Niu Technologies's (NIU.US) Q3 revenue grew 10.5% YoY, and e-scooter sales grew 17.5% YoY.

Market IntelMonday, Nov 18, 2024 5:00 am ET

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Niu Technologies (NIU.US) reported its Q3 2024 earnings. According to the report, Niu Technologies's Q3 revenue was RMB1.0239 billion, up 10.5% YoY; gross margin was 13.8%, down from 21.4% YoY; net loss was RMB40.9 million, down from RMB79.4 million YoY; adjusted net loss was RMB34.2 million, down from RMB70 million YoY.

The company sold 312,405 electric scooters in Q3, up 17.5% YoY. Among them, the sales of electric scooters in China were 259,094 units, up 12.4% YoY; the sales of electric scooters in overseas markets were 53,311 units, up 50.3% YoY.

As of September 30, 2024, the number of Niu's franchise stores in China was 3,345, and its international sales network expanded to 57 distributors covering 53 countries.

Looking ahead, Niu Technologies expects its Q4 2024 revenue to be between RMB622 million and RMB718 million, up 30% to 50% YoY.

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