Chinese electric scooter firm Niu Technologies narrowed its net loss in the first quarter of the year as deliveries surged by triple digits, the company announced in a statement.
- Net loss improved to RMB 5.4 million from RMB 26.4 million the first quarter of 2020.
- Adjusted non-GAAP reversed to profit at RMB 6.7 million versus adjusted net loss of RMB18.6 million last year.
- Revenues surged 135.0% to RMB547.3 million.
- E-scooters sold for the quarter jumped 272.6% to 149,649.
- E-scooters sold in China surged 321.5% to 144,654 to offset the 14.5% decline in international markets with 4,995.
- Four new e-scooter products were launched in April — F0, F2, F4, and C0, mainly for the China market.
- Chief Executive Officer Dr. Yan Li attributed the growth to the retail network expansion, and marketing in China.
- Recent lockdowns in Europe and other overseas markets dragged international sales.
NIU:Nasdaq is down 0.45% premarket.