Chinese electric scooter company Niu Technologies (NASDAQ:NIU) on Monday reported fiscal first-quarter revenue growth of 35.1% year-over-year to 682.0 million Chinese yuan ($93.98 million).
Revenue growth was mainly due to an increase in sales volume of 57.4%, partially offset by a decline in revenues per e-scooter of 14.2% in the quarter.
The number of e-scooters sold increased by 57.4% Y/Y to 203,313, with sales in China growing by 66.2% Y/Y to 183,065. The number of e-scooters sold in the international markets was 20,248, up 6.4% Y/Y. The number of franchised stores in China was 4,119 as of March 31, 2025
Also Read: Niu Technologies Q1 Sales Volume Surge 57% On Solid China Demand
The quarterly gross margin declined 160 basis points Y/Y to 17.3%, mainly attributable to the international market, including changes in the product mix of kick-scooters, higher freight costs and tariffs, and inventory write-downs, partially offset by increased gross margin in the Chinese market.
The operating loss for the quarter was 46.58 million Chinese yuan versus a loss of 69.32 million Chinese yuan a year ago. The company reported an adjusted net loss per ADS of 5 cents in the quarter.
The company held 747.2 million Chinese yuan in cash and equivalents as of March 31, 2025.
CEO Dr. Yan Li said that the company advanced its intelligent product development strategy in China by integrating automotive-grade technologies such as millimeter-wave radar, dual-channel ABS, and AI Smart Ecosystem to enhance the user experience.
He added that its retail network has continued to expand in line with expectations, with new stores opening during the quarter. Dr. Li also said that the company leveraged innovation and agile infrastructure to mitigate geopolitical challenges.
Outlook: Niu expects second-quarter revenues of 1.317 billion Chinese yuan ($181.50 million) to 1.411 billion Chinese yuan ($194.44 million), representing a 40% to 50% Y/Y increase.
Price Action: NIU shares are trading lower by 3.92% to $3.68 premarket at last check Monday.
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