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Senmiao Technology Limited (AIHS+0.31%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenues to $919,836 from $1,108,207 in the same quarter the previous year. This decrease is primarily due to a reduction in the number of automobiles leased for operating purposes.
Cost of revenues for the quarter was $743,449, representing 81% of total revenues, compared to 74% in the same quarter of the previous year. The increase in cost ratio is attributed to a decrease in the average monthly rental income per automobile.
The company reported a gross profit of $176,387 for the quarter, compared to $288,450 in the previous year, with the decline attributed to reduced operating lease revenues.
Selling, general, and administrative expenses decreased to $515,366 from $746,514, primarily due to cost control measures and a reduction in office rental and employee benefits expenses.
A provision for credit losses of $367,245 was recorded against receivables from Jinkailong, compared to no provision in the previous year.
Net loss from continuing operations for the quarter was $583,378, down from $703,034 in the previous year.
Cash provided by operating activities was $548,442, compared to $254,749 in the previous year, reflecting improved cash flow management.
Senmiao had cash and cash equivalents of $949,224 as of December 31, 2024. The company acknowledges its dependence on equity financing and financial support from related parties to meet future obligations.
The filing also details the company's discontinued operations, including the cessation of its online ride-hailing platform services as of August 20, 2024.
Senmiao identified material weaknesses in its internal controls over financial reporting, particularly in accounting knowledge and IT general controls.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Senmiao Technology Limited quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.