Full Truck Alliance Co Ltd (NYSE:YMM), a leading digital freight platform, stock rose 0.092% (As on November 18, 11:19:42 AM UTC-4, Source: Google Finance) after the company reported third-quarter revenue that exceeded analyst expectations, despite missing earnings estimates. The company’s acquisition of a majority interest in Giga.AI Technology Limited has strengthened its AI capabilities, positioning it for future growth opportunities in the digital freight market. Non-GAAP adjusted net income in the third quarter of 2025 was RMB988.1 million (US$138.8 million), compared with RMB1,241.2 million in the same period of 2024. Fulfilled orders in the third quarter of 2025 reached 63.4 million, an increase of 22.3% from 51.9 million in the same period of 2024. Average shipper MAUs in the third quarter of 2025 reached 3.35 million, an increase of 17.6% from 2.84 million in the same period of 2024. Non-GAAP adjusted operating income in the third quarter of 2025 was RMB849.1 million (US$119.3 million), compared with RMB884.5 million in the same period of 2024. As of September 30, 2025, the Company had cash and cash equivalents, restricted cash, short-term investments, long-term time deposits and wealth management products with maturities over one year of RMB31.1 billion (US$4.4 billion) in total, compared with RMB29.2 billion as of December 31, 2024. The total non-performing loan ratio for these loans was 2.2% as of September 30, 2025, remaining flat compared with 2.2% as of December 31, 2024.

Moreover, revenues from freight matching services in the third quarter of 2025 were RMB2,797.6 million (US$393.0 million), representing an increase of 9.6% from RMB2,551.8 million in the same period of 2024. Revenues from value-added services in the third quarter of 2025 were RMB560.7 million (US$78.8 million), an increase of 16.9% from RMB479.6 million in the same period of 2024. The increase was primarily due to growing demand for credit solutions.

YNM in the third quarter of FY25 has reported the adjusted earnings per share of RMB0.93, missing the analysts’ estimates for the adjusted earnings per share of RMB1.00. The company had reported the adjusted revenue growth of 10.8 percent to RMB3.36 billion ($471.7 million) in the third quarter of FY25, beating the analysts’ estimates for revenue of RMB3.34 billion.

Looking ahead, Full Truck Alliance expects fourth-quarter revenue between RMB3.08 billion and RMB3.18 billion, compared with RMB3.17 billion in the same period of 2024. Excluding freight brokerage service, the company projects net revenues of RMB2.18 billion to RMB2.28 billion, representing year-over-year growth of 17.1% to 22.5%.