Aug 20, 2026 earnings call — AI and low-altitude logistics expansion
Total revenue was RMB 940.3 million with a gross margin of 10.2%.
Revenue $0.1B · EPS $0.03
Key quotes
"Our AI work in the second quarter centered on 2 priorities: making our services easier for user to reach and putting AI to work across the company's daily operations."
"Let me take order volumes and user cases first and then expansion and the economics. In the second quarter, drone delivery order volume grew 169.3% quarter-over-quarter and we now have 22 routes in operation, taking the business from single-site trails into multi-route operations."
"Each Flash-Riders stays with one order from pickup to hand-off. Under this model, riders can give every delivery, their full attention."
Analyst Q&A 1
industry pricing shift and drone growth
Q (CICC): He asked how the May self-discipline convention will affect the industry, RSP and order volume and whether it marks a pricing inflection. He also asked for an update on drone delivery volumes, expansion beyond Hangzhou, unit economics and path to breakeven.
A: Management said the May 28 self-discipline convention shifts competition from price wars back to service and aligns with FlashEx’s 12-year operating model, and FlashEx’s total order volume grew 8.9% quarter-over-quarter in Q2. On drones, they said drone delivery order volume grew 169.3% quarter-over-quarter in Q2, they now operate 22 routes, and in July started a 13-minute crossover route where orders that once took more than 40 minutes now arrived in little over 20 at the same price. They will first refine the model in Hangzhou, build operating standards and a cost model to carry into other markets, and they expect unit economics to improve as route density and daily order volume grow, helped by AI efficiency gains of around 30% in Q2.
"In the second quarter, drone delivery order volume grew 169.3% quarter-over-quarter and we now have 22 routes in operation, taking the business from single-site trails into multi-route operations." — Peng Xue (CEO·CHAIR)