NavInfo Reports 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). The company expects its revenue to be between 1.6 billion yuan and 1.8 billion yuan, reflecting a year-on-year growth of 6.62% to 19.95%.
Photo credit: NavInfo
Despite the revenue growth, NavInfo expects a net loss attributable to shareholders between 295 million yuan and 383 million yuan in H1. This is an increase from the net loss of 294.845 million yuan in the same period last year. Excluding non-recurring gains and losses, the company’s net loss is projected to be between 303 million yuan and 388 million yuan, compared to 295.639 million yuan in H1 2023.
NavInfo remained focused on the automotive intelligence sector during the reporting period, achieving significant revenue growth in its smart cloud compliance business and smart chip SoC chip business. In the second quarter of 2024, the company’s operational performance improved, with increased revenue levels and narrowed quarterly losses compared to the previous year.
To address challenges posed by intense industry competition, NavInfo implemented several measures, including refined management, emphasis on R&D efficiency, rational control of R&D investment, improved supply chain management, and controlled period expenses. These efforts have yielded initial results in cost reduction and efficiency improvements, leading to continuous operational efficiency enhancements.
Overall, NavInfo’s performance in H1 2024 showcases its resilience and strategic focus on growth despite facing challenges in the competitive automotive intelligence sector.
