Chinese electric scooter maker Niu Technologies (NASDAQ:NIU) stock plunged Monday after the company reported a wider first-quarter loss despite strong revenue growth and rising China sales.

Niu Stock Slides After Wider Q1 Loss

The company reported first-quarter revenue of 909.5 million Chinese yuan ($131.85 million), up 33.4% year over year, driven by a 28.7% increase in e-scooter sales volume and higher revenue per vehicle. Adjusted loss per ADS widened to 17 cents from a loss of five cents a year earlier.

Niu sold 261,624 e-scooters during the quarter, up 28.7% from a year earlier. China sales climbed 35.4% to 247,938 units, while international sales fell 32.4% to 13,686 units.

China Market Fuels Sales Momentum

Revenue from China e-scooter sales rose 41.6% to 773.6 million Chinese yuan, accounting for 93.8% of total e-scooter revenue. The increase was supported by stronger sales volumes and improved pricing in China.

International e-scooter revenue declined 15.2% to 50.9 million Chinese yuan due to weaker kick-scooter sales overseas. Accessories, spare parts and services revenue increased 12.5% to 85 million Chinese yuan, helped ...