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)