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

CTOnews.com August 14 news, Mavericks Electric today released its results for the second quarter of 2023, which ended June 30. Revenue of Mavericks Electric in the second quarter was 828.8 million yuan, up 0.1 per cent from a year earlier, according to the financial report.

The net loss in the second quarter was 1.9 million yuan, compared with a net profit of 14.4 million yuan in the same period last year. Without non-GAAP, the adjusted net profit was 14.4 million yuan, compared with 31.2 million yuan in the same period last year. The main financial statements attached to CTOnews.com are as follows:

Second quarter operating results: sales of electric scooters were 211996, an increase of 1.5 per cent compared with the same period last year.

Of this total, sales of electric scooters in China were 178567, down 1.0% compared with the same period last year.

Sales of electric scooters in the international market were 33429, an increase of 17.1% compared with the same period last year.

As of June 30, the number of specialty stores in China had reached 2844.

The overseas sales network has expanded to 55 dealers, covering 53 countries.

Financial results for the second quarter: revenue was 828.8 million yuan, an increase of 0.1% over the same period last year.

Among them, the revenue of electric scooters in the domestic market was 638.7 million yuan, an increase of 7.1% over the same period last year, accounting for 84.8% of the total revenue of electric scooters. The revenue of electric scooters in the international market was 114.7 million yuan, down 21.6% from the same period last year, accounting for 15.2% of the total revenue of electric scooters.

The cost of revenue was 637.3 million yuan, down 3.4 per cent compared with the same period last year.

The gross profit margin was 23.1%, compared with 20.3% in the same period last year.

Operating expenses were 198.8 million yuan, an increase of 14.9% compared with the same period last year.

The net loss was 1.9 million yuan, compared with a net profit of 14.4 million yuan in the same period last year. The net loss rate was 0.2%, compared with 1.7% in the same period last year.

Without non-GAAP, the adjusted net profit was 14.4 million yuan, compared with 31.2 million yuan in the same period last year. The net profit margin was 1.7 per cent, compared with 3.8 per cent in the same period last year.

The basic and diluted net losses per American depositary share (ADS) were both 0.02 yuan ($0.00).

Balance sheet: as of June 30, 2023, the total value of cash, term deposits and short-term investments held by Mavericks Electric is 1.0222 billion yuan, restricted cash 109.7 million yuan, and short-term bank loans 41.4 million yuan.

Performance outlook: Mavericks Electric expects revenue of 1.153 billion yuan to 1.326 billion yuan in the third quarter of 2023, an increase of 0% to 15% compared with the same period last year.

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