BRIEF: RLX revenue doubles on accelerating global expansion

RLX.US
Qiandaohu Xunlong is a consumer company

Vaping company RLX Technology Inc. (RLX.US) on Wednesday reported its revenue nearly doubled in the first quarter, lifted by an acquisition and its accelerating global expansion away from its original China market.

The company reported revenue of 1.59 billion yuan ($234 million) for the three months to March, up 96% from 808 million yuan a year earlier. It said it has generated about 70% of its revenue from overseas customers in the last few quarters, following its acquisition of a European company a year ago. The company’s net income rose 32.1% to 294 million yuan in the first quarter from 223 million yuan a year earlier.

RLX shares were flat during Wednesday trading in New York, closing unchanged at $2.10. The stock is down 8.3% year-to-date.

By Doug Young

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