Viomi Technology, a Xiaomi-backed Chinese startup focusing on developing Internet of Things (IoT)-powered home appliances, posted a 173.2% increase in first-quarter net profit as the firm expanded overseas.
Net profit for the quarter that ended on March 31 surged to 49.1 million yuan ($7.5 million), Viomi said in its earnings report released Thursday.
Revenue rose 64% year-on-year to 1.3 billion yuan, about 73% of which came from sales of its IoT-enabled appliances such as sweeper robots and smart kitchen products, according to the financial report. Sales of IoT-enabled appliances jumped 111.5% year-on-year.
The remainder of Viomi’s revenue was generated from sales of its domestic water solutions, consumables and small appliances, the report said.
Viomi said that the robust growth got a boost in part by its drive to expand into overseas markets including Europe, Southeast Asia, South Korea and Australia, where its sweeper robots are popular.
“Our products are designed with an eye on health care, smartification, home security and natural AI voice interactions,” said Viomi CEO Chen Xiaoping. “Looking ahead at the rest of 2021, we will continue to optimize our IoT product portfolio with a focus on AI application.”
As of the end of March, Viomi accumulated 5.6 million household users, about 20.4% of which had at least two Viomi-branded internet connected products, according to the report.
The Nasdaq-listed company said that it expects its second-quarter revenue to be between 1.7 billion yuan and 1.9 billion yuan, representing a year-on-year increase of 2.1% to 9.8%.