Full Truck Alliance’s revenue climbs 80% in 2021

Chinese truck-hailing platform Full Truck Alliance reported a total net revenue of US$730.8 million last year, almost doubling from US$405 million in 2020. However, its net loss grew by 5% to US$573.5 million in the same period.

The company logged US$224.3 million in net revenue for the fourth quarter of 2021, growing 68% from the US$133.5 million it recorded in the same period in 2020. This exceeds the firm’s outlook from its Q3 report, which targeted a year-on-year growth rate between 46% and 54% for the fourth quarter.

Full Truck Alliance’s freight matching service – which involves pairing shippers with freight carriers – was the main driver of its revenue growth. The segment generated US$619.4 million in 2021, doubling from around US$305.7 million it raked in the year prior.

This segment offset the cost of revenue from operations on its own, which came in at around US$398.6 million in 2021. That number grew from US$206.6 million in the year prior, mainly driven by an increase in value-added tax and other tax-related costs, the company said.

Meanwhile, Full Truck Alliance increased its non-GAAP adjusted net income by 60% from US$44.1 million in 2020 to US$70.7 million last year.

See also: Series SEA: Who’s investing in the region’s logistics and transportation startups?

Looking ahead, the company said it expects its total net revenue to reach between 1.04 billion yuan and 1.09 billion yuan (between US$164.7 million and US$172.6 million) in the first quarter of 2022. This would represent a roughly 19.8% to 25.3% growth from the same period last year.

Currency converted from Chinese yuan to US dollar: US$1 = 6.37 yuan.