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Mar 31, 2023
Senmiao Technology Q4 2023 Earnings Report
Senmiao Technology's financial performance for fiscal year 2023 was reported, highlighting revenue growth and cost-cutting initiatives.
Key Takeaways
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%.
Total revenues increased by 64.5% to $8.1 million.
Gross profit reached $1.5 million, a significant improvement from the previous year's gross loss.
Net losses were reduced by 32.4% due to top-line growth and cost-cutting.
Operating lease revenues from automobile rentals more than doubled year over year.
Forward Guidance
Senmiao expects to continue expanding business partnerships, explore new markets, and strengthen its presence in key markets like Chengdu, Changsha, and Guangzhou.
Positive Outlook
- Expansion of business partnerships
- Exploration of potential new markets
- Opportunities for new partner models
- Strengthening presence in key markets
- Positive momentum from China's post-pandemic environment
Challenges Ahead
- Forward-looking statements are subject to risks and uncertainties.
- Filings with the SEC contain detailed risks and assumptions.
- Views represent Senmiao's opinions only as of the date made.
- No obligation to revise forward-looking statements.
- Reliance should not be placed on views as of any subsequent date.
Historical Earnings Impact
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