NIU Reports 33.4% Revenue Surge but Net Loss Widens to RMB 93.9 Million
First-quarter revenue rose 33.4% to RMB 909.5 million while net loss widened to RMB 93.9 million from RMB 38.8 million a year earlier. China e-scooter sales jumped 35.4% to 247,938 units, while international volume slumped 32.4% to 13,686 units.
1. Q1 Financial Performance
For the quarter ended March 31, 2026, revenue reached RMB 909.5 million, up 33.4% year-over-year, gross margin was 17.4% compared with 17.3% a year ago, and net loss expanded to RMB 93.9 million from RMB 38.8 million.
2. E-scooter Sales Breakdown
Total e-scooter shipments rose 28.7% to 261,624 units, with China shipments up 35.4% to 247,938 units and international volumes down 32.4% to 13,686 units; accessories and services revenue grew 12.5% to RMB 85.0 million.
3. Expense Trends
Operating expenses climbed 59.7% to RMB 263.6 million, driven by a 56.8% jump in selling and marketing costs to RMB 179.7 million, including higher advertising spend and staff costs.
4. Strategic Initiatives
The company launched AI-integrated flagship models featuring the NIU AIOS operating system, expanded to 4,542 franchised stores in China, and refined its international market strategy with a focus on electric motorcycles.