Mavericks Electric's third-quarter revenue of 1.15 billion yuan fell 6% compared with the same period last year, and domestic sales decreased by 32.9% compared with the same period last year.

CTOnews.com November 21 news, Mavericks Electric today released its results for the third quarter of 2022, which ended September 30.

Mavericks Electric's third-quarter revenue was 1.1532 billion yuan, down 6.0% from a year earlier, according to the financial report. The net profit was 2.9 million yuan, compared with 91.7 million yuan in the same period last year. Without non-GAAP, the adjusted net profit was 20.2 million yuan, compared with 102.2 million yuan in the same period last year. The net profit margin was 1.7 per cent, compared with 8.3 per cent in the same period last year.

Sales of electric vehicles in the third quarter were 320800, down 19.2% from the same period last year; 263200 in China, down 32.9% from the same period last year; and 57600 in the international market, up 1059.8% from the same period last year.

As of September 30, 2022, the number of franchised stores of Mavericks Electric in China was 3303; as of September 30, 2022, the international sales network was made up of 53 distributors covering 52 countries.

Mavericks Electric said sales of electric vehicles from the Chinese market fell 20.2 per cent to 859.2 million yuan, accounting for 81.5 per cent of total electric vehicle revenue. The decline was mainly due to a 32.9% drop in sales in China.

The sales revenue of electric vehicles from the international market was 195.1 million yuan, an increase of 351.8%, accounting for 18.5% of the total revenue of electric scooters. The increase is mainly due to an increase in sales of electric cars and an increase in the unit price of electric motorcycles.

The sales and service income of spare parts and spare parts was 98.9 million yuan, down 6.6% from the same period last year, accounting for 8.6% of the total revenue. The decline was mainly due to reduced sales of battery packs.

The increase in revenue per electric vehicle is mainly due to the increase in the unit price of electric vehicles and a better product mix in the Chinese market.

CTOnews.com learned that Mavericks Electric expects revenue of about 789 million yuan (down 20% from a year earlier) to 986 million yuan (the same as the same period last year) in the fourth quarter of 2022.