Chinese electric scooter company Niu Technologies – ADR (NASDAQ:NIU) stock tanked on Monday after it reported its fourth-quarter results.

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Niu reported a quarterly revenue decline of 17.4% year-over-year (Y/Y) to 676.25 million Chinese yuan ($96.70 million), driven by a 23.8% decrease in sales volume, complemented by a 4.0% increase in revenue per e-scooter.

Adjusted EPADS loss came in at 16 cents, versus a loss of six cents a year earlier.

Key Metrices

Niu sold 172,763 e-scooters, down 23.8% Y/Y. The company sold 158,782 e-scooters in China, down 12.9% Y/Y. It sold 13,981 e-scooters in the international markets, down 68.4% Y/Y.

As of Dec. 31, 2025, there were 4,540 franchised stores in China.

E-scooter sales revenue from the China market was 544.8 million Chinese yuan, a 15.7% Y/Y decrease, representing 93.7% of total e-scooter revenue. The decrease was mainly due to a 12.9% decline in sales volume and a 3.2% drop in revenue per e-scooter in the Chinese market.

E-scooter sales revenues from international markets were 36.3 million Chinese yuan, a decrease of 58.3% Y/Y, and represented 6.3% of total e-scooter revenues. The decrease was mainly due to a decline in sales volume and revenue per e-scooter in international markets.

Accessories, spare parts sales, and services revenues were 95.1 million Chinese yuan, an increase of 10.9% Y/Y, representing 14.1% of total revenues. The increase was mainly due to higher revenues from Niu App services and from sales of accessories and spare parts in the Chinese market.

Revenues per e-scooter were 3,364 Chinese yuan, a 4.0% Y/Y increase, mainly due to a higher sales proportion and higher revenues per e-scooter in the China market, partially offset by a slight decrease in revenues per e-scooter within China.

Gross margin expanded to 15.3%, up from 12.4% a year ago, mainly attributable to the China market, driven by a favorable product mix shift towards higher-margin e-scooters and effective cost-reduction initiatives. Lower gross margins for kick scooters in international markets partially offset this.

Niu held 1.12 billion Chinese yuan in cash and equivalents as of Dec. 31, 2025.

CEO Commentary

CEO Dr. Yan Li said the company's latest products are shaping market trends by combining advanced technology with Niu's design approach, which helps maintain resilience in a changing market.

Li added that the expanding product lineup is creating a scalable platform to reach new consumer segments and support the company's retail expansion this year.

Li also said the company is refining its international strategy by accelerating the rollout of electric motorcycles while streamlining micromobility operations to improve efficiency.

He expressed confidence that the company can sustain solid performance across both domestic and international markets in 2026.

Outlook

Niu expects first-quarter revenue of 887 million Chinese yuan to 1,023 million Chinese yuan, representing a Y/Y change of +30% to +50%.

The company expects full-year 2026 sales volume to be in the range of 1.7 million to 1.9 million units, representing a Y/Y change of approximately +40% to +60%.

NIU Price Action: Niu Technologies – ADR shares were trading 14.21% lower at $3.20 at publication on Monday.

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