— Third Quarter Revenues of RMB 1,023.9 million, an increase of 10.5% year-over-year
— Third Quarter Net Loss of RMB 40.9 million, compared to Net Loss of RMB 79.4 million in the same period of last year
BEIJING, Nov. 18, 2024 (GLOBE NEWSWIRE) — Niu Technologies (NASDAQ:, or the Company) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced its unaudited financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Financial Highlights
- Revenues were RMB 1,023.9 million, an increase of 10.5% year-over-year
- Gross margin was 13.8%, compared with 21.4% in the third quarter of 2023
- Net loss was RMB 40.9 million, compared with net loss of RMB 79.4 million in the third quarter of 2023
- Adjusted net loss (non-GAAP)1 was RMB 34.2 million, compared with adjusted net loss of RMB 70.0 million in the third quarter of 2023
Third Quarter 2024 Operating Highlights
- The number of e-scooters sold was 312,405, up 17.5% year-over-year
- The number of e-scooters sold in China was 259,094, up 12.4% year-over-year
- The number of e-scooters sold in the international markets was 53,311, up 50.3% year-over-year
- The number of franchised stores in China was 3,345 as of September 30, 2024
- The number of distributors of our international sales network was 57, covering 53 countries as of September 30, 2024
Dr. Yan Li, Chief Executive Officer of the Company, remarked, Our Q3 sales growth fell short of expectations, primarily due to recent policy changes in China that have impacted sales timing. Nevertheless, our retail sales momentum remains strong, and our upcoming product lineup fully complies with the new standards, positioning us to navigate these changes effectively. In the electric motorcycle segment, the launch of the NX Hyper marks a significant milestone, showcasing our commitment to performance and innovation.
Dr. Li continued, We continue to maintain a rapid pace of new store openings this year, laying a solid foundation for driving future sales growth. Earlier this month we continued our annual presence at Milan EICMA where we introduced a range of new scooters highlighting our advanced design capabilities and innovative technologies. Those models will be available in the EU and the US in the coming weeks. Overall, we are well-equipped to embrace changes and are confident in our ability to deliver strong performance in the future.
Third Quarter 2024 Financial Results
Revenues were RMB 1,023.9 million, an increase…
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