Uxin's adjusted net loss for the second fiscal quarter of 2021 was RMB43.2 million, narrowing year-on-year

Blue Whale TMT Channel December 15, Uxin released the second quarter of fiscal 2022 financial results. For the three months ended September 30, 2021, Uxin's revenue was $346 million (RMB), up 352.7% year-on-year, while non-GAAP adjusted net loss was $43.2 million, compared to a net loss of $178.3 million for the same period last year, narrowing year-on-year.

During the reporting period, Uxin's used car trading volume was 3648 units, compared with 3011 units in the previous quarter, up 21.2% month-on-month and 37.5% year-on-year. Gross margin was 4.2 percent, compared to 4.0 percent in the previous quarter and negative 22.4 percent in the year-ago quarter.

According to the financial report, retail vehicle sales revenue of $136.3 million for the three months ended September 30, 2021 was $36.1 million in the same period last year. Retail trading volume was 1,027 units, up 51.3 percent from 679 units in the previous quarter and 233.4 percent from 308 units in the year-ago quarter. Wholesale sales revenue of vehicles was $201.3 million, compared to zero in the same period last year. Wholesale sales of vehicles include the sale of used cars acquired from individuals, which are sold through offline dealers because these vehicles do not meet the company's retail standards and cannot be marketed through its proprietary e-commerce platform. Other income was $8.3 million, compared to $15.1 million in the year-ago quarter. The decrease was primarily due to lower revenue from advertising and vehicle transportation businesses.

Dai Kun, founder, chairman and CEO of Uxin Group, said, "This quarter, Uxin gradually increased its inventory level and maintained steady growth in its business. According to the plan, Uxin opened a second used car hypermarket in Hefei as scheduled. According to the financial report, in November this year, Uxin used car Hefei hypermarket opened, covering a total area of nearly 100,000 square meters, providing used car services such as automobile warehousing, testing, renovation, sales, and after-sales service. In addition, Uxin began to lay out the new energy used car business, and established a new energy vehicle source collection, testing and renovation system.