Uxin Clocks 353% Revenue Growth In Q2 Backed By Robust Vehicle Sales; Issues Optimistic Q3 Outlook

Uxin Ltd (NASDAQ:UXIN) reported second-quarter FY22 revenue growth of 353% year-on-year to RMB345.9 million ($53.7 million).

• The transaction volume surged by 37.5% Y/Y to 3,648 units.
• Retail vehicle sales revenue was RMB136.3 million ($21.2 million) versus RMB36.1 million in the same period last year.
• Wholesale vehicle sales revenue was RMB201.3 million ($31.2 million) compared with nil last year.
• The company posted a 4.2% gross margin versus a negative 22.4% last year.
• Uxin clocked a Non-GAAP EPS loss of $(0.01) per share. It ended Q2 with $35.8 million in cash and equivalents.
• "Total vehicle sales volume increased by 21% quarter-over-quarter, among which retail sales volume increased by 51%. As a result, our total revenues increased by 25% sequentially," said CFO Feng Lin.
• Outlook: Uxin sees Q3 revenue of RMB480 million -RMB500 million.
• Price Action: UXIN shares traded higher by 7.74% at $1.81 in the premarket trading on the last check Wednesday.