NavInfo expects revenue growth despite loss in H1 2024

Beijing (Gasgoo)- On July 9, smart car solution developer NavInfo announced its performance forecast for the first half of this year (H1 2024). During the reporting period, the company's revenue should come between 1.6 billion yuan and 1.8 billion yuan, reflecting a year-on-year growth of 6.62% to 19.95%.

However, the company’s net loss attributable to shareholders should fall around 295 million yuan to 383 million yuan in H1. For reference, NavInfo’s net loss was 295 million yuan in the same period last year. Excluding non-recurring gains and losses, the company’s net loss should be between 303 million yuan and 388 million yuan. The figure was 296 million yuan in H1 2023.

During the reporting period, NavInfo remained focused on the automotive intelligence sector, seizing market opportunities to achieve significant revenue growth. In the first half of 2024, the company’s smart cloud compliance business and smart chip SoC chip business both saw substantial growth. In the second quarter of this year, NavInfo's overall operational performance improved, revenue levels increased year on year, and quarterly losses narrowed compared to a year ago.

In response to the negative impact of intense industry competition, NavInfo implemented several measures to address challenges, including enhancing refined management, emphasizing R&D efficiency and outcomes, rationally controlling R&D investment, improving supply chain management, and controlling period expenses. The initial results of cost reduction and efficiency improvements are evident, and operational efficiency is continuously improving.