NIU

MKT CAP:$252M

Niu Technologies

Market Cap

$252M

Consumer Cyclical·Auto - Manufacturers·🇨🇳 China·NASDAQ

Consumer Cyc.·Auto·🇨🇳·NASDAQ

Stock Price

$3.15+$0.01 (+0.48%)

Apr 24, 2026

Company Details

Niu Technologies designs, manufactures, and sells smart electric scooters in the People's Republic of China. The company offers NQi, MQi, UQi, and Gova series electric scooters and motorcycles; KQi series electric kick-scooters; NIU Aero an...

CEO

Yan Li

IPO Date

Oct 19, 2018

Website

www.niu.com

Key Metrics TTM

Revenue

$650M

+51.0% YoY

Net Income

-$3M

EPS (Diluted)

-$0.05

Free Cash Flow

$0

Revenue / Share

$7.85

Gross Margin

18.9%

Operating Margin

-1.7%

Net Margin

-0.5%

FCF Margin

0.0%

P/S

0.4x

P/E

—

Earnings Reports

Q3 2025

Nov 17, 2025

$248M+65.4%EPS $0.14

Q2 2025

Aug 11, 2025

$183M+33.5%EPS $0.01

Q1 2025

Mar 31, 2025

$100M+35.1%EPS -$0.07

FY 2024

Apr 18, 2025

$480M+24.0%EPS -$0.36

Q4 2024

Apr 18, 2025

$120M+71.1%EPS -$0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$98M	$25M	$9M
Q1 21	$80M	$19M	$35.8K
Q2 21	$138M	$31M	$15M
Q3 21	$179M	$36M	$15M
Q1 22	$84M	$16M	-$5M
Q2 22	$121M	$24M	-$749.1K
Q1 23	$61M	$13M	-$10M
Q3 23	$135M	$29M	-$13M
Q4 23	$70M	$13M	-$23M
Q1 24	$74M	$14M	-$10M
Q2 24	$137M	$23M	-$5M
Q3 24	$150M	$21M	-$9M
Q4 24	$120M	$15M	-$13M
Q1 25	$100M	$17M	-$7M
Q2 25	$183M	$37M	-$2M
Q3 25	$248M	$54M	$11M

Valuation

Quarter	P/S	P/E
Q4 20	5.8x	83.5x
Q1 21	6.3x	91.6x
Q2 21	5.5x	75.4x
Q3 21	3.8x	53.9x
Q1 22	1.6x	35.4x
Q2 22	1.3x	28.2x
Q1 23	0.7x	129.5x
Q3 23	0.5x	—
Q4 23	0.4x	—
Q1 24	0.4x	—
Q2 24	0.3x	—
Q3 24	0.4x	—
Q4 24	0.3x	—
Q1 25	0.6x	—
Q2 25	0.5x	—
Q3 25	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	-$7M	-$12M
Q2 20	$0	$0
Q3 20	$0	$0
Q4 20	$7M	$12M
Q1 23	$0	$0
Q3 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0
Q3 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q4 18	$5M
Q2 20	$0
Q3 20	$0
Q4 20	$5M
Q1 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+25.3%	+33.6%
Q1 21	+135.0%	+108.9%
Q2 21	+46.5%	+43.6%
Q3 21	+37.1%	+38.1%
Q1 22	-14.4%	-0.2%
Q2 22	+51.2%	+52.2%
Q1 23	-55.8%	-42.7%
Q3 23	-24.4%	-9.5%
Q4 23	-16.8%	+4.0%
Q1 24	-39.0%	-31.1%
Q2 24	+125.4%	+100.9%
Q3 24	+10.5%	+6.5%
Q4 24	+71.1%	+43.8%
Q1 25	+35.1%	+26.9%
Q2 25	+33.5%	+30.4%
Q3 25	+65.4%	+49.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q1 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$1M	1.6%
Q1 24	$922.1K	1.3%
Q2 24	$784.6K	0.6%
Q3 24	$978.7K	0.7%
Q4 24	$855.4K	0.7%
Q1 25	$1M	1.1%
Q2 25	$1M	0.6%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 20	$4M	$4M	$9M
Q1 21	$4M	$5M	$11M
Q2 21	$5M	$5M	$10M
Q3 21	$5M	$4M	$13M
Q1 22	$6M	$5M	$10M
Q2 22	$6M	$5M	$14M
Q1 23	$5M	$7M	$11M
Q3 23	$6M	$19M	$18M
Q4 23	$5M	—	$28M
Q1 24	$4M	$4M	$15M
Q2 24	$5M	$6M	$18M
Q3 24	$4M	$6M	$19M
Q4 24	$6M	$3M	$20M
Q1 25	$4M	$3M	$17M
Q2 25	$6M	$3M	$30M
Q3 25	$6M	$6M	$31M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$16M	$106M	$122M
Q2 22	$54M	$69M	$123M
Q3 22	$98M	$87M	$185M
Q4 22	$78M	$54M	$132M
Q1 23	$65M	$61M	$126M
Q2 23	$101M	$48M	$149M
Q3 23	$111M	$76M	$187M
Q4 23	$127M	$14M	$142M
Q1 24	$132M	$11M	$143M
Q2 24	$106M	$60M	$166M
Q3 24	$109M	$44M	$153M
Q4 24	$92M	$40M	$132M
Q1 25	$79M	$30M	$109M
Q2 25	$160M	$20M	$179M
Q3 25	$159M	$72M	$231M
Q4 25	$166M	$28M	$194M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	80M	+0.7%	+4.0%
Q1 21	76M	-4.5%	+2.0%
Q2 21	80M	+5.4%	+3.7%
Q3 21	80M	-0.6%	+0.7%
Q1 22	77M	-3.4%	-3.3%
Q2 22	79M	+2.2%	+3.5%
Q1 23	78M	-1.4%	-3.2%
Q3 23	79M	+0.9%	-1.7%
Q4 23	79M	+0.2%	+1.9%
Q1 24	79M	+0.2%	-0.2%
Q2 24	79M	+0.5%	+1.8%
Q3 24	79M	-0.9%	0.0%
Q4 24	79M	+1.1%	+0.9%
Q1 25	80M	+0.3%	+1.0%
Q2 25	82M	+3.4%	+3.9%
Q3 25	83M	+0.5%	+5.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$237.7K	413
Q1 21	$193.6K	413
Q2 21	$334.2K	413
Q3 21	$433.9K	413
Q1 22	$119.8K	702
Q2 22	$172.3K	702
Q1 23	$95.1K	641
Q3 23	$211.3K	641
Q4 23	$127.2K	550
Q1 24	$134.1K	550
Q2 24	$249.9K	550
Q3 24	$272.0K	550
Q4 24	$186.4K	642
Q1 25	$155.2K	642
Q2 25	$285.8K	642
Q3 25	$385.5K	642

Revenue / Employee