EX-99.1 2 tm258575d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

Smart Share Global Limited Announces Third Quarter 2024 Results

POIs¹operated through network partner model reached 96.8% as of the end of the third quarter of 2024

Cumulative registered users² reached 430.2 million as of the end of the third quarter of 2024

SHANGHAI, China, March 6, 2024 (GLOBE NEWSWIRE) -- Smart Share Global Limited (Nasdaq: EM) (“Energy Monster” or the “Company”), a consumer tech company providing mobile device charging service, today announced its unaudited financial results for the quarter ended September 30, 2024.

HIGHLIGHTS FOR THE THIRD QUARTER OF 2024

As of September 30, 2024, the Company’s services were available in 1,274 thousand POIs, compared with 1,267 thousand as of June 30, 2024.

As of September 30, 2024, the Company’s available-for-use power banks³ were 9.5 million.

As of September 30, 2024, cumulative registered users reached 430.2 million, with 13.1 million newly registered users acquired during the quarter.

Mobile device charging orders⁴ for the third quarter of 2024 was 148.1 million, compared with 176.5 million for the third quarter of 2023.

As of September 30, 2024, 96.8% of POIs were operated under our network partner model, compared with 89.2% as of June 30, 2024.

During the third quarter of 2024, the Company successfully completed its transition to the network partners model, accompanied by a retrospective review of the network partner model throughout the transition period.

FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2024

Revenues were RMB490.8 million (US$69.9 million⁵) for the third quarter of 2024, representing a 20.0% decrease from the same period in 2023. The decrease was primarily due to the decrease in revenues generated under the direct model as part of the Company’s overall strategy of shifting towards the network partner model.

Mobile device charging revenues, which consist of revenues generated under both the direct and network partner models, decreased by 34.8% to RMB367.9 million (US$52.4 million) for the third quarter of 2024, from RMB564.2 million in the same period of 2023.

Revenues generated under the network partner model, comprising of (i) mobile device charging solution fees, which increased by 12.2% year-over-year to RMB65.9 million, and (ii) power bank, cabinet and other related sales, which increased by 10.3% year-over-year to RMB243.9 million, increased by 10.7% to RMB309.8 million for the third quarter of 2024, from RMB280.0 million in the same period of 2023. The increase was primarily due to the increase in the number of POIs operated under the network partner model as part of the Company’s overall strategy of shifting towards the network partner model.

¹The Company defines number of points of interests, or POIs, as of a certain date as the total number of unique locations whose proprietors (location partners) have entered into contracts with the Company or its network partners on that date and have at least one cabinet assigned to the location.

²The Company defines cumulative registered users as the total number of users who have agreed to register their mobile phone numbers with the Company via its mini programs since inception, and the number of cumulative registered users of the Company on a certain date is the number of unique mobile phone numbers that have been registered with the Company since inception on that date.

³The Company defines available-for-use power banks as of a certain date as the number of power banks in circulation on that day.

⁴The Company defines mobile device charging orders for a given period as the total number of completed orders placed by registered users of the mobile device charging business under both the direct and network partner models in that given period, without any adjustment for orders that may qualify for discounts or incentives.

⁵The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2024, which was RMB7.0176 to US$1.0000. The percentages stated in this press release are calculated based on the RMB amounts.

Revenues generated under the direct model, comprising of mobile device charging service fees of RMB57.1 million and power bank sales of RMB0.9 million, decreased by 79.6% to RMB58.0 million for the third quarter of 2024, from RMB284.2 million in the same period of 2023. The decrease was primarily due to the decrease in the number of POIs operated under the direct model as part of the Company’s overall strategy of shifting towards the network partner model.

Other revenues, which primarily comprise of revenues from new business initiatives and advertising services, increased by 149.4% to RMB122.9 million (US$17.5 million) for the third quarter of 2024, from RMB49.3 million in the same period of 2023. The increase was primarily attributable to new business initiatives.

Cost of revenues increased by 38.5% to RMB298.4 million (US$42.5 million) for the third quarter of 2024, from RMB215.5 million in the same period last year. The increase was primarily due to the increase in cost in association with the increase in new business initiatives and cost of cabinet sold.

Research and development expenses decreased by 15.8% to RMB20.0 million (US$2.9 million) for the third quarter of 2024, from RMB23.8 million in the same period last year. The decrease was primarily due to the decrease in personnel related expenses.

Sales and marketing expenses decreased by 51.8% to RMB142.6 million (US$20.3 million) for the third quarter of 2024 from RMB296.0 million in the same period last year. The decrease was primarily due to the decrease in incentive fees paid to location partners under the direct model and personnel related expenses.

General and administrative expenses increased by 10.0% to RMB41.6 million (US$5.9 million) for the third quarter of 2024, compared to RMB37.8 million in the same period last year. The increase was primarily due to the increase in reserve for doubtful accounts in relation to the increasing contribution of the network partner model.

Loss from operations for the third quarter of 2024 was RMB5.1 million (US$0.7 million), compared to an income from operations of RMB33.4 million in the same period last year.

Net income for the third quarter of 2024 was RMB4.2 million (US$0.6 million), compared to a net income of RMB49.0 million in the same period last year.

Non-GAAP adjusted net income for the third quarter of 2024 was RMB9.2 million (US$1.3 million), compared to a non-GAAP adjusted net income of RMB54.2 million in the same period last year.

Net income attributable to ordinary shareholders for the third quarter of 2024 was RMB4.2 million (US$0.6 million), compared to a net income attributable to ordinary shareholders of RMB49.0 million in the same period last year.

As of September 30, 2024, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB3.0 billion (US$432.0 million).

SUPPLEMENTAL INFORMATION

The table below sets forth the breakdown of mobile device charging revenue components based on the latest classification for the periods indicated:

	2023Q3		2024Q2		2024Q3
	thousands RMB		thousands RMB		thousands RMB
Mobile device charging:
Network Partner Model		279,960		292,505		309,837
Mobile device charging solution		58,759		61,508		65,935
Power bank, cabinet and other related sales		221,201		230,997		243,902
Direct Model		284,233		118,105		58,048
Mobile device charging service		278,099		115,863		57,113
Power bank sales		6,134		2,242		935
Total mobile device charging		564,193		410,610		367,885

CORRECTIONs of previously announced interim financial information and previously issued financial statements

In connection with the preparation of its unaudited financial results for the three months ended September 30, 2024, the Company discovered prior period errors in the accrual for tax surcharges and related interest expenses, accruals for commissions to location partners and related balances, the impairment of prepayments to location partners and the expected credit losses on deposits to location partners and accounts receivable due from network partners. Accordingly, the Company determined to disclose the correction of previously announced interim financial information and previously issued financial statements for the related errors in this current report on Form 6-K. None of the errors had a material impact on previously issued annual financial statements filed on Form 20-F. The section “Corrections of Previously Announced Interim Financial Information and Previously Issued Financial Statements” sets forth the specific corrections made to previously announced interim financial information and previously issued financial statements.

About Smart Share Global Limited

Smart Share Global Limited (Nasdaq: EM), or Energy Monster, is a consumer tech company with the mission to energize everyday life. The Company is a leading provider of mobile device charging service in China with an extensive network of partners powered by its own advanced service platform. The Company provides mobile device charging service through its shared power banks, which are placed in POIs such as entertainment venues, restaurants, shopping centers, hotels, transportation hubs and public spaces. Users may access the service by scanning the QR codes on Energy Monster’s cabinets to release the power banks. As of September 30, 2024, the Company had 13,000 network partners and 9.5 million power banks in 1,274,000 POIs across more than 2,100 counties and county-level districts in China.

Contact Us

Investor Relations

Hansen Shi

ir@enmonster.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Among other things, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission (“SEC”), in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Energy Monster’s strategies; its future business development, financial condition and results of operations; the impact of technological advancements on the pricing of and demand for its services; competition in the mobile device charging service industry; Chinese governmental policies and regulations affecting the mobile device charging service industry; changes in its revenues, costs or expenditures; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

NON-GAAP FINANCIAL MEASURE

In evaluating its business, the Company considers and uses non-GAAP adjusted net income in reviewing and assessing its operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents this non-GAAP financial measure because it is used by management to evaluate operating performance and formulate business plans. The Company believes that this non-GAAP financial measure helps identify underlying trends in its business, provide further information about its results of operations, and enhance the overall understanding of its past performance and future prospects.

Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP and have limitations as analytical tools. The Company’s non-GAAP financial measure does not reflect all items of expenses that affect its operations and does not represent the residual cash flow available for discretionary expenditures. Further, the Company’s non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling its non-GAAP financial measure to the nearest U.S. GAAP performance measure, which should be considered when evaluating performance. Investors and others are encouraged to review the Company’s financial information in its entirety and not rely on a single financial measure.

The Company defines non-GAAP adjusted net income as net income excluding share-based compensation expenses. For more information on the non-GAAP financial measure, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

Smart Share Global Limited

Unaudited Consolidated Balance Sheets

(In thousands, except for share and per share data, unless otherwise noted)

	December 31, 2023			September 30, 2024			September 30, 2024
	RMB			RMB			US$
ASSETS
Current assets:
Cash and cash equivalents		588,644			256,963			36,617
Restricted cash		173,246			114,291			16,286
Short-term investments		2,541,889			2,640,281			376,237
Accounts receivable, net		268,743			338,646			48,257
Inventory		106,530			162,508			23,157
Prepayments and other current assets		339,251			401,626			57,232

Total current assets		4,018,303			3,914,315			557,786

Non-current assets:
Long-term restricted cash		20,000			20,000			2,850
Property, equipment and software, net		322,806			190,720			27,177
Right-of-use assets, net		16,353			9,010			1,284
Other non-current assets		20,469			6,759			963
Deferred tax assets, net		22,165			1,252			178

Total non-current assets		401,793			227,741			32,452

Total assets		4,420,096			4,142,056			590,238

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts and notes payable		767,669			577,508			82,295
Salary and welfare payable		143,653			133,204			18,981
Taxes payable		230,763			207,414			29,556
Current portion of lease liabilities		7,399			3,585			511
Accruals and other current liabilities		336,959			352,341			50,209

Total current liabilities		1,486,443			1,274,052			181,552

Non-current liabilities:
Non-current lease liabilities		7,641			5,090			725
Amounts due to related parties-non-current		1,000			1,000			142
Other non-current liabilities		195,585			215,780			30,748

Total non-current liabilities		204,226			221,870			31,615

Total liabilities		1,690,669			1,495,922			213,167

SHAREHOLDERS' EQUITY
Ordinary shares		347			347			49
Treasury stock		(5,549	)		(45,964	)		(6,549	)
Additional paid-in capital		11,791,570			11,748,257			1,674,113
Statutory reserves		16,593			16,593			2,364
Accumulated other comprehensive income		182,824			168,951			24,075
Accumulated deficit		(9,256,358	)		(9,242,050	)		(1,316,981	)

Total shareholders' equity		2,729,427			2,646,134			377,071

Total liabilities and shareholders' equity		4,420,096			4,142,056			590,238

Smart Share Global Limited

Unaudited Consolidated Statements of Comprehensive Income/ (Loss)

(In thousands, except for share and per share data, unless otherwise noted)

	Three months ended September 30,									Nine months ended September 30,
	2023			2024						2023			2024
	RMB			RMB			US$			RMB			RMB			US$

	As corrected*
Revenues:
Mobile device charging		564,193			367,885			52,423			2,403,516			1,156,571			164,810
Others		49,273			122,898			17,513			68,511			194,341			27,693

Total revenues		613,466			490,783			69,936			2,472,027			1,350,912			192,503

Cost of revenues		(215,461	)		(298,396	)		(42,521	)		(1,014,390	)		(685,733	)		(97,716	)
Research and development expenses		(23,799	)		(20,042	)		(2,856	)		(63,894	)		(60,528	)		(8,625	)
Sales and marketing expenses		(295,990	)		(142,614	)		(20,322	)		(1,258,883	)		(523,545	)		(74,605	)
General and administrative expenses		(37,777	)		(41,563	)		(5,923	)		(96,535	)		(108,511	)		(15,463	)
Other operating (loss)/income		(7,023	)		6,763			964			(17,033	)		(4,030	)		(574	)

Income/(loss) from operations		33,416			(5,069	)		(722	)		21,292			(31,435	)		(4,480	)

Interest and investment income		32,160			27,919			3,978			86,450			87,262			12,435
Interest expense to third parties		-			-			-			(4,228	)		-			-
Foreign exchange loss, net		4,299			5,700			812			(8,210	)		2,597			370
Other (loss)/income, net		(16	)		19			3			(27	)		87			12

Income before income tax expense		69,859			28,569			4,071			95,277			58,511			8,337

Income tax expense		(20,849	)		(24,323	)		(3,466	)		(20,231	)		(44,203	)		(6,299	)

Net income		49,010			4,246			605			75,046			14,308			2,038

Net income attributable to ordinary shareholders of Smart Share Global Limited		49,010			4,246			605			75,046			14,308			2,038

Other comprehensive (loss)/income
Foreign currency translation adjustments, net of nil tax		(12,332	)		(22,136	)		(3,154	)		38,090			(13,873	)		(1,977	)

Total comprehensive income/(loss)		36,678			(17,890	)		(2,549	)		113,136			435			61

Comprehensive income/(loss) attributable to ordinary shareholders of Smart Share Global Limited		36,678			(17,890	)		(2,549	)		113,136			435			61

Weighted average number of ordinary shares used in computing net income per share
- basic		520,075,932			507,084,501			507,084,501			519,795,778			512,825,904			512,825,904
- diluted		520,075,932			512,101,780			512,101,780			519,795,778			517,894,151			517,894,151

Net income per share attributable to ordinary shareholders
- basic		0.09			0.01			0.00			0.14			0.03			0.00
- diluted		0.09			0.01			0.00			0.14			0.03			0.00

Net income per ADS attributable to ordinary shareholders
- basic		0.19			0.02			0.00			0.29			0.06			0.01
- diluted		0.19			0.02			0.00			0.29			0.06			0.01

*The corrections as detailed in the section “Corrections of Previously Announced Interim Financial Information and Previously Issued Financial Statements” were material to the previously announced unaudited consolidated financial information of the Company for the nine months ended September 30, 2023.

Corrections of Previously Announced Interim Financial Information and Previously Issued Financial Statements

The Company is still in the process of assessing the control implications in connection with the identified errors. The Company has previously concluded that it had two material weaknesses in internal control over financial reporting, including (i) the Company’s lack of sufficient competent financial reporting and accounting personnel with appropriate understanding of accounting principles generally accepted in the United States of America, or U.S. GAAP, to address complex U.S. GAAP technical accounting issues and to prepare and review its consolidated financial statements, including disclosure notes, in accordance with U.S. GAAP and financial reporting requirements set forth by the SEC, and (ii) the Company’s lack of period end financial closing policies and procedures for preparation of consolidated financial statements, including disclosure notes, which are in compliance with U.S. GAAP and the SEC’s reporting and disclosure requirements. As a result of the errors identified, the Company could identify additional material weaknesses as part of finalizing its analysis related to its annual report process.

The Company assessed the effects of the corrections in previously announced interim financial information and previously issued financial statements for the prior periods affected and determined that they were material to the unaudited consolidated balance sheets as of March 31, 2023, June 30, 2023, September 30, 2023, March 31, 2024 and June 30, 2024 and the unaudited consolidated statements of comprehensive income/(loss) for the three months ended March 31, 2023, June 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024, for the six months ended June 30, 2023 and June 30, 2024 and for the nine months ended September 30, 2023, where the corrected amounts are labelled as “As corrected” in the following tables, but are not material to any of the other prior interim financial information or annual financial statements of the Company, where the corrected amounts are labelled as “As revised” in the following tables.

The following tables present the aggregated impact of the corrections to the financial information for the prior periods. The previously issued consolidated financial statements as of December 31, 2022 and 2023 and for the years then ended will be revised when they are presented in the Company’s Form 20-F for the year ended December 31, 2024.

	Year ended December 31, 2021
	As Previously Reported			Corrections			As revised			Error #

	(Amounts in thousands of RMB)
Sales and marketing expenses		(2,950,972	)		(3,457	)		(2,954,429	)	2>, 3>
General and administrative expenses		(118,973	)		(1,847	)		(120,820	)	3>
Loss from operations		(108,999	)		(5,304	)		(114,303	)
Loss before income tax expense		(124,615	)		(5,304	)		(129,919	)
Net loss		(124,615	)		(5,304	)		(129,919	)
Net loss attributable to ordinary shareholders		(4,958,370	)		(5,304	)		(4,963,674	)
Total comprehensive loss		(274,882	)		(5,304	)		(280,186	)
Net loss per share attributable to ordinary shareholders
- basic and diluted		(12.20	)		(0.01	)		(12.21	)
Net loss per ADS attributable to ordinary shareholders
- basic and diluted		(24.40	)		(0.02	)		(24.42	)
Adjusted net loss (non-GAAP)		(93,904	)		(5,304	)		(99,208	)

	Three months ended March 31, 2022									Three months ended June 30, 2022									Three months ended September 30, 2022									Three months ended December 31, 2022
	As Previously Reported			Corrections			As revised			As Previously Reported			Corrections			As revised			As Previously Reported			Corrections			As revised			As Previously Reported			Corrections			As revised			Error #

	(Amounts in thousands of RMB)									(Amounts in thousands of RMB)									(Amounts in thousands of RMB)									(Amounts in thousands of RMB)
Cost of revenues		(127,553	)		(398	)		(127,951	)		(162,869	)		(3,885	)		(166,754	)		(125,548	)		(6,545	)		(132,093	)		(140,953	)		(5,484	)		(146,437	)	1>
Sales and marketing expenses		(659,679	)		(919	)		(660,598	)		(664,918	)		(2,318	)		(667,236	)		(752,534	)		(325	)		(752,859	)		(635,199	)		760			(634,439	)	2>, 3>
General and administrative expenses		(27,376	)		(145	)		(27,521	)		(28,458	)		(199	)		(28,657	)		(29,421	)		(212	)		(29,633	)		(27,148	)		(812	)		(27,960	)	3>
Other operating income/(loss)		5,277			-			5,277			(1,565	)		(821	)		(2,386	)		19,846			(1,287	)		18,559			(10,682	)		(796	)		(11,478	)	1>
Loss from operations		(99,316	)		(1,462	)		(100,778	)		(191,028	)		(7,223	)		(198,251	)		(96,974	)		(8,369	)		(105,343	)		(233,927	)		(6,332	)		(240,259	)
Loss before income tax expense		(96,411	)		(1,462	)		(97,873	)		(184,527	)		(7,223	)		(191,750	)		(95,754	)		(8,369	)		(104,123	)		(220,072	)		(6,332	)		(226,404	)
Income tax expense		-			365			365			-			1,131			1,131			-			1,372			1,372			(114,476	)		1,005			(113,471	)	All
Net loss		(96,411	)		(1,097	)		(97,508	)		(184,527	)		(6,092	)		(190,619	)		(95,754	)		(6,997	)		(102,751	)		(334,548	)		(5,327	)		(339,875	)
Net loss attributable to ordinary shareholders		(96,411	)		(1,097	)		(97,508	)		(184,527	)		(6,092	)		(190,619	)		(95,754	)		(6,997	)		(102,751	)		(334,548	)		(5,327	)		(339,875	)
Total comprehensive loss		(102,246	)		(1,097	)		(103,343	)		(108,881	)		(6,092	)		(114,973	)		(21,459	)		(6,997	)		(28,456	)		(366,282	)		(5,327	)		(371,609	)
Net loss per share attributable to ordinary shareholders
- basic and diluted		(0.20	)		0.01			(0.19	)		(0.36	)		(0.01	)		(0.37	)		(0.18	)		(0.02	)		(0.20	)		(0.64	)		(0.02	)		(0.66	)
Net loss per ADS attributable to ordinary shareholders
- basic and diluted		(0.40	)		0.02			(0.38	)		(0.72	)		(0.02	)		(0.74	)		(0.36	)		(0.04	)		(0.40	)		(1.28	)		(0.03	)		(1.31	)
Adjusted net loss (non-GAAP)		(89,695	)		(1,097	)		(90,792	)		(177,491	)		(6,092	)		(183,583	)		(88,638	)		(6,997	)		(95,635	)		(327,171	)		(5,327	)		(332,498	)

	Six months ended June 30, 2022									Nine months ended September 30, 2022									Year ended December 31, 2022
	As Previously Reported			Corrections			As revised			As Previously Reported			Corrections			As revised			As Previously Reported			Corrections			As revised			Error #

	(Amounts in thousands of RMB)									(Amounts in thousands of RMB)									(Amounts in thousands of RMB)
Cost of revenues		(290,422	)		(4,283	)		(294,705	)		(415,970	)		(10,828	)		(426,798	)		(556,923	)		(16,312	)		(573,235	)	1>
Sales and marketing expenses		(1,324,597	)		(3,237	)		(1,327,834	)		(2,077,131	)		(3,562	)		(2,080,693	)		(2,712,330	)		(2,802	)		(2,715,132	)	2>, 3>
General and administrative expenses		(55,834	)		(344	)		(56,178	)		(85,255	)		(556	)		(85,811	)		(112,403	)		(1,368	)		(113,771	)	3>
Other operating income		3,712			(821	)		2,891			23,558			(2,108	)		21,450			12,876			(2,904	)		9,972		1>
Loss from operations		(290,344	)		(8,685	)		(299,029	)		(387,318	)		(17,054	)		(404,372	)		(621,245	)		(23,386	)		(644,631	)
Loss before income tax expense		(280,938	)		(8,685	)		(289,623	)		(376,692	)		(17,054	)		(393,746	)		(596,764	)		(23,386	)		(620,150	)
Income tax expense		-			1,496			1,496			-			2,868			2,868			(114,476	)		3,873			(110,603	)	All
Net loss		(280,938	)		(7,189	)		(288,127	)		(376,692	)		(14,186	)		(390,878	)		(711,240	)		(19,513	)		(730,753	)
Net loss attributable to ordinary shareholders		(280,938	)		(7,189	)		(288,127	)		(376,692	)		(14,186	)		(390,878	)		(711,240	)		(19,513	)		(730,753	)
Total comprehensive loss		(211,127	)		(7,189	)		(218,316	)		(232,586	)		(14,186	)		(246,772	)		(598,868	)		(19,513	)		(618,381	)
Net loss per share attributable to ordinary shareholders
- basic and diluted		(0.54	)		(0.02	)		(0.56	)		(0.73	)		(0.02	)		(0.75	)		(1.37	)		(0.04	)		(1.41	)
Net loss per ADS attributable to ordinary shareholders
- basic and diluted		(1.08	)		(0.04	)		(1.12	)		(1.46	)		(0.04	)		(1.50	)		(2.74	)		(0.08	)		(2.82	)
Adjusted net loss (non-GAAP)		(267,186	)		(7,189	)		(274,375	)		(355,824	)		(14,186	)		(370,010	)		(682,995	)		(19,513	)		(702,508	)

	Three months ended March 31, 2023									Three months ended June 30, 2023									Three months ended September 30, 2023									Three months ended December 31, 2023
	As Previously Reported			Corrections			As corrected*			As Previously Reported			Corrections			As corrected*			As Previously Reported			Corrections			As revised			As Previously Reported			Corrections			As corrected*			Error #

	(Amounts in thousands of RMB)									(Amounts in thousands of RMB)									(Amounts in thousands of RMB)									(Amounts in thousands of RMB)
Cost of revenues		(127,389	)		(1,355	)		(128,744	)		(668,547	)		(1,638	)		(670,185	)		(214,817	)		(644	)		(215,461	)		(198,711	)		6,910			(191,801	)	1>
Sales and marketing expenses		(665,274	)		(1,253	)		(666,527	)		(295,150	)		(1,216	)		(296,366	)		(298,216	)		2,226			(295,990	)		(248,792	)		1,075			(247,717	)	2>, 3>
General and administrative expenses		(26,771	)		(450	)		(27,221	)		(31,117	)		(420	)		(31,537	)		(37,094	)		(683	)		(37,777	)		(30,546	)		(955	)		(31,501	)	3>
Other operating income/(loss)		2,268			(2,305	)		(37	)		(8,703	)		(1,270	)		(9,973	)		(5,532	)		(1,491	)		(7,023	)		(13,860	)		4,985			(8,875	)	1>
(Loss)/income from operations		(15,775	)		(5,363	)		(21,138	)		13,558			(4,544	)		9,014			34,008			(592	)		33,416			(32,856	)		12,015			(20,841	)
Income before income tax expense		10,810			(5,363	)		5,447			24,515			(4,544	)		19,971			70,451			(592	)		69,859			2,986			12,015			15,001
Income tax expense		-			227			227			-			391			391			(20,442	)		(407	)		(20,849	)		(579	)		(724	)		(1,303	)	All
Net income		10,810			(5,136	)		5,674			24,515			(4,153	)		20,362			50,009			(999	)		49,010			2,407			11,291			13,698
Net income attributable to ordinary shareholders		10,810			(5,136	)		5,674			24,515			(4,153	)		20,362			50,009			(999	)		49,010			2,407			11,291			13,698
Total comprehensive (loss)/income		(7,257	)		(5,136	)		(12,393	)		93,004			(4,153	)		88,851			37,677			(999	)		36,678			(16,787	)		11,291			(5,496	)
Net income per share attributable to ordinary shareholders
- basic and diluted		0.02			(0.01	)		0.01			0.05			(0.01	)		0.04			0.10			(0.01	)		0.09			0.00			0.03			0.03
Net income per ADS attributable to ordinary shareholders
- basic and diluted		0.04			(0.02	)		0.02			0.10			(0.02	)		0.08			0.20			(0.01	)		0.19			0.00			0.05			0.05
Adjusted net income (non-GAAP)		17,095			(5,136	)		11,959			30,055			(4,153	)		25,902			55,214			(999	)		54,215			5,716			11,291			17,007

	Six months ended June 30, 2023									Nine months ended September 30, 2023									Year ended December 31, 2023
	As Previously Reported			Corrections			As corrected*			As Previously Reported			Corrections			As corrected*			As Previously Reported			Corrections			As revised			Error #

	(Amounts in thousands of RMB)									(Amounts in thousands of RMB)									(Amounts in thousands of RMB)
Cost of revenues		(795,936	)		(2,993	)		(798,929	)		(1,010,753	)		(3,637	)		(1,014,390	)		(1,209,464	)		3,273			(1,206,191	)	1>
Sales and marketing expenses		(960,424	)		(2,469	)		(962,893	)		(1,258,640	)		(243	)		(1,258,883	)		(1,507,432	)		832			(1,506,600	)	2>, 3>
General and administrative expenses		(57,888	)		(870	)		(58,758	)		(94,982	)		(1,553	)		(96,535	)		(125,528	)		(2,508	)		(128,036	)	3>
Other operating loss		(6,435	)		(3,575	)		(10,010	)		(11,967	)		(5,066	)		(17,033	)		(25,827	)		(81	)		(25,908	)	1>
(Loss)/income from operations		(2,217	)		(9,907	)		(12,124	)		31,791			(10,499	)		21,292			(1,065	)		1,516			451
Income before income tax expense		35,325			(9,907	)		25,418			105,776			(10,499	)		95,277			108,762			1,516			110,278
Income tax expense		-			618			618			(20,442	)		211			(20,231	)		(21,021	)		(513	)		(21,534	)	All
Net income		35,325			(9,289	)		26,036			85,334			(10,288	)		75,046			87,741			1,003			88,744
Net income attributable to ordinary shareholders		35,325			(9,289	)		26,036			85,334			(10,288	)		75,046			87,741			1,003			88,744
Total comprehensive income		85,747			(9,289	)		76,458			123,424			(10,288	)		113,136			106,637			1,003			107,640
Net income per share attributable to ordinary shareholders
- basic and diluted		0.07			(0.02	)		0.05			0.16			(0.02	)		0.14			0.17			0.00			0.17
Net income per ADS attributable to ordinary shareholders
- basic and diluted		0.14			(0.04	)		0.10			0.32			(0.03	)		0.29			0.34			0.00			0.34
Adjusted net income (non-GAAP)		47,150			(9,289	)		37,861			102,364			(10,288	)		92,076			108,080			1,003			109,083

	Three months ended March 31, 2024									Three months ended June 30, 2024									Six months ended June 30, 2024
	As Previously Reported			Corrections			As corrected*			As Previously Reported			Corrections			As corrected*			As Previously Reported			Corrections			As corrected*			Error #

	(Amounts in thousands of RMB)									(Amounts in thousands of RMB)									(Amounts in thousands of RMB)
Cost of revenues		(167,737	)		-			(167,737	)		(219,600	)		-			(219,600	)		(387,337	)		-			(387,337	)	1>
Sales and marketing expenses		(204,494	)		2,082			(202,412	)		(180,949	)		2,430			(178,519	)		(385,443	)		4,512			(380,931	)	2>, 3>
General and administrative expenses		(26,584	)		(986	)		(27,570	)		(39,450	)		72			(39,378	)		(66,034	)		(914	)		(66,948	)	3>
Other operating loss		(1,474	)		(593	)		(2,067	)		(8,133	)		(593	)		(8,726	)		(9,607	)		(1,186	)		(10,793	)	1>
Loss from operations		(22,757	)		503			(22,254	)		(6,021	)		1,909			(4,112	)		(28,778	)		2,412			(26,366	)
Income before income tax expense		7,339			503			7,842			20,191			1,909			22,100			27,530			2,412			29,942
Income tax expense		(7,688	)		(354	)		(8,042	)		(11,013	)		(825	)		(11,838	)		(18,701	)		(1,179	)		(19,880	)	All
Net (loss)/income		(349	)		149			(200	)		9,178			1,084			10,262			8,829			1,233			10,062
Net (loss)/income attributable to ordinary shareholders		(349	)		149			(200	)		9,178			1,084			10,262			8,829			1,233			10,062
Total comprehensive income		2,013			149			2,162			15,079			1,084			16,163			17,092			1,233			18,325
Net (loss)/ income per share attributable to ordinary shareholders
- basic and diluted		(0.00	)		0.00			(0.00	)		0.02			0.00			0.02			0.02			0.00			0.02
Net (loss)/ income per ADS attributable to ordinary shareholders
- basic and diluted		(0.00	)		0.00			(0.00	)		0.04			0.00			0.04			0.03			0.01			0.04
Adjusted net income (non-GAAP)		3,834			149			3,983			15,212			1,084			16,296			19,046			1,233			20,279

	As of March 31, 2022									As of June 30, 2022									As of September 30, 2022
	As Previously Reported			Corrections			As revised			As Previously Reported			Corrections			As revised			As Previously Reported			Corrections			As revised			Error #

	(Amounts in thousands of RMB)									(Amounts in thousands of RMB)									(Amounts in thousands of RMB)
Accounts receivable, net		11,616			-			11,616			16,729			-			16,729			13,862			-			13,862		3>
Prepayments and other current assets		396,431			5,399			401,830			408,906			2,406			411,312			365,891			(51	)		365,840		2>, 3>
Total current assets		3,158,544			5,399			3,163,943			3,296,072			2,406			3,298,478			3,473,368			(51	)		3,473,317
Deferred tax assets		-			-			-			-			-			-			-			-			-
Other non-current assets		143,384			(317	)		143,067			114,696			(317	)		114,379			75,356			(319	)		75,037		3>
Total non-current assets		1,085,178			(317	)		1,084,861			1,011,567			(317	)		1,011,250			970,140			(319	)		969,821
Total assets		4,243,722			5,082			4,248,804			4,307,639			2,089			4,309,728			4,443,508			(370	)		4,443,138
Accounts and notes payable		533,924			11,866			545,790			691,115			11,391			702,506			796,380			9,469			805,849		2>
Tax payable		8,373			33			8,406			33,048			3,607			36,655			93,077			10,067			103,144		All
Current Liabilities		992,753			11,899			1,004,652			1,176,270			14,998			1,191,268			1,336,208			19,536			1,355,744
Total liabilities		1,120,470			11,899			1,132,369			1,290,251			14,998			1,305,249			1,441,126			19,536			1,460,662
Accumulated deficit		(8,704,399	)		(6,817	)		(8,711,216	)		(8,888,927	)		(12,909	)		(8,901,836	)		(8,984,680	)		(19,906	)		(9,004,586	)	All
Total shareholders' equity		3,123,252			(6,817	)		3,116,435			3,017,388			(12,909	)		3,004,479			3,002,382			(19,906	)		2,982,476
Total liabilities and shareholders' equity		4,243,722			5,082			4,248,804			4,307,639			2,089			4,309,728			4,443,508			(370	)		4,443,138

	As of March 31, 2023									As of June 30, 2023									As of September 30, 2023
	As Previously Reported			Corrections			As corrected*			As Previously Reported			Corrections			As corrected*			As Previously Reported			Corrections			As corrected*			Error #

	(Amounts in thousands of RMB)									(Amounts in thousands of RMB)									(Amounts in thousands of RMB)
Accounts receivable, net		17,203			-			17,203			243,068			(29	)		243,039			243,771			(524	)		243,247		3>
Prepayments and other current assets		302,793			(4,234	)		298,559			401,716			(6,548	)		395,168			349,793			(4,368	)		345,425		2>, 3>
Total current assets		3,420,919			(4,234	)		3,416,685			3,916,080			(6,577	)		3,909,503			3,991,784			(4,892	)		3,986,892
Deferred tax assets		30,986			3,873			34,859			30,986			3,873			34,859			23,070			3,873			26,943		All
Other non-current assets		28,683			(703	)		27,980			19,402			(1,058	)		18,344			19,630			(1,150	)		18,480		3>
Total non-current assets		978,630			3,170			981,800			391,352			2,815			394,167			419,466			2,723			422,189
Total assets		4,399,549			(1,064	)		4,398,485			4,307,432			(3,762	)		4,303,670			4,411,250			(2,169	)		4,409,081
Accounts and notes payable		909,320			6,656			915,976			688,213			5,594			693,807			794,811			5,644			800,455		2>
Tax payable		169,452			22,649			192,101			262,152			25,166			287,318			215,253			27,708			242,961		All
Current Liabilities		1,543,809			29,305			1,573,114			1,382,863			30,760			1,413,623			1,444,630			33,352			1,477,982
Total liabilities		1,766,006			29,305			1,795,311			1,579,012			30,760			1,609,772			1,642,733			33,352			1,676,085
Accumulated deficit		(9,309,059	)		(30,369	)		(9,339,428	)		(9,284,544	)		(34,522	)		(9,319,066	)		(9,234,535	)		(35,521	)		(9,270,056	)	All
Total shareholders' equity		2,633,543			(30,369	)		2,603,174			2,728,420			(34,522	)		2,693,898			2,768,517			(35,521	)		2,732,996
Total liabilities and shareholders' equity		4,399,549			(1,064	)		4,398,485			4,307,432			(3,762	)		4,303,670			4,411,250			(2,169	)		4,409,081

	As of December 31, 2021									As of December 31, 2022									As of December 31, 2023
	As Previously Reported			Corrections			As revised			As Previously Reported			Corrections			As revised			As Previously Reported			Corrections			As revised			Error #

	(Amounts in thousands of RMB)									(Amounts in thousands of RMB)									(Amounts in thousands of RMB)
Accounts receivable, net		14,881			-			14,881			16,482			-			16,482			269,736			(993	)		268,743		3>
Prepayments and other current assets		487,540			11,180			498,720			228,672			(2,209	)		226,463			345,744			(6,493	)		339,251		2>, 3>
Total current assets		3,247,732			11,180			3,258,912			3,300,784			(2,209	)		3,298,575			4,025,789			(7,486	)		4,018,303
Deferred tax assets		-			-			-			30,986			3,873			34,859			18,804			3,361			22,165		All
Other non-current assets		164,986			(317	)		164,669			35,898			(634	)		35,264			21,621			(1,152	)		20,469		3>
Total non-current assets		1,150,249			(317	)		1,149,932			986,857			3,239			990,096			399,584			2,209			401,793
Total assets		4,397,981			10,863			4,408,844			4,287,641			1,030			4,288,671			4,425,373			(5,277	)		4,420,096
Accounts and notes payable		551,751			16,583			568,334			810,197			7,048			817,245			764,741			2,928			767,669		2>
Tax payable		10,195			-			10,195			147,367			19,215			166,582			214,738			16,025			230,763		All
Current Liabilities		1,028,365			16,583			1,044,948			1,422,878			26,263			1,449,141			1,467,490			18,953			1,486,443
Total liabilities		1,165,957			16,583			1,182,540			1,646,336			26,263			1,672,599			1,671,716			18,953			1,690,669
Accumulated deficit		(8,607,989	)		(5,720	)		(8,613,709	)		(9,319,229	)		(25,233	)		(9,344,462	)		(9,232,128	)		(24,230	)		(9,256,358	)	All
Total shareholders' equity		3,232,024			(5,720	)		3,226,304			2,641,305			(25,233	)		2,616,072			2,753,657			(24,230	)		2,729,427
Total liabilities and shareholders' equity		4,397,981			10,863			4,408,844			4,287,641			1,030			4,288,671			4,425,373			(5,277	)		4,420,096

	As of March 31, 2024									As of June 30, 2024
	As Previously Reported			Corrections			As corrected*			As Previously Reported			Corrections			As corrected*			Error #

	(Amounts in thousands of RMB)									(Amounts in thousands of RMB)
Accounts receivable, net		278,690			(1,626	)		277,064			300,853			(1,292	)		299,561		3>
Prepayments and other current assets		380,314			(8,120	)		372,194			327,539			(10,115	)		317,424		2>,3>
Total current assets		4,047,143			(9,746	)		4,037,397			3,968,175			(11,407	)		3,956,768
Deferred tax assets		18,804			3,360			22,164			18,804			3,360			22,164		All
Other non-current assets		20,081			(1,368	)		18,713			16,592			(1,391	)		15,201		3>
Total non-current assets		354,770			1,992			356,762			304,324			1,969			306,293
Total assets		4,401,913			(7,754	)		4,394,159			4,272,499			(9,438	)		4,263,061
Accounts and notes payable		726,011			(644	)		725,367			699,504			(4,830	)		694,674		2>
Tax payable		213,999			16,971			230,970			213,000			18,389			231,389		All
Current Liabilities		1,494,455			16,327			1,510,782			1,374,535			13,559			1,388,094
Total liabilities		1,702,971			16,327			1,719,298			1,588,426			13,559			1,601,985
Accumulated deficit		(9,232,477	)		(24,081	)		(9,256,558	)		(9,223,299	)		(22,997	)		(9,246,296	)	All
Total shareholders' equity		2,698,942			(24,081	)		2,674,861			2,684,073			(22,997	)		2,661,076
Total liabilities and shareholders' equity		4,401,913			(7,754	)		4,394,159			4,272,499			(9,438	)		4,263,061

* The corrections were material to the unaudited consolidated balance sheets as of March 31, 2023, June 30, 2023, September 30, 2023, March 31, 2024 and June 30, 2024 and the unaudited consolidated statements of comprehensive income/(loss) for the three months ended March 31, 2023, June 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024, for the six months ended June 30, 2023 and June 30, 2024 and for the nine months ended September 30, 2023.

Note:

1> Understatements of accrual for tax surcharges and related interest expenses

Upon the final settlement of the Company’s underpaid VAT, which was recorded in prior periods, and surcharges, which was not recorded in prior periods, with the relevant tax authorities for its mobile device charging revenue in 2024, the Company determined that the unrecorded surcharges and interest expenses related to the surcharges should have been recorded in the same prior periods that the provision for underpaid VAT was recorded. As a result, the Company has determined to correct the accrual for tax surcharges and related interest expenses in prior periods such that cost of revenues, other operating loss, tax payable and accumulated deficit are corrected.

2> Misstatements of accruals for commissions to location partners and related balances

The accounts payable balances due to location partners under the direct model contained certain entries in relation to the commissions to location partners that were duplicative or incomplete in prior periods. Certain debit balances in accounts payable should have been reclassified to prepayments and subjected to impairment as of prior period ends. In connection therewith, the Company has determined to correct the commissions paid to locations partners and related balances for certain prior periods such that sales and marketing expenses, accounts and notes payable, prepayments and other current assets and accumulated deficit are corrected.

3> Understatements of impairment of prepayments to location partners and expected credit losses of deposits to location partners and accounts receivable due from network partners

The different risk characteristics of the prepayments to location partners with invalid or expired contracts, the deposits to location partners under the direct model with expired or invalid contracts and the accounts receivable due from network partners that were deregistered or dissolved were inadequately considered in the impairment assessments of such assets as of prior period ends. In connection therewith, the Company has determined to correct the impairment of prepayments to locations partners and the provision for the expected credit losses of deposits to location partners and accounts receivable due from network partners in prior periods such that sales and marketing expenses, general and administrative expenses, accounts receivable, net, prepayments and other current assets, other non-current assets and accumulated deficit are corrected.

Smart Share Global Limited

Unaudited Reconciliation of GAAP and Non-GAAP Results

(In thousands, except for share and per share data, unless otherwise noted)

	Three months ended September 30,						Nine months ended September 30,
	2023		2024				2023		2024
	RMB		RMB		US$		RMB		RMB		US$
	As corrected*
Net income		49,010		4,246		605		75,046		14,308		2,038
Add:
Share-based compensation		5,205		4,979		710		17,030		15,196		2,165
Less:
Adjusted for tax effects		-		-		-		-		-		-

Adjusted net income (non-GAAP)		54,215		9,225		1,315		92,076		29,504		4,203