Electric Scooter Company Niu Tech Stock Falls After Q1 Print, Read The Details

Zinger Key Points
  • Niu Technologies Q1 revenue rises 21% to $69.91M, driven by a 36.8% jump in e-scooter sales.
  • Despite increased sales, Niu faces a slight rise in net loss and a 280 basis point drop in gross margin.

Niu Technologies NIU reported a fiscal first-quarter 2024 revenue growth of 21.0% to 504.7 million Chinese yuan ($69.91 million), mainly due to an increase in sales volume of 36.8% partially offset by a decrease in revenues per e-scooter of 11.6%.

The company reported earnings per ADS of $(0.10). Adjusted net loss was CNY (48.5) million versus CNY (46.1) million a year ago. The stock price declined after the print.

The number of e-scooters sold increased by 36.8% Y/Y to 129,139, with sales in China growing by 35.1%. International e-scooter sales climbed 47.6% to 19,024 units. The number of franchised stores in China was 2,878 as of March 31, 2024.

The quarterly gross margin declined 280 basis points Y/Y to 18.1%, mainly due to the increased proportion of kick-scooter in international markets, and decreased gross margin of e-scooter in China market. 

The operating loss for the quarter was CNY (69.32) million versus a loss of CNY (67.02) million a year ago. The company held CNY 977.7 million in cash and equivalents as of March-end.

Outlook: Niu expects second-quarter revenues of CNY 912 million – CNY 995 million, representing a 10% – 20% Y/Y increase.

During fiscal fourth-quarter 2023 print, Niu said it expects fiscal 2024 sales volume of 1.0 million – 1.2 million units, representing a Y/Y increase of approximately 41% – 69%. 

The stock lost over 46% in the last 12 months. Investors can gain exposure to the stock via Vanguard FTSE Emerging Markets ETF VWO and Vanguard Total International Stock ETF VXUS.

Price Action: NIU shares traded lower by 1.26% at $2.36 premarket at the last check Monday.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsEquitiesNewsGuidanceBriefsEurasiaStories That Matter
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!