Welcome to our dedicated page for Senmiao Technology news (Ticker: AIHS), a resource for investors and traders seeking the latest updates and insights on Senmiao Technology stock.
Senmiao Technology Limited (Nasdaq: AIHS) is a holding company headquartered in Chengdu, Sichuan Province, China. The company operates through two main segments: Automobile Transaction and Related Services and Online Ride-hailing Platform Services. It generates the majority of its revenue from the Automobile Transaction and Related Services segment.
Senmiao offers a wide range of services including the sale of automobiles, facilitation and services for automobile purchases and financing, management, operating leases, guarantees, and other automobile transaction services. Additionally, Senmiao operates its own online ride-hailing platform, which has become a notable player in the growing online ride-hailing market in China. The platform is operational in major cities such as Chengdu, Changsha, and Guangzhou.
Since launching its online ride-hailing platform in October 2020, Senmiao has completed over 26 million rides, including rides completed on partner platforms. The company partners with top-tier platforms like Gaode, utilizing a model where orders from these partner platforms are completed by Senmiao's network of drivers. Senmiao earns commissions based on the value of each completed order.
In recent developments, Senmiao has signed various strategic cooperation agreements to bolster its capabilities and expand its market reach. These partnerships include collaborations with companies like Zhongfu Wuyou, Heilongjiang Kunrui Financing Guarantee, Sichuan Xingyuan Ronghe New Energy, and Anhui Lianma Technology. These agreements aim to enhance Senmiao's operational support, driver management, and financial services, while also exploring new technologies like AI-driven applications to improve user experience.
Financially, Senmiao reported revenues of $1.8 million in Q2 2024, with notable improvements in gross profit and reduced operational losses. The company continues to focus on cost-cutting measures and increasing efficiency, aiming to sustain its financial health amid increased competition and regulatory checks.
Senmiao's commitment to compliance and service quality has been recognized with a Triple-A rating in Changsha for its service quality and reputation in the ride-hailing industry. Moreover, Senmiao recently regained compliance with the Nasdaq minimum bid price listing requirement, ensuring its continued presence on the Nasdaq stock exchange.
Senmiao Technology Limited (NASDAQ: AIHS) reported a strong fiscal 2023 Q1, ending June 30, 2022, with total revenues rising to $2.3 million from $0.4 million year-over-year. The company achieved a net income of $0.2 million, reversing a $6.2 million loss in the same period last year. The growth was driven by increased online ride-hailing and automobile rental services. Gross profit was $0.5 million, compared to a loss of $1.9 million previously. As of June 30, 2022, cash and cash equivalents stood at $1.9 million.
Senmiao Technology Limited (Nasdaq: AIHS) reported an increase in operating metrics for its ride-hailing platform for July 2022. The company completed over 0.97 million orders, a 5.6% rise from June 2022. Since launching in October 2020, approximately 18.3 million rides have been completed. The number of active drivers increased to 5,928, up by 1.1% from the previous month. This progress signals a positive trend in Senmiao's operational performance as it continues to expand its footprint in China's online ride-hailing market.
Senmiao Technology Limited (Nasdaq: AIHS), based in Chengdu, China, reported its operating metrics for June 2022. The company completed over 0.92 million orders, down 1.7% from May 2022. Cumulative rides since launching its platform in October 2020 reached approximately 17.7 million. Active drivers decreased to 5,862, a decline of 2.1% from the previous month. The metrics include orders from partnerships with major platforms, including Meituan, Xiehua, and Anma.
Senmiao Technology Limited (Nasdaq: AIHS) reported financial results for the fiscal year ending March 31, 2022, highlighting total revenues of $4.9 million, a remarkable 124.5% increase from the previous year's $2.2 million. The company experienced a net loss from continuing operations of $5.6 million, improved from $7.5 million in the prior year. The online ride-hailing platform has facilitated 20 million rides and expanded its automobile lease business, increasing rental income by 666%. Despite challenges, management is optimistic about future growth.
Senmiao Technology Limited (Nasdaq: AIHS) has launched its online ride-hailing platform in Harbin, Heilongjiang Province, expanding its reach to 21 cities in China. This new service, launched on June 30, 2022, caters to Harbin's 9.9 million residents, enhancing Senmiao's presence in Northeast China. The company aims to strengthen its partnership with Gaode Map, increasing opportunities for business growth. Chairman Xi Wen stated this launch is expected to improve cash flow in upcoming quarters, reflecting Senmiao's strategic expansion efforts.
Senmiao Technology Limited (Nasdaq: AIHS) has officially launched its proprietary online ride-hailing platform in Guiyang, the capital of Guizhou Province, as of June 14, 2022. Since its launch, the platform has successfully completed over 2,300 rides. This addition marks a significant expansion, bringing Senmiao's services to 20 cities across China. Guiyang, with a population of approximately 6.1 million, is acknowledged as a key city in Southwest China, presenting substantial growth opportunities for Senmiao as they anticipate further launches in other major cities.
Senmiao Technology Limited (Nasdaq: AIHS) reported a 7.8% increase in completed ride-hailing orders for May 2022, totaling over 0.93 million orders. Since the platform's launch in October 2020, it has completed more than 17 million rides. The partnership with Meituan contributed over 4.3 million rides. Despite this growth, the number of active drivers decreased by 1.7% to 5,989. The company also expanded its partnerships to include two new platforms in Chengdu, resulting in an additional 214,700 rides completed.
Senmiao Technology Limited (Nasdaq: AIHS) has partnered with Alibaba affiliates Zhejiang Feizhu Network Technology and Hangzhou Taomei Airline Service to provide ride-hailing services on the Fliggy platform. This cooperation, operational in seven Chinese cities, has already completed over 400 orders since mid-March 2022. The partnership allows Senmiao to earn commissions on completed rides, enhancing its business model in the growing online ride-hailing market. The company anticipates expansion of this service to additional cities in the future.
Senmiao Technology Limited (Nasdaq: AIHS) announced a partnership between its subsidiary XXTX and Trip.com Group Limited (Nasdaq: TCOM) on May 20, 2022. This collaboration will enable XXTX to provide online ride-hailing services to Trip.com's customers in key Chinese cities including Chengdu, Guangzhou, and Changsha. The agreement allows access to Trip.com's platforms for booking services like airport pickups and chartered rides. This initiative is expected to expand to more cities in the future, showcasing Senmiao's capabilities in the online ride-hailing market.
Senmiao Technology Limited (Nasdaq: AIHS) reported its operating metrics for April 2022, highlighting a decrease in completed ride-hailing orders to approximately 0.9 million from over 1.0 million in March 2022. This decline was attributed to a resurgence of COVID-19 cases leading to travel restrictions in Chengdu. Despite this, the company has partnered with two new online platforms, Xiehua and Anma, which collectively completed about 75,500 rides. As of April, the number of active drivers decreased to 6,095, down 14% from March.
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