Business
Jiuzi Holdings, Inc. Reports Full Year 2021 Financial Results
HANGZHOU, China, March 15, 2022 /PRNewswire/ -- Jiuzi Holdings, Inc. (NASDAQ: JZXN; the "Company"), a new energy vehicles franchisor and retailer under the
About this update from Jiuzi Holdings, Inc.
[{"type":"text","content":"HANGZHOU, China, March 15, 2022 /PRNewswire/ -- Jiuzi Holdings, Inc. (NASDAQ: JZXN; the \"Company\"), a new energy vehicles franchisor and retailer under the brand name \"Jiuzi\" in China, today reports its fiscal year 2021 financial results ended October 31, 2021.\nFirst-Half 2021 Highlights:\nNet revenues increased by 16.15% or $1.33 million from $8.21 million for the fiscal year ended October 31, 2020 to $9.54 million for the fiscal year ended October 31, 2021.\nGross profit for new energy vehicle sales increased by 36.20% or $0.01 million from $0.03 million for the fiscal year ended October 31, 2020 to $0.04 million for the fiscal year ended October 31, 2021.\nCash, cash equivalents and restricted cash was $7.37 million as of October 31, 2021, compared to $0.76 million as of October 31, 2020.\nThe Company source New Energy Vehicles, or NEVs, through more than twenty NEV manufacturers, including BYD, Geely and Chery, as well as battery/component manufacturers such as Beijing Zhongdian Boyu, Shenzhen Jishuchongke and Youbang Electronics, which focus on manufacturing charging piles, and Guoxuan Gaoke, and Futesi in battery production.\nFor fiscal years ended October 31,\n($ millions, except per share data, differences due to rounding)\n2021\n2020\n% Change\nNet revenue\n$9.54\n$8.21\n16.15%\n Selling, general and administrative expenses\n$3.31\n$1.65\n100.74%\nIncome from operations \n$1.32\n$4.37\n(69.87%)\nNet income\n$0.78\n$3.42\n(77.27%)\nNet income per share – Basic and Diluted\n$0.04\n$0.23\n(82.61%)\n \nMr. Shuibo Zhang, CEO of JZXN commented: \"We are excited to announce results for another year of great success. Through our operating franchise stores and one company-owned store in China, we and our franchisee partners managed to maintain a high service standard and further refine our operating standards and marketing concepts together in 2021, which manifests the fundamental spirit of the \"Jiuzi brand.\"\n\"Despite the continued adverse impact of the COVID-19 pandemic, we were able to expand our revenue by 16.15% to $9.54 million, thanks to a series of business initiatives, such as the integration of new growth strategies and partnerships with industry peers. The Company is also developing a platform of customer and vehicle management system that is expected to launch next year to serve all our franchise stores and e...