Niu Technologies NIU reported second-quarter FY23 revenue growth of 0.1% to RMB 828.8 million ($114.30 million) versus RMB 827.6 million last year.
The number of e-scooters sold increased 1.5% Y/Y to 211,996, with sales in China falling by 1%.
International e-scooters sales jumped 17.1% to 33,429 units.
The number of franchised stores in China was 2,844 as of June 30, 2023.
The gross margin for the quarter expanded 280 basis points Y/Y to 23.1%.
The operating loss for the quarter was RMB (6.8) million versus a loss of RMB (5.1) million a year ago.
Earnings per ADS were $(0.00). The adjusted net income was RMB 14.4 million versus RMB 31.2 million last year.
The company held $156 million in cash and equivalents as of June 30, 2023.
Outlook: NIU expects Q3 revenues of RMB 1.153 billion - RMB 1.326 billion, representing a year-over-year decrease of about flat to 15%.
Price Action: NIU shares are trading lower by 0.54% at $3.65 in premarket on the last check Monday.
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