Niu Technologies reports Q4 earnings beat; initiates Q1 outlook

Mar. 20, 2023 4:33 AM ETNiu Technologies (NIU)By: Meghavi Singh, SA News Editor

Niu Technologies press release (NASDAQ:NIU): Q4 GAAP EPADS of -$0.07.
Revenue of $88.77M (-37.9% Y/Y).
Gross margin was 22.5%, compared with 22.6% in the fourth quarter of last year.
Adjusted net loss was RMB 26.2 million, compared with adjusted net income of RMB 60.2 million in the fourth quarter of last year.
The number of e-scooters sold was 138,279, down 41.9% year over year.
The number of e-scooters sold in China was 118,065, down 42.5% year over year.
The number of e-scooters sold in the international markets was 20,214, down 38.7% year over year.
The number of franchised stores in China was 3,102 as of December 31, 2022.
Business Outlook: NIU expects revenues of the first quarter 2023 to be in the range of RMB 403 million to RMB 489 million, representing a year-over-year decrease of 15% to 30%. NIU expects the sales volume for full year 2023 to be in the range of 1 million to 1.2 million units, representing a year-over-year increase of approximately 20% to 45%.