- Niu Technologies (NASDAQ:NIU) reported a second-quarter FY22 sales decline of 12.4% year-on-year, to RMB 827.6 million ($123.6 million), beating the consensus of $85.22 million.
- The number of e-scooters sold decreased 17.4% Y/Y to 208,857, led by a 26.7% fall in China. International e-scooters sales jumped 309.1% Y/Y to 28,558.
- The number of franchised stores in China was 3,329 as of June 30, 2022, an increase of 81 from March 31, 2022.
- The gross margin for the quarter declined 240 basis points Y/Y to 20.3%, reflecting continuous cost pressure. The operating loss for the quarter was RMB (5.1) million.
- Earnings per ADS were $0.03. The adjusted net income was RMB 31.2 million versus RMB 103.9 million last year.
- Niu held ~$154 million in cash and equivalents as of June 30, 2022.
- Outlook: NIU expects Q3 revenues of RMB 1.165 billion – RMB 1.349 billion, representing a year-over-year decrease of 5% – an increase of 10%.
- Price Action: NIU shares are trading lower by 2.74% at $7.10 in premarket on the last check Monday.
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