LOBO EV Technologies Ltd. Announces Fiscal Year 2024 Financial Results, Highlights Strategic Expansion in Global Electric Mobility Markets
WUXI, China, April 29, 2025 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. $(LOBO)$ ("LOBO" or the "Company"), a leading provider of electric two-wheelers, electric tricycles, and off-highway electric carts, today announced its audited financial results for the fiscal year ended December 31, 2024, and provided an update on key strategic initiatives.
Financial Highlights for Fiscal Year 2024:
-- Revenue: $21.2 million, an increase of 36.9% compared to $15.5 million in
fiscal year 2023.
-- Gross Profit: $2.5 million, an increase of 11.2% from $2.2 million in
fiscal year 2023.
-- Net Loss: $(845,841), compared to a net income of $986,471 in fiscal year
2023.
-- Cash and Cash Equivalents:$1.4 million as of December 31, 2024.
-- Total Assets: $24.0 million, up 22.0% from $19.7 million as of December
31, 2023.
-- Shareholders' Equity: $9.3 million, an increase of 64.9% compared to $5.7
million at the end of 2023.
-- Ordinary Shares Outstanding: 7,780,000 as of December 31, 2024.
CEO Commentary:
Huajian Xu, CEO of LOBO, commented,
"Fiscal year 2024 was a transformational year for LOBO EV Technologies. We strategically expanded our product portfolio and distribution networks internationally. Despite near-term pressure on profitability due to operational expansion and public company transition costs, our top-line growth reflects the strength of our brand and market positioning. We remain committed to driving innovation, enhancing operational excellence, and delivering sustainable value creation for our shareholders."
"We are also proud to announce our strategic steps and penetration efforts to enter the rapidly growing market in Africa, Latin America and middle Asia countries. These business activities mark our ambitious in our mission to expand globally and deliver sustainable, eco-friendly, affordable mobility solutions to new markets and dedicate to the prosperous development of green economy."
Business Highlights for Fiscal Year 2024:
Product Innovation and Expansion
-- Expanded Portfolio: Introduced hundreds of new e-bicycles, e-mopeds,
e-tricycles, and off-highway electric carts to meet evolving consumer
preferences.
-- Enhanced R&D Investments: Research and development expenses surged by
over 500% year-over-year, reflecting LOBO's commitment to technological
leadership.
Dealer Network and Market Expansion
-- International Reach: Expanded to over 50 international dealers,
establishing foundations in ASEAN, Latin America, Eastern Europe, Middle
Asia and North America.
-- Brazil, Peru, Ukraine, Lithuania, Serbia, Kazakhstan, Tanzania, Nigeria
are our critical nations and fulcrums for our distribution and market
penetrations in the regional market
Outlook for Fiscal Year 2025:
LOBO plans to:
-- Launch innovative AI-powered EV models to strengthen its mobility
portfolio;
-- Strengthen operational controls and regulatory compliance with U.S. GAAP
and SEC standards;
-- Further penetrate international markets, particularly in Latin America
and Africa as well as Southeast Asia, through strategic dealer
partnerships and market-specific product launches, even building
factories locally;
-- Continue investing in R&D to sustain technological leadership across the
global electric mobility sector.
About LOBO EV Technologies Ltd.
LOBO EV Technologies Ltd. (Nasdaq: LOBO) is an innovative designer, developer, manufacturer, and seller of e-bicycles, e-mopeds, e-tricycles, and electric off-highway four-wheeled shuttles. The Company also specializes in AI-powered multimedia interactive systems and is expanding into medical technology manufacturing. By leveraging cutting-edge AI, connectivity, and automation, LOBO aims to provide intelligent, efficient, and secure mobility and healthcare solutions.
For more information, visit: https://www.loboebike.com and https://loboev.io.
Safe Harbor Statement
This press release contains forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on the Company's current expectations and assumptions and are subject to risks and uncertainties. Actual results may differ due to regulatory approvals, market conditions, and other factors detailed in the Company's filings with the U.S. Securities and Exchange Commission $(SEC.UK)$. LOBO undertakes no obligation to update these forward-looking statements unless required by law.
For Investor and Media Inquiries, Please Contact:
HORIZON IR
Michael Wei
Email: hwey@horizonconsultancy.co
LOBO EV TECHNOLOGIES LTD
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME
(In U.S. dollars except for number of shares)
For the year ended
December 31,
-------------------------
2024 2023
----------- -----------
Revenues $21,188,606 $15,474,918
Cost of revenues 18,731,995 13,266,821
---------- ----------
Gross Profit 2,456,611 2,208,097
Operating expenses
Selling and marketing expenses 716,021 610,487
General and administrative expenses 2,020,003 516,187
Research and development expenses 1,663,445 262,375
---------- ----------
Total operating expenses 4,399,469 1,389,049
---------- ----------
Operating (loss)/income (1,942,858) 819,048
Other expenses (income)
Interest expense 20 7,508
Gain on disposal of subsidiaries (836,112)
Other income (380,892) (519,784)
---------- ----------
Total other income, net (1,216,984) (512,276)
(loss)/Income before income tax
expense (725,874) 1,331,324
---------- ----------
Income tax expense 119,967 344,853
---------- ----------
Net (loss)/Income (845,841) 986,471
---------- ----------
Net (loss)/Income (845,841) 986,471
Less: Net (loss)/income attributable
to non-controlling interest 33,005 (16,873)
---------- ----------
Net (loss)/income attributable to LOBO
EV Technologies LTD (812,836) 969,598
========== ==========
Net (loss)/Income (845,841) 986,471
Foreign currency translation
adjustments (204,541) (187,459)
Total comprehensive (loss) income (1,050,382) 799,012
Less: Comprehensive net (loss)
attributable to noncontrolling
interests (37,574) 12,304
---------- ----------
Total comprehensive (loss) income
attributable to LOBO EV Technologies
LTD $(1,012,808) 786,708
========== ==========
LOBO EV TECHNOLOGIES LTD
CONSOLIDATED BALANCE SHEETS
(In U.S. dollars except for number of shares)
As of
-------------------------------
December 31, December 31,
2024 2023
-------------- --------------
Assets
Current assets:
Cash and cash equivalents $ 1,379,434 $ 470,335
Restricted cash 510,156 -
Accounts receivable, net 1,506,894 2,532,551
Inventories, net 8,592,767 5,737,781
Short-term investments - 56,768
Prepaid expenses and other current
assets 7,689,423 7,307,478
Assets held for sale 1,527,589 -
---------- ----------
Total current assets 21,206,263 16,104,913
---------- ----------
Property and equipment, net 728,438 1,080,747
Intangible assets, net 871,044 1,916,362
Operating lease right-of-use assets,
net 1,037,883 569,462
Deferred tax assets 175,960
---------- ----------
Total Assets 24,019,588 19,671,484
========== ==========
Liabilities and Shareholders'
Equity
Current liabilities:
Accounts payable $ 2,217,720 $ 929,816
Advances from customers 1,843,976 1,555,424
Other current payables 1,798,252 370,913
VAT payable 550,439 6,078,846
Taxes payable 383,719 2,372,646
Amounts due to related parties 712,410 1,671,371
Short-term Loan 132,777 -
Convertible note payable, net 12,820 -
Liabilities held for sale 5,486,344 -
Operating lease liabilities, current 768,544 362,720
---------- ----------
Total current liabilities 13,907,001 13,341,736
---------- ----------
Long-term Loan 236,513 140,847
Operating lease liabilities,
non-current 554,366 298,961
Other payables - 11,320
---------- ----------
Total liabilities 14,697,880 13,792,864
---------- ----------
Commitments and contingencies - -
Equity:
Common stock* (par value of $0.001
per share, 50,000,000 shares
authorized, 8,630,000 and 6,400,000
ordinary shares issued as of
December 31, 2024 and 2023,
respectively; 7,780,000and
6,400,000 ordinary shares
outstanding as of December 31, 2024
and 2023, respectively) 8,630 6,400
Additional paid-in capital 8,781,273 3,013,333
Retained earnings 644,930 2,490,044
Accumulated other comprehensive
income (577,762) (377,790)
Statutory reserve 464,637 521,566
---------- ----------
Total LOBO EV Technologies LTD's
shareholders' equity 9,321,708 5,653,553
Non-controlling interest - 225,067
---------- ----------
Total Equity 9,321,708 5,878,620
---------- ----------
Total Liabilities and Equity $ 24,019,588 $ 19,671,484
========== ==========
LOBO EV TECHNOLOGIES LTD
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In U.S. dollars except for number of shares)
2024 2023
------------- -----------
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income (845,841) 986,471
Adjustment to reconcile net income
to net cash provided by operating
activities
Depreciation and amortization 1,004,089 722,778
Gain on disposal of property and
equipment (17,815)
Changes in fair value of
short-term investments (15,632)
Gain on sale of long-term
investments - 13,319
Amortization of operating lease
Right-of-use assets, nets 370,283 181,791
Gain on disposal of subsidiaries (836,112) -
Unrealized loss on assets held for
sale 455,938 -
Amortization of Convertible Note
issuance cost 11,970 -
Changes in Operating Assets and
Liabilities
Accounts receivable 617,183 437,684
Inventories (4,658,182) (2,038,096)
Prepaid expenses and other current
assets (2,426,075) (4,021,436)
Deferred tax asset (178,494)
Accounts payable 1,386,960 (816,530)
Advance from customers 1,577,166 1,409,334
Other current payables 27,650 (42,482)
VAT payable 108,456 1,222,130
Taxes payable 815,440 649,355
Operating lease Liabilities (332,159) (120,936)
------------ -----------
Net cash (used in) provided by
operating activities (2,935,174) (1,416,618)
CASH FLOWS FROM INVESTING
ACTIVITIES
Interest-free loan to related
parties - (16,896,831)
Interest-free loan repaid by
related parties - 20,319,617
Purchase of short-term investment (125,075) (70,275)
Sale of short-term investment 71,869 -
Proceeds from sale of long-term
equity investments 94,640 -
Purchase of property and equipment (325,257) (314,197)
Purchase of intangible assets - (985,995)
Additional consideration paid for
Reorganization - (1,437,646)
------------ -----------
Net cash used in investing activities (283,823) 614,673
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds of interest-free loan
from related parties 8,747,287 4,811,327
Repayments of interest-free loan
to related parties (9,246,025) (3,658,828)
Proceeds from issuance of
convertible note, net of issuance
costs 1,500,850 -
Repayments of short-term
borrowings (197,715)
Proceeds from short-term loan 190,277
Proceeds of long-term borrowings 239,919 141,225
Proceeds from additional paid in
capital - -
Proceeds from IPO 3,180,963 -
------------ -----------
Net cash provided by financing
activities 4,613,271 1,096,009
Effect of exchange rate changes on
cash and cash equivalents 24,983 (6,558)
------------ -----------
NET (DECREASE) INCREASE IN CASH AND
CASH EQUIVALENTS 1,419,255 287,506
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH, beginning of period 470,335 182,829
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH, end of period 1,889,590 470,335
RECONCILATION OF CASH, CASH
EQUIVALENTS AND RESTRICTED CASH,
beginning of period
Cash, cash equivalents 470,335 182,829
Restricted cash - -
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH, beginning of period 470,335 182,829
RECONCILATION OF CASH, CASH
EQUIVALENTS AND RESTRICTED CASH,
end of period
Cash, cash equivalents 1,379,434 470,335
Restricted cash 510,156 -
CASH, CASH EQUIVALENTS AND RESTRICTED
CASH, end of period 1,889,590 470,335
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for:
Income taxes (657) (239)
Interest (20) 408
NON-CASH TRANSACTIONS
Addition of Right-of-use assets, nets 999,805 273,334
Liabilities incurred for purchase
of property and equipment - -
Fair value adjustment for
Pre-Delivery Shares related to the
issuance of Convertible Note 1,499,150 -
Other payables released from the sale
of property and equipment 19,456 -
Other payables released from the sale
of subsidiaries 1,183,624 -
(END) Dow Jones Newswires
April 29, 2025 09:30 ET (13:30 GMT)