BingEx Q1 2026 Earnings Report

BingEx EPS Results

• Actual EPS: N/A
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

BingEx Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

BingEx Announcement Details

• Quarter: Q1 2026
• Date: 5/22/2026
• Time: Before Market Opens
• Conference Call Date: Thursday, May 21, 2026
• Conference Call Time: 8:00AM ET

BingEx (NASDAQ:FLX), through its subsidiaries, provides on-demand courier services under the FlashEx brand name in the People's Republic of China. The company offers Flash-Riders as service providers. It serves individual and business customers, including local retailers, restaurants, and logistics players through its mobile platform and website. The company was incorporated in 2014 and is headquartered in Beijing, the People's Republic of China.

BingEx Q1 2026 Earnings Call Transcript

Key Takeaways

• Neutral Sentiment: FlashEx reported 57.9 million orders in Q1, with average delivery time improving to 25.7 minutes, showing resilience despite a more competitive market.
• Positive Sentiment: The company highlighted stronger mix quality in high-value categories, including cake orders above 15.4 million and electronics order volume up 15.9% YoY, which helped support its premium positioning.
• Negative Sentiment: Revenue declined to RMB 935.3 million from RMB 960.8 million a year ago, which management attributed mainly to intensifying market competition.
• Positive Sentiment: Operating expenses fell 18.7% year over year, allowing operating margin to improve to 1.2% and non-GAAP operating income to reach RMB 21.6 million.
• Positive Sentiment: FlashEx said its low-altitude logistics initiative is moving into commercial operations, with 3,500 paid drone-delivery orders completed, a 100% safety record, and delivery times reportedly 20%-30% faster than ground service.

Presentation

[Operator]

Good day, welcome to BingEx 2026 first quarter financial results conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Yidan Fu from Piacente Financial Communications. Please go ahead.

[Yidan Fu, Director at Piacente Financial Communications]

Thank you, operator. During this call, we'll discuss our business outlook and make forward-looking statements. These comments are based on predictions and expectations as of today. Actual events or results could differ materially from those mentioned in today's news release and in this discussion due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC. The non-GAAP financial measures we provide are for comparison purpose only. The definition of those measures and the reconciliation table are available in the news release we issued earlier today. As a reminder, this conference is being recorded. In addition, a webcast replay of this conference call will be available on the BingEx company's IR website at ir.ishansong.com. Furthermore, throughout the call, we're consistently using the company brand name, FlashEx, to refer to its publicly listed entity, BingEx Limited.

[Yidan Fu, Director at Piacente Financial Communications]

Joining us today from FlashEx senior management are Mr. Adam Xue, founder, chairman of the board, and chief executive officer. Mr. Hong Jinyu, co-founder, director, and executive president. Mr. Le Tang, chief financial officer. I will now turn the call over to Mr. Adam Xue.

[Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx]

Thank you, Yidan. Hello, everyone, and welcome to FlashEx fourth quarter 2026 earnings call. In the first quarter of 2026, the on-demand delivery industry continued to grow steadily, driven by rising user demand for high-quality, time-sensitive delivery services. At the same time, the competitive landscape continued to evolve. Against this backdrop, we made meaningful progress in both operational efficiency and business innovation. Most notably, we made new breakthroughs this quarter in opening up our technology ecosystem and real-world deployment of low-altitude logistics, creating new avenues for the platform's medium and long-term growth. In the first quarter, FlashEx fulfilled 57.9 million orders, delivering a stable performance amid a dynamic market environment that demonstrated the resilience of our business model. Today, the platform has 3.1 million registered Flash Riders. Our average delivery time further improved to 25.7 minutes, reflecting our continued efforts to enhance user experience and service efficiency.

[Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx]

Turning to our financial performance, total revenues for the first quarter reached RMB 935.3 million, with a gross margin of 11.3%. Non-GAAP income from operations was RMB 21.6 million. As of the end of the first quarter, we held cash and cash equivalents, restricted cash, and short-term investments totaling RMB 859.1 million, maintaining a healthy financial position. On the merchant side, we continued to execute our tiered merchant management strategy in the first quarter, further improving service response efficiency and resource allocation. Among our core high-frequency categories, cake and flower merchants typically have stable, recurring business needs and lasting business relationships, making them the most predictable component of our revenue mix. In the first quarter, order volume from the cake category exceeded 15.4 million, achieving year-over-year growth despite a high comparison base.

[Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx]

To support this category, we continue to improve our fulfillment capabilities, including upgrading delivery box design, improving shock resistance standards, and strengthening rider handling protocols. All these efforts contributed to higher fulfillment quality and merchant satisfaction. Electronics delivery in the first quarter posted robust growth as well, with order volume up 15.9% year-over-year, maintaining strong momentum and becoming an important driver of order mix improvement. We continued to refine our service response standards for merchants in this key vertical during the quarter, deploying delivery resources ahead of key periods to ensure stable order fulfillment rates and delivery quality during peak seasons. A growing number of well-known companies in automotive services, premium retail, and consumer electronics have incorporated with FlashEx into their standard fulfillment channels, further strengthening our reputation as a trusted provider in the premium on-demand dedicated courier segment.

[Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx]

In terms of new scenario expansion, we continue to explore new service opportunities in the first quarter. Campus delivery is one example. Most campus delivery services currently stop at the campus entrance, falling short of users' last-mile on-demand delivery needs. At the same time, there are large numbers of students on campus who are looking for flexible part-time income. Building on this, FlashEx is exploring a model that combines our user network with on-campus students' resources to complete the full delivery chain from campus entrance to dormitories. On the individual user side, we continue to reinforce our positioning as an instant lifestyle assistant. In the first quarter, daily order volume remained steady across lifestyle services such as assisted purchasing, parcel pickup, food pickup, gift delivery, and luggage delivery.

[Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx]

As of these service categories continue to gain traction, FlashEx connection with users' daily life has deepened, gradually transforming the platform from a single-purpose delivery tool into an on-demand service entry point, covering a broader range of everyday needs. This helps strengthen user engagement and supports improvements in overall platform activity and user retention. On the technology and ecosystem front, in April, we officially open-sourced our core command line interface tool, becoming the first company in the intra-city on-demand delivery industry to do so. Through this tool, FlashEx has further standardized and API-enabled its delivery capabilities. Merchants can integrate our system with their own point-of-sale or order management system to automatically trigger delivery requests upon customer payment. Developers and enterprise clients can connect directly with FlashEx backend via command line to place orders, request pricing, and track shipments.

[Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx]

Leading AI agents, including Claude Code, Codex, and Cursor, can also invoke FlashEx services directly through this interface. This marks the first time that on-demand delivery capability has formally entered the AI workflow ecosystem at a standardized, composable, and API-accessible model. This advancement manifests what we have always envisioned, enabling ecosystem partners to access FlashEx service at lower cost while empowering our Flash Riders to evolve beyond the traditional courier role to become a bridge between AI systems and physical reality. The initial open source really supports four core functions, price inquiry, order placement, order tracking, and order cancellation. They will continue to iterate and expand their capabilities, deepening the integration between on-demand delivery and the broader AI ecosystem.

[Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx]

We have also completed our quick app integration with the Huawei HarmonyOS ecosystem, allowing users to initiate delivery requests directly through conversational interactions on their devices without opening the FlashEx app. Additionally, we have fully opened our API interface to support major AI platforms in invoking FlashEx order placement capabilities through standardized integrations, further broadening access to our services. In terms of internal operational efficiency, AI tools are evolving from isolated productivity tools into systematic efficiency drivers at the organizational level. In customer service, AI can now independently handle the majority of the routine complaint types, significantly reducing the high contact required. The time needed to test and launch new service scenarios has been shortened from approximately 2 months to 1 to 2 weeks.

[Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx]

The onboarding process for new partners has also been fully automated through AI agents, bringing integration timelines down from over a week to under a day. In R&D, AI-assisted coding tools have improved overall development efficiency compared to last year. Taken together, these efficiency gains are delivering ongoing value across multiple operational functions, lowering the marginal cost of business expansion while ensuring service quality. In low-altitude logistics, we made significant progress this quarter. As many of you may have noticed, earlier this week, we announced an important development. Flash Express wholly owned subsidiaries have entered into a strategic investment partnership with Hangzhou Low-Altitude Industry Development, making Flash Express one of the first on-demand courier service providers in Hangzhou’s low-altitude economy sector to receive strategic institutional backing.

[Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx]

This partnership represents not only strong recognition from the capital markets, but also a meaningful endorsement of our real-time fulfillment capabilities and technological innovation. More importantly, it marks a major milestone in FlashEx expansion into autonomous delivery and low-altitude logistics as we accelerate the transition from the technology exploration to real-world deployment and skilled operation. After more than a decade of operating in China's on-demand delivery market, FlashEx has built a nationwide fulfillment network spanning nearly 300 cities and established a highly mature real-time delivery infrastructure. Looking ahead, low-altitude logistics represents a key strategic priority for both our technological advancement and long-term business expansion. Leveraging our industry-leading real-time fulfillment capabilities, a core operational strength that continue to set us apart, we are well-positioned to meet the standardized and high-efficiency operational requirements of drone delivery services.

[Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx]

At the same time, by integrating Hangzhou's local industry ecosystem and strategic resources, we are building a next-generation on-demand logistics model that combines rapid aerial transportation plus ground-based last-mile fulfillment, enabling seamless coordination between low-altitude and ground delivery networks. At present, our drone delivery initiative has moved into substantive commercial operations. In partnership with Hangzhou Low Altitude Industry Ecosystem, we have established five takeoff and landing sites and launched 14 delivery routing covering key districts including Yuhang, Shangcheng, and Gongshu. In the first quarter, drone delivery order volume grew 157% quarter-over-quarter. To date, the project has completed approximately 3,500 paid orders and nearly 2,900 drone flights while maintaining a 100% safety record. Through real-world operations, the commercial viability of the business model has now been validated.

[Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx]

Under normal operating conditions, our Air FlashEx service has achieved delivery time approximately 20%-30% faster than traditional ground-based delivery services. Looking ahead, we will continue to drive innovation through technology and further invest in frontier areas such as intelligent dispatching, route optimization, and autonomous delivery. By deeply integrating our major ground fulfillment infrastructure with next generation low-altitude logistics technologies, we aim to further enhance delivery efficiency, broaden service capabilities, and expand the boundaries of our fulfillment network. On the rider side, we've continued to refine our training programs and service standards to ensure that every delivery brings users a high-quality experience. In the first quarter, we continued our Good Deed Flash Rider recognition program, selecting outstanding riders from the platform who proactively demonstrated social responsibility during the deliveries. These riders received both material rewards and public recognition, reinforcing their sense of professional pride and belonging.

[Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx]

We firmly believe that the sustainability and professionalism of our rider team is a cornerstone of our service quality. Looking ahead to the coming quarters, we will remain focused on three strategic priorities. First, continue to deepen the application of AI across FlashEx internal operations to further improve organizational efficiency. Second, accelerating the expansion and commercialization of low-altitude logistics by exploring more order types and scenarios suited to air-ground coordination. Third, continuing to strengthen high-value merchant services and user scenario coverage to drive further improvements in our order mix. As industry competition continue to intensify, the combination of operational efficiency and service quality remains the foundation of FlashEx' long-term competitive advantage.

[Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx]

We have always believed that a platform with genuine value serves multiple stakeholders, creating real convenience for users, providing Flash Riders with stable and rewarding career opportunities, and contributing positively to the healthy development of the industry. This is how we define long-term value, and it remains the driving force behind FlashEx' continued progress. That concludes my remarks. Now, I will turn the call over to our CFO, Luke Tan. Thank you.

[Le Tang, CFO at FlashEx]

Thank you, Adam. Hello, everyone. This is Luke. I would like to walk you through our first quarter 2026 financial results. As the industry's competitive landscape continues to evolve, we have leveraged AI to enhance organizational efficiency and made progress in optimizing operational effectiveness. Our broader deployment of AI has contributed to an increase in operating margin in the first quarter. Before I begin, please note that all numbers are in renminbi, and all percentage changes are on year-over-year basis, unless otherwise noted. Our revenues for the first quarter reached RMB 935.3 million, compared to RMB 960.8 million in the same period of 2025. The year-over-year decline was primarily driven by intensifying market competition. Our cost of revenues for the first quarter were RMB 829.5 million, compared with RMB 834.1 million in the same period of 2025. The decrease was in line with the decline in revenues.

[Le Tang, CFO at FlashEx]

Our gross profit was RMB 105.8 million for the first quarter, compared with RMB 126.7 million in the same period of 2025. Gross profit margin was 11.3%, compared with 13.2% in the same period of 2025. Turning to operating expenses. Our total operating expenses for the first quarter were RMB 94.8 million, representing a decrease of 18.7% from RMB 116.67 million in the same period of 2025. They consisted of RMB 38.5 million in selling and marketing expenses, RMB 39.9 million in general and administrative expenses, and RMB 16.5 million in research and development expenses.

[Le Tang, CFO at FlashEx]

Our income from operations was RMB 11 million, compared with RMB 10 million in the same period of 2025, lifting our operating margin to 1.2% from 1% year-over-year. Excluding share-based compensation expenses our non-GAAP income from operations was RMB 21.6 million for the first quarter, compared with RMB 26.6 million in the same period of 2025.

[Le Tang, CFO at FlashEx]

Our non-GAAP net loss was CNY 11.1 million, compared with non-GAAP net income of CNY 49.6 million in the same period of 2025. Our cash position remains healthy, with cash and cash equivalents, restricted cash and short-term investments totaling CNY 859.1 million as of March 31st, 2026. As we move through 2026, we remain committed to disciplined execution and upholding our high-quality service advantages. Building on our achievements in AI deployments, we will further refine cost structures and control expenses to boost margins. By practicing prudent financial management and actively pursuing business innovation, we will capture emerging opportunities and leverage operational efficiency gains to deliver sustainable long-term value for all stakeholders. That concludes our prepared remarks. We would now like to open the floor to your questions. Operator, please go ahead.

[Operator]

Thank you. We will now begin the question-and-answer session. To ask a question, please press *11 on your telephone and wait for your name to be announced. To withdraw your question, please press *11 again. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. We will now proceed to take questions from the line of Sifan Jiang of CICC. Please go ahead. Sifan, your line is open.

[Sifan Jiang, Analyst at CICC]

Okay. Thank you to management team for taking my questions. My first question is could you please share our first quarter order volume and ASP trends broken down by 2B and 2C segments? Given this year's declaration in order volume growth with the food delivery sector, coupled with an increase in AOV, how should we interpret the implications of this trend for premium service providers like us? My second question is we have recently noted reports that we have received reinvestments from Hangzhou State Capital to expand into the low-altitude economy sector. Could you please outline the strategic direction, specific application scenarios, and current progress of this initiative? Thank you.

[Le Tang, CFO at FlashEx]

Thank you, Sifan Jiang, for your questions. This is Le Tang. I would like to answer your first question and may hand over your second questions to Adam Peng Xue. Let me first give you an overview of our first quarter performance and then share our perspective on what the recent shift in the food delivery sector may mean for FlashEx. In the first quarter, FlashEx fulfilled 57.9 million orders, maintaining solid performance amid intensifying industry competition and a dynamic market environment, which reflects the resilience of our on-demand dedicated courier model. At the same time, our average delivery time further improved to 25.7 minutes and our registered rider base reached 3.1 million, reflecting continued improvement in our fulfillment capabilities and the service experience. On the merchant side, we continued to execute our tiered merchants management strategy in the first quarter, with high-quality categories driving a continued order mix improvement.

[Le Tang, CFO at FlashEx]

A key category order volume exceeded 15.4 million for the quarter, achieving year-over-year growth despite a high comparison base. Electronics order volume grew 15.9% year-over-year, sustaining its strong momentum and serving an important driver of order mix improvements. At the same time, leading companies in automotive services, premium retail, and consumer electronics continue to adopt FlashEx as part of their standard fulfillment channels. Overall, KA merchants GMV contribution improved steadily year-over-year in the first quarter, and ASP held at a relatively stable, elevated level, further reinforcing our reputation in the premium on-demand delivery segment. On the individual user side, we continued to strengthen our positioning as an instant lifestyle assistant. In the first quarter, daily order volumes remained steady across lifestyle service categories, including assisted purchasing, parcel pickup, food pickup, gift delivery, and luggage delivery.

[Le Tang, CFO at FlashEx]

As these categories gain traction, FlashEx' connection with users' daily lives has deepened, and the platform is gradually evolving from a single-purpose urgent delivery tool into an on-demand service entry point, covering a broader range of everyday needs. Stepping back to the industry level, FlashEx and the food delivery platforms has always differed meaningfully in terms of user profiles, user cases, delivery efficiency, and the service experience. In our view, the broader return to the rational competition across the industry is a positive development, both for FlashEx and for the healthy development of the industry as a whole. For FlashEx specifically, as we deepen our refined operations for merchant clients, expand our channel reach, and cover new customer scenarios, the industries and the brands we serve, we continue to diversify alongside the steady growth in KA merchant GMV contribution.

[Le Tang, CFO at FlashEx]

At the same time, we are proactively positioning ourselves to capture these opportunities through technology. On one hand, by integrating AI capabilities more deeply to make FlashEx services more accessible for merchants and users. On the other, by developing low-altitude logistics to overcome geographic and traffic constraints, and continue improving fulfillment efficiency and the service experience. Overall, FlashEx will stay true to our value proposition, continuing to focus on high-value merchants, high-quality consumer scenarios, and emerging areas such as AI and low-altitude logistics to reinforce our long-term competitive advantage in the premium on-demand delivery segment. Now, we would like to please Adam Xue to answer your second question.

[Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx]

Thank you for your question. For the second question, FlashEx has always placed great importance on emerging technologies and their applications in the industry and our service scenarios. This strategic investment represents another significant milestone following our deep integration of AI, and reflects not only capital market recognition, but also strong endorsement of our on-demand dedicated growth model, real-time fulfillment capabilities, and technological innovation. Let me walk you through the three dimensions you raised: Strategic direction, application scenarios, and current progress. Starting with the strategic direction, after more than a decade in intracity on-demand delivery, FlashEx has built a major ground-based fulfillment network spanning nearly 300 cities across China. We see low-altitude logistics as both a meaningful extension of our existing business and one of our priorities for technological advancement and medium to long-term growth.

[Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx]

Drawing on years of accumulated fulfillment capability and operational expertise, we are well-positioned to meet the standardized high-efficiency requirements of drone delivery. At the same time, by working with Hangzhou's local industry partners, we are exploring a next generation on-demand logistics model that combines rapid aerial transportation with ground-based last-mile delivery, progressively building a deeper coordination between low altitude and ground network. On application scenarios, FlashEx has already built strong fulfillment capabilities in high-value, time-sensitive categories such as cakes, fresh flowers, premium retail, and consumer electronics. These are precisely the scenarios where faster, more reliable, and more secure delivery matters most, and where drone delivery can demonstrate the clearest innovation value.

[Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx]

In addition, for situations involving cross-district routes, geographic barriers such as rivers or hills or heavy traffic congestion where ground delivery efficiency is limited, drone delivery can meaningfully shorten delivery times and improve fulfillment reliability, which aligns well with the needs of our existing premium on-demand delivery clients. On current progress, our drone delivery initiative has now entered substantive commercial operations. In partnership with Hangzhou Low Altitude Industry Ecosystem, we have activated 5 takeoff and landing sites and launched 14 delivery routes covering key districts including Yuhang, Shangcheng, and Gongshu. In the first quarter, drone delivery order volume grew 157% quarter-over-quarter. As of the end of April, the project has completed approximately 3,500 paid orders and nearly 2,900 drone flights, maintaining a 100% safety record. The commercial model has been preliminarily validated.

[Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx]

Under normal operating conditions, our aerial delivery service achieves delivery times 20%-30% faster than the traditional ground-based services. Going forward, we will continue to drive innovation through technology, investing in areas such as intelligent dispatching, route optimization, and autonomous delivery. By deeply integrating our major ground delivery infrastructure with low-altitude logistics technology, we aim to further improve delivery efficiency and expand the boundaries of FlashEx service capability.

[Operator]

Thank you. I am showing no further questions, and that concludes the question and answer session. I will now turn the call over to Yidan Fu for closing remarks.

[Yidan Fu, Director at Piacente Financial Communications]

Thank you once again for joining BingEx 1st quarter 2026 financial results and business update conference call today. If you have any further questions, please contact the IR team at BingEx or Piacente Financial Communications. Thank you and have a great day.

[Operator]

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.

Participants

Analysts

• Adam Xue, Founder, Chairman of the Board, and CEO at FlashEx
• Le Tang, CFO at FlashEx
• Sifan Jiang, Analyst at CICC
• Yidan Fu, Director at Piacente Financial Communications