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Niu Technologies (NASDAQ:NIU) reported a fiscal second-quarter 2024 revenue growth of 13.5% to 940.5 million Chinese yuan ($129.42 million), mainly due to an increase in sales volume of 20.8% partially offset by a decrease in revenues per e-scooter of 6.1%.
The company reported Adjusted loss per ADS of $0.03. Adjusted net loss was 19.5 million Chinese yuan, compared to 14.4 million Chinese yuan profit a year ago.
The number of e-scooters sold increased by 20.8% Y/Y to 256,162, with sales in China growing by 16.2%. International e-scooter sales climbed 45.4% to 48,610 units. The number of franchised stores in China was 3,124 as of June 30, 2024.
The quarterly gross margin declined 610 basis points Y/Y to 17.0%, mainly due to the increased proportion of premium series models with more competitive prices in China market, and kick-scooter in international markets.
The operating loss for the quarter was 32.15 million Chinese yuan versus a loss of 6.80 million Chinese yuan a year ago. The company held 1.14 billion Chinese yuan in cash and equivalents as of June 30, 2024.
CEO Dr. Yan Li remarked, “The new products we introduced this year captured over 50% of our expanding domestic sales volume in the first half of the year.”
Dr. Li continued, “Strategic alliances with premier retail brands such as Best Buy Co, Inc (NYSE:BBY) are propelling NIU towards deeper market penetration in the US market.”
Outlook: Niu expects third-quarter revenues of 1.298 billion Chinese yuan – 1.483 billion Chinese yuan, representing a 40%–60% Y/Y increase.
Niu Technologies stock plunged over 47% in the last 12 months.
Price Action: NIU shares closed lower by 0.54% at $1.83 on Friday.
