Senmiao Technology Earnings Reports

Senmiao Technology reported a 64.5% increase in total revenues to $8.1 million for fiscal year 2023. The company's gross profit was $1.5 million, compared to a gross loss of $2.1 million in the prior fiscal year, and net losses narrowed by 32.4%.

Senmiao Technology reported a revenue increase driven by automobile rentals, offset by a decrease in revenue from online ride-hailing platform services due to COVID-19 impacts. The company reported $1.74 million in revenues, a gross profit of $0.2 million, and a net loss of $1.0 million for the quarter.

Senmiao Technology reported a strong top line growth during the second quarter of fiscal 2023, with increased revenue contributions from automobile rental and online ride-hailing platform services. Total revenues were $2.2 million, compared to $1.1 million in the prior-year period.

Senmiao Technology reported a significant increase in revenue for the first quarter of fiscal year 2023, driven by growth in automobile rental and online ride-hailing platform services. The company achieved profitability, with net income from continuing operations of $0.2 million, compared to a net loss in the prior-year period.

Senmiao Technology reported a 124.5% increase in total revenues for fiscal year 2022, driven by growth in automobile transaction and online ride-hailing platform services. However, the company experienced a gross loss due to increased cost of revenues related to these expanding businesses. Despite the revenue growth, the company reported a net loss for the year.

Senmiao Technology reported a significant increase in revenue for the fiscal third quarter ended December 31, 2021, driven by growth in automobile rental leasing and online ride-hailing platform services. The company's net loss improved compared to the prior-year period, benefiting from increased revenues and a gain from the change in fair value of derivative liabilities.

Senmiao Technology reported a 105% increase in revenue to $2.9 million for the fiscal second quarter ended September 30, 2021, driven by growth in operating lease revenues from automobile rentals and online ride-hailing platform services. The net loss improved to $0.1 million compared to $2.6 million in the prior-year period.