The Chinese consumer market is gradually recovering.
Energy Monster (Chinese: 怪兽充电, Nasdaq: EM) announced its unaudited financial results for Q3 2022 on 21 December. The report states that Energy Monster achieved revenue of CNY 815 million ( USD 114.6 million ) in Q3 2022, an increase of 18% quarter-over-quarter. The company's net loss narrowed by 48% to CNY 95.8 million from CNY 184.5 million in Q2 2022.
Energy Monster is a Chinese smart-sharing portable battery company that provides smart-sharing portable battery products to customers.
In terms of revenue, the shared portable battery, portable battery sales and advertising services-based businesses achieved revenue of CNY 791 million, CNY 18.1 million and CNY 5.8 million, respectively.
In terms of operations, as of 30 September 2022, Energy Monster had 956,000 POIs in China, 14.7 million new users added in a single quarter, 325.2 million total registered users and 6.4 million shared rechargers.
Energy Monster's CEO GuangYuan Cai said, "Despite challenges in operation and financial performance, our network coverage continues to expand, better adapting to the changing environment, and we will be better positioned for the recovery and growth of the shared portable battery industry in the future."
Peifeng Xu, the company's COO, indicated that the company added more than 2,000 channel partners in Q3, driven by the new strategy. The operation team will adopt a direct or channel model to increase the market share of Energy Monster jointly.