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Sep 30, 2021
Senmiao Technology Q2 2022 Earnings Report
Announced fiscal 2022 second quarter financial results, showing increased revenue and narrowed losses.
Key Takeaways
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.
Total revenues increased by 105% to $2.9 million compared to the prior-year period.
Operating lease revenues from automobile rentals increased by $1.2 million.
Online ride-hailing platform services contributed $0.6 million in revenue.
Net loss improved to $0.1 million, compared to a net loss of $2.6 million in the prior-year period.
Revenue by Segment
Forward Guidance
Senmiao expects automobile rentals to continue to make up the majority of revenues in the near term and is optimistic that the online ride-hailing platform services business will begin to make more significant contributions in the periods to come. The company looks forward to deepening relationships with major partners by expanding into additional markets and gaining market share in existing markets.
Positive Outlook
- Automobile rentals will continue to make up the majority of revenues in the near term.
- Online ride-hailing platform services business will begin to make more significant contributions in the periods to come.
- Deepening relationships with major partners by expanding into additional markets.
- Gaining market share in existing markets.
- Senmiao's platform is now available in 10 cities across China.
Challenges Ahead
- Intense competition in the online ride-hailing market in Chengdu and Changsha since 2020.
- Senmiao has focused on operating leases to mitigate the impact of the return of automobiles by a substantial number of drivers
Revenue & Expenses
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