Logo

FLX

BingEx Limited

FLX

BingEx Limited • NASDAQ
$3.27 ▲ 4.47% (+0.14)
Market Cap $74.71 M
52w High $11.73
52w Low $2.01
Dividend Yield 0%
P/E -3.41
Volume 61.88K
Outstanding Shares 22.85M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.005B ▼ $97.68M ▼ $43.744M ▼ 4.351% ▼ $1.89 ▼ $14.869M ▼
Q2-2025 $1.025B ▲ $103.38M ▼ $53.495M ▲ 5.221% ▲ $2.34 ▲ $19.312M ▲
Q1-2025 $960.762M ▼ $116.713M ▼ $-10.269M ▲ -1.069% ▲ $-0.45 ▲ $9.961M ▲
Q4-2024 $1.029B ▼ $255.631M ▲ $-293.992M ▼ -28.574% ▼ $-12.51 ▼ $-152.716M ▼
Q3-2024 $1.155B $84.16M $23.829M 2.063% $-0.57 $46.171M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $875.937M ▲ $1.272B ▲ $432.603M ▲ $839.286M ▲
Q2-2025 $827.475M ▲ $1.233B ▲ $424.183M ▲ $808.348M ▲
Q1-2025 $770.157M ▲ $1.168B ▼ $415.893M ▼ $752.318M ▲
Q4-2024 $746.268M ▲ $1.235B ▲ $488.359M ▼ $747.064M ▲
Q3-2024 $517.406M $926.838M $3.302B $-2.375B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $43.744M ▼ $0 $0 $0 $0 $0
Q2-2025 $53.495M ▲ $0 $0 $0 $0 $0
Q1-2025 $-10.269M ▲ $0 $0 $0 $0 $0
Q4-2024 $-296.823M ▼ $0 $0 $0 $0 ▲ $0
Q3-2024 $-13.424M $0 $0 $0 $-711.713M $0

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last several years but slipped slightly in the most recent year, suggesting the easy early growth phase may be over and competition is biting. The company consistently generates a positive gross profit and this has improved over time, which means the basic service model appears economically sound at the delivery level. However, once overhead costs, marketing, and technology spending are included, operating profit has mostly been in the red, with only a brief, modest profit before sliding back into a sizeable loss. Net income has been volatile and mostly negative, pointing to a business that has not yet reached stable, repeatable profitability and is still in a scale‑and‑invest phase rather than a mature earnings phase.

Balance Sheet

Balance Sheet The balance sheet has strengthened meaningfully. Total assets have grown, and cash now makes up a large share, giving the company a useful financial cushion. Debt remains very modest, so leverage risk is low. Notably, shareholder equity was negative for several years and only recently turned positive, likely helped by new capital raised around the IPO. This shift reduces balance‑sheet risk but also highlights a history of accumulated losses. Overall, the company now looks better capitalized and less fragile than in the past, but its equity base is still relatively young and depends on management not slipping back into heavy losses.

Cash Flow

Cash Flow Cash generation has improved from clearly negative to roughly breakeven. Operating cash flow used to be meaningfully in the red but recently has hovered around neutral to slightly positive, indicating that the core business is close to self‑funding day‑to‑day operations. Free cash flow follows the same pattern because capital spending has been quite light. This is encouraging for liquidity, but the cushion is thin: any step‑up in investment or a downturn in demand could quickly push cash flows back into negative territory. The company’s relatively strong cash balance helps offset this risk, but sustained, positive cash flow is not yet firmly established.

Competitive Edge

Competitive Edge BingEx operates in a crowded, highly competitive Chinese logistics market but has carved out a clear niche with its one‑to‑one, high‑speed, high‑security delivery model. The FlashEx brand is well recognized in its segment, and the firm benefits from network effects: more users attract more riders, which in turn improve speed and coverage. Its focus on premium, time‑sensitive and high‑value deliveries differentiates it from low‑cost, mass‑parcel players and aligns it more with customers who value reliability over the cheapest price. On the other hand, it competes against very large, well‑funded logistics and platform companies that can cross‑subsidize delivery and pressure pricing. Maintaining service quality, rider density, and brand trust while defending margins will be central to sustaining its niche.

Innovation and R&D

Innovation and R&D Innovation is a clear focus. The company’s technology stack—mobile app, real‑time tracking, AI‑driven dispatch and demand forecasting—underpins its ability to match riders to orders quickly and maintain its speed advantage. The drone delivery pilot is a notable long‑term bet that, if scaled, could further shorten delivery times and reduce costs on some routes, while also strengthening the company’s image as a tech‑forward logistics provider. At the same time, these initiatives carry execution, regulatory, and cost risks: advanced technology can be expensive to develop and may take time to translate into better profits. The key test will be turning these innovations from eye‑catching pilots into everyday, cost‑effective operations across more cities.

Summary

BingEx is an emerging logistics player with a distinct, premium service model and a strong brand in China’s on‑demand delivery space. The business has grown meaningfully and now demonstrates improving unit economics, but overall profitability is still inconsistent and recent results swung back to a noticeable loss. The balance sheet and cash position are in much better shape than in earlier years, with low debt and positive equity, giving the company room to keep investing in growth and technology. Its competitive strengths lie in specialization, service quality, and network effects, while its main challenges are intense competition, pricing pressure, and the need to prove that its innovative technologies can support durable, profitable growth. The long‑term story hinges on management’s ability to convert operational scale and tech innovation into stable earnings and consistently positive cash flow.

NEWS

November 19, 2025 · 4:00 AM UTC

BingEx Limited Announces Third Quarter 2025 Financial Results

Read more

November 11, 2025 · 4:00 AM UTC

BingEx Limited to Report Third Quarter 2025 Results on November 19, 2025

Read more

October 9, 2025 · 11:24 PM UTC

From Road to Sky: BingEx and Hangzhou Join Forces to Launch a Next-Generation Urban Drone Network

Read more