Senmiao Technology Ltd Stock Price, News & Analysis

Senmiao Technology Limited (Nasdaq: AIHS) announced a new lease agreement with Guangzhou Wanjun Automobile Leasing Ltd., an affiliate of BYD, for an additional 100 electric vehicles (EVs) to enhance its online ride-hailing service in Guangzhou. This follows an initial lease of 98 EVs in 2021, bringing Senmiao’s total in the region to 248 EVs as of July 31, 2022. The agreement includes a fixed monthly leasing fee and maintenance services, reinforcing Senmiao's commitment to expanding its operations in the growing ride-hailing market of Guangzhou.

Senmiao Technology Limited (Nasdaq: AIHS) recently launched its proprietary online ride-hailing platform in Tianjin and Foshan, expanding its reach to 24 cities across China. This rollout, which began in late July 2022, has already facilitated over 2,000 orders by August 15, 2022. Tianjin, a coastal mega city with a population of about 13.7 million, and Foshan, known for its robust manufacturing base, are both strategic locations for Senmiao's growth. The company aims to increase its market share in Northern China and capitalize on urbanization trends in the region.

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.