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On March 27, GOGOX Holdings Limited (GOGOX) released its annual report for the year ending December 31, 2022.

The report showed that in 2022, GOGOX achieved revenues of 773.2 million yuan, an increase of 17.0% year-on-year; gross profit was261.6 million yuan, an increase of 8.2% year-on-year; and the adjusted net loss was 228.9 million yuan, a decrease of 17.5% year-on-year compared to the same period last year.

Specifically, in 2022, GOGOX's value-added service revenue was 56.839 million yuan, an increase of 90.0%, and the value-added business revenue had increased for four consecutive years. Among them, the platform fleet operator service fee increased by 17.1 million yuan, and the sales of fuel card service in Hong Kong and overseas markets increased by 4.1 million yuan.

In terms of enterprise services, GOGOX's enterprise service revenue in 2022 was 472 million yuan, an increase of 26.7%. And overseas market revenues have surged. 

In 2022, GOGOX's overseas business service revenue increased by 34.1% to 425 million yuan, of which India and South Korea's revenue increased by 704.3% and 31.9% respectively.

GOGOX CFO Hu Gang said, "In 2022, GOGOX's adjusted net loss narrowed by 17.5% year-on-year, and its profitability has improved significantly, thanks to a series of cost-cutting and efficiency-enhancing measures. The adjusted sales and marketing expenses decreased by 13.1% year-on-year, and the platform user subsidy expenses decreased by58 million yuan. In the future, we will continue to focus on core indicators such as cash flow, customer service level and driver loyalty to ensure the long-term and stable development of the company."