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Senmiao Technology Limited reports developments tied to its China-based automobile transaction and related services business, including automobile sales, purchase and financing facilitation, management services, operating leases, guarantees, and services connected to the online ride-hailing market.
Recurring AIHS news includes strategic cooperation agreements for AI-backed data management and service applications, updates on digital infrastructure and new energy initiatives, capital-raising transactions, Nasdaq compliance matters, and capital-structure actions involving its common stock.
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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.