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Mar 31, 2022
Senmiao Technology Q4 2022 Earnings Report
Reported fiscal year-end financial results, reflecting the deconsolidation of financial figures of former variable interest entities.
Key Takeaways
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.
Total revenues increased by 124.5% year-over-year, reaching $4.9 million.
Operating lease revenues from automobile rentals increased to $1.7 million.
Online ride-hailing platform services revenue increased by 195.1% to $2.7 million.
Net loss from continuing operations was $5.6 million.
Forward Guidance
Senmiao plans to provide product solutions to increase the number of automobiles for operating leases and will focus on becoming a leading financing and servicing company in the online ride-hailing market in China.
Positive Outlook
- Company is in a strong position to continue growing its online ride-hailing platform.
- Replicable model of offering a flexible automobile rental option has been well received by online ride-hailing drivers.
- Company plans to provide a series of product solutions to increase the number of automobiles for operating leases.
- Senmiao will remain focused on becoming a leading financing and servicing company.
- Senmiao aims to be a significant player in the online ride-hailing market in China.
Historical Earnings Impact
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