Maverick Electric's Q2 revenue is 940 million, what's the secret to growth?

[ITBEAR] According to news on August 12, Niu Electric released its second quarter financial report for 2024 today. The data shows that the company achieved revenue growth in the quarter ending June 30. Specifically, Mavericks Electric’s revenue reached 940.5 million yuan, an increase of 13.5% compared with the same period last year. This growth was mainly due to the significant increase in sales of electric bicycles, which increased by 20.8% year-on-year. However, average revenue per e-bike fell by 6.1%, partially offsetting the positive impact of increased sales. According to ITBEAR, despite an increase in revenue, Maverick Electric suffered a net loss in this quarter. The net loss was 24.9 million yuan, which expanded compared with the net loss of 1.9 million yuan in the same period in 2023. If not calculated in accordance with U.S. GAAP, the adjusted net loss would be 19.5 million yuan, compared with a net profit of 14.4 million yuan in the same period last year.

1. Operating data

• Maverick Electric second quarter electric bicycle sales: 256,162 units, a year-on-year increase of 20.8%
• Chinese market sales: 207,552 units, a year-on-year increase of 16.2%
• International market sales: 48,610 units , the year-on-year growth rate is as high as 45.4%

2. Dealer network

   • As of June 30, 2024, the number of Maverick Electric franchise stores in the Chinese market: 3124
   • International market dealer coverage countries: 52

     

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