Niu Technologies (NASDAQ:NIU) reported its Q4 earnings results. Niu missed estimated earnings by 57.14%, reporting an EPS of $0.09 versus an estimate of $0.21.
Niu shares fell 4% in premarket trading.
Fourth Quarter 2021 Financial Highlights
- Revenues were RMB 986.1 million, an increase of 46.7% year over year
- Gross margin was 22.6%, compared with 25.2% in the fourth quarter of last year
- Net income was RMB 47.6 million, a decrease of 18.1% compared with RMB 58.2 million in the fourth quarter of last year
- Adjusted net income (non-GAAP)1 was RMB 60.2 million, a decrease of 12.2% compared with RMB 68.6 million in the fourth quarter of last year
Fourth Quarter 2021 Operating Highlights
- The number of e-scooters sold reached 238,188, up 58.3% year over year
- The number of e-scooters sold in China reached 205,239, up 49.2% year over year
- The number of e-scooters sold in the international markets was 32,949, up 155.8% year over year
- The number of franchised stores in China was 3,108 as of December 31, 2021, an increase of 422 from September 30, 2021
- International sales network expanded to 42 distributors covering 50 countries
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Dr. Yan Li, Chief Executive Officer of the Company, commented: “We are very pleased to see another quarter of outstanding performance with 49.2% and 155.8% increase in domestic and international sales volume, respectively, amid weaker economic conditions. We further expanded our retail sales network in China and opened 422 stores during the fourth quarter. We expect our sales volume and market penetration rate will continue to increase in 2022 as we execute on growth strategy and further diversify our product offerings and expand our sales network.”
Dr. Li continued, “In Q4, we successfully delivered 14,916 units of kick-scooters in the international markets. Furthermore, we debuted five exciting new products at EICMA 2021 in Milan for the global markets, including our most powerful 125cc electric moped, the MQiGT-EVO, our first 150cc hybrid moped, the YQi, our e-bike BQi and two additional KQi series kick scooters. The launch of these new products demonstrated our continued commitment in global sustainable micro-mobility markets. We believe our diversified product portfolio and omnichannel retail network position us favorably for 2022 and beyond.”
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