RLX

MKT CAP:$3B

RLX Technology Inc.

Market Cap

$3B

Consumer Defensive·Tobacco·🇨🇳 China·NYSE

Consumer Def.·Tobacco·🇨🇳·NYSE

Stock Price

$2.20-$0.12 (-5.17%)

Apr 23, 2026

Company Details

RLX Technology Inc., together with its subsidiaries, researchers, develops, manufactures, distributes, and sells e-vapor products in the People's Republic of China. It serves RELX branded partner stores and other retail outlets through dist...

CEO

Wang Ying

IPO Date

Jan 22, 2021

Website

www.relxtech.com

Key Metrics TTM

Revenue

$526M

+75.2% YoY

Net Income

$134M

EPS (Diluted)

$0.11

Free Cash Flow

$187M

Revenue / Share

$0.43

Gross Margin

32.7%

Operating Margin

9.1%

Net Margin

25.5%

FCF Margin

35.6%

P/S

5.2x

P/E

20.4x

Earnings Reports

Q1 2026

May 15, 2026

PENDING

FY 2025

Apr 23, 2026

NEW

$514MEPS $0.10

Q4 2025

Apr 23, 2026

NEW

$156M+44.8%EPS $0.03

Q3 2025

Nov 14, 2025

$151MEPS $0.02

Q2 2025

Aug 22, 2025

$116MEPS $0.02

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$371M	$168M	$143M
Q3 21	$245M	$96M	$131M
Q4 21	$278M	$112M	$78M
Q1 22	$251M	$96M	$91M
Q2 22	$326M	$143M	$65M
Q3 22	$153M	$76M	$68M
Q4 22	$42M	$22M	-$69M
Q2 23	$55M	$14M	$8M
Q3 23	$48M	$15M	-$6M
Q4 23	$76M	$20M	-$20M
Q1 24	$69M	$21M	-$8M
Q4 24	$108M	$32M	-$2M
Q1 25	$104M	$34M	$11M
Q2 25	$116M	$35M	$6M
Q3 25	$151M	$52M	$14M
Q4 25	$156M	$52M	$17M

Valuation

Quarter	P/S	P/E
Q2 21	11.2x	260.7x
Q3 21	5.1x	32.5x
Q4 21	4.3x	18.2x
Q1 22	2.3x	6.1x
Q2 22	2.8x	8.1x
Q3 22	1.3x	4.1x
Q4 22	4.4x	15.9x
Q2 23	4.2x	17.7x
Q3 23	6.8x	21.3x
Q4 23	10.8x	45.0x
Q1 24	9.4x	22.1x
Q4 24	9.4x	30.1x
Q1 25	6.5x	22.8x
Q2 25	6.8x	26.8x
Q3 25	6.4x	27.5x
Q4 25	5.6x	22.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	$121M	$121M
Q2 21	$95M	$95M
Q3 21	-$21M	-$21M
Q4 21	$68M	$49M
Q1 22	$45M	$45M
Q2 22	$211M	$211M
Q3 22	-$149M	-$149M
Q4 22	-$36M	-$42M
Q2 23	$6M	$6M
Q3 23	$10M	$10M
Q4 23	$47M	$43M
Q1 24	$587.4K	$587.4K
Q4 24	$73M	$71M
Q1 25	$30M	$30M
Q2 25	$34M	$34M
Q3 25	$52M	$52M

Capital Expenditures

Quarter	CapEx
Q1 21	$0
Q2 21	$0
Q3 21	$0
Q4 21	$19M
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$6M
Q2 23	$0
Q3 23	$0
Q4 23	$4M
Q1 24	$0
Q4 24	$1M
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+256.7%	+160.4%
Q3 21	+49.7%	-26.6%
Q4 21	+17.7%	-22.9%
Q1 22	-28.5%	-56.5%
Q2 22	-12.1%	+14.4%
Q3 22	-37.7%	-25.7%
Q4 22	-84.9%	-44.6%
Q2 23	-77.9%	-70.0%
Q3 23	-85.3%	-79.5%
Q4 23	-50.1%	+13.5%
Q1 24	+63.7%	-31.3%
Q4 24	+94.7%	+128.8%
Q1 25	+116.2%	+71.9%
Q2 25	+52.2%	+14.9%
Q3 25	+119.8%	+80.2%
Q4 25	+44.8%	+26.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$128M	36.6%
Q2 21	-$25M	-6.8%
Q3 21	-$77M	-31.2%
Q4 21	$6M	2.2%
Q1 22	-$48M	-19.0%
Q2 22	$28M	8.6%
Q3 22	-$26M	-16.9%
Q4 22	$69M	165.3%
Q2 23	-$17M	-31.3%
Q3 23	$4M	7.6%
Q4 23	$32M	41.5%
Q1 24	$11M	15.9%
Q4 24	$18M	16.9%
Q1 25	$4M	4.0%
Q2 25	$9M	7.4%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 21	—	$7M	$18M	—
Q3 21	—	—	$8M	—
Q4 21	$3M	$24M	$7M	—
Q1 22	$4M	—	$11M	—
Q2 22	$17M	$42M	$18M	—
Q3 22	$7M	—	$8M	—
Q4 22	$19M	$58M	$14M	—
Q2 23	$6M	—	$7M	—
Q3 23	$4M	$11M	$6M	—
Q4 23	$3M	$30M	$6M	—
Q1 24	$5M	$16M	$8M	—
Q4 24	$5M	$22M	$7M	—
Q1 25	$4M	$10M	$9M	—
Q2 25	$4M	$13M	$12M	—
Q3 25	$6M	$13M	$19M	—
Q4 25	$5M	—	—	$30M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$101M	$153M	$254M
Q2 22	$37M	$210M	$248M
Q3 22	$19M	$280M	$299M
Q4 22	$185M	$1.4B	$1.6B
Q1 23	$212M	$1.1B	$1.4B
Q2 23	$36M	$149M	$185M
Q3 23	$52M	$115M	$166M
Q4 23	$349M	$836M	$1.2B
Q1 24	$339M	$732M	$1.1B
Q2 24	$450M	$763M	$1.2B
Q3 24	$476M	$702M	$1.2B
Q4 24	$817M	$424M	$1.2B
Q1 25	$688M	$504M	$1.2B
Q2 25	$564M	$519M	$1.1B
Q3 25	$505M	$732M	$1.2B
Q4 25	$811M	$678M	$1.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	1.39B	-9.0%	-10.2%
Q3 21	1.36B	-2.6%	-12.6%
Q4 21	1.36B	+0.0%	-12.5%
Q1 22	1.35B	-0.3%	-11.6%
Q2 22	1.33B	-1.8%	-4.6%
Q3 22	1.33B	-0.1%	-2.1%
Q4 22	1.31B	-1.4%	-3.6%
Q2 23	1.35B	+3.3%	-0.1%
Q3 23	1.34B	-0.7%	+1.1%
Q4 23	1.32B	-1.5%	-0.4%
Q1 24	1.30B	-1.7%	-0.7%
Q4 24	1.29B	-0.7%	-4.5%
Q1 25	1.31B	+1.3%	-2.6%
Q2 25	1.31B	+0.1%	-1.1%
Q3 25	1.30B	-1.1%	-0.5%
Q4 25	1.23B	-4.9%	-4.6%

Shares Outstanding