Niu Technologies (NIU, Financial) has announced its financial results for the third quarter ending September 30, 2024. The company reported a revenue of 1.0239 billion RMB, marking a 10.5% increase compared to the previous year. The net loss reduced to 40.9 million RMB from 79.4 million RMB during the same period last year. On a non-GAAP basis, the adjusted net loss was 34.2 million RMB, compared to the previous year's net loss of 70 million RMB.
In terms of operational performance, Niu sold 312,405 electric scooters, a 17.5% year-over-year increase. Within China, sales reached 259,094 units, growing 12.4%, while international sales surged by 50.3% to 53,311 units. By the end of September 2024, Niu operated 3,345 exclusive stores in China and had 57 international distributors covering 53 countries.
The financial breakdown for the third quarter shows that domestic electric scooter sales generated 797.5 million RMB, a 12.2% year-over-year growth. International sales contributed 130.2 million RMB, a 7.1% increase. Revenue from accessories, parts, and services rose by 1.8% to 96.2 million RMB, representing 9.4% of total revenue. Revenue per scooter decreased by 5.1% to 2,970 RMB.
Cost of revenue climbed 21.0% to 882.4 million RMB, resulting in a gross margin of 13.8%, down from 21.4% the previous year. Operating expenses decreased by 30.5% to 200.6 million RMB. Sales and marketing expenses rose by 4.1% to 127.7 million RMB, while R&D costs fell by 22.4% to 30.3 million RMB. General and administrative expenses dropped by 66.4% to 42.6 million RMB. Stock-based compensation amounted to 6.7 million RMB.
Niu also reported an income tax benefit of 8.6 million RMB compared to a 200,000 RMB tax expense last year. The net loss margin improved to 4.0% from 8.6% in the previous year. The adjusted net loss margin was 3.3%, improving from 7.5% last year. Basic and diluted net loss per American Depositary Share (ADS) was 0.52 RMB (approximately $0.07).
As of September 30, 2024, Niu held 1.0452 billion RMB in cash, cash equivalents, term deposits, and short-term investments, with restricted cash of 210.2 million RMB and short-term bank borrowings of 200 million RMB.
Looking ahead, Niu forecasts fourth-quarter revenue of 622 million to 718 million RMB, representing a 30% to 50% year-over-year increase.
