Niu Technologies (NASDAQ:NIU) reported a fiscal first-quarter 2024 revenue growth of 21.0% to 504.7 million Chinese yuan ($69.91 million), mainly due to an increase in sales volume of 36.8% partially offset by a decrease in revenues per e-scooter of 11.6%.

The company reported earnings per ADS of $(0.10). Adjusted net loss was CNY (48.5) million versus CNY (46.1) million a year ago. The stock price declined after the print.

The number of e-scooters sold increased by 36.8% Y/Y to 129,139, with sales in China growing by 35.1%. International e-scooter sales climbed 47.6% to 19,024 units. The number of franchised stores in China was 2,878 as of March 31, 2024.

The quarterly gross margin declined 280 basis points Y/Y to 18.1%, mainly due to the increased proportion of kick-scooter in international markets, and decreased gross margin of e-scooter in China market.

The operating loss for the quarter was CNY (69.32) million versus a loss of CNY (67.02) million a year ago. The company held CNY 977.7 million in cash and equivalents as of March-end.

Outlook: Niu expects second-quarter revenues of CNY 912 million – CNY 995 million, representing a 10% – 20% Y/Y increase.

During fiscal fourth-quarter 2023 print, Niu said it expects fiscal 2024 sales volume of 1.0 million – 1.2 million units, representing a Y/Y increase of approximately 41% – 69%.

The stock lost over 46% in the last 12 months. Investors can gain exposure to the stock via Vanguard FTSE Emerging Markets ETF (NYSE:VWO) and Vanguard Total International Stock ETF (NASDAQ:VXUS).

Price Action: NIU shares traded lower by 1.26% at $2.36 premarket at the last check Monday.

Electric Scooter Company Niu Tech Stock Falls After Q1 Print, Read The Details