RLX - RLX Technology slides 7% on Q1 results

RLX Technology ([[RLX]] -7.2%) reports Q1 revenue of $366.1M (+48.2% Q/Q), primarily due to an increase in net revenues from sales to offline distributors, which was mainly attributable to the expansion of the Company's distribution and retail network.Gross margin was 46.0%, compared to 42.9% in the fourth quarter of 2020.GAAP net loss of $40.8M; Non-GAAP net income of$93.2M.GAAP basic and diluted net loss per ADS of $0.027; Non-GAAP basic and diluted net income per ADS of $0.061.Cash and cash equivalents, restricted cash, short-term bank deposits, short-term investments and long-term bank deposits of $2,203.6M.For the second quarter of 2021, the company currently expects net revenues to exceed RMB2,850M, and expects non-GAAP net income to exceed RMB720M. The Company currently also expects gross margin to remain steady.Conference call at 8:00 AM ET.Earlier, RLX Technology reports Q1 results.

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RLX Technology slides 7% on Q1 results