Senmiao Technology Limited - AIHS STOCK NEWS

Senmiao Technology Limited (AIHS), a company focused on the online ride-hailing sector in China, reported significant growth in operating metrics for March 2023. The company completed over 0.8 million ride-hailing orders, marking a 13.3% increase from February. Since the inception of its platform in October 2020, Senmiao has achieved over 22.1 million completed rides, including partnerships with platforms like Meituan. The number of Active Drivers also rose to 7,092, up 18.7% from the previous month. The report provides insights into performance across multiple platforms, illustrating a robust demand for ride-hailing services.

On March 17, 2023, Senmiao Technology Limited (Nasdaq: AIHS) reported significant growth in its ride-hailing operations for February 2023. The company recorded over 0.7 million completed orders, marking a 28.3% increase from January 2023, as ride-hailing activities rebounded post-Lunar New Year. Since launching its platform in October 2020, Senmiao has completed over 21.6 million rides. Additionally, Active Drivers rose to 5,973 in February, a 23.7% increase from January. The report includes metrics from partnerships with Meituan and other platforms in Chengdu.

Senmiao Technology Limited (Nasdaq: AIHS) reported fiscal Q3 2023 revenues of $1.74 million, reflecting a slight increase from $1.66 million in the previous year, driven by a 53% rise in automobile rental revenues. However, online ride-hailing service revenue fell to $0.8 million from $1.0 million, impacted by COVID-19 outbreaks in key cities. The company's operational losses narrowed to $1.3 million, down from $2.5 million, due to reduced administrative expenses. Overall, net loss from continuing operations reached $1.0 million, contrasting with net income of $0.3 million last year. The company reported cash equivalents of $1.5 million as of December 31, 2022.

Senmiao Technology (Nasdaq: AIHS), a ride-hailing service operator in China, reported January 2023 metrics showing approximately 0.6 million completed orders, a decline from 0.7 million in December 2022. This decrease was attributed to seasonal factors surrounding the Lunar New Year, resulting in fewer active drivers and reduced demand. Since the launch in October 2020, Senmiao's platform has completed over 21.1 million rides. In January, the number of active drivers dropped 27.7% to 4,830 from 6,682 in December. The total fares paid by riders in January amounted to approximately $1.93 million.

Senmiao Technology Limited (Nasdaq: AIHS) reported its operating metrics for December 2022, revealing a decline in completed ride-hailing orders. The company recorded approximately 0.7 million completed orders, down from 0.8 million in November 2022, primarily due to a COVID-19 outbreak in Chengdu. Active drivers decreased to 6,682, a 4.8% decline from the previous month. Since launching its platform in October 2020, Senmiao has completed nearly 20.8 million rides. Despite the challenges, the company continues to engage with various ride-hailing platforms, maintaining partnerships that have been in place since 2021.

Senmiao Technology Limited (Nasdaq: AIHS) announced a partnership with Fire Spider Data Network to enhance its online ride-hailing platform in Changsha, China. Effective November 16, 2022, Fire Spider will act as Senmiao's franchise operating partner, focusing on expanding vehicle resources. They will pay a franchise fee and earn commissions based on operational income. This contract automatically renews annually, with termination rights for Senmiao in case of non-compliance. Chairman Xi Wen noted increased ride-hailing orders as travel restrictions ease.

Senmiao Technology Limited (Nasdaq: AIHS) announced its November 2022 operating metrics for its online ride-hailing platform, reporting approximately 0.8 million completed orders, a decline from over 0.9 million in October due to COVID-19 restrictions in key cities like Chengdu and Guangzhou. The total number of active drivers fell by approximately 7.3% to 7,019. Since launching in October 2020, Senmiao's platform has completed nearly 20.4 million rides, with significant contributions from partners like Meituan, contributing over 5.1 million rides.

Senmiao Technology Limited (Nasdaq: AIHS) announced a strategic cooperation agreement with Chongqing Huicheng Future Intelligent Electrical Co., Ltd. on December 8, 2022. This partnership aims to develop new energy vehicle (NEV) charging infrastructure across China, enhancing Senmiao's offerings in the ride-hailing market. Huicheng Future will supply equipment and consulting services at favorable prices, strengthening Senmiao's position in the NEV industry.

Chairman Xi Wen expressed optimism about expanding into the NEV sector, which aligns with prior initiatives in Guangzhou and Sichuan.

Senmiao Technology Limited (NASDAQ: AIHS) reported its fiscal Q2 2023 results, showing total revenues of $2.2 million, a significant rise from $1.1 million year-over-year. The company achieved a gross profit of $0.3 million, recovering from a gross loss of $0.4 million in the same period last year. However, Senmiao incurred a net loss of $1.2 million, contrasting with a net income of $0.7 million a year earlier. The financial results reflect increased contributions from both automobile rental and ride-hailing services, despite ongoing challenges due to pandemic restrictions.