Electric scooter company Niu Technologies (NASDAQ:NIU) remained optimistic about a 2023 turnaround despite continued declines in scooter sales to close fiscal year 2022.
For the fourth quarter, a $0.07 loss per ADS was reported asrevenue fell 37.9% year over year to $88.77M. The number of e-scooters sold fell 41.9% year over year to 138,279 while margins remained largely stable.
For the full-year 2022, $459.8M in revenue fell well short of the $515.18M consensus expectation. A $0.09 per share loss was reported for the full-year, also below the $0.30 in earnings per share anticipated by the Street.
“Although we still face uncertainties and pressures on recovery of consumer sentiment, we are confident that our domestic sales will return to the growth track in 2023 with the launches of new products in the coming months,” CEO Dr. Yan Li comments. “We believe that, leveraging our well-recognized NIU brand and diverse product portfolio, and riding on the mega trend of transition from fuel to electricity in mobility vehicles, there will be great opportunities ahead of us.”
Management expects RMB 403M ($58.5M) to RMB 489M ($79.6M), representing a year-over-year decrease of 15% to 30%, for the first quarter. However, scooter deliveries are expected to rebound 20% to 45% in 2023 to a range of 1M to 1.2M for the full year, accelerating out of a COVID-driven slump.
Shares of Niu Technologies (NIU) fell nearly 7.07%in early premarket action on light volume.
source：easyinvestix
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