- For 1Q20, TuanChe (NASDAQ:TC) reported a 92.1% Y/Y drop in net revenues to $1.4M, in-line with management guidance, negatively impacted by 95% decline in the company's offline marketing services and partially offset by revenues increase of 12.3% from its virtual dealership and online marketing services.
- Pandemic led to cancellation of all offline events in February and March.
- Gross margin narrowed by 1,380 basis points to 58.6% as the company's measures to combat operating costs were in place.
- Loss from continuing operations stood at $8.3M, and an adjusted net loss of $7.3M or $0.02/share.
- As of March 31, 2020, TuanChe held cash and cash equivalents, time deposits, and short-term investment of $29M.
- TuanChe plans to focus on strengthening its online initiatives.