ZKH Group Reports Strong Q1 2026 Results: Achieves Non-GAAP Profitability, Narrows GAAP Loss by 85%

summarizeSummary

ZKH Group reported strong first-quarter 2026 financial results, achieving non-GAAP profitability and significantly reducing its GAAP net loss, while also seeing accelerated growth in GMV and revenue.

check_boxKey Events

• Achieved Non-GAAP Profitability

  The company reported a non-GAAP adjusted net profit of RMB1.7 million (US$0.2 million) in Q1 2026, a significant turnaround from a non-GAAP adjusted net loss of RMB50.2 million in Q1 2025, marking its first non-GAAP profit in a seasonally soft first quarter.

• Substantially Reduced GAAP Net Loss

  Net loss narrowed by 84.9% to RMB10.1 million (US$1.5 million) in Q1 2026, compared to RMB66.7 million in the same period last year, reflecting improved operating efficiency.

• Accelerated Growth in GMV and Revenue

  GMV increased by 12.9% year-over-year to RMB2.45 billion, and net revenues grew by 9.2% year-over-year to RMB2.11 billion, indicating robust customer demand and execution.

• Improved Operating Cash Flow

  Net cash used in operating activities improved to RMB34.0 million (US$4.9 million) in Q1 2026, from RMB97.1 million in Q1 2025, reinforcing financial resilience.

auto_awesomeAnalysis

ZKH Group demonstrated significant financial improvement in Q1 2026, achieving non-GAAP profitability for the first time in a seasonally soft quarter and substantially narrowing its GAAP net loss by 84.9%. This performance, coupled with accelerating GMV and revenue growth, reinforces management's confidence in achieving full-year profitability for 2026. The results indicate strong operational execution and a positive trajectory for the company.