RLX Technology Sees 96.2% Q1 Revenue Growth to RMB1.59B, Non-GAAP Income Up 187.9%
RLX Technology reported Q1 2026 net revenues of RMB1,585.8 million (US$229.9 million), up 96.2% year-over-year, driven by international business that accounts for 72.3% of sales. Non-GAAP operating income soared 187.9% to RMB310.3 million (US$45.0 million) while non-GAAP net income rose 41.4% to RMB357.3 million (US$51.8 million).
1. Strong Q1 Financial Performance
RLX Technology posted net revenues of RMB1,585.8 million (US$229.9 million) for Q1 2026, up 96.2% year-over-year. U.S. GAAP net income rose 32.1% to RMB294.2 million (US$42.6 million) while non-GAAP net income increased 41.4% to RMB357.3 million (US$51.8 million).
2. International Expansion and Acquisition Impact
International business accounted for 72.3% of net revenues, supported by contributions from the May 2025 European acquisition. A one-time uplift from export policy changes further bolstered overseas sales, with quarter-over-quarter revenues climbing 38.9%.
3. Margin Improvement and Cost Discipline
Gross margin expanded to 31.8% from 28.6% as a result of a favorable revenue mix and supply chain efficiencies. Non-GAAP operating income surged 187.9% to RMB310.3 million (US$45.0 million), reflecting strict cost control and scaling benefits.
4. Forward-Looking Strategy
Management plans to focus on user-centric product innovation, strengthen retail and distribution networks, and deepen European market penetration. The company’s integrated Nexus hub is set to drive further supply chain efficiencies and support sustained growth.