RLX Technology Inc.

	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18
Total revenue	3.52	2.44	1.24	5.33	8.52	3.82	1.55	0.13
Cost of revenue	2.37	1.72	0.86	3.03	4.85	2.29	0.97	0.07
Gross profit	1.15	0.73	0.39	2.31	3.67	1.53	0.58	0.06
Total operating expenses +	0.83	0.83	0.88	1.24	1.37	1.51	0.52	0.06
Selling, general and administrative	0.72	0.52	0.50	0.58	0.67	0.77	0.13	0.02
Research and development	0.13	0.09	0.17	0.32	0.18	0.30	0.03	0.00
Other operating expenses	-0.02	0.23	0.21	0.35	0.52	0.44	0.36	0.03
Operating income	0.32	-0.11	-0.50	1.06	2.30	0.01	0.06	0.00
Non-operating income (net)	0.71	0.77	1.09	0.72	0.36	0.09	0.02	0.00
Income before tax	1.02	0.66	0.59	1.78	2.66	0.10	0.07	0.00
Income tax expense	0.12	0.09	0.05	0.37	0.63	0.23	0.03	0.00
Net income	0.90	0.55	0.53	1.44	2.02	-0.13	0.05	0.00

Show Quarterly Income Statement

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20	Dec-19	Sep-19
Total revenue	1.46	1.07	1.03	0.79	0.71	0.74	0.68	0.56	0.47	0.52	0.33	0.38	0.12	0.29	1.04	2.23	1.71	1.90	1.68	2.54	2.40	1.62	1.12	0.71	0.37	0.41	0.56
Cost of revenue	0.97	0.71	0.68	0.55	0.48	0.52	0.47	0.40	0.33	0.38	0.22	0.28	0.08	0.14	0.52	1.26	1.06	1.14	1.02	1.39	1.29	0.92	0.68	0.45	0.24	0.29	0.34
Gross profit	0.49	0.35	0.35	0.24	0.23	0.22	0.21	0.16	0.14	0.14	0.11	0.10	0.05	0.15	0.52	0.98	0.66	0.77	0.66	1.15	1.10	0.69	0.44	0.26	0.13	0.12	0.22
Total operating expenses +	0.25	0.24	0.26	0.20	0.15	0.23	0.22	0.19	0.19	0.27	0.15	0.05	0.42	0.62	0.06	0.53	0.03	0.23	-0.24	0.17	1.22	0.85	0.38	0.15	0.13	0.18	0.16
Selling, general and administrative	0.23	0.21	0.09	0.09	0.07	0.15	0.12	0.13	0.11	0.21	0.07	0.04	0.26	0.39	0.04	0.29	0.07	0.17	0.25	0.05	0.71	0.45	0.25	0.04	0.03	0.05	0.05
Research and development	0.03	0.03	0.04	0.03	0.03	0.03	0.02	0.00	0.03	0.02	0.03	0.04	0.08	0.13	0.05	0.12	0.02	0.02	0.04	0.00	0.21	0.21	0.04	0.03	0.02	0.01	0.01
Other operating expenses	-0.01	0.00	0.13	0.08	0.06	0.05	0.07	0.06	0.05	0.04	0.04	-0.04	0.09	0.10	-0.03	0.12	-0.06	0.05	-0.54	0.12	0.29	0.20	0.09	0.09	0.07	0.12	0.11
Operating income	0.24	0.12	0.09	0.04	0.08	-0.01	-0.01	-0.03	-0.05	-0.14	-0.04	0.05	-0.37	-0.47	0.47	0.45	0.62	0.53	0.90	0.98	-0.11	-0.16	0.06	0.11	0.00	-0.06	0.04
Non-operating income (net)	0.09	0.18	0.16	0.21	0.17	0.17	0.21	0.19	0.20	0.37	0.21	0.20	0.30	0.23	0.11	0.20	0.18	0.09	0.20	0.05	0.02	0.03	0.03	0.01	0.02	0.00	0.02
Income before tax	0.34	0.30	0.25	0.25	0.25	0.15	0.20	0.16	0.15	0.24	0.17	0.26	-0.07	-0.24	0.58	0.65	0.80	0.62	1.10	1.03	-0.09	-0.13	0.09	0.12	0.02	-0.06	0.05
Income tax expense	0.04	0.02	0.05	0.03	0.03	0.03	0.03	0.02	0.02	0.02	0.00	0.05	-0.02	-0.02	0.07	0.20	0.11	0.13	0.12	0.20	0.18	0.11	0.08	0.03	0.01	-0.01	0.02
Net income	0.28	0.28	0.20	0.22	0.22	0.12	0.17	0.13	0.13	0.22	0.17	0.20	-0.06	-0.23	0.50	0.46	0.71	0.49	0.97	0.82	-0.27	-0.24	0.01	0.09	0.01	-0.05	0.04

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	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18
Total cash and short-term investments +	10.19	8.49	8.11	10.79	12.85	0.52	0.46	0.07
Cash and cash equivalents	5.55	5.59	2.39	1.27	5.21	0.22	0.14	0.07
Short-term investments	4.64	2.90	5.72	9.52	7.64	0.30	0.33	0.00
Accounts receivable, net	0.41	0.57	0.16	0.06	0.03	0.01	0.09	0.02
Inventories	0.30	0.14	0.14	0.13	0.59	0.05	0.22	0.01
Other current assets	0.32	0.10	0.56	0.22	0.48	0.01	0.01	0.00
Total current assets	11.21	9.30	8.98	11.20	13.95	0.59	1.18	0.10
Total non-current assets +	6.73	7.57	7.33	5.18	2.41	0.03	0.26	0.00
Property, plant and equipment, net		0.07	0.13	0.16	0.32	0.17	0.16	0.00
Goodwill	0.57	0.06	0.07	0.00
Intangible assets	0.21	0.05	0.07	0.00	0.01	0.00	0.01	0.00
Long-term investments	5.56	7.33	7.00	4.93	2.02	0.00	0.01	0.00
Other non-current assets
Total assets	17.94	16.87	16.32	16.38	16.37	0.62	1.44	0.11

Total current liabilities +	1.97	0.86	0.67	0.79	2.74	0.38	0.62	0.10
Accounts payable	0.40	0.30	0.11	0.05	0.51	0.08	0.15	0.02
Short-term debt	0.12	0.05	0.07	0.05	0.08	0.15	0.03	0.00
Current portion of long-term debt	0.11	0.04
Deferred revenue
Other current liabilities	1.36	0.38	0.36	0.51	1.27	0.05	0.42	0.08
Total non-current liabilities +	0.23	0.02	0.05	0.05	0.11	0.01	0.72	0.00
Long-term debt						0.00	0.65	0.00
Capital lease obligations	0.08	0.02	0.05	0.09	0.18	0.09	0.09	0.00
Other non-current liabilities	0.06
Total liabilities	2.20	0.88	0.72	0.84	2.85	0.39	1.34	0.10

Total stockholders' equity +	15.64	15.99	15.61	15.57	13.51	0.23	0.11	0.01
Common stock and paid-in capital	11.52	11.74	11.84	12.24	11.61	0.24	0.06	0.01
Retained earnings	4.12	4.25	3.77	3.32	1.91	-0.01	0.05	0.00
Common shares outstanding	1,224	1,289	1,340	1,328	1,410	1,553	1,553	1,553

Show Quarterly Balance Sheet

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20	Dec-19	Sep-19
Total cash and short-term investments +	9.64	10.19	8.47	7.41	8.16	8.49	8.06	8.30	7.33	8.11	1.14	1.27	9.24	10.79	2.04	1.69	1.74	12.85	1.86	1.92	1.91	3.08	3.14	0.00	0.46	0.46	0.00
Cash and cash equivalents	4.42	5.55	3.46	3.86	4.71	5.59	3.26	3.08	2.32	2.39	0.35	0.24	1.45	1.27	0.13	0.26	0.69	5.21	0.99	1.01	1.47	1.11	0.27		-0.46	0.14
Short-term investments	5.22	4.64	5.01	3.56	3.45	2.90	4.80	5.22	5.01	5.72	0.78	1.02	7.79	9.52	1.92	1.44	1.05	7.64	0.87	0.91	0.44	1.97	2.87		0.93	0.33
Accounts receivable, net	0.88	0.41	0.21	0.41	0.33	0.08	0.38	0.32	0.12	0.16	0.03	0.02	0.08	0.06	0.01	0.00	0.01	0.03	0.00	0.00	0.01	0.04	0.11			0.09
Inventories	0.37	0.30	0.23	0.23	0.12	0.14	0.08	0.08	0.10	0.14	0.01	0.01	0.10	0.13	0.01	0.02	0.04	0.59	0.10	0.10	0.03	0.33	0.14			0.22
Other current assets	0.61	0.32	0.67	0.32	0.38	0.58	0.36	0.77	0.85	0.56	0.07	0.05	0.32	0.22	0.02	0.03	0.04	0.48	0.06	0.05	0.02	0.07	0.00			0.41
Total current assets	11.51	11.21	9.58	8.37	8.99	9.30	8.87	9.47	8.41	8.98	1.25	1.35	9.74	11.20	2.09	1.75	1.83	13.95	2.02	2.07	1.97	3.87	3.73		0.46	1.18
Total non-current assets +	5.98	6.73	7.85	9.12	8.08	7.57	7.53	6.87	7.62	7.33	1.02	0.94	6.36	5.18	0.30	0.87	0.68	2.41	0.48	0.43	0.32	0.19	0.25		-0.46	0.26
Property, plant and equipment, net		0.33	0.23	0.23	0.07	0.07	0.09				0.13			0.16	0.18	0.25	0.32	0.32	0.34	0.22	0.18	0.17	0.15			0.16
Goodwill	0.56	0.57	0.57	0.57	0.06	0.06	0.06	0.06	0.06	0.07	0.07		0.00	0.00	0.00
Intangible assets	0.19	0.21	0.23	0.24	0.05	0.05	0.06	0.06	0.07	0.07	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.01	0.01			0.01
Long-term investments	0.70	5.56	6.77	8.02	7.85	7.33	7.25	6.58	7.30	7.00	7.27	6.59	6.13	4.93	1.91	5.49	3.95	2.02	2.72	2.52	1.90	0.00	0.01			0.01
Other non-current assets
Total assets	17.49	17.94	17.43	17.49	17.07	16.87	16.40	16.34	16.03	16.32	2.27	2.29	16.11	16.38	2.39	2.62	2.52	16.37	2.50	2.50	2.29	4.06	3.98			1.44

Total current liabilities +	1.35	1.97	1.03	1.00	0.82	0.86	0.71	0.66	0.60	0.67	0.08	0.08	0.48	0.79	0.19	0.42	0.37	2.74	0.42	0.51	0.40	2.50	2.80			0.62
Accounts payable	0.63	0.40	0.34	0.36	0.40	0.46	0.35	0.32	0.21	0.11	0.03	0.02	0.05	0.05	0.09	0.21	0.16	0.51	0.22	0.34	0.24	1.46	0.38			0.15
Short-term debt	0.16	0.12	0.14	0.13	0.07	0.05	0.02	0.03	0.03	0.03	0.00	0.01	0.04	0.05	0.02	0.02	0.03	0.08	0.01	0.01	0.01	0.05	0.04			-0.12
Current portion of long-term debt	0.02	0.11	0.11	0.10	0.06	0.04									0.10	0.10	0.10
Deferred revenue
Other current liabilities	0.48	1.36	0.56	0.23	0.20	0.35	0.19	0.17	0.23	0.40	0.03	0.03	0.30	0.51	0.05	0.06	0.08	1.27	0.09	0.09	0.07	0.67	2.23			0.42
Total non-current liabilities +	0.21	0.23	0.21	0.25	0.03	0.02	0.03	0.03	0.04	0.05	0.01	0.01	0.04	0.05	0.01	0.01	0.02	0.11	0.02	0.01	0.01	0.05	0.09			0.72
Long-term debt																							0.65
Capital lease obligations	0.01	0.08	0.05	0.05	0.02	0.02	0.02	0.04	0.05	0.05	0.07	0.09	0.07	0.09	0.10	0.14	0.17	0.18	0.20	0.10	0.10	0.09	0.08			0.09
Other non-current liabilities	0.01	0.06	0.07	0.09
Total liabilities	1.56	2.20	1.24	1.25	0.85	0.88	0.74	0.69	0.64	0.72	0.09	0.09	0.52	0.84	0.20	0.43	0.38	2.85	0.44	0.52	0.41	2.55	2.89			1.34

Total stockholders' equity +	15.82	15.64	16.10	16.15	16.22	15.99	15.66	15.65	15.40	15.61	2.18	2.21	15.61	15.57	2.19	2.19	2.14	13.51	2.06	1.98	1.88	1.51	1.09		0.11	0.11
Common stock and paid-in capital	15.82	11.52	16.10	16.15	11.97	11.77	15.66	15.65	11.63	11.84	-1.58	2.21	12.28	12.24	-1.13	2.19	0.23	11.61	1.83	1.91	1.93	1.59	0.95	0.00	0.11	0.06	0.00
Retained earnings		4.12			4.25	4.22			3.77	3.77	3.77		3.32	3.32	3.32		1.91	1.91	0.22	0.07	-0.05	-0.08	0.14			0.05
Common shares outstanding	1,313	1,232	1,295	1,309	1,309	1,292	1,288	1,284	1,301	1,324	1,344	1,353	1,317	1,310	1,329	1,330	1,354	1,358	1,358	1,395	1,532	1,553	1,553	1,553	1,553	1,532	1,437

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	Dec-25	Dec-24	Dec-23	Dec-22	Dec-21	Dec-20	Dec-19	Dec-18
Operating cash flow +	1.10	0.85	0.20	0.49	1.80	2.59	0.34	0.00
Net income
Depreciation, depletion and amortization	0.09	0.08	0.10	0.16	0.11	0.06	0.01	0.00
Stock-based compensation	0.19	0.37	0.36	0.17	0.22	0.93	0.05	0.01
Change in inventory	-0.06	-0.02	-0.04	0.18	-0.35	-0.11	-0.21	-0.01
Other working capital changes	0.88	0.43	-0.22	-0.02	1.81	1.71	0.48	0.01
Cash flow from investing +	-0.82	3.02	2.09	-4.13	-7.87	-1.81	-0.50	0.00
Capital expenditures	-0.12	-0.01	-0.03	-0.04	-0.14	-0.02	-0.09	0.00
Others incl. marketable securities changes	-0.70	3.03	2.12	-4.09	-7.73	-1.80	-0.41	0.00
Cash flow from financing +	-0.28	-0.68	-1.19	-0.48	9.90	0.17	0.58	0.07
Dividend payout	-0.09	-0.09	-0.09	0.00	-0.33	0.00	-0.04	-0.04
Common stock repurchases	-0.18	-0.59	-1.00	-0.50	-0.13	0.00	0.00	0.03
Net Debt Issuance	-0.01	0.00	-0.10	0.02	10.36	0.17	0.61	0.07

Change in cash	0.00	3.19	1.10	-4.12	3.83	0.95	0.42	0.07

Show Quarterly Cash Flow

	Mar-26	Dec-25	Sep-25	Jun-25	Mar-25	Dec-24	Sep-24	Jun-24	Mar-24	Dec-23	Sep-23	Jun-23	Mar-23	Dec-22	Sep-22	Jun-22	Mar-22	Dec-21	Sep-21	Jun-21	Mar-21	Dec-20	Sep-20	Jun-20	Mar-20	Dec-19	Sep-19
Operating cash flow +	0.31	0.31	0.36	0.23	0.21	0.50	0.16	0.20	0.00	0.32	0.07	0.04	-0.25	-0.25	-1.02	1.44	0.31	0.47	-0.14	0.65	0.83	1.29	0.80	0.57	-0.07	0.02	0.02
Net income
Depreciation, depletion and amortization	0.09	0.09			0.08				0.10	0.10	0.10		0.16	0.16	0.16		0.11	0.11	0.11	0.11	0.01	0.01	0.01		0.01	0.01	0.01
Stock-based compensation	0.10	0.10		0.06	0.03	0.12			0.07	0.22	0.02	-0.12	0.17	0.47	-0.18	0.19	-0.33	0.04	-0.52	-0.17	0.88	0.66	0.24	0.02	0.01	0.01	0.03
Change in inventory	-0.06	-0.06			-0.02				-0.04	-0.04	-0.04		0.18	0.28	0.18		-0.35	-0.35	-0.35	-0.35	-0.19	-0.19	-0.19		-0.19	-0.11	-0.11
Other working capital changes	0.17	0.17	0.36	0.17	0.12	0.37	0.16	0.20	-0.13	0.05	-0.01	0.16	-0.75	-1.17	-1.18	1.25	0.87	0.66	0.62	1.06	0.13	0.81	0.74	0.55	0.09	0.12	0.10
Cash flow from investing +	1.32	1.32	-0.34	-0.82	-0.99	3.02	0.14	0.56	0.42	0.31	0.97	0.43	0.97	0.75	0.21	-4.15	-0.95	-1.40	-0.04	-3.62	-2.81	0.83	-0.75	-0.83	-1.07	-0.45	-0.45
Capital expenditures	-0.12	-0.12	0.00	0.00	-0.01	0.00	0.00	0.00	-0.03	-0.03	-0.03	0.00	-0.04	-0.04	-0.04	0.00	-0.13	-0.13	-0.13	-0.13	0.00	0.00	-0.01	0.00	0.00	-0.08	-0.07
Others incl. marketable securities changes	1.44	1.44	-0.34	-0.82	-0.98	3.02	0.14	0.56	0.45	0.34	1.00	0.43	1.01	0.79	0.25	-4.15	-0.82	-1.27	0.09	-3.49	-2.81	0.83	-0.73	-0.83	-1.06	-0.37	-0.38
Cash flow from financing +	0.40	0.40	-0.37	-0.33	0.01	-0.13	-0.07		-0.47	-0.77	-0.23	-0.20	-0.15	-0.15	-0.02	-0.15	-0.16	-0.13	0.00	-0.01	10.04	-1.20	0.32	0.23	0.82	0.58	0.58
Dividend payout	-0.09	-0.09			-0.09				-0.09	-0.09	-0.09		0.00	0.00	0.00		-0.33	-0.33	-0.33			0.00				0.00
Common stock repurchases	-0.18	-0.18			-0.59				-1.00	-1.00	-1.00		-0.50	-0.50	-0.50			-0.13	-0.13
Net Debt Issuance	0.68	0.68	-0.37	-0.33	0.69	-0.13	-0.07	0.00	0.62	0.32	0.86	-0.20	0.35	0.35	0.48	-0.15	0.16	0.33	0.45	-0.01	10.04	-1.20	0.32	0.23	0.82	0.58	0.58

Change in cash	2.03	2.03	-0.36	-0.91	-0.77	3.38	0.22	0.75	-0.05	-0.14	0.81	0.27	0.57	0.35	-0.83	-2.85	-0.80	-1.06	-0.18	-2.98	8.05	0.92	0.38	-0.02	-0.32	0.16	0.16

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RLX Technology Inc.

Income Statement - RLX Technology Inc. (RLX)

Income Statement - RLX Technology Inc. (RLX)

Balance Sheet - RLX Technology Inc. (RLX)

Balance Sheet - RLX Technology Inc. (RLX)

Cash Flow - RLX Technology Inc. (RLX)

Cash Flow - RLX Technology Inc. (RLX)