BlueCity Holdings (BLCT) Reports Q1 Revenues Miss

BlueCity Holdings (NASDAQ: BLCT) reported Q1 revenue for the quarter came in at $41.4 million versus the consensus estimate of $43.42 million.

First Quarter 2021 Highlights

• Total revenues reached RMB271.1 million (US$41.4 million), an increase of 30.7% from the same period in 2020.
• Net loss was RMB52.1 million (US$7.9 million), compared with net loss of RMB7.6 million in the first quarter of 2020.
• Adjusted Net Loss1 (Non-GAAP) was RMB42.5 million (US$6.5 million), compared with adjusted net loss (non-GAAP) of RMB7.6 million in the first quarter of 2020.
• Monthly active users (“MAUs”) of BlueCity’s portfolio apps2 reached 8.3 million, an increase of 37.5% from the same period in 2020.
• Total paying users3 of BlueCity’s portfolio apps reached 640 thousand, an increase of 47.8% compared with 433 thousand in the first quarter of 2020.

Mr. Baoli Ma, BlueCity’s Founder, Chairman and Chief Executive Officer, commented: “2021 is off to a great start for BlueCity, with our relentless focus on execution and product innovation bringing in solid topline growth and user engagement. In this quarter, our total MAUs of all apps grew by 37.5%, reaching 8.3 million and total paying users grew by 47.8% year over year to 640 thousand. The success of our portfolio strategy is also illustrated by our integration with Finka and Lesdo, with both brands reaching new record high MAU numbers. With the great potential for more monetization and user growth behind BlueCity’s brands, we will continue to accelerate the development of each app with a focus on quality and improved monetization capability.”

Mr. Ma continued: “In addition to our strong organic growth this quarter, we obtained an internet hospital license for He Health in Mainland China in April 2021, laying a solid foundation to build a comprehensive diagnosis and treatment platform for men’s health. This is another significant milestone for the Company as it presents a great opportunity to seize the underserved but rapidly growing health and wellness business. We believe we are well-positioned to benefit from this flourishing sector, and we are excited to launch China’s first internet hospital with a focus on men’s health for the brand's next stage of growth.”

Mr. Junchen Sun, BlueCity’s acting Chief Financial Officer commented: “We are pleased with our strong operational and financial results this quarter. Total revenue grew 30.7% year over year to RMB271.1 million. Notably, our continuous efforts in diversifying the revenue streams have proven to be very rewarding this quarter, with 75.9% year over year growth from memberships services and a robust 297.7% year over year increase from He Health. These solid results again demonstrate our abilities in operational and strategic execution for driving up steady growth through monetization improvements.”

Business Outlook

For the full year 2021, the Company expects total revenues to be between RMB1.41 billion to RMB1.46 billion, representing year-over-year growth of 37% to 42%. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

For earnings history and earnings-related data on BlueCity Holdings (BLCT) click here.

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