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]

© 2023 Senmiao Technology Ltd. All rights reserved.

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Expressed in U.S. bucks, aside from for the choice of stocks)




June 30, 


March 31, 



2023


2023



(Unaudited)




ASSETS







Present belongings







Money and coins equivalents


$

1,173,795


$

1,610,090

Accounts receivable



126,760



158,435

Accounts receivable, a comparable birthday celebration



4,551



6,312

Inventories





6,678

Finance hire receivables, recent portion



136,296



146,114

Prepayment, different receivables and different belongings, web



1,375,122



1,438,243

Prepayments – a comparable birthday celebration



147,312



Due from comparable events, web, recent portion,



1,830,943



1,488,914

General recent belongings



4,794,779



4,854,786








Belongings and kit, web



3,229,848



3,343,457








Different belongings







Running hire right-of-use belongings, web



106,638



121,672

Running hire right-of-use belongings, web, comparable events



395,624



92,916

Financing hire right-of-use belongings, web



530,796



623,714

Intangible belongings, web



717,954



774,324

Finance hire receivables, non-current



92,497



71,133

Due from a comparable birthday celebration, web, non-current



3,035,085



3,640,206

Different non-current belongings



637,127



716,407

General different belongings



5,515,721



6,040,372








General belongings


$

13,540,348


$

14,238,615








LIABILITIES, MEZZANNIE EQUITY AND EQUITY







Present liabilities







Borrowings from a monetary establishment


$

2,733


$

8,813

Accounts payable



273,685



183,645

Advances from consumers



171,273



148,188

Amassed bills and different liabilities



3,597,397



3,377,507

Because of a comparable birthday celebration





8,667

Running hire liabilities



31,029



60,878

Running hire liabilities – comparable events



296,508



143,462

Financing hire liabilities



231,110



264,052

By-product liabilities



197,609



501,782

Present liabilities – discontinued operations



462,016



487,829

General recent liabilities



5,263,360



5,184,823








SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(Expressed in U.S. bucks, aside from for the choice of stocks)




June 30, 


March 31, 



2023


2023



(Unaudited)




Different liabilities







Running hire liabilities, non-current



69,680



83,485

Running hire liabilities, non-current – comparable events



235,772



42,247

Financing hire liabilities, non-current



308,484



388,064

Deferred tax legal responsibility



40,658



42,930

General different liabilities



654,594



556,726








General liabilities



5,917,954



5,741,549








Commitments and contingencies (be aware 19)














Mezzanine Fairness







Sequence A convertible most popular inventory (par price $1,000 according to percentage, 5,000 stocks approved;
  1,141 and 1,641 stocks issued and remarkable at June 30, 2023 and March 31, 2023,
  respectively)



242,447



269,386








Stockholders’ fairness







Not unusual inventory (par price $0.0001 according to percentage, 500,000,000 stocks approved; 7,993,040 and
  7,743,040 stocks issued and remarkable at June 30, 2023 and March 31, 2023, respectively)



798



773

Further paid-in capital



43,382,748



43,355,834

Collected deficit



(38,143,122)



(37,715,294)

Collected different complete loss



(1,743,236)



(1,247,099)

General Senmiao Technology Restricted stockholders’ fairness



3,497,188



4,394,214








Non-controlling pursuits



3,882,759



3,833,466








General fairness



7,379,947



8,227,680








General liabilities, mezzanine fairness and fairness


$

13,540,348


$

14,238,615

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Expressed in U.S. bucks, aside from for the choice of stocks)




 For the 3 Months Ended June 30



2023


2022



(Unaudited)


(Unaudited)

Revenues







Revenues


$

2,080,966


$

2,126,336

Revenues, a comparable birthday celebration



13,748



215,460

General revenues



2,094,714



2,341,796








Price of revenues







Price of revenues



(1,302,595)



(1,835,474)

Price of revenues, a comparable birthday celebration



(210,179)



(46,342)

General value of revenues



(1,512,774)



(1,881,816)








Gross benefit



581,940



459,980








Running bills







Promoting, basic and administrative bills



(1,243,289)



(1,919,347)

Restoration of (allowance for) credit score losses



(127,073)



21,857

Impairments of inventories





(3,085)

General running bills



(1,370,362)



(1,900,575)








Loss from operations



(788,422)



(1,440,595)








Different source of revenue (expense)







Different source of revenue, web



72,149



63,153

Hobby expense



(525)



Hobby expense on finance rentals



(8,722)



(7,148)

Alternate in honest price of spinoff liabilities



304,173



1,628,510

General different source of revenue, web



367,075



1,684,515








Source of revenue (loss) earlier than source of revenue taxes



(421,347)



243,920








Source of revenue tax expense












Web source of revenue (loss)



(421,347)



243,920








Web loss (source of revenue) because of non-controlling pursuits from operations



(6,481)



88,933








Web source of revenue (loss) because of the Corporate’s stockholders


$

(427,828)


$

332,853








Web source of revenue (loss)


$

(421,347)


$

243,920

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (CONTINUED)

(Expressed in U.S. bucks, aside from for the choice of stocks)




 For the 3 Months Ended June 30



2023


2022



(Unaudited)


(Unaudited)

Different complete loss







Foreign currencies translation adjustment



(453,325)



(785,653)








Complete loss



(874,672)



(541,733)








much less: General complete source of revenue (loss) because of noncontrolling pursuits



49,293



(90,748)








General complete loss because of stockholders


$

(923,965)


$

(450,985)








Weighted reasonable choice of commonplace inventory







Fundamental and diluted



7,891,392



6,305,252








Web profits (loss) according to percentage – fundamental and diluted


$

(0.05)


$

0.05

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in U.S. bucks, aside from for the choice of stocks) 




For the 3 Months Ended June 30,



2023


2022



(Unaudited)


(Unaudited)

Money Flows from Running Actions:







Web source of revenue (loss)


$

(421,347)


$

243,920

Changes to reconcile web source of revenue (loss) to web coins equipped by means of running
  actions:







Depreciation of belongings and kit



234,972



288,547

Amortization of right-of-use belongings



109,620



218,446

Amortization of intangible belongings



34,837



45,716

Restoration of (allowance for) credit score losses



127,073



(21,857)

Impairments of inventories





3,085

Achieve on disposal of kit



(22,665)



9,144

Alternate in honest price of spinoff liabilities



(304,173)



(1,628,510)

Alternate in running belongings and liabilities







Accounts receivable



24,083



16,836

Accounts receivable, a comparable birthday celebration



1,476



Inventories



6,540



47,478

Finance hire receivables



50,441



134,210

Prepayments, different receivables and different belongings



(11,895)



614,373

Prepayment – a comparable birthday celebration



(152,317)



Accounts payable



103,147



(11,720)

Advances from consumers



31,977



16,683

Amassed bills and different liabilities



418,687



559,610

Running hire liabilities



(37,238)



(9,137)

Running hire liabilities – comparable events



11,648



(12,685)

Web Money Supplied by means of Running Actions



204,866



514,139








Money Flows from Making an investment Actions:







Purchases of belongings and kit



(379,658)



(497)

Proceeds from gross sales of kit



49,592



25,739

Purchases of intangible belongings





(910)

Web Money Supplied by means of (Utilized in) Making an investment Actions



(330,066)



24,332

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(Expressed in U.S. bucks, aside from for the choice of stocks)




For the 3 Months Ended June 30,



2023


2022



(Unaudited)


(Unaudited)

Money Flows from Financing Actions:







Repayments to comparable events and associates



(160,850)



Borrowings from comparable events and associates





349,704

Repayments of borrowings from a monetary establishment



(5,805)



(46,520)

Primary bills of finance hire liabilities



(80,667)



(132,111)

Web Money Supplied by means of (Utilized in) Financing Actions



(247,322)



171,073








Impact of change charge adjustments on coins and coins equivalents



(63,773)



(40,427)








Web build up (lower) in coins and coins equivalents



(436,295)



669,117

Money and coins equivalents, starting of the yr



1,610,090



1,185,221

Money and coins equivalents, finish of the yr


$

1,173,795


$

1,854,338








Supplemental Money Waft Knowledge







Money paid for hobby expense


$

525


$

Non-cash Transaction in Making an investment and Financing Actions







Popularity of right-of-use belongings and hire liabilities


$

356,859


$

155,329

Popularity of right-of-use belongings and hire liabilities, comparable events


$


$

65,817

SOURCE Senmiao Technology Restricted

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