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

Beijing time on May 23 evening news, Huami Technology today released the first quarter of 2023 financial results as of March 31. Huami's first-quarter revenue was 600 million yuan ($93.9 million), down 14.8 percent year-on-year, according to the financial report. The net loss attributable to Huami was $136.7 million, compared with a net loss of $88.7 million for the same period last year. Non-GAAP adjusted net loss was $112.7 million, compared with a net loss of $75.7 million a year earlier.

First quarter results: Equipment shipments were 3.5 million units, down 5.4% from 3.7 million units a year earlier.

Revenue was 600 million yuan ($93.9 million), down 14.8% year-on-year.

Gross profit margin was 15.9%, compared with 20.1% in the same period last year.

Total operating expenses were 253.8 million yuan, down 17.5% year-on-year. Adjusted total operating expenses amounted to $229.8 million, the lowest level since 2022.

Operating loss was 150.9 million yuan, compared with an operating loss of 155.4 million yuan in the same period last year. The adjusted operating loss was $126.9 million.

The net loss attributable to Huami was $136.7 million, compared with a net loss of $88.7 million for the same period last year. Non-GAAP adjusted net loss was $112.7 million, compared with a net loss of $75.7 million a year earlier.

As of March 31, 2023, Huami had cash, cash equivalents and restricted cash of RMB 1,001.5 million (approximately USD 145.8 million), compared with RMB 1,052.9 million as of March 31, 2022.

Performance outlook: Huami expects net revenue to reach 650 million yuan to 850 million yuan in the second quarter of 2023, compared with 1.11 billion yuan in the second quarter of 2022.

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