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15.03.2022 18:00
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Jiuzi Holdings, Inc. Reports Full Year 2021 Financial Results
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PR Newswire
HANGZHOU, China, March 15, 2022
HANGZHOU, China, March 15, 2022 /PRNewswire/ -- Jiuzi Holdings, Inc. (NASDAQ: JZXN; the "Company"), a new energy vehicles franchisor and retailer under the brand name "Jiuzi" in China, today reports its fiscal year 2021 financial results ended October 31, 2021.
First-Half 2021 Highlights:
Net revenues increased by 16.15% or $1.33 million from $8.21 million for the fiscal year ended October 31, 2020 to $9.54 million for the fiscal year ended October 31, 2021.
Gross profit for new energy vehicle sales increased by 36.20% or $0.01 million from $0.03 million for the fiscal year ended October 31, 2020 to $0.04 million for the fiscal year ended October 31, 2021.
Cash, cash equivalents and restricted cash was $7.37 million as of October 31, 2021, compared to $0.76 million as of October 31, 2020.
The Company source New Energy Vehicles, or NEVs, through more than twenty NEV manufacturers, including BYD, Geely and Chery, as well as battery/component manufacturers such as Beijing Zhongdian Boyu, Shenzhen Jishuchongke and Youbang Electronics, which focus on manufacturing charging piles, and Guoxuan Gaoke, and Futesi in battery production.
| | For fiscal years ended October 31, | ||||
| ($ millions, except per share data, differences due to rounding) | 2021 | | 2020 | | % Change |
| Net revenue | $9.54 | | $8.21 | | 16.15% |
| Selling, general and administrative expenses | $3.31 | | $1.65 | | 100.74% |
| Income from operations | $1.32 | | $4.37 | | (69.87%) |
| Net income | $0.78 | | $3.42 | | (77.27%) |
| Net income per share – Basic and Diluted | $0.04 | | $0.23 | | (82.61%) |
Mr. Shuibo Zhang, CEO of JZXN commented: "We are excited to announce results for another year of great success. Through our operating franchise stores and one company-owned store in China, we and our franchisee partners managed to maintain a high service standard and further refine our operating standards and marketing concepts together in 2021, which manifests the fundamental spirit of the "Jiuzi brand."
"Despite the continued adverse impact of the COVID-19 pandemic, we were able to expand our revenue by 16.15% to $9.54 million, thanks to a series of business initiatives, such as the integration of new growth strategies and partnerships with industry peers. The Company is also developing a platform of customer and vehicle management system that is expected to launch next year to serve all our franchise stores and entire operation systems. We believe such measures will continue to establish a solid foundation as we keep expanding our scale of sales and business operation in China."
Mr. Francis Zhang, Chief Financial Officer, commented, "We were able to deliver strong development momentum for fiscal year 2021 after our successful listing in the U.S. market. Although COVID-19 continues to have a lingering adverse impact on our business operation, we managed to grow net revenue from NEV sales by 262.24% to $1.44 million, franchise initial fees by 3.60% to $8.09 million during the past fiscal year, largely thanks to our growing talents, the increased number of automobile brands we cooperate with, and the gradually recovered NEV industry that has been generously subsidized by national and local favorable policies. Looking ahead, we plan to further improve our strong cash position by providing a multi-dimensional service platform and one-stop experience that cover both the online vehicle selection and purchases and offline vehicle delivery and maintenance. We are confident that the Company will continue to create sustainable value and great financial returns for our shareholders."
Full-year 2021 Financial Results
Net Revenue
The following table lists the calculation methods of gross profit and gross profit margin of each type of revenue:
| | For the years ended October 31, | ||||||
| $ millions, differences due to rounding | 2021 | | 2020 | | Amount | | % |
| New energy vehicle sales | | | | | | | |
| Net revenue | $ 1.44 | | $ 0.40 | | 1.04 | | 262.24% |
| Cost of revenue | 1.40 | | 0.37 | | 1.03 | | 282.03% |
| Gross profit | $ 0.04 | | $ 0.03 | | 0.01 | | 36.20% |
| Gross profit margin | 3.03% | | 8.05% | | -5.02% | | -62.40% |
| | | | | | | | |
| Franchise initial fees | | | | | | | |
| Net revenue | $ 8.09 | | $ 7.81 | | 0.28 | | 3.60% |
| Cost of revenue | 3.51 | | 1.82 | | 1.69 | | 92.38% |
| Gross profit | $ 4.58 | | $ 5.99 | | -1.40 | | -23.45% |
| Gross profit margin | 56.64% | | 76.65% | | -20.01% | | -26.11% |
| | | | | | | | |
| Franchisees' royalties | | | | | | | |
| Net revenue | | | $ - | | | | |
| Cost of revenue | | | - | | | | |
| Gross profit | | | $ - | | | | |
| Gross profit margin | | | - | | | | |
| | | | | | | | |
| Total | | | | | | | |
| Net revenue | $ 9.54 Werbung Mehr Nachrichten zur Jiuzi Holdings Aktie kostenlos abonnieren
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