HAMBURG, Germany, Sept. 23, 2025 (GLOBE NEWSWIRE) -- XCHG Limited ("XCharge" or the "Company"), (Nasdaq: XCH), a global leader in integrated EV charging solutions, today announced its unaudited financial results for the six months ended June 30, 2025.
Operational Highlights
For the Six Months Ended
June 30,
---------------------------
2024 2025
---------------- ---------
DC fast charger deliveries 764 454
NZS charger deliveries 51 18
Total EV charger deliveries 1,155 472
-- DC fast charger deliveries in the first six months of 2025 were 454,
representing a decrease of 40.6% from 764 in the corresponding period of
2024.
-- Total EV charger deliveries in the first six months of 2025 were 472,
representing a decrease of 59.1% from 1,155 in the corresponding period
of 2024.
Management Remarks
Mr. Yifei Hou, Chief Executive Officer of XCharge, commented, "XCharge demonstrated remarkable fortitude in the first half of 2025 while navigating a complex global landscape marked by U.S. trade policy uncertainty and evolving renewable energy regulations. Although these headwinds led some customers to temporarily defer orders, impacting short-term volumes, we remain convinced that these challenges are transient and do not reflect the powerful underlying demand for our transformative solutions.
"Looking ahead, we are encouraged by a strong sales pipeline in our key markets and are excited to onboard new customers and launch groundbreaking business initiatives that will diversify our revenue streams and propel our long-term growth trajectory. To ensure we are poised for success, we have initiated a considerable cost containment program to enhance our operational efficiency and strengthen our financial profile. With our innovative technology, deep customer relationships, and exceptional team, XCharge is well-positioned to emerge from this period with even greater strength and momentum. We are confident in the enduring fundamentals of our business and our leadership position in the market. We remain dedicated to delivering unrivaled value to our customers and generating sustainable returns for our shareholders in the long-term."
Management Change
The board of directors of the Company (the "Board") has approved the appointment of Mr. Joel Adalberto Gallo as the Company's Chief Financial Officer, effective September 3, 2025.
Mr. Gallo brings over 30 years of experience in accounting and corporate finance. He served as the chief financial officer of HD EDU from February 2023 to August 2025, the chief financial officer of CoinTiger from July 2022 to January 2023, the chief financial officer of ETAO International Group from March 2021 to May 2022, and the chief executive officer of Columbia China League Business Advisory Co. from November 2019 to February 2021. From April 2013 to October 2019, Mr. Gallo served as co-founder and principal of GLS Group LLC, which provided management consulting services to financial sector firms.
Commenting on his appointment, Mr. Gallo said, "I am excited to join XCharge and look forward to contributing to its next stage of growth."
XCharge Launches GridLink Across Europe
In September, XCharge introduced its latest charging system, GridLink, to the European market at the Intercharge Network Conference ("ICNC") in Berlin, Germany. Following a successful launch and deployments in North America, GridLink has been fully adapted to meet EU standards. The system features a liquid-cooled thermal management system and advanced fire suppression technology, offering enhanced safety and efficiency for European customers.
Financial Highlights for the First Six Months of 2025
(in USD millions, except for per ordinary share data and percentage)
For the Six Months Ended
June 30,
-----------------------------
2024 2025
------------ ----------
Revenues 20.1 12.5
Gross profit 9.8 6.4
Gross margin 48.7% 51.3%
Operating loss (0.004) (7.4)
Net loss (0.2) (7.3)
Adjusted(1) net loss (0.05) (4.6)
Net loss attributable to ordinary
shareholders (1.0) (7.3)
Loss per ordinary share-basic and
diluted (0.001) -
Loss per Class A and Class B
ordinary share--Basic and diluted - (0.003)
___________________________________
(1) See "Use of Non-GAAP Financial Measures" and "Unaudited Reconciliation of GAAP and Non-GAAP Results" included in this release for further details.
-- Revenues were US$12.5 million for the first six months of 2025,
representing a decrease of 38.2% from US$20.1 million for the same period
of 2024. Product revenues were US$12.1 million for the first six months
of 2025, representing a decrease of 39.4% from US$19.9 million for the
same period of 2024. The year-over-year decrease was mainly due to
external policy dynamics, including trade policy turbulence and evolving
renewable energy regulations. These factors led certain customers to
temporarily delay procurement decisions, contributing to a softer order
volume in the first half of 2025. Service revenues were US$0.4 million
for the first six months of 2025, representing an increase of 87.5% from
US$0.2 million for the same period of 2024. The year-over-year increase
was mainly due to the increase in maintenance services revenue.
-- Cost of revenues was US$6.1 million for the first six months of 2025,
representing a decrease of 41.3% from US$10.3 million for the same period
of 2024. The year-over-year decrease was largely in line with the
decrease in revenue.
-- Gross margin was 51.3% for the first six months of 2025, compared with
48.7% for the same period of 2024. Gross margins have remained stable
between the first six months of 2025 and 2024.
-- Selling and marketing expenses were US$5.2 million for the first six
months of 2025, representing an increase of 18.4% from US$4.4 million for
the same period of 2024. The year-over-year increase was mainly due to
the increase in expenses for product promotion.
-- Research and development expenses were US$4.1 million for the first six
months of 2025, representing an increase of 88.6% from US$2.2 million for
the same period of 2024. The year-over-year increase was mainly due to
the increase in new product research and development costs.
-- General and administrative expenses were US$4.6 million for the first six
months of 2025, representing an increase of 39.7% from US$3.3 million for
the same period of 2024. The year-over-year increase was mainly due to
increases in share-based compensation for certain employees and
non-employee consultants of the Group, which partially net-off by the
increasing gain on foreign currency exchange.
-- Operating loss was US$7.4 million for the first six months of 2025,
compared with US$0.004 million for the same period of 2024.
-- Net loss was US$7.3 million for the first six months of 2025, compared
with US$0.2 million for the same period of 2024. Excluding share-based
compensation, changes in fair value of financial instruments and gain on
extinguishment of convertible debt, adjusted net loss was US$4.6 million
for the first six months of 2025, compared with US$0.05 million for the
same period of 2024.
-- Net loss attributable to ordinary shareholders was US$7.3 million for the
first six months of 2025, compared with US$1.0 million for the same
period of 2024.
-- Basic and diluted loss per Class A and Class B ordinary share was
US$0.003 for the first six months of 2025, compared with basic and
diluted loss per ordinary share of US$0.001 for the same period of 2024.
-- Cash and cash equivalents were US$16.3 million as of June 30, 2025,
compared with US$26.8 million as of December 31, 2024.
About XCharge
XCharge (Nasdaq: XCH), founded in 2015, is a global leader in integrated EV charging solutions. The Company offers comprehensive EV charging solutions, which primarily include the DC fast chargers and the advanced battery-integrated DC fast chargers as well as its accompanying services. Through a combination of proprietary charging technology, energy storage system technology and accompanying services, XCharge enhances EV charging efficiency and unlocks the value of energy storage and management. Committed to providing innovative and efficient EV charging solutions, XCharge is actively working toward establishing a global green future critical to the Company's long-term growth and development.
Use of Non-GAAP Financial Measures
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