Niu Technologies Announces Unaudited First Quarter 2026 Financial Results
Rhea-AI Summary
Niu Technologies (NASDAQ: NIU) reported unaudited Q1 2026 revenues of RMB 909.5 million, up 33.4% year over year. Total e-scooter sales rose 28.7% to 261,624 units, driven by 35.4% growth in China, while international units fell 32.4%.
Gross margin was 17.4%. Net loss widened to RMB 93.9 million, with adjusted net loss of RMB 88.0 million. The company held RMB 1,163.3 million in cash, term deposits and short-term investments. For Q2 2026, NIU guides revenues of RMB 1,570–1,821 million, implying 25–45% year-over-year growth.
AI-generated analysis. Not financial advice.
Positive
- Q1 2026 revenue RMB 909.5 million, up 33.4% year over year
- China e-scooter units up 35.4% YoY to 247,938
- Overall e-scooter volumes up 28.7% YoY to 261,624 units
- Gross margin slightly higher at 17.4% versus 17.3% a year ago
- Q2 2026 revenue guidance RMB 1,570–1,821 million, 25–45% YoY growth
- Cash, term deposits and short-term investments totaling RMB 1,163.3 million
Negative
- Net loss widened to RMB 93.9 million from RMB 38.8 million
- Net loss margin increased to 10.3% from 5.7% year over year
- International e-scooter units down 32.4% YoY; revenue down 15.2%
- Operating expenses up 59.7% YoY to RMB 263.6 million
- Operating expenses rose to 29.0% of revenue from 24.2%
- Foreign exchange swing drove G&A expenses up 105.8% YoY
News Market Reaction – NIU
On the day this news was published, NIU declined 14.96%, reflecting a significant negative market reaction. Argus tracked a trough of -13.8% from its starting point during tracking. Our momentum scanner triggered 36 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $37M from the company's valuation, bringing the market cap to $210.21M at that time. Trading volume was very high at 4.3x the daily average, suggesting heavy selling pressure.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
NIU’s modest pre-news move (+0.35%) contrasts with mixed peer action: NWTN up 16.81%, VLCN down 7.28%, while LVWR, LOT, and CYD are only slightly positive. No broad auto-manufacturer trend is evident.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 16 | Q4/FY 2025 earnings | Negative | -11.4% | Q4 revenue and units declined with wider quarterly net loss despite better full-year. |
| Nov 17 | Q3 2025 earnings | Positive | -6.9% | Strong Q3 growth and profitability met with a negative immediate price reaction. |
| Aug 11 | Q2 2025 earnings | Positive | +1.9% | Revenue growth and return to profitability supported a modest share price gain. |
| Jul 4 | Q2 2025 sales update | Positive | +1.8% | Strong unit growth, especially in China, coincided with a positive price move. |
| May 19 | Q1 2025 earnings | Neutral | -12.3% | Mixed results, with higher revenue but margin pressure, preceded a sharp selloff. |
Across five recent earnings/sales updates, NIU saw three price moves aligned with the news tone and two divergences, including notable selloffs following strong or mixed earnings reports.
Over the past year, NIU’s earnings reports have combined strong China-led growth with ongoing net losses and volatility in international markets. Q2 and Q3 2025 showed robust revenue gains and even a return to profitability, yet shares sometimes fell, as with the Nov 17, 2025 Q3 report. Earlier, Q1 2025 delivered 35.1% revenue growth but still produced a net loss and a negative price reaction. Today’s Q1 2026 results continue the pattern of solid top-line growth alongside persistent losses.
Historical Comparison
Over the last five earnings-related releases, NIU’s average next-day move was about -5.39%, often skewing negative even when revenue and China unit growth were strong. This history frames how investors have treated similar updates.
Recent earnings show strong China-driven growth and improving full-year losses, but quarterly results still swing between profitability and net losses amid ongoing international weakness.
Market Pulse Summary
The stock dropped -15.0% in the session following this news. The decline reflects recurring concerns seen in prior earnings cycles, where strong revenue growth still coincided with wider losses. Q1 2026 revenue of RMB 909.5 million grew 33.4% year over year, but net loss expanded to RMB 93.9 million and operating expenses climbed nearly 60%. Historical earnings events have often produced negative next-day moves, so a sharp selloff would fit a pattern of skepticism around profitability and international softness.
Key Terms
non-GAAP financial
ADS financial
AI-generated analysis. Not financial advice.
-- First Quarter Revenues of RMB 909.5 million, up
-- First Quarter Net Loss of RMB 93.9 million, compared with RMB 38.8 million in the same period of 2025
BEIJING, May 18, 2026 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU” or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced its unaudited financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Financial Highlights
- Revenues were RMB 909.5 million, an increase of
33.4% year over year - Gross margin was
17.4% , compared with17.3% in the first quarter of 2025 - Net loss was RMB 93.9 million, compared with RMB 38.8 million in the first quarter of 2025
- Adjusted net loss (non-GAAP)1 was RMB 88.0 million, compared with RMB 31.4 million in the first quarter of 2025
First Quarter 2026 Operating Highlights
- The number of e-scooters sold was 261,624, an increase of
28.7% year over year - The number of e-scooters sold in China was 247,938, an increase of
35.4% year over year - The number of e-scooters sold in the international markets was 13,686, down
32.4% year over year - The number of franchised stores in China was 4,542 as of March 31, 2026
Dr. Yan Li, Chief Executive Officer of the Company, remarked, “We continued to expand our presence among younger consumers in China, leveraging a targeted strategy featuring dual Gen Z brand ambassadors to deepen engagement. In the first quarter of 2026, we launched AI-integrated flagship models. Powered by the NIU AIOS intelligent operating system, these models highlight our industry-leading position in AI technology, delivering a seamless, smart riding ecosystem focused on safety, convenience, and personalized user experiences.”
Dr. Li continued, “Internationally, we continued to refine our market strategy. By prioritizing our electric motorcycle position and optimizing our micro-mobility footprint, we are driving the operational improvements that reinforce our foundation for sustainable, long-term growth.”
First Quarter 2026 Financial Results
Revenues reached RMB 909.5 million, representing a
| Revenues (in RMB million) | 2026 Q1 | 2025 Q1 | % change YoY | |||
| E-scooter sales from China market | 773.6 | 546.4 | + | |||
| E-scooter sales from international markets | 50.9 | 60.0 | - | |||
| E-scooter sales, sub-total | 824.5 | 606.4 | + | |||
| Accessories, spare parts and services | 85.0 | 75.6 | + | |||
| Total | 909.5 | 682.0 | + |
| Revenues per e-scooter (in RMB) | 2026 Q1 | 2025 Q1 | % change YoY | |||
| E-scooter sales from China market2 | 3,120 | 2,985 | + | |||
| E-scooter sales from international markets2 | 3,716 | 2,962 | + | |||
| Revenues per e-scooter | 3,151 | 2,983 | + | |||
| Accessories, spare parts and services3 | 325 | 371 | - | |||
| Blended revenues per e-scooter (including accessories, spare parts and services) | 3,476 | 3,354 | + | |||
- E-scooter sales revenues from China market were RMB 773.6 million, an increase of
41.6% year over year, representing93.8% of total e-scooter revenues. The increase was mainly due to a35.4% increase in sales volume and a4.5% increase in revenues per e-scooter in China market. - E-scooter sales revenues from international markets were RMB 50.9 million, a decrease of
15.2% year over year, representing6.2% of total e-scooter revenues. The decrease was mainly due to lower sales volume of kick-scooters in international markets. - Accessories, spare parts and services revenues were RMB 85.0 million, an increase of
12.5% year over year, representing9.4% of total revenues. The increase was primarily driven by higher revenues from Niu App services, as well as from accessories and spare parts sales in China market. - Revenues per e-scooter were RMB 3,151, an increase of
5.6% year over year. This increase was primarily driven by a higher sales proportion from China market, coupled with higher revenues per e-scooter in China.
Cost of revenues was RMB 751.0 million, an increase of
Gross margin was
Operating expenses were RMB 263.6 million, an increase of
- Selling and marketing expenses were RMB 179.7 million (including RMB 0.9 million of share-based compensation expenses), an increase of
56.8% from RMB 114.6 million in the first quarter of 2025, mainly due to an increase of RMB 45.9 million in advertising and promotion expenses, primarily driven by intensified marketing initiatives in China market during the Chinese New Year holiday season, RMB 8.5 million in staff costs, and RMB 8.3 million in depreciation and amortization. Selling and marketing expenses as a percentage of revenues were19.8% , compared with16.8% in the first quarter of 2025. - Research and development expenses were RMB 41.4 million (including RMB 1.9 million of share-based compensation expenses), an increase of
38.8% from RMB 29.8 million in the first quarter of 2025, mainly due to an increase of RMB 5.4 million in design and testing expenses, and RMB 4.9 million in staff costs and share-based compensation. Research and development expenses as a percentage of revenues were4.5% , compared with4.4% in the first quarter of 2025. - General and administrative expenses were RMB 42.5 million (including RMB 2.9 million of share-based compensation expenses), an increase of
105.8% from RMB 20.7 million in the first quarter of 2025, mainly attributable to an increase of RMB 28.4 million in foreign exchange losses, consisting of foreign exchange losses of RMB 19.2 million in this quarter versus foreign exchange gains of RMB 9.1 million in the first quarter of 2025. General and administrative expenses as a percentage of revenues were4.7% , compared with3.0% in the first quarter of 2025.
Operating expenses excluding share-based compensation expenses were RMB 257.8 million, an increase of
- Selling and marketing expenses excluding share-based compensation expenses were RMB 178.8 million, an increase of
58.3% year over year, representing19.7% of revenues, compared with16.6% in the first quarter of 2025. - Research and development expenses excluding share-based compensation expenses were RMB 39.5 million, an increase of
45.2% year over year, representing4.3% of revenues, compared with4.0% in the first quarter of 2025. - General and administrative expenses excluding share-based compensation expenses were RMB 39.6 million, an increase of
123.4% year over year, representing4.3% of revenues, compared with2.6% in the first quarter of 2025.
Share-based compensation expenses were RMB 5.9 million, compared with RMB 7.5 million in the same period of 2025.
Income tax benefit was RMB 6.4 million, compared with RMB 2.2 million in the same period of 2025.
Net loss was RMB 93.9 million, compared with RMB 38.8 million in the first quarter of 2025. The net loss margin was
Adjusted net loss (non-GAAP) was RMB 88.0 million, compared with RMB 31.4 million in the first quarter of 2025. The adjusted net loss margin4 was
Basic and diluted net loss per ADS were both RMB 1.16 (US
Balance Sheet
As of March 31, 2026, the Company had cash and cash equivalents, term deposits and short-term investments of RMB 1,163.3 million in aggregate. The Company had restricted cash of RMB 211.0 million and short-term bank borrowings of RMB 230.0 million.
Business Outlook
NIU expects revenues for the second quarter of 2026 to be in the range of RMB 1,570 million to RMB 1,821 million, representing a year-over-year increase of
The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary expectations and is subject to change.
Conference Call
The Company will host an earnings conference call on Monday, May 18, 2026 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its first quarter 2026 financial and business results and provide a corporate update.
To join via phone, participants need to register in advance of the conference call using the link provided below. Upon registration, participants will receive dial-in numbers and a personal PIN, which will be used to join the conference call.
| Event: | Niu Technologies First Quarter 2026 Financial Results Conference Call |
| Registration Link: | https://register-conf.media-server.com/register/BId1e27f181619440aa4c06d4d313ba40d |
A live and archived webcast of the conference call will be available on the investor relations website at https://ir.niu.com/news-and-events/webcasts-and-presentations
About NIU
As the world’s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, mopeds, bicycles, as well as kick-scooters and e-bikes. NIU has a diversified product portfolio that caters to the various demands of our users and addresses different urban travel scenarios. Currently, NIU offers two model lineups, comprising a number of different vehicle types. These include (i) the electric motorcycle, moped and bicycle series, including the NQi, MQi, UQi, FQi series and others, and (ii) the micro-mobility series, including the kick-scooter series KQi and the e-bike series BQi. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to sell its products and provide services to users.
For more information, please visit www.niu.com.
Use of Non-GAAP Financial Measures
To supplement NIU’s consolidated financial results presented in accordance with the accounting principles generally accepted in the United States of America (“GAAP”), NIU uses the following non-GAAP financial measures: adjusted net income (loss) and adjusted net income (loss) margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. NIU believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its operating results. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to NIU’s historical performance. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.
Adjusted net income (loss) is defined as net income (loss) excluding share-based compensation expenses. Adjusted net income (loss) margin is defined as adjusted net income (loss) as a percentage of the revenues.
For more information on non-GAAP financial measures, please see the table captioned “Reconciliation of GAAP and Non-GAAP Results”.
Exchange Rate
This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB 6.8980 to US
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as NIU’s strategic and operational plans, contain forward-looking statements. NIU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIU’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIU’s strategies; NIU’s future business development, financial condition and results of operations; NIU’s ability to maintain and enhance its “NIU” brand; its ability to innovate and successfully launch new products and services; its ability to maintain and expand its offline distribution network; its ability to satisfy the mandated safety standards relating to e-scooters; its ability to secure supply of components and raw materials used in e-scooters; its ability to manufacture, launch and sell smart e-scooters meeting customer expectations; its ability to grow collaboration with operation partners; its ability to control costs associated with its operations; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIU’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and NIU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact:
Niu Technologies
E-mail: ir@niu.com
| NIU TECHNOLOGIES | |||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| As of | |||||
| December 31, | March 31, | March 31, | |||
| 2025 | 2026 | 2026 | |||
| RMB | RMB | US$ | |||
| ASSETS | |||||
| Current assets | |||||
| Cash and cash equivalents | 924,738,132 | 940,738,981 | 136,378,513 | ||
| Term deposits | 128,235,695 | 128,016,895 | 18,558,552 | ||
| Restricted cash | 210,864,000 | 211,041,700 | 30,594,622 | ||
| Short-term investments | 62,661,176 | 94,536,731 | 13,704,948 | ||
| Accounts receivable, net | 37,372,044 | 37,102,761 | 5,378,771 | ||
| Inventories | 652,579,651 | 728,237,121 | 105,572,212 | ||
| Prepayments and other current assets | 343,536,572 | 382,638,713 | 55,470,964 | ||
| Total current assets | 2,359,987,270 | 2,522,312,902 | 365,658,582 | ||
| Non-current assets | |||||
| Property, plant and equipment, net | 420,173,035 | 440,481,955 | 63,856,474 | ||
| Intangible assets, net | 776,328 | 711,355 | 103,125 | ||
| Operating lease right-of-use assets | 75,954,225 | 74,791,263 | 10,842,456 | ||
| Deferred income tax assets | 57,457,432 | 64,965,215 | 9,417,978 | ||
| Other non-current assets | 35,988,114 | 46,549,546 | 6,748,267 | ||
| Total non-current assets | 590,349,134 | 627,499,334 | 90,968,300 | ||
| Total assets | 2,950,336,404 | 3,149,812,236 | 456,626,882 | ||
| LIABILITIES | |||||
| Current liabilities | |||||
| Short-term bank borrowings | 240,000,000 | 230,000,000 | 33,342,998 | ||
| Notes payable | 394,285,714 | 515,146,575 | 74,680,570 | ||
| Accounts payable | 704,089,088 | 805,617,804 | 116,790,056 | ||
| Income taxes payable | 2,197,710 | 2,159,713 | 313,093 | ||
| Advances from customers | 182,598,444 | 232,341,609 | 33,682,460 | ||
| Deferred revenue-current | 75,148,049 | 74,706,348 | 10,830,146 | ||
| Accrued expenses and other current liabilities | 404,813,611 | 429,791,597 | 62,306,697 | ||
| Total current liabilities | 2,003,132,616 | 2,289,763,646 | 331,946,020 | ||
| Deferred revenue-non-current | 23,316,175 | 24,029,178 | 3,483,499 | ||
| Deferred income tax liabilities | 2,057,892 | 3,094,379 | 448,591 | ||
| Operating lease liabilities | 3,956,501 | 2,683,722 | 389,058 | ||
| Other non-current liabilities | 12,941,916 | 12,530,448 | 1,816,533 | ||
| Total non-current liabilities | 42,272,484 | 42,337,727 | 6,137,681 | ||
| Total liabilities | 2,045,405,100 | 2,332,101,373 | 338,083,701 | ||
| SHAREHOLDERS’ EQUITY: | |||||
| Class A ordinary shares | 91,796 | 92,293 | 13,380 | ||
| Class B ordinary shares | 9,504 | 9,504 | 1,378 | ||
| Additional paid-in capital | 2,016,533,709 | 2,022,446,660 | 293,193,195 | ||
| Accumulated other comprehensive loss | (17,990,674) | (17,203,163) | (2,493,935) | ||
| Accumulated deficit | (1,093,713,031) | (1,187,634,431) | (172,170,837) | ||
| Total shareholders’ equity | 904,931,304 | 817,710,863 | 118,543,181 | ||
| Total liabilities and shareholders’ equity | 2,950,336,404 | 3,149,812,236 | 456,626,882 | ||
| NIU TECHNOLOGIES | ||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||
| Three Months Ended March 31, | ||||
| 2025 | 2026 | |||
| RMB | RMB | US$ | ||
| Revenues | 681,988,452 | 909,524,362 | 131,853,343 | |
| Cost of revenues(a) | (563,907,241) | (750,975,863) | (108,868,638) | |
| Gross profit | 118,081,211 | 158,548,499 | 22,984,705 | |
| Operating expenses: | ||||
| Selling and marketing expenses(a) | (114,597,915) | (179,708,335) | (26,052,238) | |
| Research and development expenses(a) | (29,801,606) | (41,355,739) | (5,995,323) | |
| General and administrative expenses(a) | (20,650,614) | (42,490,711) | (6,159,860) | |
| Total operating expenses | (165,050,135) | (263,554,785) | (38,207,421) | |
| Government grants | 386,890 | 572,874 | 83,049 | |
| Operating loss | (46,582,034) | (104,433,412) | (15,139,667) | |
| Interest expenses | (1,411,322) | (1,483,612) | (215,079) | |
| Interest income | 6,893,472 | 5,522,944 | 800,659 | |
| Investment income | 7,780 | 63,529 | 9,210 | |
| Loss before income taxes | (41,092,104) | (100,330,551) | (14,544,877) | |
| Income tax benefit | 2,247,384 | 6,409,151 | 929,132 | |
| Net loss | (38,844,720) | (93,921,400) | (13,615,745) | |
| Other comprehensive income (loss) | ||||
| Foreign currency translation adjustment, net of nil income taxes | (2,995,210) | 787,511 | 114,165 | |
| Comprehensive loss | (41,839,930) | (93,133,889) | (13,501,580) | |
| Net loss per ordinary share | ||||
| —Basic | (0.24) | (0.58) | (0.08) | |
| —Diluted | (0.24) | (0.58) | (0.08) | |
| Net loss per ADS | ||||
| —Basic | (0.49) | (1.16) | (0.17) | |
| —Diluted | (0.49) | (1.16) | (0.17) | |
| Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net loss per ordinary share | ||||
| —Basic | 159,329,261 | 161,698,134 | 161,698,134 | |
| —Diluted | 159,329,261 | 161,698,134 | 161,698,134 | |
| Weighted average number of ADS outstanding used in computing net loss per ADS | ||||
| —Basic | 79,664,631 | 80,849,067 | 80,849,067 | |
| —Diluted | 79,664,631 | 80,849,067 | 80,849,067 | |
| Note: | ||||
| (a) Includes share-based compensation expenses as follows: | ||||
| Three Months Ended March 31, | ||||
| 2025 | 2026 | |||
| RMB | RMB | US$ | ||
| Cost of revenues | 253,508 | 148,380 | 21,511 | |
| Selling and marketing expenses | 1,662,077 | 927,749 | 134,495 | |
| Research and development expenses | 2,626,530 | 1,901,702 | 275,689 | |
| General and administrative expenses | 2,947,992 | 2,935,120 | 425,503 | |
| Total share-based compensation expenses | 7,490,107 | 5,912,951 | 857,198 | |
| NIU TECHNOLOGIES | ||||
| RECONCILIATION OF GAAP AND NON-GAAP RESULTS | ||||
| Three Months Ended March 31, | ||||
| 2025 | 2026 | |||
| RMB | RMB | US$ | ||
| Net loss | (38,844,720) | (93,921,400) | (13,615,745) | |
| Add: | ||||
| Share-based compensation expenses | 7,490,107 | 5,912,951 | 857,198 | |
| Adjusted net loss | (31,354,613) | (88,008,449) | (12,758,547) | |
__________________________________________
1 Adjusted net income (loss) (non-GAAP) is defined as net income (loss) excluding share-based compensation expenses
2 Revenues per e-scooter on e-scooter sales from China or international markets is defined as e-scooter sales revenues from China or international markets divided by the number of e-scooters sold in China or international markets in a specific period
3 Revenues per e-scooter on accessories, spare parts and services is defined as accessories, spare parts and services revenues divided by the total number of e-scooters sold in a specific period
4 Adjusted net income (loss) margin is defined as adjusted net income (loss) (non-GAAP) as a percentage of the revenues
