Niu Technologies' 2024 Q2 Financial Report Revenue Growth and Losses

TapTechNews August 12th news, Niu Technologies released its second quarter 2024 financial report as of June 30th today:

Revenue was $140.5 million (about 940.5 million yuan), with a year-on-year increase of 13.5%, mainly due to a 20.8% increase in sales volume, but partially offset by a 6.1% decrease in revenue per electric bike;

The net loss was $3.8 million (about 24.9 million yuan), while the net loss in the same period of 2023 was $0.285 million (about 1.9 million yuan);

Excluding US Generally Accepted Accounting Principles, the adjusted net loss was $2.925 million (about 19.5 million yuan), while the net profit in the same period of 2023 was $2.16 million (about 14.4 million yuan).

TapTechNews attached the following operating data of Niu Technologies in the second quarter of 2024:

The sales volume of electric bikes was 256,162 units, with a year-on-year increase of 20.8%

The sales volume of electric bikes in the Chinese market was 207,552 units, with a year-on-year increase of 16.2%

The sales volume of electric bikes in the international market was 48,610 units, with a year-on-year increase of 45.4%

As of June 30, 2024, the number of franchise stores of Niu Technologies in the Chinese market was 3,124; as of June 30, 2024, the number of international sales network distributors of Niu Technologies was 54, covering 52 countries.