ATRenew Q1 Earnings Call Highlights

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MarketBeat

Tue, May 19, 2026 astatine 11:04 AM CDT 7 min read

Key Points

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ATRenew posted beardown Q1 2026 results, with gross rising 32.4% twelvemonth implicit twelvemonth to RMB 6.16 cardinal and non-GAAP operating income jumping 70.2% to a grounds precocious supra RMB 190 million. Management said the gains were driven by maturation successful recycling, resale and direct-to-consumer sales.
The company’s 1P-centric strategy continued to summation traction, with compliant refurbished merchandise gross up 76.1% and 1P2C making up 45.1% of merchandise revenue, versus 33% a twelvemonth earlier. ATRenew besides expanded its carnal fulfillment web to 2,156 stores and 2,248 door-to-door professionals, helping assistance face-to-face fulfillment to 80%.
Marketplace and multi-category recycling businesses scaled rapidly, arsenic PJT Marketplace merchants astir doubled to astir 2 cardinal and multi-category recycling GMV roseate 81.5% twelvemonth implicit year. ATRenew besides guided Q2 gross of RMB 6.24 cardinal to RMB 6.34 billion, implying 25% to 27% growth.

ATRenew (NYSE:RERE) reported first-quarter 2026 gross and non-GAAP operating income maturation that absorption said reflected continued enlargement of its recycling and resale model, stronger direct-to-consumer income and maturation successful its marketplace and multi-category recycling businesses.

On the company’s net call, Chief Financial Officer Rex Chen said full gross roseate 32.4% twelvemonth implicit twelvemonth to RMB 6.16 billion, exceeding the precocious extremity of ATRenew’s guidance. Non-GAAP operating income accrued 70.2% to much than RMB 190 million, which the institution described arsenic a grounds high.

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“As China’s circular system continues to beforehand and trade-in programs for user electronics stay ongoing, we sustained beardown maturation momentum successful the Q1,” Rex Chen said, according to the company’s translated remarks delivered by Head of Investor Relations Jessie Jin.

1P Strategy and Refurbished Devices Drive Growth

Founder, Chairman and Chief Executive Officer Kerry Chen said ATRenew continued to beforehand a “1P-centric strategy,” focused connected strengthening its halfway concern successful recycling and trading secondhand user electronics. Management highlighted efforts to summation first-hand proviso sources, amended refurbishment output and rise the stock of merchandise gross coming from direct-to-consumer channels.

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Within the company’s JD.com sourcing channel, trade-in bid measurement outpaced wide growth, with its measurement stock expanding to astir 70%, absorption said. ATRenew said it continues to enactment with JD.com connected trade-in solutions arsenic authorities enactment for user electronics trade-ins remains successful place.

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