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Niu Technologies (NASDAQ:NIU) reported a third-quarter FY23 revenue decline of 19.6% to RMB 927 million ($127.06 million).
Earnings per ADS were $(0.14). Adjusted net loss was RMB 70.0 million versus adjusted net income of RMB 20.2 million in the third quarter of 2022.
The number of e-scooters sold decreased by 17.1% Y/Y to 265,923, with sales in China falling by 12.4%. International e-scooter sales declined 38.4% to 35,468 units.
The number of franchised stores in China was 2,834 as of September 30, 2023.
The gross margin for the quarter declined 70 basis points Y/Y to 21.4%. The operating loss for the quarter was RMB (89.52) million versus a loss of RMB (8.09) million a year ago.
The company held $190.5 million in cash and equivalents as of September 30, 2023.
Yan Li, Chief Executive Officer of the Company, commented: "The conservative spending behavior of Chinese consumers has impacted the demand for our premium series products...During the third quarter, we witnessed robust demand in the mass-premium market, and our newly launched products in this segment have been well-received by customers. However, this strategic shift will take some time to fully materialize into increased sales."
Outlook: Niu expects Q4 revenues of RMB 490 million - RMB 612 million, representing a decrease of 20% - 0% Y/Y.
Price Action: NIU shares are trading lower by 4.66% at $2.25 in premarket on the last check Monday.
Posted In: NIU
