Shulou(Shulou.com)11/24 Report--

Beijing time on the afternoon of March 20 news, Mavericks Electric today released the fourth quarter of 2022 as of December 31 and full-year results. Revenue of Mavericks Electric in the fourth quarter was 612.3 million yuan, down 37.9 percent from the same period in 2021, according to the financial report. The net loss was 37.1 million yuan, compared with a net profit of 47.6 million yuan for the same period in 2021. Without Non-GAAP, the adjusted net loss was 26.2 million yuan, compared with a net profit of 60.2 million yuan in the same period in 2021.

For the whole of 2022, Mavericks Electric's revenue was 3.1686 billion yuan, down 14.5% from 2021. The net loss was 49.5 million yuan, compared with a net profit of 225.8 million yuan in 2021. Without Non-GAAP, the net profit is 8.8 million yuan, compared with 273 million yuan in 2021.

Fourth quarter operating results: sales of electric scooters were 138279, down 41.9 per cent compared with the same period in 2021.

Of this total, sales of electric scooters in China were 118065, down 42.5 per cent compared with the same period in 2021. Sales of electric scooters in the international market were 20214, down 38.7% compared with the same period in 2021.

The number of specialty stores in China has reached 3102. Overseas sales network reached 42 dealers, covering 52 countries.

Fourth quarter financial results: revenue was 612.3 million yuan, down 37.9% compared with the same period in 2021.

Among them, the revenue of electric scooters in the domestic market was 446.7 million yuan, down 34.6% from the same period last year, accounting for 83.7% of the total revenue of electric scooters. The revenue of electric scooters in the international market was 86.7 million yuan, down 54.2% from the same period last year, accounting for 16.3% of the total revenue of electric scooters.

Revenue cost was 474.7 million yuan, down 37.8% compared with the same period in 2021.

The gross profit margin was 22.2%, compared with 22.6% for the same period in 2021.

Operating expenses were 195.6 million yuan, an increase of 3.8% compared with the same period in 2021. Of this total, R & D expenditure was 40.3 million yuan, down 10.4% compared with 45 million yuan in the same period in 2021.

The net loss was 37.1 million yuan, compared with a net profit of 47.6 million yuan for the same period in 2021. The net loss rate was 6.1%, compared with 4.8% net profit for the same period in 2021.

Without Non-GAAP, the adjusted net loss was 26.2 million yuan, compared with a net profit of 60.2 million yuan in the same period in 2021. The net loss rate was 4.3%, compared with a net profit margin of 6.1% for the same period in 2021.

The basic and diluted net losses per American depositary share (ADS) were both .48 yuan ($0.07).

Annual results in 2022: revenue was 3.1686 billion yuan, down 14.5% from 2021.

Revenue cost was 2.4989 billion yuan, down 13.6% from 2021.

The gross profit margin was 21.1%, compared with 21.9% in 2021.

Operating expenditure was 775.3 million yuan, an increase of 27.3% compared with 609 million yuan in 2021. Without Non-GAAP, operating expenses were 718.4 million yuan, an increase of 27.7 percent over 2021.

The net loss was 49.5 million yuan, compared with a net profit of 225.8 million yuan in 2021.

Without Non-GAAP, the net profit is 8.8 million yuan, compared with 273 million yuan in 2021.

The basic and diluted net loss per American depositary share (ADS) was 64 yuan ($0.09).

Balance sheet: as of December 31, 2022, the total value of cash, term deposits and short-term investments held by Mavericks Electric is 923.3 million yuan. In addition, Mavericks Electric also has 186.3 million yuan in restricted cash and 160 million yuan in short-term bank loans.

Performance outlook: Mavericks Electric expects revenue of 403 million to 489 million yuan in the first quarter of 2023, down 15 to 30 percent compared with the same period in 2021. For the whole of 2023, sales of electric scooters will reach 1 million to 1.2 million, up 20 to 45 per cent from a year earlier.

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