Digital freight platform Full Truck Alliance Co. Ltd. (FTA) announced its unaudited financial results for Q4 and fiscal year ended Dec. 31, 2023. in Q4, FTA says its total net revenues were $339.2M, an increase 25.3% over the same period in 2022. Comparing all of 2023 to 2022, net revenues were also up 25.4%, to $1.18B.
FTA says its y/y net income increased 440.7%, up to $313.7M in 2023, over roughly $56M in 2022. FTA also fulfilled 158.8 million orders in 2023, a 33.4% increase over the previous year.
“In 2023, we continued to confront external challenges while ushering in opportunities. Amid a modest economic recovery, the continued growth of our network effect and our platform’s unmatched value proposition accelerated user penetration and drove a strong full-year performance,” commented Peter Hui Zhang, founder, chairman and chief executive officer of FTA. “We achieved four consecutive quarters of growth in fulfilled orders and average shipper MAUs, underscoring the vitality of China’s freight market, the trend of freight digitalization, and the vast potential of the small and medium-sized direct shipper market. For 2024, we will leverage our keen market insight to capitalize on opportunities and remain committed to long-term development, which we believe will pave the way for our sustainable growth.”
“We ended 2023 with strong fourth quarter revenue and profit growth in a disruptive external environment. Fueled by a rapidly growing user base and order volume, we continued to provide more efficient and intelligent freight solutions to our shipper and trucker users,” added Simon Cai, chief financial officer of FTA. “Our total net revenue exceeded the high end of our guidance, surging by 25.3% year over year to RMB2.41 billion, while our non-GAAP adjusted net income of RMB733.0 million was once again well ahead of market expectations. Notably, we achieved 44.0% year-over-year growth in transaction commission, driven by increased order volume on our platform. Moving through 2024, we will take a more active stance toward user acquisition to broaden our high-quality user base. Concurrently, we will further enrich our products and services to address users’ evolving needs and improve our freight matching efficiency. We are confident that we will create long-term sustainable value for our stakeholders as we continue to foster a healthy platform ecosystem.”
The company expects its total net revenues to be between $2.91M and $2.98M billion for Q1 2024, representing a year-over-year growth rate of approximately 23.9% to 27.1%. FTA says these forecasts reflect the its current and preliminary views on the market and operational conditions, which are subject to change.
