Senmiao Technology Reports Fiscal 2024 First Quarter Financial … – PR Newswire

CHENGDU, China, Aug. 14, 2023 /PRNewswire/ — Senmiao Technology Restricted (“Senmiao”) (Nasdaq: AIHS), a financing and servicing corporate centered at the on-line ride-hailing trade in China, in addition to an operator of its personal on-line ride-hailing platform, nowadays introduced monetary effects for its fiscal 2024 first quarter ended June 30, 2023.

Fiscal 2024 First Quarter Financial and Running Highlights

• General revenues of $2.1 million, in comparison to $2.3 million within the prior-year length, basically because of decrease revenues from on-line ride-hailing platform products and services because of higher pageant.
• From October 23, 2020, the date Senmiao introduced its on-line ride-hailing platform, to June 30, 2023, roughly 31.9 million rides have been finished (together with orders finished at the platform operated by means of Senmiao and on spouse platforms), with fares paid by means of riders totaling $103.1 million. As of August 14, 2023, Senmiao has operations in 26 towns in China, together with Chengdu, Changsha and Guangzhou.
• Loss from operations narrowed to $0.8 million, from $1.4 million within the prior-year length.
• Web loss used to be $0.4 million, in comparison to web source of revenue of $0.2 million within the prior-year length, basically because of a $1.3 million lower in exchange in honest price of spinoff liabilities.

Control Remark

Xi Wen, Chairman, Leader Govt Officer and President of Senmiao, mentioned, “We have been happy to have accomplished solid revenues for the primary quarter of fiscal yr 2024 ended June 30, 2023, regardless of higher pageant within the on-line ride-hailing marketplace within the primary towns during which we perform. Because of our strategic determination to make use of extra NEVs, we effectively diminished value of products and services, and have been in a position to support gross benefit by means of 26.5% to $0.6 million. Our ongoing efforts to streamline our operations ended in a 35.2% lower in SG&A bills from the prior-year length, which is important as we paintings towards attaining sustainable profitability. Whilst our on-line ride-hailing platform products and services industry has been impacted by means of mounting pageant within the close to time period, we stay positive about our talent to seize further marketplace percentage as travelling and commuting proceed to get better in our core markets. This line of industrial enhances our different primary line of industrial, equivalent to automotive leases, and we proceed to peer a excellent quantity of hobby from drivers who wish to hire their cars from Senmiao. As of June 30, 2023, we have now helped facilitate just about 32 million rides in 26 towns the place we perform in China, and we can proceed to pursue alternatives to extend our industry via native partnerships, each in the case of scope and geography.”

Financial Evaluation

Revenues

General revenues have been $2.1 million for the fiscal first quarter ended June 30, 2023, in comparison to $2.3 million within the prior-year length. Throughout the quarter ended June 30, 2023, the auto condo industry generated running hire revenues of $1.1 million, in comparison to $0.9 million within the prior-year length, basically because of the higher reasonable usage of the rented vehicles from 60.7% to 79.8%. The web ride-hailing platform products and services industry generated revenues of $0.9 million, in comparison to $1.2 million within the prior-year length, principally because of higher marketplace pageant all over the length.

Price of Revenues

Price of revenues lowered 19.6% to $1.5 million for the fiscal first quarter ended June 30, 2023, from $1.9 million within the prior-year length, basically because of lowered prices of vehicles beneath running rentals, lowered upkeep and insurance coverage expense associated with the auto condo industry as Senmiao used extra NEVs all over the length, in addition to lowered direct expense and technical provider charges for the net ride-hailing platform products and services industry because of fewer finished orders, and lowered prices of automotive bought all over the length.

Gross Benefit

Gross benefit used to be $0.6 million for the quarter ended June 30, 2023, an build up of 26.5% from $0.5 million within the prior-year length. The rise used to be basically because of higher gross take advantage of Senmiao’s automotive condo industry, partly offset by means of lowered gross take advantage of on-line ride-hailing platform products and services.

Promoting, Normal and Administrative Bills

Promoting, basic and administrative bills lowered 35.2% to $1.2 million for the fiscal first quarter ended June 30, 2023, from $1.9 million within the prior-year length. The lower used to be principally because of the Corporate’s steady keep an eye on on prices and ongoing projects to streamline its operations, which ended in a $0.3 million lower in wage and worker get advantages bills, lowered place of business expenditures and advertising bills for the net ride-hailing platform, and different expense discounts.

Loss from Operations

Loss from operations for the fiscal first quarter ended June 30, 2023 lowered to $0.8 million, in comparison to loss from operations of $1.4 million within the prior-year length. This used to be basically because of the higher gross benefit and $0.5 million lower in general running bills.

Web Loss (Source of revenue)

Web loss for the fiscal first quarter ended June 30, 2023, used to be $0.4 million, in comparison to web source of revenue of $0.2 million within the prior-year length, basically because of a $1.3 million lower in exchange in honest price of spinoff liabilities.

Loss (Income) according to Percentage

Loss according to diluted percentage for the fiscal first quarter ended June 30, 2023, used to be roughly $0.05 according to a weighted reasonable choice of fundamental and diluted commonplace inventory of seven.9 million, in comparison to profits according to diluted percentage of roughly $0.05 according to a weighted reasonable choice of fundamental and diluted commonplace inventory of 6.3 million within the prior-year length.

Financial Place

As of June 30, 2023, Senmiao had coins and coins equivalents of $1.2 million, in comparison to $1.6 million as of March 31, 2023. General stockholders’ fairness used to be $3.5 million as of June 30, 2023, in comparison to $4.4 million as of March 31, 2023.

More information referring to Senmiao’s result of operations for this quarterly length may also be present in Senmiao’s Quarterly Record on Shape 10-Q for the quarter ended June 30, 2023, to be filed with the Securities and Alternate Fee at the date of this profits free up.

About Senmiao Technology Restricted

Headquartered in Chengdu, Sichuan Province, Senmiao supplies automotive transaction and comparable products and services together with gross sales of vehicles, facilitation and products and services for automotive purchases and financing, control, running rentals, promises and different automotive transaction products and services, in addition to operates its personal ride-hailing platform aimed basically on the rising on-line ride-hailing marketplace in Senmiao’s spaces of operation in China. For more info about Senmiao, please consult with: http://www.senmiaotech.com. Senmiao mechanically supplies vital updates on its web page.

Cautionary Observe Referring to Ahead-Having a look Statements 

This press free up comprises forward-looking statements as outlined by means of the Non-public Securities Litigation Reform Act of 1995. Those forward-looking statements (together with the ones in terms of the operation of Senmiao’s ride-hailing platform) are matter to vital dangers, uncertainties and assumptions, together with the ones detailed once in a while within the Senmiao’s filings with the SEC, and constitute Senmiao’s perspectives most effective as of the date they’re made and will have to now not be relied upon as representing Senmiao’s perspectives as of any next date. Senmiao undertakes no legal responsibility to publicly revise any forward-looking statements to mirror adjustments in occasions or instances. 

For more info, please touch:

On the Corporate:
Yiye Zhou
E-mail: [email protected]
Telephone: +86 28 6155 4399

Investor Family members:
The Fairness Crew Inc.                                                                      In China
Carolyne Sohn, Vice President                                                        Lucy Ma, Affiliate
+1 408-538-4577                                                                             +86 10 5661 7012
[email protected]                                                                       [email protected] 

Alice Zhang, Affiliate
+1 212-836-9610
[email protected]

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SOURCE Senmiao Technology Restricted