Benzinga | Sep 24, 2021 05:44AM EDT

Uxin Clocks 347% Revenue Growth In Q1, Posts Positive Margin

* Online used car dealer Uxin Ltd (NASDAQ:UXIN) reported first-quarter FY22 revenue growth of 346.5% year-on-year to $43 million (RMB277.8 million).

* The transaction volume was lower by 22.5% Y/Y to 3,011 units.

* Revenue for Retail vehicle sales was $14.2 million, Wholesale vehicles were $27.4 million, and Other revenue was $1.5 million.

* The company posted a 4% gross margin versus a negative 28.4% last year.

* Uxin clocked an EPS loss of $(0.01) and ended Q4 with $25.8 million in cash and equivalents.

* Outlook: Uxin sees Q2 revenue of RMB310 million - RMB330 million.

* Price Action: UXIN shares closed higher by 2.78% at $2.96 on Thursday.