Amended: Niu Technologies Q1 Loss Increases

(RTTNews) - (Corrects the article to say prior year's per ADS and adjusted results were loss)

Niu Technologies (NIU) reported Loss for its first quarter of -RMB93.921 million

The company's bottom line totaled -RMB93.921 million, or -RMB0.58 per share. This compares with -RMB38.844 million, or -RMB0.24 per share, last year.

The company's revenue for the period rose 33.4% to RMB909.524 million from RMB681.988 million last year.

Niu Technologies earnings at a glance (GAAP) :

-Earnings: -RMB93.921 Mln. vs. -RMB38.844 Mln. last year. -EPS: -RMB0.58 vs. -RMB0.24 last year. -Revenue: RMB909.524 Mln vs. RMB681.988 Mln last year.

This increase in revenue was primarily driven by a 28.7% increase in sales volume, complemented by a 5.6% rise in revenues per e-scooter.

For the first quarter, the company posted a net loss per ADS of RMB 1.16 as against a loss of RMB 0.49 per ADS in the same period last year.

Excluding items, loss was RMB 88.008 million, compared with loss of RMB 31.354 million a year ago.

Looking ahead, for the second quarter, NIU expects revenue of RMB 1.570 billion to RMB 1.821 billion, representing a year-over-year increase of 25% to 45%.