Summary
Coupang, Inc.'s Q3 2021 filing for the period ending September 30, 2021, reveals a company experiencing substantial revenue growth but facing increasing operational costs and a widening net loss. Total net revenues saw a significant increase of 48% year-over-year for the quarter and 63% for the first nine months, driven by strong growth in both net retail sales and net other revenue, indicating increasing customer engagement and expanding services. However, this growth came at a cost, with total operating cost and expenses rising substantially, leading to an operating loss of $315 million for the quarter and $1.1 billion for the nine months. The company's net loss also widened considerably, up 87% year-over-year for the quarter to $324 million and 199% for the nine months to $1.1 billion. This was partly due to a significant fire incident in June 2021 that damaged a fulfillment center, resulting in $296 million in losses recognized in the nine-month period. Despite the increasing losses, Coupang ended the period with a strong cash position of $4.3 billion, bolstered by its IPO proceeds earlier in the year, providing a significant buffer for continued investment in growth and infrastructure.
Financial Highlights
48 data points| Revenue | $4.64B |
| Cost of Revenue | $3.89B |
| Gross Profit | $754.53M |
| Operating Expenses | $4.96B |
| Operating Income | -$315.11M |
| Interest Expense | $7.38M |
| Net Income | -$323.98M |
| EPS (Basic) | $-0.19 |
| EPS (Diluted) | $-0.19 |
| Shares Outstanding (Basic) | 1.75B |
| Shares Outstanding (Diluted) | 1.75B |
Key Highlights
- 1Total net revenues grew significantly, up 48% year-over-year to $4.6 billion for Q3 2021 and 63% for the first nine months to $13.3 billion.
- 2Net retail sales increased by 43% year-over-year in Q3 2021, and net other revenue more than doubled at 113% year-over-year, showcasing strong customer adoption across all segments.
- 3The company reported an operating loss of $315 million for Q3 2021 and $1.1 billion for the nine months, a substantial increase from the prior year periods.
- 4Net loss for the quarter widened to $324 million, an increase of 87% year-over-year, and for the nine months reached $1.1 billion, up 199% year-over-year.
- 5A fire at a fulfillment center in June 2021 resulted in $296 million in losses recognized for the nine-month period, impacting profitability.
- 6Despite losses, Coupang's cash and cash equivalents and restricted cash stood at $4.3 billion as of September 30, 2021, providing ample liquidity post-IPO.
- 7Active customers grew to 16.8 million by the end of Q3 2021, with net revenue per active customer increasing to $276, indicating healthy customer engagement.