China Rapid Finance Limited (XRF) Reports Q1 Loss of $0.46, Miss on Revenues

June 15, 2018 7:32 AM EDT
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China Rapid Finance Limited (NYSE: XRF) reported Q1 EPS of ($0.46), versus ($0.03) reported last year. Revenue for the quarter came in at $16.7 million versus the consensus estimate of $38.44 million.


  • Facilitated 2.5 million loans with total loan volume of $491 million
  • Average loan size for consumption loans increased to $167, up from $101 in Q1 2017
  • Total revenue grew 60% year-on-year to $16.7 million
  • Non-GAAP adjusted net revenue doubled year-on-year to $21.2 million
  • Net loss was $30.2 million, compared to a net loss of $14.9 million in Q1 2017
  • Non-GAAP adjusted loss before income tax was $15.3 million, compared to $14.0 million in the prior year period

Dr. Zane Wang, Chief Executive Officer, Founder and Chairman of the Company, commented: \"Our top priority in the first quarter was to reorganize CRF into a business unit structure that makes us a more nimble, adaptive company. The reorganization accomplished three goals. First, we built a more responsive and competitive new product development structure. Second, we have a suite of new loan products that better serve our core market of emerging middle-class mobile active consumers. Finally, we streamlined operations, improving the efficiency of many corporate functions while reducing costs. With the new operating structure and test results on many products, we anticipate an acceleration of our own growth in gross billings and revenue. Combined with a reduced and more efficient cost structure, we believe we can operate profitably towards the end of the year."

Dr. Wang continued, "We remain fully focused on the consumer credit market in China, one of the largest market opportunities globally in our industry. CRF was the pioneer in identifying the emerging middle-class mobile active consumers, and we still lead the industry in meeting the lifetime financial needs of these customers. We pioneered big data-enabled underwriting, and are pleased to have proven the scalability of our 'low & grow' approach. As our customers continue to increase their average loan size over time, we look forward to updating you on our continued progress in the quarters to come."

For earnings history and earnings-related data on China Rapid Finance Limited (XRF) click here.

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