
Liberty Media Corporation Reports Second Quarter 2025 Financial Results
Attributed to Formula One Group
Completed acquisition of MotoGP on July 3 rd
Renewed agreement with Canadian Grand Prix through 2035 with a long-term extension to Bell Media's media rights deal and renewed Austrian Grand Prix through 2041
Secured PepsiCo as new Official Partner of F1 through 2030 and extended Global Partnership with MSC Cruises through 2030
Announced new licensing agreement with Disney's Mickey & Friends beginning in 2026
F1 The Movie opened globally on June 27 th and is Apple's highest-grossing film ever
Attributed to Liberty Live Group
Fair value of Live Nation investment was $10.5 billion as of June 30 th
Filed preliminary proxy statement on July 25 th, expect to complete split-off in fourth quarter 2025
'We made excellent progress since last quarter on our stated priorities, including completing the acquisition of MotoGP, advancing the split-off of Liberty Live and continuing excellent financial and operating results at Formula 1,' said Derek Chang, Liberty Media President & CEO. 'Formula 1's global strength continues to drive commercial momentum and financial success, with new partners signed and record fan engagement demonstrating the breadth and appeal of the brand. We are thrilled to begin our partnership with the MotoGP management team and, while early days, are working closely with them to support their strategic direction and accelerate the company's growth.'
Corporate Updates
On July 3, 2025, Liberty Media completed the acquisition of Dorna Sports, S.L. ('MotoGP'), the exclusive commercial rights holder of the MotoGP™ World Championship, and will consolidate its financial results from that point forward. Following the acquisition, Liberty Media owns approximately 84% of MotoGP with MotoGP management retaining 16% of the business. MotoGP is attributed to the Formula One Group tracking stock. Due to the timing of the acquisition, the initial accounting for the acquisition is not reflected in the below financial results.
Discussion of Results
Unless otherwise noted, the following discussion compares financial information for the three and six months ended June 30, 2025 to the same period in 2024.
FORMULA ONE GROUP – The following table provides the financial results attributed to Formula One Group for the second quarter of 2025. In the second quarter, Formula One Group incurred $14 million of corporate level selling, general and administrative expense (including stock-based compensation expense).
For the periods presented below, the businesses and assets attributed to Formula One Group consist primarily of Liberty Media's subsidiaries, F1 and Quint.
F1 Operating Results
'This season has showcased phenomenal racing, with multiple teams and drivers competing at the very highest level. The F1 movie from Apple debuted to well-deserved accolades, marking the largest box office theatrical release for any streaming service and captivating audiences of both core and new F1 fans alike. Cultural moments like the F1 movie alongside exciting on-track action are generating strong viewership trends and especially robust social and digital engagement, including a record number of social impressions delivered by content posted on official F1 channels. Thanks to the efforts of our teams, partners and the F1 community, we are driving excellent momentum at Formula 1 on and off the track,' said Stefano Domenicali, Formula 1 President and CEO.
The following table provides the operating results of Formula 1 ('F1').
____________________
a)
Includes $61 million and $50 million of amortization related to purchase accounting for the three months ended June 30, 2024 and June 30, 2025, respectively, that is excluded from calculations for purposes of team payments, and $123 million and $100 million of amortization related to purchase accounting for the six months ended June 30, 2024 and June 30, 2025, respectively, that is excluded from calculations for purposes of team payments.
Expand
Primary F1 revenue represents the majority of F1's revenue and is derived from (i) race promotion revenue, (ii) media rights fees and (iii) sponsorship fees.
There were nine races held in the second quarter of 2025 compared to eight races held in the second quarter of 2024. There were 11 races held year-to-date through the second quarter of both 2025 and 2024. The 2025 calendar is scheduled to have the same 24 events that were held in 2024, except in a different order throughout the season, which will impact the year-over-year revenue and cost comparisons on a quarterly basis.
Primary F1 revenue increased in the three months ended June 30, 2025 primarily due to the calendar variance compared to the prior year, which drove additional race promotion revenue and higher sponsorship and media rights revenue with a larger proportion of season-based income recognized during the period, as well as contractual increases in fees across all primary revenue streams. Sponsorship revenue also benefitted from revenue recognized from new sponsors. Media rights revenue also increased due to continued growth in F1 TV subscriptions and the recognition of one-time revenue associated with the release of the F1 movie. Other F1 revenue increased in the second quarter primarily due to higher hospitality and experiences revenue and growth in licensing income. The increase in hospitality and experiences revenue was driven by underlying Paddock Club growth as well as one additional event and the mix of races held. The calendar variance and mix of events also led to higher revenue from travel, technical and freight services in the second quarter.
Primary F1 revenue increased in the six months ended June 30, 2025 with growth across all revenue streams compared to the prior year. Sponsorship revenue grew due to revenue recognized from new sponsors and growth in revenue from existing contracts. Media rights revenue grew due to contractual increases in fees, continued growth in F1 TV subscriptions and the recognition of one-time revenue associated with the release of the F1 movie. Race promotion revenue increased due to contractual increases in fees and growth in other support race fees. Other F1 revenue increased in the six months ended June 30, 2025 primarily driven by higher freight income due to the different routes flown and the pass through of increased freight costs, higher hospitality from growing attendance at Paddock Clubs and growth in revenue from licensing.
Operating income and Adjusted OIBDA (2) grew in the three and six months ended June 30, 2025. Team payments increased for both periods due to the pro rata recognition of expected higher team payments for the full year. Other cost of F1 revenue is largely variable in nature and derived from servicing both Primary and Other F1 revenue opportunities. These costs increased for both the three and six months ended June 30, 2025 due to higher freight costs associated with the different order of events, higher commissions and partner servicing costs linked to underlying revenue growth, higher Paddock Club costs due to increased attendance, increased costs to service new sponsors, higher costs of delivering F1 TV to a growing subscriber base and expense associated with the Grand Prix Plaza in Las Vegas, which launched new activations and other events in the second quarter. Growth in other cost of F1 revenue in the three months ended June 30, 2025 was also impacted by the additional race held, which impacted costs of the Paddock Club, technical, travel and freight services. Selling, general and administrative expense increased in the three and six months ended June 30, 2025 primarily due to higher personnel and marketing expense, including marketing costs associated with the 75 th season launch event at London's The O2 in the six-month period.
Corporate and Other Operating Results
Corporate and Other Adjusted OIBDA includes the rental income related to Grand Prix Plaza in Las Vegas, Quint results and other corporate overhead for the second quarter of 2025 and the prior year period. Corporate and Other revenue increased in the second quarter due to Quint results. There was $6 million of rental income related to Grand Prix Plaza in Las Vegas in the second quarter of both 2025 and 2024. In the second quarter, Quint results were primarily driven by F1 Experiences across the nine races held and the Kentucky Derby. Quint's revenue is seasonal around its largest events, which are generally during the second and fourth quarters.
LIBERTY LIVE GROUP – In the second quarter, $7 million of corporate level selling, general and administrative expense (including stock-based compensation expense) was allocated to Liberty Live Group.
The businesses and assets attributed to Liberty Live Group consist of Liberty Media's interest in Live Nation and other minority investments.
Share Repurchases
There were no repurchases of Liberty Media's common stock from May 1 through July 31, 2025. The total remaining repurchase authorization for Liberty Media as of August 1, 2025 is $1.1 billion and can be applied to repurchases of common shares of any of the Liberty Media tracking stocks.
FOOTNOTES
1)
Liberty Media will discuss these headlines and other matters on Liberty Media's earnings conference call that will begin at 10:00 a.m. (E.T.) on August 7, 2025. For information regarding how to access the call, please see 'Important Notice' later in this document.
2)
For a definition of Adjusted OIBDA (as defined by Liberty Media) and the applicable reconciliation, see the accompanying schedule.
Expand
NOTES
Cash and Debt
The following presentation is provided to separately identify cash and debt information. The acquisition of MotoGP was completed on July 3, 2025 and is not reflected in cash and debt presented below.
____________________
a)
Includes $1,547 million and $1,775 million of cash held at F1 as of March 31, 2025 and June 30, 2025, respectively, and $69 million and $70 million of cash held at Quint as of March 31, 2025 and June 30, 2025, respectively.
b)
Face amount of the convertible notes and exchangeable debentures with no fair market value adjustment.
c)
Net leverage as defined in F1's credit facilities for covenant calculations.
Expand
Liberty Media and F1 are in compliance with their debt covenants as of June 30, 2025.
Total cash and cash equivalents attributed to Formula One Group increased $307 million during the second quarter primarily due to net cash from operations at F1 and proceeds from the partial settlement of derivative contracts related to MotoGP transaction financing, partially offset by capital expenditures at F1. Total debt attributed to Formula One Group was relatively flat in the second quarter.
Total cash and cash equivalents attributed to Liberty Live Group decreased $6 million during the second quarter primarily due to interest payments and corporate overhead. Total debt attributed to Liberty Live Group was flat during the second quarter.
Important Notice: Liberty Media Corporation (Nasdaq: FWONA, FWONK, LLYVA, LLYVK) will discuss Liberty Media's earnings release on a conference call which will begin at 10:00 a.m. (E.T.) on August 7, 2025. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13748884 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.libertymedia.com/investors/news-events/ir-calendar. Links to this press release will also be available on the Liberty Media website.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial performance and prospects, the Formula 1 race calendar, expectations regarding Formula 1's business, the planned split-off of Liberty Live and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the satisfaction of all conditions for the split-off of Liberty Live, possible changes in market acceptance of new products or services, regulatory matters affecting our businesses, the unfavorable outcome of future litigation, the failure to realize benefits of acquisitions, rapid industry change, failure of third parties to perform, continued access to capital on terms acceptable to Liberty Media and changes in law, including consumer protection laws, and their enforcement. These forward-looking statements speak only as of the date of this press release, and Liberty Media expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Media's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Media, including the most recent Forms 10-K and 10-Q, for additional information about Liberty Media and about the risks and uncertainties related to Liberty Media's business which may affect the statements made in this press release.
LIBERTY MEDIA CORPORATION
June 30, 2025 (unaudited)
Attributed
Formula
Liberty
amounts in millions
Assets
Current assets:
Cash and cash equivalents
$
3,140
308
—
3,448
Trade and other receivables, net
143
1
—
144
Other current assets
510
—
—
510
Total current assets
3,793
309
—
4,102
Investments in affiliates, accounted for using the equity method
33
589
—
622
Property and equipment, at cost
1,012
—
—
1,012
Accumulated depreciation
(184
)
—
—
(184
)
828
—
—
828
Goodwill
4,135
—
—
4,135
Intangible assets subject to amortization, net
2,570
—
—
2,570
Deferred income tax assets
569
256
(35
)
790
Other assets
557
217
—
774
Total assets
$
12,485
1,371
(35
)
13,821
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities
$
469
1
—
470
Current portion of debt
34
1,769
—
1,803
Deferred revenue
780
—
—
780
Other current liabilities
50
—
—
50
Total current liabilities
1,333
1,770
—
3,103
Long-term debt
2,996
—
—
2,996
Other liabilities
304
90
(35
)
359
Total liabilities
4,633
1,860
(35
)
6,458
Equity / Attributed net assets
7,852
(511
)
—
7,341
Noncontrolling interests in equity of subsidiaries
—
22
—
22
Total liabilities and equity
$
12,485
1,371
(35
)
13,821
Expand
LIBERTY MEDIA CORPORATION
Three months ended June 30, 2025 (unaudited)
Attributed
Formula
Liberty
One
Live
Consolidated
Group
Group
Liberty
amounts in millions
Revenue:
Formula 1 revenue
$
1,203
—
1,203
Other revenue
138
—
138
Total revenue
1,341
—
1,341
Operating costs and expenses:
Cost of Formula 1 revenue (exclusive of depreciation shown separately below)
779
—
779
Other cost of sales
88
—
88
Selling, general and administrative (1)
111
7
118
Acquisition costs
3
—
3
Depreciation and amortization
80
—
80
1,061
7
1,068
Operating income (loss)
280
(7
)
273
Other income (expense):
Interest expense
(49
)
(8
)
(57
)
Share of earnings (losses) of affiliates, net
(2
)
73
71
Realized and unrealized gains (losses) on financial instruments, net
160
(289
)
(129
)
Other, net
66
4
70
175
(220
)
(45
)
Earnings (loss) before income taxes
455
(227
)
228
Income tax (expense) benefit
(73
)
49
(24
)
Net earnings (loss)
382
(178
)
204
Less net earnings (loss) attributable to the noncontrolling interests
—
—
—
Net earnings (loss) attributable to Liberty stockholders
$
382
(178
)
204
(1) Includes stock-based compensation expense as follows:
Selling, general and administrative
$
6
2
8
Expand
LIBERTY MEDIA CORPORATION
STATEMENT OF OPERATIONS INFORMATION
Three months ended June 30, 2024 (unaudited)
Attributed
Formula
Liberty
Liberty
One
Live
SiriusXM
Consolidated
Group
Group
Group
Liberty
amounts in millions
Revenue:
Formula 1 revenue
$
853
—
—
853
Other revenue
135
—
—
135
Total revenue
988
—
—
988
Operating costs and expenses:
Cost of Formula 1 revenue (exclusive of depreciation shown separately below)
639
—
—
639
Other cost of sales
94
—
—
94
Selling, general and administrative (1)
96
2
—
98
Acquisition costs
11
—
—
11
Depreciation and amortization
89
—
—
89
929
2
—
931
Operating income (loss)
59
(2
)
—
57
Other income (expense):
Interest expense
(53
)
(7
)
—
(60
)
Share of earnings (losses) of affiliates, net
(2
)
85
—
83
Realized and unrealized gains (losses) on financial instruments, net
(1
)
88
—
87
Other, net
20
6
—
26
(36
)
172
—
136
Earnings (loss) from continuing operations before income taxes
23
170
—
193
Income tax (expense) benefit
1
(36
)
—
(35
)
Net earnings (loss) from continuing operations
24
134
—
158
Net earnings (loss) from discontinued operations
—
—
349
349
Net earnings (loss)
24
134
349
507
Less net earnings (loss) attributable to the noncontrolling interests
—
—
50
50
Net earnings (loss) attributable to Liberty stockholders
$
24
134
299
457
(1) Includes stock-based compensation expense as follows:
Selling, general and administrative
$
6
1
—
7
Expand
LIBERTY MEDIA CORPORATION
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 2025 (unaudited)
Attributed
Formula
Liberty
One
Live
Consolidated
Group
Group
Liberty
amounts in millions
Cash flows from operating activities:
Net earnings (loss)
$
404
(195
)
209
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization
157
—
157
Stock-based compensation
8
2
10
Share of (earnings) loss of affiliates, net
5
(77
)
(72
)
Realized and unrealized (gains) losses on financial instruments, net
(242
)
306
64
Deferred income tax expense (benefit)
9
(51
)
(42
)
Intergroup tax allocation
3
(3
)
—
Other, net
(33
)
1
(32
)
Changes in operating assets and liabilities
Current and other assets
(147
)
—
(147
)
Payables and other liabilities
464
1
465
Net cash provided (used) by operating activities
628
(16
)
612
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities
(16
)
(1
)
(17
)
Cash proceeds from dispositions
26
—
26
Cash (paid) received for acquisitions, net of cash acquired
(131
)
—
(131
)
Capital expended for property and equipment, including internal-use software and website development
(55
)
—
(55
)
Cash proceeds from foreign currency forward contracts
71
—
71
Other investing activities, net
(14
)
—
(14
)
Net cash provided (used) by investing activities
(119
)
(1
)
(120
)
Cash flows from financing activities:
Repayments of debt
(11
)
—
(11
)
Other financing activities, net
19
—
19
Net cash provided (used) by financing activities
8
—
8
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
9
—
9
Net increase (decrease) in cash, cash equivalents and restricted cash
526
(17
)
509
Cash, cash equivalents and restricted cash at beginning of period
2,638
325
2,963
Cash, cash equivalents and restricted cash at end of period
$
3,164
308
3,472
Cash and cash equivalents
$
3,140
308
3,448
Restricted cash included in other assets
24
—
24
Total cash, cash equivalents and restricted cash at end of period
$
3,164
308
3,472
Expand
LIBERTY MEDIA CORPORATION
STATEMENT OF CASH FLOWS INFORMATION
Six months ended June 30, 2024 (unaudited)
Attributed
Formula
Liberty
Liberty
One
Live
SiriusXM
Consolidated
Group
Group
Group
Liberty
amounts in millions
Cash flows from operating activities:
Net earnings (loss)
$
101
61
590
752
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Net (earnings) loss from discontinued operations
—
—
(590
)
(590
)
Depreciation and amortization
175
—
—
175
Stock-based compensation
18
2
—
20
Share of (earnings) loss of affiliates, net
5
(64
)
—
(59
)
Realized and unrealized (gains) losses on financial instruments, net
(47
)
(19
)
—
(66
)
Deferred income tax expense (benefit)
2
13
—
15
Intergroup tax allocation
(62
)
3
—
(59
)
Intergroup tax (payments) receipts
80
3
—
83
Other, net
5
(4
)
—
1
Changes in operating assets and liabilities
Current and other assets
(79
)
2
—
(77
)
Payables and other liabilities
203
(4
)
—
199
Net cash provided (used) by operating activities
401
(7
)
—
394
Cash flows from investing activities:
Investments in equity method affiliates and debt and equity securities
(1
)
—
—
(1
)
Cash proceeds from dispositions
—
107
—
107
Cash (paid) received for acquisitions, net of cash acquired
(205
)
—
—
(205
)
Capital expended for property and equipment, including internal-use software and website development
(40
)
—
—
(40
)
Other investing activities, net
(62
)
1
—
(61
)
Net cash provided (used) by investing activities
(308
)
108
—
(200
)
Cash flows from financing activities:
Borrowings of debt
10
—
—
10
Repayments of debt
(31
)
—
—
(31
)
Other financing activities, net
27
—
—
27
Net cash provided (used) by financing activities
6
—
—
6
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
(8
)
—
—
(8
)
Net cash provided (used) by discontinued operations:
Cash provided (used) by operating activities
—
—
753
753
Cash provided (used) by investing activities
—
—
(550
)
(550
)
Cash provided (used) by financing activities
—
—
(314
)
(314
)
Net cash provided (used) by discontinued operations
—
—
(111
)
(111
)
Net increase (decrease) in cash, cash equivalents and restricted cash
91
101
(111
)
81
Cash, cash equivalents and restricted cash at beginning of period
1,408
305
315
2,028
Cash, cash equivalents and restricted cash at end of period
$
1,499
406
204
2,109
Cash and cash equivalents
$
1,491
406
188
2,085
Restricted cash included in other current assets
8
—
—
8
Restricted cash included in current assets of discontinued operations
—
—
8
8
Restricted cash included in noncurrent assets of discontinued operations
—
—
8
8
Total cash, cash equivalents and restricted cash at end of period
$
1,499
406
204
2,109
Expand
NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES
SCHEDULE 1
To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for Formula One Group, together with reconciliations to operating income, as determined under GAAP. Liberty Media defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, Concorde incentive payments and restructuring, acquisition and impairment charges.
Liberty Media believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business' performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, Liberty Media views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Liberty Media's management considers in assessing the results of operations and performance of its assets.
The following table provides a reconciliation of Adjusted OIBDA for Liberty Media to operating income (loss) calculated in accordance with GAAP for the three and six months ended June 30, 2024 and June 30, 2025.
____________________
(a)
Formula One Group incurred $11 million and $3 million of costs related to corporate acquisitions during the three months ended June 30, 2024 and June 30, 2025, respectively, and $20 million and $14 million of costs related to corporate acquisitions during the six months ended June 30, 2024 and June 30, 2025, respectively.
Expand
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
14 minutes ago
- Yahoo
Are Wall Street Analysts Bullish on Nasdaq Stock?
New York-based Nasdaq, Inc. (NDAQ) operates as a leading provider of trading, clearing, marketplace technology, securities listing, information, and other services. With a market cap of $55.6 billion, Nasdaq operates through Capital Access Platforms, Financial Technology, and Market Services segments. The company has significantly outperformed the broader market over the past year. NDAQ stock has soared 42.3% over the past 52 weeks and 25.3% on a YTD basis, compared to the S&P 500 Index's ($SPX) 20.1% surge over the past year and 8.6% returns on a YTD basis. More News from Barchart 'It Will Be the Biggest Product Ever': Elon Musk Says Tesla's Optimus Robots Will Be Bigger Than Even Robotaxi Dear Archer Aviation Stock Fans, Mark Your Calendars for August 11 Dear Plug Power Stock Fans, Mark Your Calendars for August 11 Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Narrowing the focus, Nasdaq has also outperformed the Financial Select Sector SPDR Fund's (XLF) 22.8% gains over the past year and 7.3% returns on a YTD basis. Nasdaq's stock prices surged 5.9% in the trading session following the release of its impressive Q2 results on Jul. 24. Driven by solid organic growth, the company's revenues net of transaction expenses surged 12.7% year-over-year to $1.3 billion, beating the consensus estimates by a notable margin. Furthermore, driven by continued improvement in margins, its non-GAAP net earnings for the quarter grew 23.9% year-over-year to $492 million, and adjusted EPS of $0.85, surpassed the Street's expectations by 6.3%. For the full fiscal 2025, ending in December, analysts expect NDAQ to deliver an adjusted EPS of $3.30, up 17% year-over-year. The company has a solid earnings surprise history. It has surpassed the Street's bottom-line estimates in each of the past four quarters. The stock has a consensus 'Strong Buy' rating overall. Of the 20 analysts covering the stock, opinions include 13 'Strong Buys,' three 'Moderate Buys,' and four 'Holds.' This configuration is slightly more optimistic than a month ago, when 12 analysts gave 'Strong Buy' recommendations and the stock had a consensus 'Moderate Buy' rating overall. On Aug. 4, Piper Sandler analyst Richard Repetto maintained an 'Overweight' rating and raised the price target from $97 to $104. NDAQ's mean price target of $103.17 represents a 6.5% premium to current price levels. Meanwhile, the street-high target of $115 suggests a notable upside potential of 18.7%. On the date of publication, Aditya Sarawgi did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data


Associated Press
16 minutes ago
- Associated Press
Niu Technologies Announces Unaudited Second Quarter 2025 Financial Results
-- Second Quarter Revenues of RMB 1,255.7 million, increase 33.5% year over year -- Second Quarter Net Income of RMB 5.9 million, compared to net loss of RMB 24.9 million in the same period of last year BEIJING, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Niu Technologies ('NIU', or 'the Company') (NASDAQ: NIU), the world's leading provider of smart urban mobility solutions, today announced its unaudited financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Financial Highlights Second Quarter 2025 Operating Highlights Dr. Yan Li, Chief Executive Officer of the Company, remarked, 'During China's e-commerce peak season in May and June, our products consistently ranked among the best-selling mid to high-end models in the electric bicycle and electric motorcycle sectors. Featuring enhanced intelligence and functionality, our new models launched in the first half of 2025 demonstrated our commitment to smart technology. In addition, we expanded our domestic retail network to over 4,300 stores in China, reinforcing our growth strategy in the domestic market.' Dr. Li continued, 'In overseas markets, our electric motorcycles continued their steady recovery throughout the first half, in line with our overseas strategy. Meanwhile, sales in the micromobility segment softened due to ongoing geopolitical and economic uncertainties.' Second Quarter 2025 Financial Results Revenues reached RMB 1,255.7 million, representing a 33.5% increase year-over-year. This growth was mainly driven by a 36.7% increase in sales volume, partially offset by a 2.3% decrease in revenues per e-scooter. The following table shows the revenue breakdown and revenues per e-scooter in the periods presented: Cost of revenues was RMB 1,003.2 million, an increase of 28.5% year-over-year, in line with the growth trend of revenues. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specific period, was RMB 2,866, a decrease of 6.0% from RMB 3,048 in the second quarter of 2024. This decrease was mainly due to changes in product mix, along with the cost-reduction impact in China market. Gross margin was 20.1%, compared with 17.0% in the same period of 2024. The increase was mainly driven by a higher proportion of e-scooter sales and an improved gross margin in China market, reflecting the positive impact of our cost-reduction initiatives. Operating expenses were RMB 264.9 million, an increase of 38.1% year over year. Operating expenses as a percentage of revenues was 21.1%, compared with 20.4% in the second quarter of 2024. Operating expenses excluding share-based compensation were RMB 257.3 million, an increase of 37.9% year over year, and represented 20.5% of revenues, compared with 19.8% in the second quarter of 2024. Share-based compensation was RMB 7.9 million, compared with RMB 5.4 million in the same period of 2024. Income tax benefit was RMB 12.5 million, compared with income tax expense of RMB 1.0 million in the same period of 2024. Net income was RMB 5.9 million, compared with net loss of RMB 24.9 million in the second quarter of 2024. The net income margin was 0.5%, compared with net loss margin of 2.6% in the same period of 2024. Adjusted net income (non-GAAP) was RMB 13.7 million, compared with an adjusted net loss of RMB 19.5 million in the second quarter of 2024. The adjusted net income margin4 was 1.1%, compared with an adjusted net loss margin of 2.1% in the same period of 2024. Basic and diluted net income per ADS were both RMB 0.07 (US$ 0.01). Balance Sheet As of June 30, 2025, the Company had cash and cash equivalents, term deposits and short-term investments of RMB 1,226.6 million in aggregate. The Company had restricted cash of RMB 214.8 million and short-term bank borrowings of RMB 220.0 million. Business Outlook NIU expects revenues of the third quarter 2025 to be in the range of RMB 1,433 million to RMB 1,638 million, representing a year-over-year increase of 40% to 60%. The above outlook is based on information available as of the date of this press release and reflects the Company's current and preliminary expectation and is subject to change. Conference Call The Company will host an earnings conference call on Monday, August 11, 2025 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its second quarter 2025 financial and business results and provide a corporate update. To join via phone, participants need to register in advance of the conference call using the link provided below. Upon registration, participants will receive dial-in numbers and a personal PIN, which will be used to join the conference call. A live and archived webcast of the conference call will be available on the investor relations website at About NIU As the world's leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, mopeds, bicycles, as well as kick-scooters and e-bikes. NIU has a diversified product portfolio that caters to the various demands of our users and addresses different urban travel scenarios. Currently, NIU offers two model lineups, comprising a number of different vehicle types. These include (i) the electric motorcycle, moped and bicycle series, including the NQi, MQi, UQi, FQi series and others, and (ii) the micro-mobility series, including the kick-scooter series KQi and the e-bike series BQi. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to sell its products and provide services to users. For more information, please visit Use of Non-GAAP Financial Measures To supplement NIU's consolidated financial results presented in accordance with the accounting principles generally accepted in the United States of America ('GAAP'), NIU uses the following non-GAAP financial measures: adjusted net income (loss) and adjusted net income (loss) margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. NIU believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its operating results. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to NIU's historical performance. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company's results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. Adjusted net income (loss) is defined as net income (loss) excluding share-based compensation expenses. Adjusted net income (loss) margin is defined as adjusted net income (loss) as a percentage of the revenues. For more information on non-GAAP financial measures, please see the tables captioned 'Reconciliation of GAAP and Non-GAAP Results'. Exchange Rate This announcement contains translations of certain RMB amounts into U.S. dollars ('US$') at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB 7.1636 to US$ 1.00, the exchange rate in effect as of June 30, 2025, as set forth in the H.10 Statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'aims,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'likely to' and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as NIU's strategic and operational plans, contain forward-looking statements. NIU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIU's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIU's strategies; NIU's future business development, financial condition and results of operations; NIU's ability to maintain and enhance its 'NIU' brand; its ability to innovate and successfully launch new products and services; its ability to maintain and expand its offline distribution network; its ability to satisfy the mandated safety standards relating to e-scooters; its ability to secure supply of components and raw materials used in e-scooters; its ability to manufacture, launch and sell smart e-scooters meeting customer expectations; its ability to grow collaboration with operation partners; its ability to control costs associated with its operations; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIU's filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and NIU does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Investor Relations Contact: Niu Technologies E-mail: [email protected] _______________________________________ 1 Adjusted net income (loss) (non-GAAP) is defined as net income (loss) excluding share-based compensation expenses 2 Revenues per e-scooter on e-scooter sales from China or international markets is defined as e-scooter sales revenues from China or international markets divided by the number of e-scooters sold in China or international market in a specific period 3 Revenues per e-scooter on accessories, spare parts and services is defined as accessories, spare parts and services revenues divided by the total number of e-scooters sold in a specific period 4 Adjusted net income (loss) margin is defined as adjusted net income (loss) (non-GAAP) as a percentage of the revenues
Yahoo
an hour ago
- Yahoo
Bitcoin Trails Gold in 2025 but Dominates Long-Term Returns Across Major Asset Classes
Bitcoin slipped 0.11% in the past 24 hours to $116,702, according to CoinDesk Data, but it remains up 25% year to date, second only to gold's 29% gain among major asset classes, according to data shared by financial strategist Charlie Bilello on X. Both assets have outperformed other major asset classes this year, such as emerging market stocks (VWO +15.6%), the Nasdaq 100 (QQQ +12.7%) and U.S. large caps (SPY +9.4%). Meanwhile, U.S. mid-caps (MDY) and small-caps (IWM) have only gained 0.2% and 0.8%, respectively, his data showed. This marks the first time gold and bitcoin have occupied the top two positions in Bilello's annual asset class rankings since records began. The big picture However, zooming out, bitcoin has delivered an extraordinary 38,897,420% total return since 2011 — a figure that dwarfs all other asset classes in the dataset. Gold's 126% cumulative return over the same period puts it in the middle of the pack, trailing equity benchmarks like the Nasdaq 100 (1101%) and U.S. large caps (559%), as well as mid caps (316%), small caps (244%) and emerging market stocks (57%). Based on Bilello's figures, bitcoin's total return has exceeded gold's by more than 308,000 times over the past 14 years. When measured on an annualized basis, bitcoin's dominance is equally clear. The flagship cryptocurrency has delivered a 141.7% average annual gain since 2011, compared with 5.7% for gold, 18.6% for the Nasdaq 100, 13.8% for U.S. large caps and 4.4% to 16.4% for other major equity and real estate indexes, Bilello's data showed. Gold's long-term stability has made it a valuable hedge in certain market cycles, but its pace of appreciation has been far slower than bitcoin's exponential climb. Store of value: Gold vs. bitcoin Renowned trader Peter Brandt weighed in on Aug. 8, contrasting gold's merits as a store of value with bitcoin's potential to surpass all fiat alternatives. 'Some think gold is a great store of value — and it is. But the ultimate store of value will prove to be bitcoin,' he said on X, sharing a long-term chart of the U.S. dollar's purchasing power. His comments echo the growing narrative that bitcoin's scarcity and decentralization make it uniquely positioned to outperform traditional hedges over ability to hold above six figures in 2025 while maintaining a top-two performance among major assets underscores its resilience in a volatile macro backdrop. Traders are watching whether it can retest the year's peak near $123,000, while long-term holders point to its outperformance since 2011 as evidence of its staying power. Market participants say upcoming macro data and risk appetite across equities and commodities could set the tone for the next in to access your portfolio