VIOT - Viomi Technology plunges after Q1 revenue decline

Viomi Technology (VIOT -8.1%) reports revenue declined 41% Y/Y in Q1, mainly due to the significant decrease in sales of Xiaomi-branded sweeper robots, as well as product portfolio adjustments for margin expansion in other categories. Number of cumulative household users reached ~6.9M, vs. ~6.6M previous quarter and ~5.6M year ago. Percentage of household users with at least two connected products reached 21.8%, compared to 21.5% as of the end of 2021 and 20.4% as of the end of Q1 2021. Gross margin increased to 26.3% from 21.1% Y/Y, primarily driven by the Co.'s continued efforts to shift the business and product mix toward higher gross margin products. Non-GAAP net loss was RMB41.7M vs. non-GAAP net income of RMB65.3M year ago. For 2Q22, the company currently expects: Net revenues to be between RMB850B and RMB1.05B. The Co. estimates that the Y/Y change in revenues will be mainly due to the high comparison base from the Xiaomi-branded sweeper robot

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Viomi Technology plunges after Q1 revenue decline