Niu Technologies Reports Q2 Revenue Above Street Estimates

Niu Technologies NIU reported a second-quarter FY22 sales decline of 12.4% year-on-year, to RMB 827.6 million ($123.6 million), beating the consensus of $85.22 million.
The number of e-scooters sold decreased 17.4% Y/Y to 208,857, led by a 26.7% fall in China. International e-scooters sales jumped 309.1% Y/Y to 28,558.
The number of franchised stores in China was 3,329 as of June 30, 2022, an increase of 81 from March 31, 2022.
The gross margin for the quarter declined 240 basis points Y/Y to 20.3%, reflecting continuous cost pressure. The operating loss for the quarter was RMB (5.1) million.
Earnings per ADS were $0.03. The adjusted net income was RMB 31.2 million versus RMB 103.9 million last year.
Niu held ~$154 million in cash and equivalents as of June 30, 2022.
Outlook: NIU expects Q3 revenues of RMB 1.165 billion - RMB 1.349 billion, representing a year-over-year decrease of 5% - an increase of 10%.
Price Action: NIU shares are trading lower by 2.74% at $7.10 in premarket on the last check Monday.
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