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, toDecember 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 ofFebruary 9, 2024 , Senmiao has operations in 26 cities inChina , includingChengdu ,Changsha andGuangzhou .
Management Commentary
Financial Review
Revenues
Total revenues were
Cost of Revenues
Cost of revenues decreased 22.9% to
Gross Profit
Gross profit was $0.4 million for the fiscal third quarter ended December 31, 2023, an increase of 128.5% from
Selling, General and Administrative Expenses
Selling, general and administrative expenses decreased 24.0% to
Loss from Operations
Loss from operations for the fiscal third quarter ended
Net Loss
Net loss for the fiscal third quarter ended
Loss per Share
Loss per diluted share for the fiscal third quarter ended
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
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
About Senmiao Technology Limited
Headquartered in
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:
Email: edom333@ihongsen.com
Phone: +86 28 6155 4399
Investor Relations:
The Equity Group Inc. In
+1 408-538-4577 +86 10 5661 7012
csohn@equityny.com lma@equityny.com
+1 212-836-9610
azhang@equityny.com
© 2024 Senmiao Technology Ltd. All rights reserved.
SENMIAO TECHNOLOGY LIMITED | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(Expressed in | ||||||
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 | ||||||
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 | 234,364 | 269,386 | ||||
Stockholders' equity | ||||||
Common stock (par value | 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 | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
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 | (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 | |||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||
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 | 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 | ||||||||
For the Nine Months Ended | ||||||||
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) | ||||||
(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) | ||||||
(194,523) | (101,372) | |||||||
SENMIAO TECHNOLOGY LIMITED | ||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) | ||||||||
(Expressed in | ||||||||
For the Nine Months Ended | ||||||||
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 | $ | ” | $ | 1,533 |
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SOURCE Senmiao Technology Limited