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Niu Technologies (NASDAQ:NIU) reported a fourth-quarter fiscal 2023 revenue decline of 21.8% to RMB 478.7 million ($67.42 million).
The smart urban mobility solutions provider clocked earnings per ADS of $(0.23). Adjusted net loss was RMB (122.4) million versus RMB (26.2) million a year ago.
The number of e-scooters sold decreased by 0.6% Y/Y to 137,476, with sales in China falling by 6.4%. International e-scooter sales climbed 33.7% to 27,022 units. The number of franchised stores in China was 2,856 as of December 31, 2023.
The gross margin for the quarter declined 350 basis points Y/Y to 19.0%, mainly due to the increased proportion of mass-premium series in China market and the decline in sales volume of e-motorcycles and e-mopeds in international markets.
The operating loss for the quarter was RMB (154.18) million versus a loss of RMB (43.07) million a year ago. The company held RMB 970.1 million in cash and equivalents as of December 31, 2023.
CEO Dr. Yan Li said, “We believe that we have overcome the worst and will regain market favor in 2024.”
Li remarked on the company’s success in 2023, highlighting the rapid market acceptance of their new products domestically. The MQiL model, known for its performance and smart features, became the year’s top seller, reflecting NIU’s hallmark design.
The RQi model spearheaded the shift from petrol to electric vehicles, positioning NIU at the forefront of urban mobility and lifestyle innovation. Moreover, the XQi3 model broadened NIU’s international product range, marking a significant expansion in 2023.
Outlook: Niu expects first-quarter revenues of RMB 438 million – RMB 480 million, representing a 5% – 15% Y/Y increase.
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 51% last year.
Price Action: NIU shares closed lower by 5.32% at $1.78 on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Posted In: NIU
