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Senmiao Technology Reports Fiscal 2024 Third Quarter Financial Results

文章來源 : PR Newswire 美通社 發表時間 : 瀏覽次數 : 272 加入收藏 :

CHENGDU, China, Feb. 12, 2024 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (Nasdaq: AIHS), a financing and servicing company focused on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced financial results for its fiscal 2024 third quarter ended December 31, 2023.

Fiscal 2024 Third Quarter Financial and Operating Highlights

  • Total revenues of $1.6 million compared to $1.7 million in the prior-year period, primarily due to decreased revenues from online ride-hailing platform services, which was partially offset by increased revenues from the automobile rental business.
  • Loss from operations narrowed to $1.1 million, from $1.3 million in the prior-year period.
  • Net loss was $0.9 million, compared to $1.0 million in the prior-year period.
  • From October 23, 2020, the date Senmiao launched its online ride-hailing platform, to December 31, 2023, more than 35.4 million rides were completed (including orders completed on the platform operated by Senmiao and on partner platforms), with fares paid by riders totaling $114.0 million. As of February 9, 2024, Senmiao has operations in 26 cities in China, including Chengdu, Changsha and Guangzhou.

Management Commentary

Xi Wen, Chairman, Chief Executive Officer and President of Senmiao, stated, "We were pleased to see continued strength in our automobile rental business, which enabled us to achieve a significant gross margin increase and improved bottom-line results for the fiscal 2024 third quarter. While the online ride-hailing platform services business recorded decreased revenues due to increased competition and compliance checks in a couple of our key markets, we are optimistic about our ability to grow the number of completed orders and improving overall operating efficiency through our recently announced partnership with Anhui Lianma Technology Co., Ltd., a company with extensive experience in online ride-hailing platform operation in multiple cities in China. We more than doubled gross profit during the period as a result of increased revenue contributions from the automobile leasing business, and our ongoing cost-cutting initiatives have resulted in a 24.0% decrease in SG&A expenses, all of which led to a significantly improved bottom line. As we look to continue improving our operating and financial performance, we also continue to seek and assess business opportunities that will serve as catalysts for Senmiao's business growth."

Financial Review

Revenues

Total revenues were $1.6 million for the fiscal third quarter ended December 31, 2023, compared to $1.7 million in the prior-year period. During the quarter ended December 31, 2023, the automobile rental business generated operating lease revenues of $1.0 million, a 27.0% increase from $0.8 million in the prior-year period, primarily due to increased average utilization of automobiles under operating lease growing from 42.9% to 80.6%. The online ride-hailing platform services business generated revenues of $0.5 million, compared to $0.8 million in the prior-year period. The decrease was mainly due to fewer completed orders as a result of increased competition and compliance checks conducted by our platform partner Gaode in Chengdu, one of Senmiao's major markets, during the period.

Cost of Revenues

Cost of revenues decreased 22.9% to $1.2 million for the fiscal third quarter ended December 31, 2023, from approximately $1.6 million in the prior-year period, primarily due to a $0.2 million decrease in maintenance and insurance expense related to the automobile rental business as Senmiao used more NEVs during the period, and a $0.1 million decrease in direct expense and technical service fees for the online ride-hailing platform services business as a result of fewer completed orders.

Gross Profit

Gross profit was $0.4 million for the fiscal third quarter ended December 31, 2023, an increase of 128.5% from $0.2 million in the prior-year period, primarily due to increased gross profit from Senmiao's automobile rental business, partially offset by decreased gross profit from online ride-hailing platform services and other services.

Selling, General and Administrative Expenses

Selling, general and administrative expenses decreased 24.0% to $1.1 million for the fiscal third quarter ended December 31, 2023, from $1.4 million in the prior-year period, which was mainly attributable to the Company's ongoing cost control efforts and initiatives to streamline its operations, which resulted in a $0.2 million decrease in salary and employee benefit expenses and a $0.2 million decrease in office rental and insurance charges.

Loss from Operations

Loss from operations for the fiscal third quarter ended December 31, 2023, narrowed to $1.1 million, from loss from operations of $1.3 million in the prior-year period. This was primarily due to decreased cost of revenues.

Net Loss

Net loss for the fiscal third quarter ended December 31, 2023, was $0.9 million, compared to $1.0 million in the prior-year period.

Loss per Share

Loss per diluted share for the fiscal third quarter ended December 31, 2023, was approximately $0.10 based on a weighted average number of basic and diluted common stock of 9.4 million, compared to loss per diluted share of approximately $0.13 based on a weighted average number of basic and diluted common stock of 7.7 million in the prior-year period.

Financial Position

As of December 31, 2023, Senmiao had cash and cash equivalents of $1.1 million, compared to $1.6 million as of March 31, 2023. Total stockholders' equity was $2.2 million as of December 31, 2023, compared to $4.4 million as of March 31, 2023.

Additional information regarding Senmiao's results of operations for this quarterly period can be found in Senmiao's Quarterly Report on Form 10-Q for the quarter ended December 31, 2023, to be filed with the Securities and Exchange Commission on the date of this earnings release.

About Senmiao Technology Limited

Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchases and financing, management, operating leases, guarantees and other automobile transaction services, as well as operates its own ride-hailing platform aimed principally at the growing online ride-hailing market in Senmiao's areas of operation in China. For more information about Senmiao, please visit: http://www.senmiaotech.com. Senmiao routinely provides important updates on its website.

Cautionary Note Regarding Forward-Looking Statements 

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements (including those relating to the operation of Senmiao's ride-hailing platform) are subject to significant risks, uncertainties and assumptions, including those detailed from time to time in the Senmiao's filings with the SEC, and represent Senmiao's views only as of the date they are made and should not be relied upon as representing Senmiao's views as of any subsequent date. Senmiao undertakes no obligation to publicly revise any forward-looking statements to reflect changes in events or circumstances. 

For more information, please contact:

At the Company:

Yiye Zhou
Email: edom333@ihongsen.com
Phone: +86 28 6155 4399

Investor Relations:

The Equity Group Inc.                                                                      In China
Carolyne Sohn, Vice President                                                        Lucy Ma, Associate
+1 408-538-4577                                                                             +86 10 5661 7012
csohn@equityny.com                                                                       lma@equityny.com 

Alice Zhang, Associate
+1 212-836-9610
azhang@equityny.com

© 2024 Senmiao Technology Ltd. All rights reserved.

 

 SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Expressed in U.S. dollars, except for the number of shares)





December 31,


March 31,



2023


2023



(Unaudited)



ASSETS





Current assets





Cash and cash equivalents


$

1,064,822


$

1,610,090

Restricted cash



2,375



-

Accounts receivable



50,820



158,435

Accounts receivable, a related party



5,493



6,312

Inventories



-



6,678

Finance lease receivables, current portion



150,394



146,114

Prepayments, other receivables and other assets, net



1,256,431



1,438,243

Due from related parties, net, current portion



2,512,079



1,488,914

Total current assets



5,042,414



4,854,786








Property and equipment, net



2,959,653



3,343,457








Other assets







Operating lease right-of-use assets, net



90,982



121,672

Operating lease right-of-use assets, net, related parties                                                                             



325,101



92,916

Financing lease right-of-use assets, net



421,645



623,714

Intangible assets, net



636,017



774,324

Finance lease receivable, non-current



86,184



71,133

Due from a related party, net, non-current



1,922,441



3,640,206

Other non-current assets



650,713



716,407

Total other assets



4,133,083



6,040,372








Total assets


$

12,135,150


$

14,238,615








LIABILITIES, MEZZANNIE EQUITY AND EQUITY







Current liabilities







Borrowings from a financial institution, current


$

144,871


$

8,813

Accounts payable



165,839



183,645

Advances from customers



139,732



148,188

Accrued expenses and other liabilities



3,846,364



3,377,507

Due to a related party



386



8,667

Operating lease liabilities



33,840



60,878

Operating lease liabilities - related parties



319,323



143,462

Financing lease liabilities



204,069



264,052

Derivative liabilities



91,755



501,782

Current liabilities - discontinued operations



471,868



487,829

Total current liabilities



5,418,047



5,184,823

 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(Expressed in U.S. dollars, except for the number of shares)




December 31,


March 31,



2023


2023



(Unaudited)



Other liabilities







Borrowings from a financial institution, non-current



108,653



-

Operating lease liabilities, non-current



51,568



83,485

Operating lease liabilities, non-current - related parties



161,375



42,247

Financing lease liabilities, non-current



253,872



388,064

Deferred tax liability



41,525



42,930

Total other liabilities



616,993



556,726








Total liabilities



6,035,040



5,741,549








Commitments and contingencies (Note 19)














Mezzanine Equity







Series A convertible preferred stock (par value $1,000 per share, 5,000 shares authorized; 991 and
1,641 shares issued and outstanding at December 31, 2023 and March 31, 2023, respectively)



234,364



269,386








Stockholders' equity







Common stock (par value $0.0001 per share, 500,000,000 shares authorized; 9,568,040 and 7,743,040
shares issued and outstanding at December 31, 2023 and March 31, 2023, respectively)



956



773

Additional paid-in capital



43,834,973



43,355,834

Accumulated deficit



(40,003,077)



(37,715,294

Accumulated other comprehensive loss



(1,593,976)



(1,247,099

Total Senmiao Technology Limited stockholders' equity



2,238,876



4,394,214








Non-controlling interests



3,626,870



3,833,466








Total equity



5,865,746



8,227,680








Total liabilities, mezzanine equity and equity


$

12,135,150


$

14,238,615

 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Expressed in U.S. dollars, except for the number of shares)




For the Three Months Ended December 31,



For the Nine Months Ended December 31,




2023



2022



2023



2022




(Unaudited)



(Unaudited)



(Unaudited)



(Unaudited)


Revenues













Revenues


$

1,611,277



$

1,710,172



$

5,510,795



$

6,000,597


Revenues, a related party



7,133




30,748




29,280




323,321


Total revenues



1,618,410




1,740,920




5,540,075




6,323,918



















Cost of revenues

















Cost of revenues



(1,119,869)




(1,372,916)




(3,693,139)




(5,038,614)


Cost of revenues, a related party



(80,973)




(185,254)




(473,317)




(333,756)


Total cost of revenues



(1,200,842)




(1,558,170)




(4,166,456)




(5,372,370)



















Gross profit



417,568




182,750




1,373,619




951,548



















Operating expenses

















Selling, general and administrative expenses



(1,052,975)




(1,385,580)




(3,398,997)




(4,832,658)


Provision for credit losses



-




(126,546)




(680,396)




(470,982)


Impairments of inventories



-




-




-




(3,085)


Stock-based compensation



(444,300)




-




(444,300)




-


Total operating expenses



(1,497,275)




(1,512,126)




(4,523,693)




(5,306,725)



















Loss from operations



(1,079,707)




(1,329,376)




(3,150,074)




(4,355,177)



















Other income (expense)

















Other income, net



154,234




320,151




251,037




807,276


Interest expense



(7,852)




(6,975)




(10,610)




(6,975)


Interest expense on finance leases



(6,791)




(626)




(23,107)




(8,927)


Change in fair value of derivative liabilities



46,188




30,557




410,027




1,641,650


Total other income, net



185,779




343,107




627,347




2,433,024



















Loss before income taxes



(893,928)




(986,269)




(2,522,727)




(1,922,153)



















Income tax expense



-




-




-




-



















Net Loss



(893,928)




(986,269)




(2,522,727)




(1,922,153)



















Net loss (income) attributable to non-controlling interests from
operations



(40,070)




14,928




234,944




200,175



















Net loss attributable to the Company's stockholders


$

(933,998)



$

(971,341)



$

(2,287,783)



$

(1,721,978)



















Net loss


$

(893,928)



$

(986,269)



$

(2,522,727)



$

(1,922,153)


 

SENMIAO TECHNOLOGY LIMITED

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

(Expressed in U.S. dollars, except for the number of shares)




For the Three Months Ended December 31,



For the Nine Months Ended December 31,




2023



2022



2023



2022




(Unaudited)



(Unaudited)



(Unaudited)



(Unaudited)


Other comprehensive (loss) income

















Foreign currency translation adjustment



172,393




328,208




(318,529)




(1,177,365)



















Comprehensive loss



(721,535)




(658,061)




(2,841,256)




(3,099,518)



















less: Total comprehensive loss (income) attributable to non-controlling
interests



27,449




(75,611)




(206,596)




(159,302)



















Total comprehensive loss attributable to stockholders


$

(748,984)



$

(582,450)



$

(2,634,660)



$

(2,940,216)



















Weighted average number of common stock

















Basic and diluted



9,443,312




7,689,406




8,460,676




7,016,860


Net loss per share – basic and diluted


$

(0.10)



$

(0.13)



$

(0.27)



$

(0.25)
























 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in U.S. dollars, except for the number of shares) 




For the Nine Months Ended December 31,




2023



2022




(Unaudited)



(Unaudited)


Cash Flows from Operating Activities:







Net loss


$

(2,522,727)



$

(1,922,153)


Adjustments to reconcile net loss to net cash provided by operating activities:









Depreciation and amortization of property and equipment



702,555




873,480


Stock-based compensation



444,300




-


Amortization of right-of-use assets



322,904




579,209


Amortization of intangible assets



129,531




128,538


Provision for credit losses



680,396




470,982


Impairments of inventories



-




3,085


Gain on disposal of equipment



(31,705)




(596,564)


Change in fair value of derivative liabilities



(410,027)




(1,641,650)


Change in operating assets and liabilities









Accounts receivable



43,720




177,273


Accounts receivable, a related party



608




(9,876)


Inventories



64,257




322,689


Finance lease receivables



133,988




187,695


Prepayments, other receivables and other assets



17,146




1,115,661


Accounts payable



192,279




48,108


Advances from customers



(3,577)




10,048


Accrued expenses and other liabilities



595,871




639,657


Operating lease liabilities



(53,776)




(37,872)


Operating lease liabilities - related parties



(50,994)




(99,023)


Net Cash Provided by Operating Activities



254,749




249,287











Cash Flows from Investing Activities:









Purchases of property and equipment



(643,376)




(1,213,996)


Cash received from disposal of property and equipment



102,172




1,527,550


Purchases of intangible assets



-




(26,408)


Net Cash (Used in) Provided by Investing Activities



(541,204)




287,146











Cash Flows from Financing Activities:









Borrowings from a financial institution



242,943




-


Repayments from a related party



321,229




(359,383)


Loans to related parties and affiliates



(587,307)




-


Repayments of borrowings from a financial institution



-




(111,615)


Principal payments of finance lease liabilities



(171,388)




(349,140)


Net Cash Used in Financing Activities



(194,523)




(101,372)











 

SENMIAO TECHNOLOGY LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(Expressed in U.S. dollars, except for the number of shares) 




For the Nine Months Ended December 31,




2023



2022




(Unaudited)



(Unaudited)


Effect of exchange rate changes on cash, cash equivalents and restricted cash



(61,915)




(82,673)











Net increase (decrease) in cash, cash equivalents and restricted cash



(542,893)




352,388


Cash, cash equivalents and restricted cash, beginning of the period



1,610,090




1,185,221


Cash, cash equivalents and restricted cash, end of the period



1,067,197




1,537,609











Supplemental Cash Flow Information









Cash paid for interest expense


$

10,610



$

6,975


Cash paid for income tax


$

-



$

-











Non-cash Transaction in Investing and Financing Activities









Settlement of accounts payable by a related party



86,658




-


Recognition of right-of-use assets and lease liabilities


$

-



$

917,786


Recognition of right-of-use assets and lease liabilities, related parties


$

349,532



$

118,030


Termination of right-of use assets and lease liabilities


$



$

54,546


Termination of right-of use assets and lease liabilities, related parties


$



$

252,939


Cashless exercise of November 2021 Investor warrants into common stock


$



$

1,533


 

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