- Niu Technologies NIU Q4 sales declined to RMB612.27 million ($88.77 million) from RMB986.05 million due to decreased sales volume of 41.9% and increased revenues per e-scooter of 7.0%.
- Revenues per e-scooter sales from international markets declined 25.4% despite a 13.7% increase from the China market.
- E-scooter sales revenues from China market were RMB446.7 million, a decrease of 34.6%, and represented 83.7% of total e-scooter revenues. The sales volume decreases mainly drove the decrease by 42.5% in China.
- E-scooter sales revenues from international markets were RMB 86.7 million, a decrease of 54.2%, and represented 16.3% of total e-scooter revenues. The decrease was mainly due to the sales volume drop of 38.7% in international markets.
- The gross margin was 22.5%, compared with 22.6% a year ago, mainly due to higher sales of kick-scooters with lower gross margins.
- The company reported an adjusted net loss margin of 4.3%, compared with an adjusted net income of 6.1% in 2021.
- Guidance: NIU expects Q1 FY23 revenues of RMB403 million - RMB 489 million, down 15%-30% Y/Y.
- NIU expects a 2023 sales volume of 1 million to 1.2 million units, up approximately 20% to 45%.
- Price Action: NIU shares are down 7.29% at $3.69 during the premarket session on the last check Monday.
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