We are always sceptical about financials immediately after an IPO. Companies are at their best behaviour, are prudent, and the numbers are unbelievably good. In some cases, they start deteriorating right after. With that skepticism, mixed with some cynicism, we analyse Ather's latest numbers
As the Taiwanese energy company and scooter manufacturer delivered its Q1 2025 results, key metrics continue deteriorating without any recovery in sight. The biggest worry is that Gogoro is also depleting its cash reserves and eroding its market cap.
The world's largest electric two-wheeler manufacturer saw a double digit decline in both sales and profits., However, it continues to be the world's largest producer of electric two-wheelers bu a comfortable margin.
Your interpretation of LiveWire's Q1 2025 results depends on whether you consider the glass half-full or half-empty. Increasingly, it is evident that the company does not have a cost problem; it has a sales problem.
Ather Energy, the oldest bona fide E2W start-up in India, is hitting the Indian bourses soon with a USD 350 million IPO at a valuation of USD 1.4 billion. This IPO comes in turbulent times, as global economies are embroiled in tariff wars, though the Indian E2W market hit a new high last month.
Niu Technologies has reported a 57% jump in sales volumes in Q1 2025 on a year-on-year basis, with unit sales crossing 203k units. This was mostly driven by the Chinese market where sales volumes jumped by 66%.
After two continuous years of decline in vehicle sales and revenue, Niu posted a relatively strong 2024 with a 24% improvement in revenue, riding on an increase in volumes in both China and international markets. However, the per unit revenue declined and the gross margin has collapsed.
Vmoto reports a 32.5% dip in vehicle sales in FY 2024 and a 15.2% revenue decline. This was a year of major restructuring and expansion at the company as they head to an ASX delisting. However, the notice from a minority shareholder is a significant concern.
A net income of USD 32.5 million took us by surprise, considering that this is a company that is not yet making any significant revenue, if at all. In the end, the financial statement reveals less and hides more.
The company's overall revenue were down amidst slowly increasing battery swapping revenues getting pulverised by steadily declining scooter sales. A worsening product mix and an enhanced focus on commercial energy storage opportunities were some key takeaways from the annual results.
Data released by ACEM indicates that the penetration of electric two-wheelers declined for the first time since 2019.
Zapp Electric, the UK-based, Thailand-manufactured, Nasdaq-listed manufacturer of the i300 super-scooter, has finally started turning revenue as it starts sales in Thailand and the UK. Global markets will follow soon.
