Business
Senmiao Technology Reports Fiscal 2023 Year-end Financial Results
CHENGDU, China, July 12, 2023 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (Nasdaq: AIHS), a financing and servicing company focused on the online
About this update from Senmiao Technology Limited
[{"type":"text","content":"CHENGDU, China, July 12, 2023 /PRNewswire/ -- Senmiao Technology Limited (\"Senmiao\") (Nasdaq: AIHS), a financing and servicing company focused on the online ride-hailing industry in China, as well as an operator of its own online ride-hailing platform, today announced financial results for the fiscal year ended March 31, 2023.\nFiscal 2023 Year-end Financial and Operating Highlights\nTotal revenues of $8.1 million from continuing operations, an increase of 64.5% from $4.9 million in the prior fiscal year, primarily as a result of increased operating lease revenues from automobile rentals and increased revenues from online ride-hailing platform services.From October 23, 2020, the date Senmiao launched its online ride-hailing platform, to March 31, 2023, approximately 29.6 million rides were completed (including orders completed on the platform operated by Senmiao and orders completed on partner platforms, such as Xiehua and Anma) with fares paid by riders totaling $95.6 million. As of July 12, 2023, Senmiao operated in 26 cities in China, including Chengdu, Changsha and Guangzhou. Net loss from continuing operations improved to $3.8 million, compared to net loss of $5.6 million in the prior fiscal year, primarily due to the Company's cost-cutting initiatives that directly resulted in significantly lower selling, general and administrative expenses.Management Commentary\nXi Wen, Chairman, Chief Executive Officer and President of Senmiao, stated, \"We were pleased with our financial performance in fiscal 2023, reporting a 64.5% increase in total revenues to $8.1 million and gross profit of $1.5 million, compared to a gross loss of $2.1 million in the prior fiscal year. As a result of our top line growth and effective cost-cutting initiatives, we narrowed bottom-line losses by 32.4% from fiscal 2022, enabling us to achieve positive cash flow from operating activities. Our strong top-line results were driven by operating lease revenues from automobile rentals more than doubling year over year and revenues from online ride-hailing platform services growing 39.2%. We have been focusing on growing these two businesses in recent years and are confident that we will continue to see positive momentum as China has moved away from its zero-COVID policy in a post-pandemic environment. Since the launch of our online ride-hailing business in ...