas partners will help us to sell into the local customers in their respective countries.
As of now, we have 26 independent partners globally working together to help us further expand our reach and footprint to more overseas customers. Within subscription revenue, some of the notable wins in this quarter include, but are not limited to, the largest TV company in the world for their China operations, SF Express, Guotai Junan Securities, Somu Security, and Cheg International.
Value-added services revenues were RMB 6.7 million, down 53% quarter-over-quarter. The decrease was mainly attributable to the absence of the traditional quarterly online shopping festivals, mainly the Double 11 or Double 12 in Q1.
Now let me pass the call over to Shan-Nen, who will take you through the metrics on vertical applications and financial performance for this quarter.
Okay. Thanks, Chris. Next, I'll go over the revenue for vertical applications that includes Financial Risk Management and Market Intelligence. Overall, vertical application revenue decreased year-over-year and quarter-over-quarter. Within vertical application, Financial Risk Management revenue decreased 18% year-over-year and 29% quarter-over-quarter. The recent regulatory updates within the financial industry have resulted more headwinds for this segment of the business, but we are making necessary adjustment in terms of products and go-to-market approach to move forward.
Despite the tough operating environment, we still managed to win new contracts as the demand for our products and services is still there. The customers that signed up or renewed in Q1 include, but not limited to, Fenqile, Xiaoying Puhui, Ping An Puhui, Zhonglian Xiaojin, and many more licensed credit for financial institutions throughout China.
Market Intelligence revenue increased by 3% quarter-over-quarter, but decreased by 25% year-over-year due to the weak market condition and demand for Chinese app data, and this result is in line with our expectation.
Coming to the other P&L items. Our gross profit recorded another good quarter with 13% year-over-year growth. The RMB 66.3 million gross profit that we had in Q1 paved a great foundation for the rest of the year in 2026. Our gross margin also recorded significant improvement by 490 basis points year-over-year. This again signifies the healthy business model that we are operating in. With this healthy level of margin, we are poised to record good bottom line numbers going forward.
On net profit, following the great momentum that we have in 2025, we started the year 2026 with another GAAP net profit quarter. This is a great achievement as Q1 is a cyclically slow quarter for each year.
On to operating expenses. Q1 OpEx was at RMB 66.1 million, down 3% quarter-over-quarter, but up 9% year-over-year. The OpEx is within our forecast, and we are happy with the level where they are.
I will now dive deeper into the individual OpEx category. For R&D expenses, it increased by 17% year-over-year to RMB 28.7 million, mainly due to the higher staff costs and associated expenses. Technical service fee also contributed to the year-over-year increase. Selling and marketing expenses increased by 11% year-over-year to RMB 25.9 million, mainly due to the higher staff costs driven by overseas business expansion.
G&A expenses decreased by 9% year-over-year to RMB 11.5 million, mainly due to the decrease in bad debt provision resulting from improved collection efficiency.
And next, I'll share three very important KPIs that we closely monitor. Our Net Dollar Retention Rate, a commonly used KPI for SaaS company stood at 103% for the -- for our core Developer Subscription business for the trailing 12-month period ended March 31, 2026. And this is the third consecutive quarter where the NDR number has exceeded the 100% threshold. And this is the best testimony on the great products and services we are selling. In summary, customers continue to increase their spending with us over time.
Secondly, another financial KPI for tracking the performance of SaaS company is the total deferred revenue. This represents cash collected in advance from customers for future contract performance and it stood at RMB 173.9 million as of March 31, 2026. And this high deferred revenue balance is the best proof that SaaS business model that we are in is working well. In short, we have secured RMB 173.9 million worth of future revenue as of March 31, 2026.
Thirdly, we continue to maintain a healthy level of AR Turnover Days at 42 days. And these low turnover days ensure we have great cash liquidity while mitigating the risk of bad and doubtful debts. Cash collection is one of the key KPIs that we have for our sales team.
Let us now recap on Chris' comment on a good spring brings a good year at the beginning of this call. In view of the slower quarter in Q1 of each year, we have achieved and delivered a terrific set of Q1 numbers. Firstly, we achieved GAAP net profit in the very first quarter of 2026, and this marks our fourth consecutive quarter of net profit. Secondly, our core developer subscription business achieved a historical record high of RMB 64.9 million revenue this quarter. Third, our flagship product, EngageLab, continued to scale rapidly across the globe. Our EngageLab business exceeded its own past record in this quarter. The ARR in March reached USD 11.7 million. This represents a stunning 172% year-over-year growth.
Fourth, gross margin grew by 490 basis points year-over-year, the highest it has been for the past 8 quarters, and the gross profit grew by 13% year-over-year. Last but not least, our Net Dollar Retention for core Developer Service stood strongly at 103%. Although Q1 has been a tough quarter, but we have been resilient and managed to navigate through these rough quarters.
In Q1 '26 results that we have presented today's big volume, we delivered revenue growth and our EngageLab business continued to scale new highs. And this lays solid foundation for the rest of 2026. And we are very committed to expanding the business on a global level and continue to be highly disciplined in our spending. We believe this combination is the appropriate strategy to bring the business forward.
Lastly, before I conclude, I'll give a quick update on the share repurchase plan. In this quarter ended March 31, 2026, we repurchased 42,000 ADS. Cumulatively, we have repurchased a total of 441,000 ADS since the start of our repurchase program.
And this concludes our prepared remarks. We are happy to take the questions now. Operator, please proceed.
[Operator Instructions] And the first question comes from the line of William Chan from [ Spiga Capital ].
2. Question Answer
Based on the Q1 numbers you have released earlier today, it is a really good set of financial statements. We have revised and reanalyzed the company ER for the past 5 quarters, and it appears that things are moving to the right direction operationally and financially. The revenue, I mean, especially the EngageLab has been showing great growth momentum. Gross profit and margins are pretty solid. Most importantly, the company has turned full year profit in 2025 and again in this quarter. So my question for the management is how we should look at the Aurora Mobile for the financial year 2026?
William, let me take this call -- take this question. Yes, you are right, we are very pleased with the Q1 results for the beginning of 2026. And you are right to point out too, for the entire financial year of 2025 and Q1 of 2026, we have been consistently delivering solid financial numbers quarter-over-quarter without fail.
And this has proven that the business model and the execution capability of the management are standing up to the test quarter-over-quarter and year-over-year.
And in the call earlier, you have heard Chris share on Aurora Mobile's competitive advantages in the market that propel the growth that we have seen today. And these competitive advantages are real and continue to fuel our growth acceleration in the future. And customers are switching to us and buy our services because of these advantages that we have in the marketplace.
At this point, I would like to add that maybe it is time now to relook at Aurora Mobile and why it is time to invest right now. And there's no doubt that the current valuation is at the low side, but let me share with you on our long-term valuation logic. I believe our valuation logic includes the following aspect: one, our solid and foundational domestic core business delivers stable cash flow and strong cyclical resilience. Secondly, through our global flagship product, EngageLab, our scalable global SaaS expansion brings clear predictable long-term growth curves. And through GPTBots.ai, the in-depth native AI integration empower us and our business to gain high premium and valuation rerating upside.
Our exclusive full scenario contextual platform builds you replicable competitive moat and operational defensibility. And equally important is the alignment of outcome-based enterprise software trend. And this significantly enhance our long-term monetization capability and profit elasticity. And what all this means is I think Aurora Mobile should not be valued purely as a traditional infrastructure company nor as a purely as a single point AI tool. Our corporate framework should reflect platform synergy, global SaaS growth and AI upside altogether.
I believe the above is a better way to view and value Aurora Mobile as a whole for now. And I hope this answers your question, William.
Our next question comes from the line of Jack Sun from [ Gelonghui Research ].
I'm Jack from Gelonghui Research. I look at the Q1 earnings with one particular focus on EngageLab. We have been seeing on EngageLab growing every quarter with good numbers from customer numbers. Contract value signed to impressive ARR growth. My question for management is how much fuel is left in the tank for EngageLab? In other words, how long can this EngageLab growth can be sustained?
Jack, let me take this question, too. This is a good question, but it's a very tough one that you have for us today. And my short answer to your question is, yes, we still have a long way to go in terms of the growth of EngageLab. You're right. And a lot of people have been saying our EngageLab business has been growing from day 1 of its launch about 3 years ago. And as of now, after 3 years, we're still growing, but we are only gaining a fraction of the market globally. And let me share a view on your question on -- let me answer your question in two aspects.
Firstly, let's look at the geography. If we zoom further into Southeast Asia market, where we generate about 40% of EngageLab business, we are nowhere near market dominant position. What that means is the room for growth even in just Southeast Asia itself is huge. Overall, the global user engagement market is vast. Besides Southeast Asia, the other markets are sizable, too. For example, Asia Pacific includes Australia and New Zealand, Middle East and European market. Right now, we are just at the tip of the iceberg. The market is so huge that we believe it can provide many years of growth to come.
The second aspect is the industry that we are selling into. Again, as of now, we have not dominated any particular industry vertical at all. As a matter of fact, majority, if not all businesses in all industry verticals have needs to engage with their users. Let me share with you on the actual examples.
One, all apps, will need to send notification to its user, be it promotional or simply inform its user to update the latest version of app. A second example is online merchants would like to send notification to its user on the timing of the merchant delivery and coffee apps such as Starbucks and Cotti Coffee both our clients, informing customers that the lattes or Americanos are ready to pick up.
And fourthly, airline companies needing to inform their passengers on upcoming flight, the check-in date or the boarding date. So these are just some of the real-life examples that notification are being deployed in a daily life. And I'm sure you can appreciate this application. The notification or user engagement are simply omnipresent for most, if not all enterprise in all industry. Therefore, the market is there for us to capture with both hands.
So back to your question, there's still a lot of fuel left in the tank for our EngageLab business. The EngageLab market landscape remains vast, which equips us with a substantial multiyear growth headroom for further penetrate for more markets and drive steady revenue growth. And I hope this answers your question.
[Operator Instructions] We are now going to take our next question. And this question comes from the line of [ Mike Tang ] from [indiscernible] Research.
Congratulations on a great quarter. Just a quick question from me. I've noticed that from a year-over-year perspective, both revenue and gross profit seems to have -- in terms of the growth rate seems to have fallen a bit compared to fourth quarter. Can you just maybe talk about some of the reasons behind that?
Sure, Michael. Thanks for your interest on Aurora Mobile and your question. Let me take this call. And probably you appreciate Q1 is a traditionally slow quarter amongst the 4 quarters within a year. We still managed to see good results from our core Developer Subscription business, where year-over-year revenue achieved a solid 21% growth that I talk about, Chris talked about too and reaching an all-time high of RMB 64.9 million. And also in this quarter, gross profit rose by 13% year-over-year.
The overall slow growth that you mentioned was mainly attributable to the revenue from other sector, which is the Value-Added Service and Vertical Application. And let me share with you the reason. And one is the fact that advertising business was pressured by the seasonality and Q1 is traditionally a slow season in the industry. And without the traffic catalysts such as e-commerce shopping festival and coupled with the long Chinese New Year holidays, marketing spending by brand clients remain slow and leading to the current market condition that you have seen in Q1.
And secondly, the slower demand for Vertical Application. The macroeconomic headwinds have softened our overall client demand, in particular, the Financial Risk Management business were also impacted by the recent regulatory adjustment that I shared earlier on. But for the remaining 3 quarters of 2026, our core Developer Subscription business is poised for substantial growth with meaningful revenue expansion. And meanwhile, our overseas business, EngageLab is expected to accelerate and benefit from our global footprint will further be unlocked and realized. I hope we answered your question, Michael.
There are no further questions for today. I will now hand the call back to Christian Arnell for closing remarks.
Thank you, everyone, for joining our call tonight. If you have any further questions and comments, please don't hesitate to reach out to the IR team. This concludes the call. Have a good evening, and thank you.
Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.
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Aurora Mobile Ltd Sponsored ADR Class A — Q1 2026 Earnings Call
Aurora Mobile Ltd Sponsored ADR Class A — Q4 2025 Earnings Call
1. Management Discussion
Ladies and gentlemen, thank you for standing by. Welcome to the Aurora Mobile Fourth Quarter and Fiscal Year 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your host today, Christian Arnell. Please go ahead, sir.
Thank you. Hello, everyone, and thank you for joining us today. Aurora Mobile's earnings release was distributed earlier today and is available on the IR website at ir.jiguang.cn. On the call today are Mr. Weidong Luo, Chairman and Chief Executive Officer; Mr. Shan-Nen Bong, Chief Financial Officer; and Mr. Guangyan Chen, General Manager.
Following their prepared remarks, they will be available to take your questions and give you answers during the Q&A session that follows. Before we begin, I'd like to remind you that this conference call contains forward-looking statements made within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon management's current expectations and current market and operating conditions, which are difficult to predict and may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements.
Further information regarding these and other risks, uncertainties and/or factors are included in the company's filings with the U.S. SEC. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
With that, I'd now like to turn the conference over to Mr. Luo. Please go ahead.
Thanks, Christian. Hi, everyone. Welcome to Aurora Mobile's 2025 Fourth Quarter Earnings Call. Before I comment on our Q4 results, I would like to remind everyone that we have uploaded the quarterly earnings day on our IR website. You may reference the deck as we proceed with the call today. I'm truly excited about the various things that are going here at Aurora Mobile. Revenue is surging and our financials are as strong as ever.
By the end of this call, I trust you will agree with me, our 2025 and Q4 numbers are truly exceptional. As we have done in the past, when looking at the fourth quarter and the year as a whole, a single phase comes to mind a year of pure brilliance. Why? Because we recorded first ever full year net GAAP profit in our history. Not only that, but we achieved 3 consecutive quarters of non-GAAP profit leading to this quarter, which just as importantly achieved quarterly revenue exceeding RMB 100 million mark. It's been a truly historic year.
Let me now dive deeper into the outstanding work and numbers that make this success possible. Firstly, the group's revenue this quarter surged to RMB 105.2 million, representing a remarkable double-digit 13% year-over-year and 16% sequential growth. This performance brought through the guidance we shared in our Q3 earnings call. Secondly, our global flagship product, EngageLab continued to fire on all cylinders, winning new customers across the globe. This momentum drove EngageLab's ARR for December 2025 to a record high of USD 10 million, representing 186% year-over-year growth.
Further, gross profit grew by 23% year-over-year and by 9% quarter-over-quarter. This is the highest gross profit we have seen over the past 16 quarters. Last but not least, we delivered another standout quarter on cash management. Net operating cash inflow hit RMB 35.1 million, the highest we have seen since Q4 of 2020. With so many record highs this quarter, I am incredibly proud of what our team has managed to accomplish. It's truly gratifying to share these results with you today, and it was driven by our strategy, hard work and passion, not by luck.
Everyone in Aurora Mobile for the effort and energy toward our collective growth day in and day out, 2025 stands as one of our most successful year-to-date, the result of true commitment and strong execution. With that said, the work is not done. The solid foundation we have built over the past few years position us to achieve even great things. I sincerely believe we are ready to seize the next wave of global opportunities and our track record proves we can.
As we move into 2026, we will continue on our expansion path with the same discipline and focus we show in the past years, enhancing our products and services, accelerating growth and maintaining strong financial management. I am optimistic of what 2026 will bring. The path ahead is rich with opportunities and our brightest moments are still to come. After a year of pure brilliance, I think for 2026 is clear growth acceleration.
Now let me share more on the individual business performance. Our total Q4 group revenue has exceeded RMB 100 million mark for the first time in history since the transition to pure SaaS business model. It has grown both year-over-year and quarter-over-quarter. In particular, the lion's share of year-over-year revenue was contributed by strong numbers from developer subscription services. Our solid execution in 2025 across different markets provided an excellent platform to drive our top line performance.
In this quarter, both developer subscription services and vertical application record solid acceleration with double-digit year-over-year revenue growth. Developer Services revenue, which consists of subscription services and Value-Added Services delivered strong performance with 7% growth year-over-year and 18% growth quarter-over-quarter. Subscription revenue performed well, increasing by 13% year-over-year and 7% quarter-over-quarter. Value-Added Services revenue grew by an impressive 101% quarter-over-quarter, but decreased 13% year-over-year. Our core business developer subscription services gave a revenue of RMB 61.9 million, representing growth of 13% year-over-year and 8% quarter-over-quarter.
The year-over-year revenue growth was mainly driven by increase in both customer number and ARPU. In this quarter, subscription revenue both for the RMB 60 million 1 quarter revenue mark and reached its highest level in history. Now it's time for what many of you have been waiting for, an update on our global flash product, EngageLab, which continued its remarkable growth trajectory quarter after quarter since it was launched.
First, EngageLab's ARR has achieved a new and important milestone, USD 10 million as of December 2025. Following triple-digit growth in Q3, we record 186% year-over-year ARR growth this quarter. Secondly, we delivered another very strong quarter of EngageLab. Cumulative signed contract value amount to RMB 157 million by the end of Q4 of 2025. In Q4 alone, we signed up more than RMB 29 million worth of new contracts. This, in our view, is simply outstanding. We expect this revenue growth momentum to continue for the next 24 months.
Thirdly, we secured new wins from global customers across all corners of the world. Our number of customers increased by 142% year-over-year to reaching 1,641. Our global go-to-market initiatives are proving highly effective in driving this growth. Fourthly, our EngageLab products and services are now sold to customers in more than 70 different countries and regions globally. We expanded our footprint into 18 new countries in Q4 alone. Ultimately, the rollout of EngageLab into global market has been a resounding success.
Looking back to 2025, we are immensely pleased with the expansion of our global flash product. We have come a long way since we launched EngageLab in Q4 of 2022. In a nutshell, EngageLab provides a suite of products and services for omnichannel infrastructure, helping our customers to strengthen engagement with their users in an efficient and effective manner. The customers of EngageLab are from various industry verticals with no specific industry concentration risk. The very strong numbers we have recorded in 2025 have given us great confidence in the acceleration profit of this business.
Historical 2025 numbers aside, in the beginning from 2026, we have seen healthy signs from the overseas markets in terms of potential needs and customers. Let me also touch on the excellent partners we have globally. As of December 2025, within our EngageLab ecosystem, we have 17 partners in different countries and regions. These partners are selected to strengthen, rigorous and often multistage process. We think that our representative in different markets, which means we have high expectation of the contribution from this partner in overseas market in the future.
They are another important driver of our sustainable long-term growth. We will continue to work and engage with more local partners to better utilize their resource and local networks. Within subscription revenue, some of the notable wins in this quarter include but are not limited to Kimi large language model, J&T Express, Citibank and China Unicom. Value-Added Services revenue were RMB 14.2 million, up 101% quarter-over-quarter. The solid revenue quarter-over-quarter growth was mainly due to the significant increase in spend by advertisers. The traditional quarterly online shopping festival in Q4 also contributed to significant revenue growth sequentially.
Now let me pass the call over to Shan-Nen, who will take you through the metrics of vertical applications and financial performance for this quarter. Take it away.
Thanks, Chris. And next, I'll go over the revenue for vertical application that includes financial risk management and market intelligence. Overall, Vertical Applications had a good quarter where revenue grew both year-over-year and quarter-over-quarter. And within vertical application, financial risk management recorded a strong 43% growth in revenue year-over-year and 12% quarter-over-quarter. Financial Risk Management delivered another excellent performance. We recorded robust revenue growth of 43% year-over-year and 11% quarter-over-quarter.
Notably, this segment achieved revenue of more than RMB 22 million in each of the 4 quarters in 2025. In particular, the strong year-over-year performance was driven by impressive 20% in customer number growth and a 20% increase in ARPU. The customers that we signed up or renewed in Q4 include, but not limited to ChongXiing, Xiao, Chengduinhang and many more licensed credit or financial institutions throughout China. Market Intelligence revenue, on the other hand, decreased by 24% year-over-year and 3% quarter-over-quarter due to the continued weak market demand for Chinese APP data. This result is in line with our expectation.
Next, I'll go over some of the profit and loss items. Our gross profit delivered another exceptional quarter, growing 23% year-over-year and 9% quarter-over-quarter. The RMB 69.7 million gross profit we had also was the highest gross profit recorded among any of the past 16 quarters. In this quarter, our revenue grew 13% year-over-year, yet our gross profit grew by 23% year-over-year. Notably, we saw this trend in Q3 as well.
This tells a clear story. We are strengthening our ability to generate high-quality revenue with higher margins. Our strong gross profit number has proven instrumental in bringing us to a full year profitability in 2025. On net profit, after 3 consecutive profitable quarters, we have landed ourselves in a new territory, our first ever full year GAAP net profit for 2025. This is a great way for us to conclude our brilliant Q4 and full year 2025 story on a high note.
On to operating expenses. Q4 operating expenses was at RMB 68.2 million, up 13% year-over-year and 6% quarter-over-quarter. Overall, we are pleased with the trending of OpEx to support revenue and profitability growth. I'll now dive deeper into the individual OpEx category. R&D expenses increased 16% year-over-year to RMB 28.3 million, mainly due to the higher staff costs and associated expenses. Technical service fee also contributed to the year-over-year increase in R&D expenses.
Selling and marketing expenses increased by 16% as well year-over-year and to RMB 28.4 million, mainly due to the higher sales commission in line with the revenue growth and cash collection recorded in this quarter. Marketing expenses for investment in global business expansion also contributed to the year-over-year increase in SMS -- in selling and marketing expenses. G&A expenses remained flat at RMB 11.4 million, representing no change from the same quarter of last year.
Next, I will share 3 very important KPIs that we closely monitor. Our net dollar retention rate, NDR, a commonly used KPI for SaaS companies stood at 103% for our core developer subscription business for the trailing 12-month period ended December 31, 2025. This is the second consecutive quarter where the NDR number has exceeded the 100% threshold. We are proud of this number as this demonstrates how our SaaS business model is widely accepted by the market. Customers have increased their spending on our platform over time.
Secondly, another financial KPI for tracking the performance of SaaS company is the total deferred revenue. This represents cash collected in advance from customers for future contract performance, which exceeded the historical high we had last quarter and stood at RMB 178.7 million in Q4 of 2025. This historical high deferred revenue balance is a hallmark of high-quality, scalable business. It signifies strong customer loyalty, predictable future revenues, healthy cash flow and an effective sales strategies.
Thirdly, we continue to maintain a healthy level of AR turnover days at 37 days. This number is simply fantastic. It shows we are collecting cash quickly and effectively. And this has really improved our financial liquidity while mitigating the risk of bad and doubtful debts. And there was no shortcut to achieving this. It was simply due to the result of our team's diligence, hard work and timely effort to engage with customers.
On to the cash flow. We recorded yet another great number this quarter. For the quarter ended December 31, we recorded net operating activity cash inflow of RMB 35.1 million. This exceeds the last quarter and is now our best quarterly cash flow result since Q4 of 2020. Another metric to share with you, between the years, our cash and cash equivalent balance has increased by RMB 53.8 million. It represents a whopping 45% increase to RMB 173 million as of December 31, 2025. This reflects not only the significant step-up in our financial results, but also a meaningful improvement in the overall quality of our operations.
Now let me take a few minutes here to recap. As you have heard Chris mention a year of pure brilliance at the beginning of this call. And throughout the entire 12 months of 2025, we have been operating under a high level of focus and rigor together with financial discipline. Our financial profile has fundamentally improved and moving in the right direction. And we closed a very strong and exceptional fiscal 2025. The numbers we have presented today speak for themselves. And this quarter, we achieved many historical milestones.
Each one, a strong statement about the exceptional 2025 we have had and each one building momentum as we look forward to the next 12 months ahead of 2026. First, we achieved our very first full year GAAP net profit in history. Number two, the group quarterly revenue exceeded RMB 100 million mark, a historical first since we transitioned to the pure SaaS business model. Third, our core developer subscription business achieved a record of RMB 61.9 million in revenue this quarter, breaking through the RMB 60 million threshold for the first time.
Our flagship product, EngageLab, continues to shine. Our EngageLab business reached another very important key milestone, ARR of USD 10 million in December 2025. This represents a stunning 186% of year-over-year growth. Number five, gross profit grew significantly at 23% year-over-year and the highest it has been for the past 16 quarters. Number six, operating activities brought in a net cash flow of RMB 35.1 million.
Our net dollar retention, NDR, for core developer service surpassed 100%, reaching 103%. The 2025 numbers demonstrate our excellent execution. We have exceeded most, if not all, of our targets. With this in mind, Chris and I believe we are exceptionally well positioned to continue this momentum into 2026. Now let's turn to the business outlook. Based on the current available information, the company sees the 2026 full year revenue guidance to be in the range of RMB 450 million to RMB 480 million, representing a very solid and strong growth of 20% to 28% year-over-year compared to 2025.
And the above outlook is based on current market conditions and reflects the company's current and preliminary estimate of the market and operating conditions and the customer demand, which are all subject to change.
Lastly, before I conclude, I'll give a quick update on the share repurchase plan. In this quarter ended December 31, 2025, we repurchased 73,000 ADSs. Cumulatively, we have repurchased a total of 400,000 ADS since the start of our repurchase program.
And this concludes our prepared remarks. We're happy to take your questions now. Operator, please proceed.
[Operator Instructions] And our first question is going to come from Calvin Wong with Spica Capital.
2. Question Answer
First of all, congrats to you guys for delivering a year of pure brilliant financials today. Both the Q4 and the full year 2025 numbers have been very, very impressive. One question for me, if I may. Can the management shed some light on the top 3 things that you have done well to deliver this set of such good financials.
Calvin, good to hear from you, and thanks for the kind words. Let me take this question. Yes, we are very proud of ourselves to be able to share such a wonderful set of financials earlier on during the call. And to get to where we are, it is by no means easy, and we work very hard and smart to navigate the volatile business environment globally. As on the 3 things that we have done well, let me have a go. First, it has to be the courage to venture outside our comfort zone. And looking back in 2022, when the idea of going overseas was first brought up by Chris as the next important strategic initiative for Aurora Mobile.
At that time, I think we didn't have any single overseas employees nor did we have any partners outside of China. But then forward-looking vision was a brief one. So making -- I think making the right decision to go overseas would be my #1 thing that we have done right. If we did not make such brave or bold decision, we will not have this conversation today. And secondly, making the monumental shift of the product service offering outside of China is another game changer. We will not be as successful as we are today if we're simply making slip service of going overseas.
Over the course of the past, I think, 2 to 3 or 3 to 4 years, we have made considerable amount of investment and resources to actually having a brand-new EngageLab product, specifically for our overseas market with its own distinct spec and features for global customers, along with the overseas data centers catering for the needs of our global customers. If you were lazy or took a shortcut of simply using what we had before in China for overseas market, it will not work.
The third factor would be the commitment to excel throughout the organization to support this going overseas initiative that Chris brought up. When we started, there was no how to go overseas guide book to show us the way. We took the hard way by figuring out all ourselves and doing it all ourselves. I still remember at the early stage when we started EngageLab, Chris and I were standing at our booth in Singapore Tech Expo to introduce EngageLab and to answer questions from potential customers, and we have since come a long way.
Just to recap, looking back, one, we made the right decision to venture overseas. Two, we make serious commitment in terms of investment in the right product offering. Third, the entire organization was in sync and aligned to this strategic initiative. And this took us back a little bit to the memory lane. I hope I answered your question, Calvin.
And our next question will come from Jack Sun with Gelonghui Research.
I'm Jack Sun from Gelonghui Research. Congratulations to the management team on another quarter with good numbers. in particular, a full year GAAP net profit is a really great turning point. My question for the management is, how should we look at Aurora's financials for the first quarter of 2026 and beyond?
Jack, thanks for the question. And you're right, we have a great 2025 when we achieved our very first GAAP profit for the year. And equally important was the spectacular Q4 numbers that we have presented earlier today. And in Q4, our total revenue exceeded RMB 100 million and go through the revenue guidance we have provided in Q3 and marking the best quarter revenue in our history. And of course, you heard about the fact that our global flagship product, EngageLab continues its great acceleration path. All the KPIs we have achieved has done through meaningful and significant growth year-over-year and quarter-over-quarter, be it ARR, customer numbers, total contract value signed or revenue recognized, they just exceeded all our internal targets.
And of course, all these were the fruit of a hard labor that we started 3 years back. Results like this will not happen overnight or over 1 quarter. And we sowed the seeds of EngageLab growth when we committed to venture overseas in late 2022. We invested the appropriate resources in terms of capital and infrastructure with a balance of ensuring expansion without blinding spending for sake of spending. And now that we have laid a solid foundation for EngageLab, the growth prospect is very certain.
We have presented and delivered such sequential growth without fear in the past. If I may summarize on how one should view Aurora Mobile, you can think of our business as, one, we have proven to be able to achieve full year net profit with positive cash inflow. Two, domestic business continued its solid and relatively stable growth. Three, our global flagship product, EngageLab will provide the lion's share of the growth momentum for the next 3 years. Four, our AI strategy will provide the next phase of growth momentum. And thus, we -- management as a whole are very confident on the business prospects in 2026 and beyond. And I hope this answers your question, Jack.
And I'm showing no further questions at this time. I would now like to turn the call back over to Christian for closing remarks.
Thank you, everyone, for joining the call tonight. If you have any further questions or comments, please don't hesitate to reach out to the Jiguang IR team. This concludes the call. Have a great evening or morning. Thank you.
This does conclude the conference call. Thank you for participating, and you may now disconnect.
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Aurora Mobile Ltd Sponsored ADR Class A — Q4 2025 Earnings Call
Aurora Mobile Ltd Sponsored ADR Class A — Q3 2025 Earnings Call
1. Management Discussion
Ladies and gentlemen, thank you for standing by, and welcome to the Aurora Mobile Third Quarter 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to turn the conference over to your host today, Rene Vanguestaine. Please go ahead, sir.
Thank you, Michelle. Hello, everyone, and thank you for joining us today. Aurora Mobile's earnings release was distributed earlier today and is available on the IR website at ir.jiguang.cn. On the call today are Mr. Weidong Luo, Chairman and Chief Executive Officer; Mr. Shan-Nen Bong, Chief Financial Officer; and Mr. Guangyan Chen, General Manager.
Following their prepared remarks, they will be available to answer your questions during the Q&A session that follows. Before we begin, I'd like to remind you that this conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and as defined in the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based upon management's current expectations and current market and operating conditions, which are difficult to predict and may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements.
Further information regarding these and other risks, uncertainties and/or factors are included in the company's filings with the U.S. Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. With that, I would now like to turn the conference over to Mr. Luo. Please go ahead.
Thanks, Rene. Greetings to all. Welcome to Aurora Mobile's 2025 First Quarter Earnings Call. Before I comment on our Q3 results, I would like to remind everyone that the quarterly earnings deck is available on our IR website. You may refer to the deck as we proceed with the call today. Without further ado, let's get started.
As we did in the past, based on the Q3 earnings numbers, the suitable description I will give the -- to the first quarter result is good things, time tells.because we record the first ever back-to-back quarterly non-GAAP profit in our history, following the main net GAAP profit last quarter, our strong business performance carried us across the line again in Q3.
Let me elaborate more on the strong business we have had in this quarter. Firstly, the group's revenue this quarter of RMB 19.9 million, achieving a remarkable 15% year-over-year and 1% sequential growth. This RMB 19.9 million was at the very high end of the guidance we have provided.
Secondly, our global flash product, EngageLab continued its great momentum with another quarter of great numbers. EngageLab recorded very strong quarterly growth in customer number and contract value growth. In particular, EngageLab's ARR for September 2025 stood strongly and reached a new milestone at RMB 53.7 million. It has grown by 160% year-over-year. Thirdly, our financial risk management business had its best quarter yet, recording highest quarterly revenue of RMB 22.6 million with growth of 33% year-over-year.
Fourthly, gross profit exceeded our expectations and grew strongly by 20% year-over-year while achieving the highest gross profit for the past 15 quarters. Gross margin has also improved year-over-year and quarter-over-quarter. Last but not least, having all the great number about it great, it's equally important that we are generating positive cash flow and in great cash position. Indeed, we are. The net operating cash inflow of RMB 23.3 million recorded the highest level since Q4 of 2020.
It is very humbling for me to share with you on yet another stellar quarterly financial results. As I mentioned in the pre-earnings call, achieving historical GAAP net profit was not easy. For us to have back-to-back GAAP net profit is simply a great achievement for Aurora Mobile. To achieve that all the process in the organization worked really well for the entire fourth quarter of 2025.
Our hard work and commitment to throughout Aurora Mobile will not stop here. There are more we need to achieve together, and we will. Short of giving our promise on this call, I'm truly hopeful for the team's dedication on execution on our group strategy and going forward. Now let me share more on the individual business performance.
Our total Q3 group revenue has grown both year-over-year and quarter-over-quarter. In particular, revenue grew 15% year-over-year, driven by strong numbers from Developer Services and Financial risk management business. Again, in this quarter, all business segments, mainly developer subscription services, value-added services and vertical applications recorded solid acceleration with double-digit year-over-year revenue growth.
This is the second consecutive quarter we have such a strong revenue growth momentum. Developer Services revenue, which consists of subscription services and value-added services increased by a strong 12% growth year-over-year and flat quarter-over-quarter. Subscription revenue had solid revenue numbers where it increased by 11% year-over-year and increased 7% quarter-over-quarter. Value-added services revenue grew by an impressive 22% year-over-year, but decreased 24% quarter-over-quarter.
Our core business developed subscription services with revenue of RMB 57.3 million, recorded growth of 11% year-over-year and 7% quarter-over-quarter. The year-over-year revenue growth was mainly driven by increase in both customer numbers and ARPU.
Subscription revenue recorded the fifth consecutive quarter of RMB 50 million plus revenue and reached its highest level in history in this quarter. Next, let me share more on our global flagship product, EngageLab, which continued its excellent growth acceleration path quarter after quarter since its introduction.
Firstly, EngageLab's ARR has reached a new and important milestone of RMB 53.7 million marked in September 2025. This 160% year-over-year ARR growth was just impressive. Secondly, we had another very strong quarter for EngageLab where the cumulative contract value we have signed amount to RMB 128 million by the end of Q3 of 2025.
In Q3 alone, we signed up more than RMB 15 million worth of new contracts. This is just outstanding. We do expect this revenue growth momentum to continue for the next 12 -- 24 months. Further, global customers from all corners of the world continue to purchase our products and services. The customer number has increased by 156% year-over-year, reaching 1,312. This was driven by the continued progress we are making through our global go-to-market effort.
Firstly, our EngageLab products and services are now sold to customers in more than 52 different countries and regions globally. This is a great testament that our global flagship product, EngageLab is indeed a globally accepted product from customers originated from all 4 corners of the world.
Our global flasgship product, EngageLab has a very unique and different position in the market. We have been taking market share from competitors in all of the overseas markets we operate in. This is evident from the growth rate of EngageLab we have seen today. From the market intelligence we have gathering, it shows that the demand for our EngageLab products and services remains strong.
With this great result delivered by EngageLab, it once again reinforced my strong belief that this global flash product is the torch bell as far as revenue growth is concerned for us in the next 12 months -- or 24 months.
Within subscription revenue, some of the notable wins in the quarter include but not limited to [ DepSi ], Shanghai Disneyland, BYD and China Eastern Airlines, just to name a few. Value-added services revenue were RMB 7.1 million increased by 22% year-over-year, but decreased by 24% quarter-over-quarter. The solid revenue year-over-year growth was mainly due to the increase in new advertisers acquired between the years.
The absence of traditional quarter online shopping festival will result in a negative revenue growth sequentially. Now let me pass the call over to Shan-Nen, who will share more about the vertical application and other aspects of our financial performance for this quarter.
Thanks, Chris. Next, I'll go over the revenue for vertical application that includes Financial Risk Management and Market Intelligence. Overall, Vertical Application had a good quarter where revenue grew both year-over-year and quarter-over-quarter. Within Vertical Application, Financial Risk Management recorded a significant 33% growth in revenue year-over-year and 3% quarter-over-quarter. Following the strong Q2, Financial Risk Management had a sequential excellent quarter. It has now the third consecutive quarters of revenue in excess of RMB 21 million under its belt.
Another significant milestone for this business is that it recorded the highest quarterly revenue in history of RMB 22.6 million in this quarter. This 33% year-over-year revenue growth was mainly due to a strong 44% in customer number growth. The customers that we signed up or renewed in Q3 include, but not limited to, Lexing, Xinoti, Ningohang and many more licensed credit and financial institutions throughout China.
Market Intelligence revenue, on the other hand, decreased by 23% year-over-year and 2% quarter-over-quarter due to the weak -- the continued weak demand for the Chinese APP data, and this result is in line with our expectation. Next, I'll go over some of the P&L and balance sheet items. Our gross profit had a spectacular results too in this quarter where it grew 20% year-over-year and 7% quarter-over-quarter.
The RMB 63.8 million gross profit we had was also the highest gross profit for the past 15 quarters. Within -- with the group revenues grew 15% year-over-year, yet our gross profit grew by 20% year-over-year. It shows that we had recorded very high-margin revenue in this quarter. This is certainly a key target that we would like to maintain and extend beyond this quarter.
On to operating expenses. The Q3 operating expenses was at RMB 64.4 million, representing a 12.8% increase year-over-year and increase of 5.8% quarter-over-quarter. Operationally, our Q3 revenue grew by 15% year-over-year, while OpEx only grew by 12.8%. Overall, we are pleased to see how we have been controlling OpEx to support the double-digit revenue growth across all business lines.
I'll now dive deeper into the individual OpEx category. For R&D, expenses increased by 7% year-over-year to RMB 25.9 million, mainly due to the increase in staff costs and associated expenses. Technical service fee and cloud costs also contributed to the year-over-year increase in R&D expenses. Selling and marketing expenses increased by 19% year-over-year to RMB 26.6 million, mainly due to the increase in sales commission in line with revenue growth and the cash collection in this quarter.
Marketing expenses for investment in global business expansion also contributed to the year-over-year increase in selling and marketing expenses. G&A expenses increased by 13% year-over-year to RMB 11.9 million, mainly due to increase in staff costs, professional fees and better provision.
Next, I'll share 3 very important KPIs that we closely monitor. For NDR, which means net dollar retention rate, a commonly used KPI for SaaS companies, it stood at 104% for our core developer service business for the trailing 12 months ended September 30, 2025. And this is the very first time where NDR numbers have exceeded 100% milestone. The number says it all.
It means customer retention rate, coupled with the fact that our customer has increased their spending with us through upsell, upgrades and expansion. And this is the best testament of our sustainable SaaS business. Secondly, another important financial KPI for tracking the performance of SaaS company is total deferred revenue, which represents cash collected in advance from customers for future contract performance, which was at historical high of RMB 166.3 million.
And this high deferred revenue balance is a hallmark of a high-quality scalable business. It signifies a strong customer loyalty, predictable future revenue, healthy cash flow and effective sales strategy. Thirdly, we continue to maintain healthy AR turnover days level at 49 days, and this remains at an industry-leading level.
We will continue to work hard to ensure we're actively and timely collecting cash from customers and at the same time, mitigating the risk of bad and doubtful debts. On the cash flow, we recorded another great numbers.
For the quarter ended September 30, 2025, we recorded net operating activities cash inflow of CNY 23.3 million. This is the best quarterly cash flow numbers we have since Q4 of 2020. On to balance sheet. Total assets were RMB 388.2 million as of September 30, 2025. This includes cash and cash equivalent of RMB 141.2 million, accounts receivable of CNY 43.9 million, prepayments and other assets of RMB 15.7 million, operating lease right-of-use assets of RMB 15.9 million, fixed assets of CNY 2.9 million, long-term investment of RMB 113 million, goodwill of RMB 37.8 million and intangible assets of RMB 11.5 million resulting from SendCloud acquisition in March 2022.
Total current liabilities were at $274.6 million as of September 30, 2025, and this includes accounts payable of $31.9 million, other operating lease liability of $4.1 million, deferred revenue of $166.3 million, accrued liabilities of $72.3 million.
And now let me take a few minutes here to recap the description, good things come and pass that Chris mentioned at the beginning of this call. In this quarter, we have many great achievements that I would like to take a few minutes to reiterate.
First, we achieved our very first back-to-back GAAP net profit in history. Number two, our core developer subscription business had its best revenue in history of RMB 57.3 million as did the financial risk management business. Our flagship product, EngageLab, continued its expansion beyond the shores.
Apart from great growth in customer number and contract value, EngageLab business reached another very important key milestone where the ARR was at RMB 53.7 million in September 2025, representing a stunning 160% year-over-year growth. Gross profit grew 20% year-over-year and recorded its highest levels for the past 15 quarters. Number five, operating activities brought in net cash inflow of RMB 33.3 million.
Our NDR net dollar retention for core developer service recorded the best number in history of 104%. And now let's turn to business outlook. Based on the current available information, the company sees the Q4 2025 revenue guidance to be in the range of CNY 94 million to RMB 96 million, representing a solid growth of 1% to 3% year-over-year compared to the same quarter 2024.
The above outlook is based on the current market conditions and reflects the company's current and preliminary estimate of the market and operating conditions and customer demands, which are all subject to change. And before I conclude, I'll give a quick update on the share repurchase plan. In this quarter ended September 30, 2025, we repurchased 4,000 ADS. Cumulatively, we have repurchased a total of 327,000 ADS since the start of our repurchase program.
And today, our Board of Directors of the company approved a share repurchase program, whereby the company is authorized to repurchase up to USD 10 million worth of its ordinary share, including in the form of ADS during the 12-month period starting today, and this is a 100% increase from the USD 5 million program we had previously.
The company proposed repurchase may be made from time to time in the open market at a prevailing market price in private negotiated transaction, in block trades and/or through -- other legally permissible means, depending on the market conditions and in accordance with the applicable rules and regulation.
The company's Board of Directors will review the share repurchase program periodically and may authorize adjustment in terms of size and terms. The company expects to fund the repurchase of its existing cash. And this concludes our prepared remarks. We'll be happy to take your questions now. Operator, please proceed.
[Operator Instructions]
And our first question will come from Calvin Wong with Spicer Capital.
2. Question Answer
First of all, congrats for delivering another set of outstanding results this quarter. I have only one question. Based on my reading of the earnings release, I noticed the strength of EngageLab business and how it strengthened the group's financial results. So I would appreciate if management could tell us more about EngageLab and why the growth trajectory has been so strong since day 1?
Let me take this call. Kevin, good to hear from you again, and thanks for your interest. And I'll take your earlier statement about EngageLab growth trajectory has been strong since day 1, and this is factual, and we are very proud of the achievement since day 1. And for those listeners who have access to our ER deck that we have uploaded to the IR web page, you can refer to, I think, Slide #3, where we have the pictorial display or diagram of engagement of EngageLab business to date.
And one new particular data point that we have included in this quarter's earnings deck is the ARR, is the annual recurring revenue for EngageLab business. And for the month of September 2025, the ARR was at RMB 53.7 million, and this is a 160% jump from a year ago. And we are very encouraged by this number because it shows that the business has a very significant growth trajectory, and we have made great revenue expansion in just 12 months.
And I would say the success of EngageLab is not by chance or that we are lucky. It was a result of endless improvement upgrades that we made to the product and service offering that help us to acquire more new customers and retain existing customers globally.
If you look back when Chris decided to launch EngageLab back in Q4 of 2022, the mission was pure and direct, just to address our customers' main needs of reaching out and engaging with their users in a cost-efficient and effective manner. And through EngageLab, our customers are able to reach and engage with their users through any one or all of the following messaging channels such as app push, web push, e-mail, SMS, WhatsApp and OTP.
And also from a technical standpoint, we have done all the heavy lifting for our customers, too. To deliver the global solution for our customers, we have invested heavily in data facility in 8 cities globally. And just this week, we have launched a new data center in Turkey, further expanding our global infrastructure.
That aside, we have also incorporated our notification channel for all different operating systems from iOS to Android, from Harmony, OS to others. And it makes it easy and efficient for our customers to ensure that their notification are delivered no matter where the users are and what phone they are using. And maybe you can think of EngageLab is reaching your users without borders.
And for service-wise, we have received countless compliments from our customers that our customer service team are very responsive and deliver a much better service than our peers. And this stays a lot from a customer standpoint. And when they encounter issues, they need solution. And this is something that we can deliver, and we are proud of it.
And therefore, with such a great value proposition where customers can get one-stop engagement platform and great services, all wrapped in one, and it is not hard to see why EngageLab has been able to deliver such great numbers quarter-over-quarters. And historical result aside and both Chris and myself have great hopes and confidence in the EngageLab business going forward.
As Chris rightly called out during the call earlier, EngageLab is the torch barrier for our revenue growth in the next 24 months. And Kevin, hope this answer your question adequately.
And our next question will come from Jack Sun with Gelonghui Research.
I'm Jack Sun from Gelonghui Research. Congratulations on another good quarter with solid earnings, in particular, 2 consecutive quarters with GAAP net profit, well done. I have a question for the management. Help me to recap what went well in Q3 that delivered another quarter with GAAP net profit?
Jack, thanks for the question. Yes, it was a great quarter indeed. I think Chris mentioned, we executed very well operationally and everything just went well, and this flow on to our financials number that we have released earlier today.
There are a couple of things I can share more. Firstly, revenue in Q3 has been very strong. All business lines recorded great year-over-year double-digit growth. What that means is we are now head and shoulder above where we were a year ago. And both the subscription business and the financial risk management recorded their own best revenue quarter in history.
Equally important is the revenue by EngageLab, where it contributed RMB 13 million in this quarter alone, also a historical high. We grew our revenue not at the expense of sacrificing margins. This is evident that while we grew our revenue significantly, our gross profit reached the highest level for the past 15 quarters. At the same time, our gross margin increased year-over-year and quarter-over-quarter too. And this is a really hard act to follow.
And since revenue, gross profit grew at a faster pace than our OpEx, the U.S. GAAP net profit is a certainty and which is why we had the second consecutive quarters of U.S. GAAP net profit. And 2 other important and great KPIs that I would like to reiterate here. One is the NDR, where we reached 104% for our core developer subscription business. And this is the very first time NDR exceeded 100%.
And what that means is simple and straightforward. Our customer has been buying more of our services between the periods through upgrades, upsell and other services, and this is a great number to have. And secondly, is the deferred revenue balance of $166.3 million, another historical high balance. In short, we have $166.3 million worth of secured revenue that we can recognize in the future.
And the best part is we have already received the cash. So for this $166.3 million, we don't even have to worry about cash collection effort or the risk of bad debt in the future. And managing cash flow has also yielded great results. In this quarter, we have net operating cash inflow of $23.3 million, the highest level for the past 20 quarters, which is actually the 5 years, the past 5 years, the best results. And with that positive inflow of cash, our 9/30 quarter end cash balance has also climbed to $141.2 million, the highest balance in the past 14 quarters as it improved by 40% year-over-year.
As you can see, it's not hard for you or anyone to conclude that this quarter has been great. And however, rest assured that we are not contented by the present. We need to move faster and expand more. Therefore, we will continue to invest as part of our global growth plan.
And lastly, if time permits, I would like to cordially invite you and other investors to drop by our San Shenzhen head office. We are more than happy to host you and chat with greater detail for any questions you might have. That is my answer to your question, Jack.
Thank you I show no further questions in the queue at this time. I would like to turn the call back over to Rene for closing remarks.
Thank you, everyone, for joining our call tonight. If you have any further questions and comments, please don't hesitate to reach out to the IR team. This concludes the call. Have a good night. Thank you all.
This does conclude the conference call. Thank you for participating, and you may now disconnect.
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Aurora Mobile Ltd Sponsored ADR Class A — Q3 2025 Earnings Call
Finanzdaten von Aurora Mobile Ltd Sponsored ADR Class A
Umsatz
Der Umsatz stellt die Summe aller Einnahmen eines Unternehmens z. B. für dessen Produkte oder Dienstleistungen dar.
Umsatz (TTM) einfach erklärtDirekte Kosten
Direkte Kosten sind die Kosten, die direkt im Zusammenhang mit der Herstellung des Produkts oder der Dienstleistung entstehen.
Bruttoertrag
Der Bruttoertrag gibt an, wie viel vom Umsatz nach Abzug der direkten Herstellkosten im Unternehmen verbleibt. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der Bruttomarge (engl. Gross Margin).
Brutto Marge einfach erklärtVertriebs- und Verwaltungskosten
Die Vertriebs- & Verwaltungskosten (engl. Selling, General & Administrative expenses, kurz SG&A) beinhalten alle Aufwände für Marketing und den Verkauf sowie die allgemeine Verwaltung des Unternehmens.
Forschungs- und Entwicklungskosten
Die Forschungs- und Entwicklungskosten (engl. research & development costs, kurz R&D) geben Auskunft darüber, wie viel das Unternehmen in die Forschung und die Entwicklung seiner Produkte investiert. Vor allem prozentual vom Umsatz und im Vergleich zu direkten Wettbewerbern sind die Kosten interessant.
EBITDA
Das EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ist der Gewinn des Unternehmens vor Zinsen, Steuern und Abschreibungen. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der EBITDA-Marge.
Abschreibungen
Abschreibungen stellen Wertminderungen von Vermögensgegenständen des Unternehmens dar (z.B. durch Abnutzung von Maschinen).
EBIT (Operatives Ergebnis)
Das EBIT (engl. Earnings Before Interest and Taxes) ist der Gewinn des Unternehmens vor Zinsen und Steuern, das auch als operatives Ergebnis bezeichnet wird. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von
der EBIT-Marge.
Nettogewinn
Der Nettogewinn stellt den Gewinn oder Verlust nach Abzug aller Kosten dar.
Nettogewinn einfach erklärtaktien.guide Premium
| Jun '26 |
+/-
%
|
||
| Umsatz | 58 58 |
11 %
11 %
100 %
|
|
| - Direkte Kosten | 18 18 |
1 %
1 %
31 %
|
|
| Bruttoertrag | 40 40 |
127 %
127 %
69 %
|
|
| - Vertriebs- und Verwaltungskosten | 23 23 |
10 %
10 %
39 %
|
|
| - Forschungs- und Entwicklungskosten | 17 17 |
122 %
122 %
29 %
|
|
| EBITDA | - - |
-
-
|
|
| - Abschreibungen | - - |
-
-
|
|
| EBIT (Operatives Ergebnis) EBIT | 0,79 0,79 |
183 %
183 %
1 %
|
|
| Nettogewinn | 0,89 0,89 |
196 %
196 %
2 %
|
|
Angaben in Millionen USD.
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Firmenprofil
Aurora Mobile Ltd. ist eine Holdinggesellschaft, die sich mit der Bereitstellung einer Plattform für mobile große Datenlösungen beschäftigt. Sie bietet auch mobile Anwendungen an und stellt Kernfunktionen bereit, die von Entwicklern benötigt werden, darunter Push-Benachrichtigung, Instant Messaging, Analysen sowie Sharing und Short Message Service. Das Unternehmen wurde am 9. April 2014 von Wei Dong Lou und Chen Fei gegründet und hat seinen Hauptsitz in Shenzhen, China.
aktien.guide Premium
| Hauptsitz | Cayman-Inseln |
| CEO | Mr. Luo |
| Mitarbeiter | 421 |
| Gegründet | 2011 |
| Webseite | www.jiguang.cn |
