Maverick Electric's sales surged in the second quarter, why did it still lose 19.5 million?

【ITBEAR】According to news on August 13, Niu Electric recently released its second quarter financial report for 2024. The data shows the company’s performance in terms of revenue and sales. According to the financial report, Maverick Electric achieved revenue of 940.5 million yuan in the second quarter, an increase of 13.5% compared to the same period last year. However, the net loss reached 24.9 million yuan, which expanded compared with the net loss of 1.9 million yuan in the same period in 2023. According to ITBEAR, without considering U.S. GAAP, Maverick Electric’s adjusted net loss in the second quarter was 19.5 million yuan, while it achieved a net profit of 14.4 million yuan in the same period in 2023. This suggests that despite revenue growth, the company's profitability is facing challenges. In terms of sales, Niu Electric’s sales of electric scooters in the second quarter were 256,162 units, a year-on-year increase of 20.8%, showing the growth of market demand. Among them, the sales volume in the Chinese market was 207,552 vehicles, a year-on-year increase of 16.2%; the international market sales were 48,610 vehicles, a year-on-year increase of 45.4%. The growth rate in the international market was particularly significant.

Store Construction

As of June 30, 2024, the number of Mavericks Electric stores in the Chinese market reached 3,124, demonstrating its extensive layout in the domestic market. At the same time, its overseas sales network also covers 52 countries and has 54 dealers. It has made significant progress in the expansion of the international market.

Listing performance

Since its establishment, it only took 4 years for Maverick Electric to successfully land on the Nasdaq. Its market value was once as high as 4 billion US dollars, and it was known as the "Tesla of two-wheeled electric vehicles" .

Recent challenges

However, last year’s full-year operating income was 2.6518 billion yuan. Affected by the decline in sales, the market prospects are facing considerable challenges.

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