Niu Technologies reports 13.5% increase in revenue but a net loss, with growth expectations.

From GlobeNewswire: 2024-08-12 03:00:00

Niu Technologies, a leading provider of smart urban mobility solutions, reported second quarter revenues of RMB 940.5 million, up 13.5% year-over-year. However, the company also announced a net loss of RMB 24.9 million, compared to a net loss of RMB 1.9 million the previous year.

The number of e-scooters sold by Niu Technologies in the second quarter was 256,162, an increase of 20.8% year-over-year. Sales in China reached 207,552, up 16.2%, while international sales grew by 45.4%. The company also expanded its presence in the US market through strategic alliances with retail brands like Best Buy.

Revenues from e-scooter sales in China totaled RMB 727.1 million, representing an 13.8% increase year-over-year. International sales brought in RMB 130.4 million, up 13.7%. Accessories, spare parts, and services revenue saw a 10.1% increase, contributing to a total revenue of RMB 940.5 million with a gross margin of 17.0%.

Operating expenses for Niu Technologies in the second quarter were RMB 191.8 million, down 3.5% year-over-year. The company’s net loss was RMB 24.9 million, with an adjusted net loss of RMB 19.5 million. Niu Technologies expects third quarter 2024 revenues to be between RMB 1,298 million and RMB 1,483 million, a year-over-year increase of 40% to 60%.



Read more at GlobeNewswire:: Niu Technologies Announces Unaudited Second Quarter 2024