BingEx (NasdaqGS:FLX) Returns To Quarterly Loss In Q1 2026 And Tests Profitability Narrative

BingEx (NasdaqGS:FLX) opened Q1 2026 with revenue of C¥935.3 million and a basic EPS loss of C¥0.63, while trailing twelve month figures show C¥3.97 billion of revenue and basic EPS of C¥1.13. This reflects a period that includes both profitable quarters and earlier losses. Over the last five reported quarters, revenue has ranged between C¥935.3 million and C¥1.03 billion, while quarterly basic EPS has moved from a loss of C¥4.47 in Q4 2024 to profits as high as C¥0.77 in Q2 2025 before returning to a loss in the latest quarter. This has left investors focused on how sustainably the company can convert this revenue base into consistent margins.

See our full analysis for BingEx.

With the headlines set by these earnings, the next step is to see how the numbers line up with the widely followed narratives around BingEx's growth, risks, and profitability story.

See what the community is saying about BingEx

TTM profit of C¥77.1 million after a year of swings

• Over the last twelve months, BingEx reported total revenue of C¥3.97b and net income of C¥77.1 million, while individual quarters ranged from a loss of C¥296.8 million in Q4 2024 to a profit of C¥53.5 million in Q2 2025.
• Consensus narrative sees BingEx moving toward higher quality growth, and the earnings path partly supports that but also shows pressure points:
  • On the supportive side, five year earnings growth of 37% per year and the shift from a Q4 2024 loss of C¥296.8 million to positive trailing twelve month profit line up with the idea that the core business can earn money at scale.
  • In tension with this, revenue has moved within a fairly tight band between C¥935.3 million and C¥1.03b across the last six quarters, so expectations for stronger top line growth rest more on the future catalysts than on the recent reported figures.

Consensus readers often focus on how this kind of choppy but improving profit picture fits with the broader story, which is exactly what the community narratives try to unpack in more detail. 📊 Read the what the Community is saying about BingEx.

One off C¥57.2 million loss still distorts the trailing picture

• The trailing twelve month numbers include a one off loss of C¥57.2 million, which sits alongside Q1 2026 net income of C¥42.6 million loss and Q4 2024 net income of C¥296.8 million loss, so reported profit is still carrying the impact of earlier hits.
• Bears argue that heavy investment in new services like EV charging support and drone logistics could keep costs elevated, and the data gives mixed signals on that concern:
  • The drop in non GAAP income from operations from C¥46.2 million to C¥23.7 million in Q3 2025, even while non GAAP net income still grew, backs the idea that some of the profitability has come from items outside the core operating line.
  • At the same time, gross margin staying around 11% in that quarter, despite revenue moving from C¥1,154.8 million to C¥1,005.4 million year on year, suggests basic unit economics did not collapse, which limits how far the bearish case can lean on margin erosion alone.

For readers who share some of this cautious view, it helps to see how the full bear case lines up against the actual margin and earnings history. 🐻 BingEx Bear Case

P/E of 13.5x and price at C¥2.26 versus DCF fair value

• BingEx trades on a P/E of 13.5x, which is below both the Global Logistics average of 15.2x and the peer average of 14.4x. The current share price of C¥2.26 sits below a DCF fair value of C¥4.62, a gap of about 51.1%.
• Bullish investors point to this valuation gap and the move to profitability as a sign of upside potential, and the numbers give them some support but also add context:
  • The combination of a positive trailing twelve month EPS of C¥1.13 and that 13.5x P/E ratio indicates the market is paying less per unit of earnings than the sector and peer averages, which heavily supports the bullish view that the stock is not priced aggressively.
  • However, share price volatility over the last three months compared with the US market shows that the path toward any valuation gap closing may not be smooth, which bullish investors need to weigh against the apparently cheaper P/E and DCF fair value figures.

If you want to see how optimistic investors connect these valuation numbers to the growth story around new delivery scenarios and services, the full bull case lays that out in one place. 🐂 BingEx Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for BingEx on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of caution and optimism feels balanced, now is the time to look through the numbers yourself and decide what matters most for your approach. To see both sides of the story in one place, start with the 2 key rewards and 2 important warning signs.

See What Else Is Out There

BingEx's choppy earnings, earlier large losses and modest gross margins highlight that its profitability story is still unsettled and carries clear risk.

If that leaves you wanting steadier options, compare this profile with companies in the 66 resilient stocks with low risk scores to quickly spot stocks with calmer risk scores and more consistent fundamentals.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com