Full Truck Alliance sees 68.9% revenue boost in Q3

Chinese truck-hailing platform Full Truck Alliance, also known as Manbang, saw its revenue hit US$192.7 million for the third quarter of 2021, a 68.9% year-on-year increase.

The Full Truck Alliance team / Photo credit: Full Truck Alliance

This exceeds the firm’s outlook from its Q2 report. Net revenue doubled during that quarter, following an initial public offering in the US that saw its valuation hit US$24 billion.

The firm also recorded a net loss of US$27.7 million, a 46% drop from the same period in 2020. Its net loss before GAAP (generally accepted accounting principles) adjustments was US$700,000.

Freight matching continue to be the biggest-contributing segment for Full Truck Alliance, with revenues hitting US$168.4 million. This is a 102.6% year-on-year increase led by the segment’s freight brokerage services.

Freight listing services also saw a 49.6% revenue hike with US$33.2 million, while its transaction commissions ballooned 22x to US$28.3 million.

After its cost of revenue which hit US$130.7 million, Full Truck Alliance spent most on research and development (US$31.5 million), with US$31.3 million written under loss from operations.

The company is looking at a year-on-year growth rate between 46.0% and 54.0% for the fourth quarter.