Maverick Electric's revenue in the fourth quarter of 2023 was 478.7 million yuan, a year-on-year decrease of 21.8%, with a net loss of 130 million yuan

News from this site on March 18, Xiaoniu Electric today released its financial report for the fourth quarter and full year of 2023 as of December 31. Fourth quarter revenue was 478.7 million yuan, a year-on-year decrease of 21.8% ;The net loss was 130.2 million yuan, compared with a net loss of 37.1 million yuan in the same period in the fourth quarter of 2022.

For the full year of 2023, Mavericks Electric’s revenue was 2.6518 billion yuan, down 16.3% from 2022; the net loss was 271.8 million yuan, while the net loss in 2022 was 49.5 million yuan. Non-GAAP adjusted net loss was 224.2 million yuan, compared with 2022 net profit of 8.8 million yuan.

Operation data for the fourth quarter of 2023:

• The sales volume of electric scooters was 137,476 units, A year-on-year decrease of 0.6%

• The sales volume of electric scooters in China was 110,454 units, a year-on-year decrease of 6.4%

• The number of electric scooters sold in the international market was 27,022 vehicles, a year-on-year increase of 33.7%

• As of December 31, 2023, the number of franchise stores in China is 2,856

• As of 2023 As of December 31, 2020, the international sales network expanded to 56 distributors, covering 54 countries.

Maverick Electric stated that its revenue in the fourth quarter of 2023 decreased by 21.8% year-on-year, mainly due to This was due to a 21.4% decline in revenue per electric scooter.

The table below shows the revenue breakdown and revenue per electric scooter for the periods listed:

This site noted ,Niu Electric’s sales revenue of electric scooters from the Chinese market was 355.2 million yuan, a decrease of 20.5%, accounting for 85.8% of the total revenue of electric scooters. The decrease was primarily due to lower sales of the high-end series, partially offset by increased sales and revenue of the mass-market high-end series in the Chinese market.

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