Niu Technologies announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024, on March 17, 2025.
For Q4 2024, revenues reached RMB 819.2 million, a 71.1% increase year-over-year, driven by a 64.9% increase in sales volume and a 3.8% increase in revenues per e-scooter.
The company reported a Q4 net loss of RMB 72.5 million, an improvement from a net loss of RMB 130.2 million in the same period of 2023, with full year 2024 revenues increasing 24.0% to RMB 3,288.3 million.
Full year 2024 net loss narrowed to RMB 193.2 million from RMB 271.8 million in 2023, despite a decrease in gross margin to 12.4% in Q4 and 15.2% for the full year, impacted by product mix, sales incentives, and U.S. tariffs.
NIU provided an optimistic outlook for 2025, expecting Q1 2025 revenues to increase by 25% to 40% and full year 2025 sales volume to grow by 40% to 70%, targeting 1.3 million to 1.6 million units.
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