Autozi Internet Technology (Global) Ltd. Achieves Revenue of $124.7 million, Up 9.9% Year-on-Year in FY2024

Rhea-AI Summary

Autozi Internet Technology (AZI) reported strong financial results for FY2024, with revenue reaching $124.7 million, up 9.9% year-over-year. The company's gross profit surged by 152.6%, while operating expenses decreased by 14.3% to $6.7 million. Auto parts and accessories sales showed exceptional performance with an 86.1% revenue increase, contributing 55% of total revenue.

The company has undergone strategic transformation, discontinuing its automobile insurance service and reducing new car sales to focus on auto parts and accessories. Autozi has expanded its network by partnering with 12 provincial distributors and establishing logistics cooperation in 8 provinces. The company leverages AI, big data, and IoT to enhance its supply chain cloud platform while implementing strict cost control measures.

[ "Revenue increased 9.9% YoY to $124.7 million in FY2024", "Gross profit surged 152.6% YoY", "Operating expenses reduced by 14.3% to $6.7 million", "Auto parts and accessories sales revenue grew 86.1%, representing 55% of total revenue", "Expanded network with 12 new provincial distributors and logistics cooperation in 8 provinces" ]

Positive

• None.

Negative

• Discontinued automobile insurance service business
• Downsizing of new car sales business segment

News Market Reaction

-11.50%

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-11.50% News Effect

On the day this news was published, AZI declined 11.50%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

BEIJING, May 5, 2025 /PRNewswire/ -- In January 2025, Autozi Internet Technology (Global) Ltd. (Nasdaq: AZI) officially released its financial results for the fiscal year ended September 30, 2024, reporting steady and solid growth. In FY2024, Autozi's revenue reached $124.7 million, an increase of 9.9% year-on-year; gross profit increased significantly, up 152.6% year-on-year; operating expenses decreased by 14.3%.

Double Growth in Revenue and Gross Profit

According to the financial results, Autozi's revenue performance was solid, reaching $124.7 million, a year-over-year increase of 9.9%; gross profit was $1.3 million for FY 2024, an increase of 152.6%; operating expenses decreased by 14.3% to $6.7 million in FY 2024 from $7.8 million in the prior year.

The performance of the auto parts and accessories sales business was particularly outstanding, with a significant increase of 86.1% in revenue, accounting for 55% of total revenue. In the future, Autozi will continue to emphasize this high-margin, growth-oriented market segment, to further consolidate its competitive advantages.

Strategic Transformation and Business Optimization Yield Results

In order to deeply cultivate high-potential areas, Autozi has made a series of strategic adjustments: it terminated its automobile insurance service business at the end of FY2023, and gradually downsized its new car sales business in FY2024, with a full strategic focus on the sales of auto parts and accessories.

The company proactively adapted to market shifts by leveraging advanced technologies, such as artificial intelligence, big data and the Internet of Things, to continuously improve the responsiveness of its supply chain cloud platform. Meanwhile, it continued to optimize its cost structure and enforce rigorous cost control policies, while improving operational efficiency to comprehensively boost profitability.

In addition, the company is actively expanding its cooperation network. In recent months, Autozi has entered into cooperation with 12 provincial distributors, and established logistics cooperation in 8 provinces, enhancing its market coverage and supply chain efficiency.

Promoting Supply Chain Digitalization and Intelligence Upgrade

Dr. Houqi Zhang, Founder, Chairman, and Chief Executive Officer of Autozi commented, "We are actively exploring opportunities to expand our multi-business ecosystem, pursuing strategic acquisitions in key verticals to strengthen our leadership in the industry. We remain committed to optimizing our capital structure to ensure a robust financial position, to support our long-term strategic objectives and create sustainable value for our shareholders."

In the future, Autozi will continue to work on the automotive aftermarket parts supply chain cloud platform,to drive the industry's digital upgrading and supply chain innovation. Backed by enhanced digital capabilities and an expanding partner network, the company is expected to maintain a solid growth trend in the coming years.

About Autozi

Autozi Internet Technology (Global) Ltd. is a leading, fast-growing provider of lifecycle automotive services in China. Founded in 2010, Autozi offers a comprehensive range of high-quality, affordable, and professional automotive products and services through both online and offline channels across the country. Leveraging its advanced online supply chain cloud platform and SaaS solutions, Autozi has built a dynamic ecosystem that connects key participants across the automotive industry. This interconnected network enables more efficient collaboration and streamlined processes throughout the entire supply chain, positioning Autozi as a key driver of innovation and growth in the automotive services sector.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995, including but not limited to statements related to Autozi's cash position, financial resources and potential for future growth, market acceptance and penetration of new or planned product offerings, and future recurring revenues and results of operations. These forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "estimate," "expect," "hope," "going forward," "intend," "ought to," "plan," "project," "potential," "seek," "may," "might," "can," "could," "will," "would," "shall," "should," "is likely to" and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about the Company's beliefs and expectations are or contain 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. All information provided in this press release is as of the date of this press release and is based on assumptions that the Company believes to be reasonable as of this date, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Contact Information

Autozi Internet Technology (Global) Ltd.
Ms. June Wang
Email: Jun.Wang@Autozi.com

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SOURCE Autozi Internet Technology (Global) Ltd.

FAQ

What was Autozi's (AZI) revenue growth in FY2024?

Autozi reported revenue of $124.7 million in FY2024, representing a 9.9% increase year-over-year.

How much did Autozi's (AZI) auto parts and accessories sales grow in FY2024?

Autozi's auto parts and accessories sales revenue increased by 86.1%, accounting for 55% of total revenue.

What strategic changes did Autozi (AZI) implement in FY2024?

Autozi terminated its automobile insurance service business, downsized new car sales, and focused strategically on auto parts and accessories sales.

How did Autozi's (AZI) operating expenses change in FY2024?

Operating expenses decreased by 14.3% from $7.8 million to $6.7 million in FY2024.

What was Autozi's (AZI) gross profit growth in FY2024?

Autozi's gross profit increased by 152.6% year-over-year to $1.3 million in FY2024.