Niu Technologies announced its unaudited financial results for the third quarter ended September 30, 2024, reporting revenues of RMB 1,023.9 million, an increase of 10.5% year-over-year.
The company's net loss for the quarter was RMB 40.9 million, a significant improvement compared to a net loss of RMB 79.4 million in the same period of 2023, with adjusted net loss at RMB 34.2 million.
Sales volume increased by 17.5% year-over-year, partially offset by a 6.0% decrease in revenues per e-scooter, while gross margin declined to 13.8% from 21.4% in Q3 2023 due to product mix and increased sales incentives.
Operating expenses decreased by 30.5% to RMB 200.6 million, representing 19.6% of revenues, down from 31.1% in the prior year period.
For the fourth quarter of 2024, NIU expects revenues to be in the range of RMB 622 million to RMB 718 million, representing a year-over-year increase of 30% to 50%.
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