Niu Technologies income statement

In fiscal 2025, Niu Technologies reported revenue of $599m, up 31.2% on the year before, operating income of −$12.3m (a -2.0% margin) and net income of −$5.5m, or −$0.07 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Niu Technologies: income statement, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Revenue	53	114	224	301	354	574	472	375	457	599
Cost of revenue	55	106	194	230	273	448	372	294	388	482
Gross profit	−2	8	30	70	81	126	100	81	69	117
Research and development	5	6	14	10	15	21	26	21	18	23
Selling and marketing	14	12	23	26	29	51	66	70	68	94
General and administrative	14	11	41	12	15	22	24	35	18	13
Operating income	−34	−21	−48	27	25	39	−13	−45	−35	−12
Interest expense	0	0	1	2	1	1	1	0	1	1
Income before tax	−35	−27	−53	29	28	42	−11	−40	−30	−9
Income tax	—	0	0	1	3	7	−3	−1	−3	−3
Net income	−35	−27	−53	28	24	35	−7	−38	−27	−5
Diluted EPS	−$6.73	−$2.08	−$1.61	$0.36	$0.31	$0.44	−$0.10	−$0.49	−$0.34	−$0.07
Diluted shares (average)	5m	13m	33m	77m	79m	80m	78m	78m	79m	80m
EBITDA	−33	−20	−45	32	32	54	8	−24	−18	3

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from Niu Technologies's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Niu Technologies.