Niu Stock Falls Premarket: E-Scooter Company Saw Q1 Sales Volume Plunge by 42% - Niu Techs (NASDAQ:NIU)

Niu Technologies NIU reported a first-quarter FY23 sales decline by 27.5% year-over-year to $60.75 million (RMB 417.2 million) due to decreased sales volume of 42.3%.
The net loss per ADS was $0.11 (RMB 0.77).
E-scooter sales revenues from China market were RMB 305.1 million, a decrease of 33.3%, representing 85.1% of total e-scooter revenues. The decline was mainly due to the sales volume decrease of 45.3% in China.
E-scooter sales revenues from international markets were RMB 53.3 million, a decrease of 18.8%, and represented 14.9% of total e-scooter revenues. The decline was mainly due to the sales volume drop of 12.2% in international markets.
The gross margin was 21.7%, up by 260 bps, due to a better premium product mix and price increase.
The company reported an adjusted net loss margin of 11.1%, compared with a loss margin of 2.8% in 2021.
Guidance: NIU expects Q2 FY23 revenues of $121.02 million (RMB 828 million) - $139.14 million (RMB 952 million), up by 0%-15% Y/Y.
Price Action: NIU shares are down 1.97% at $3.99 during the premarket session on the last check Monday.
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