EZGO ANNOUNCES FINANCIAL RESULTS FOR FISCAL YEAR 2024
EZGO Technologies reported its fiscal year 2024 financial results, showing mixed performance. Revenue increased by 32.7% to $21.1 million, primarily driven by a 97.9% surge in battery pack sales to $16.3 million. However, the company reported a net loss of $8.1 million, up 11.4% from the previous year.
The company's e-bicycle segment saw a 32.2% decline in revenue to $2.9 million, while electronic control systems and intelligent robots revenue decreased by 40.2% to $1.4 million. Gross profit increased by 32.5% to $1.5 million, with margin remaining stable at 7.1%. Cash and cash equivalents decreased significantly to $3.5 million from $17.3 million in the previous year.
Management highlighted a strategic shift towards lithium-ion battery (LIB) business following market challenges, including the impact of the Nanjing EV Charging Station fire incident on e-bicycle sales.
EZGO Technologies ha riportato i risultati finanziari per l'anno fiscale 2024, mostrando una performance mista. Il fatturato è aumentato del 32,7% arrivando a $21,1 milioni, principalmente grazie a un'impennata del 97,9% nelle vendite di pacchi batterie, che hanno raggiunto i $16,3 milioni. Tuttavia, l'azienda ha registrato una perdita netta di $8,1 milioni, in aumento dell'11,4% rispetto all'anno precedente.
Il segmento delle biciclette elettriche ha visto un calo del 32,2% delle entrate, scendendo a $2,9 milioni, mentre il fatturato dei sistemi di controllo elettronici e dei robot intelligenti è diminuito del 40,2% a $1,4 milioni. Il profitto lordo è aumentato del 32,5% a $1,5 milioni, mantenendo un margine stabile al 7,1%. La liquidità e i mezzi equivalenti sono diminuiti significativamente a $3,5 milioni rispetto ai $17,3 milioni dell'anno precedente.
La direzione ha evidenziato un cambio strategico verso il business delle batterie agli ioni di litio (LIB) in seguito alle sfide di mercato, inclusa l'influenza dell'incendio alla stazione di ricarica EV di Nanchino sulle vendite delle biciclette elettriche.
EZGO Technologies reportó sus resultados financieros del año fiscal 2024, mostrando un desempeño mixto. Los ingresos aumentaron en un 32,7% alcanzando los $21,1 millones, impulsados principalmente por un aumento del 97,9% en las ventas de paquetes de baterías, que sumaron $16,3 millones. Sin embargo, la empresa reportó una pérdida neta de $8,1 millones, un aumento del 11,4% en comparación con el año anterior.
El segmento de bicicletas eléctricas de la compañía vio una disminución del 32,2% en los ingresos, alcanzando $2,9 millones, mientras que los ingresos por sistemas de control electrónico y robots inteligentes disminuyeron en un 40,2% a $1,4 millones. El beneficio bruto aumentó un 32,5% a $1,5 millones, manteniendo un margen estable del 7,1%. El efectivo y equivalentes de efectivo disminuyeron significativamente a $3,5 millones desde los $17,3 millones del año anterior.
La dirección destacó un cambio estratégico hacia el negocio de baterías de litio-ion (LIB) tras los desafíos del mercado, incluido el impacto del incendio en la estación de carga de vehículos eléctricos de Nanjing en las ventas de bicicletas eléctricas.
EZGO Technologies는 2024 회계연도 재무 결과를 보고하며 혼합된 실적을 보였습니다. 수익은 32.7% 증가하여 2,110만 달러에 이르렀으며, 이는 주로 배터리 팩 판매가 97.9% 급증하여 1,630만 달러에 도달한 데 따른 것입니다. 그러나 회사는 810만 달러의 순손실을 보고했으며, 이는 전년 대비 11.4% 증가한 수치입니다.
회사의 전기자전거 부문은 수익이 32.2% 감소하여 290만 달러에 도달했으며, 전자 제어 시스템과 지능형 로봇의 수익은 40.2% 감소하여 140만 달러에 이르렀습니다. 총 이익은 32.5% 증가하여 150만 달러에 이르렀으며, 마진은 7.1%로 안정세를 유지했습니다. 현금 및 현금성 자산은 작년의 1,730만 달러에서 350만 달러로 크게 감소했습니다.
경영진은 전기자전거 판매에 미친 남경 전기차 충전소 화재 사고 등 시장의 도전과제를 고려하여 리튬 이온 배터리(LIB) 사업으로의 전략적 전환을 강조했습니다.
EZGO Technologies a publié ses résultats financiers pour l'exercice fiscal 2024, montrant des performances mitigées. Le chiffre d'affaires a augmenté de 32,7% pour atteindre 21,1 millions de dollars, principalement grâce à une augmentation de 97,9% des ventes de packs de batteries qui se sont élevées à 16,3 millions de dollars. Cependant, la société a enregistré une perte nette de 8,1 millions de dollars, en hausse de 11,4% par rapport à l'année précédente.
Le segment des vélos électriques de l'entreprise a connu une diminution de 32,2% des revenus, atteignant 2,9 millions de dollars, tandis que les revenus des systèmes de contrôle électroniques et des robots intelligents ont diminué de 40,2% pour atteindre 1,4 million de dollars. Le bénéfice brut a augmenté de 32,5% pour atteindre 1,5 million de dollars, avec une marge stable à 7,1%. La trésorerie et les équivalents de trésorerie ont diminué de manière significative pour atteindre 3,5 millions de dollars, contre 17,3 millions de dollars l'année précédente.
La direction a souligné un changement stratégique vers le secteur des batteries lithium-ion (LIB) suite aux défis du marché, y compris l'impact de l'incendie de la station de charge EV de Nankin sur les ventes de vélos électriques.
EZGO Technologies hat seine finanziellen Ergebnisse für das Geschäftsjahr 2024 veröffentlicht und dabei eine gemischte Leistung gezeigt. Der Umsatz stieg um 32,7% auf 21,1 Millionen US-Dollar, was hauptsächlich durch einen Anstieg der Verkäufe von Batteriepacks um 97,9% auf 16,3 Millionen US-Dollar bedingt war. Das Unternehmen berichtete jedoch von einem Nettoverlust von 8,1 Millionen US-Dollar, was einem Anstieg von 11,4% gegenüber dem Vorjahr entspricht.
Der Bereich Elektrofahrräder des Unternehmens verzeichnete einen Rückgang der Einnahmen um 32,2% auf 2,9 Millionen US-Dollar, während die Einnahmen aus elektronischen Steuerungssystemen und intelligenten Robotern um 40,2% auf 1,4 Millionen US-Dollar sanken. Der Bruttogewinn stieg um 32,5% auf 1,5 Millionen US-Dollar, während die Marge stabil bei 7,1% blieb. Cash und Zahlungsmitteläquivalente gingen erheblich auf 3,5 Millionen US-Dollar von 17,3 Millionen US-Dollar im Vorjahr zurück.
Das Management hob einen strategischen Wechsel zum Geschäft mit Lithium-Ionen-Batterien (LIB) hervor, nachdem Herausforderungen auf dem Markt, einschließlich des Einflusses des Brandes an der EV-Ladestation in Nanjing auf den Verkauf von Elektrofahrrädern, aufgetreten sind.
- Revenue growth of 32.7% to $21.1 million
- Battery pack sales increased 97.9% to $16.3 million
- Lithium battery pack sales volume up 256.5%
- Electronic control systems revenue increased 211.4%
- Gross profit increased 32.5% to $1.5 million
- Net loss increased 11.4% to $8.1 million
- Cash and cash equivalents decreased 79.8% to $3.5 million
- E-bicycle revenue declined 32.2% to $2.9 million
- Electronic control system and intelligent robots revenue decreased 40.2%
- Credit losses on accounts receivable increased 168.4%
Insights
The fiscal year 2024 results reveal concerning trends at EZGO. Despite a 32.7% revenue increase to
Most alarming is the severe cash burn, with cash reserves plummeting from
The strategic pivot to lithium-ion batteries, while driving top-line growth, has severely strained working capital. Without significant margin improvement or capital injection, the current trajectory appears unsustainable given the rapid cash depletion rate.
The Chinese electric mobility market dynamics are clearly reflected in EZGO's performance. The Nanjing EV charging station fire incident has dramatically reshaped consumer behavior, forcing a strategic pivot from e-bicycles to battery packs. The
The electronic control systems segment shows promise with a
The technological transition in EZGO's product portfolio reveals both opportunities and vulnerabilities. The successful development of high-performance lithium battery solutions demonstrates R&D capabilities, but the
The electronic control system's success with complex embedded software shows technical competence, but the company's diversification across batteries, e-bicycles, robotics and control systems may be too ambitious given its financial constraints. The
Fiscal Year 2024 Financial Highlights (all results compared to the prior year period unless otherwise noted)
- Revenues were
$21.1 million 32.7% , which was primarily due to the increase of sales of battery packs resulting from the increased acceptance of our lithium battery packs in the market. - Gross profit was
$1.5 million 32.5% . Gross margin was7.1% , which remained stable with a slight decrease from7.2% for the fiscal year 2023. - Net loss was
$8.1 million $7.3 million 11.4% , which was primarily raised from the increase in impairment of long-term equity investment. - Basic and diluted loss per share attributable to shareholders was
$2.80 $5.91 - As of September 30, 2024, the Company had cash and cash equivalents of
$3.5 million $17.3 million
Management Commentary
Mr. Jianhui Ye, Chief Executive Officer of EZGO, stated, "In the past fiscal year, the Company's operating revenue increased by over
In response to changes in the market and regulatory environment, the Company has shifted its business focus towards LIB, intensifying product development efforts and cooperation with LIB manufacturing partners. The Company has also introduced multiple safe and efficient LIB products to the market through various channels, rapidly capturing the LIB market for e-bicycles and e-tricycles. Additionally, the e-bicycle business has transitioned from channel marketing to direct client marketing, with a focus on developing the e-bicycle sharing and rental market.
The aforementioned adjustment of business focus and new business layout have significantly tied up the Company's working capital, resulting in a substantial year-on-year decline in working capital at the end of this fiscal year. However, as the expansion of new LIB product channels gradually takes shape and the sales of electric vehicle begins to show results, the occupation of operating capital in these two business segments will be effectively alleviated.
During the past fiscal year, the sales of the Company's electronic control system products declined slightly compared to the previous period, yet the gross profit margin remained high. With the business strategy of increasing research and development expense and continuous market development investment, this business line is expected to contribute persistently to improving the Company's overall profitability over the next three years. The intelligent robotics business is in the market introduction phase and has not yet formed sustained and stable order support. However, the Company will continue investing in research and development for this business line, aiming to build a new product matrix."
Fiscal Year 2024 Financial Review
Net revenues
The following table identifies the disaggregation of our revenue from continuing operations and reportable segments for the fiscal years ended September 30, 2022, 2023 and 2024, respectively:
Years Ended September 30, | ||||||||||||||
Segment | 2022 | 2023 | 2024 | |||||||||||
Sales of batteries and | Battery cells and | $ | 6,990,215 | $ | 8,245,966 | $ | 16,318,839 | |||||||
Sales of e-bicycles | E-bicycle sales | 9,405,103 | 4,276,147 | 2,899,541 | ||||||||||
Sales of electronic | Electronic control | - | 2,344,373 | 1,401,783 | ||||||||||
Others | 993,899 | 1,054,173 | 514,262 | |||||||||||
Net Revenue | $ | 17,389,217 | $ | 15,920,659 | $ | 21,134,425 | ||||||||
Net revenues from continuing operations for the fiscal year ended September 30, 2024 (the "Fiscal Year 2024") was
The revenue from sales of battery packs was
The revenue from sales of e-bicycles was
The revenue from sales of electronic control systems and intelligent robots was
Cost of revenues
Cost of revenues was
Gross profit
Gross profit was
Gross profit margin remained relatively stable, with a slight decrease from
Selling and marketing expenses
Selling and marketing expenses remained relatively stable at
General and administrative expenses
General and administrative expenses remained relatively stable at
Research and development expenses
Research and development expenses was
Income tax expense/benefit
EZGO incurred an income tax benefit of
Net loss
Net loss was
Financial Condition
As of September 30, 2024, the Company had cash and cash equivalents of
For additional information, please see EZGO's Annual Report on Form 20-F for the fiscal year ended September 30, 2024, which was filed with the
About EZGO Technologies Ltd.
Leveraging an Internet of Things (IoT) product and service platform and two e-bicycle brands, "EZGO" and "Cenbird," EZGO has established a business model centered on the design, manufacturing and sale of two-and three-wheeled electric vehicles, intelligent robots, complemented by electric vehicle accessories including batteries, charging piles and electronic control system. For additional information, please visit EZGO's website at www.ezgotech.com.cn. Investors can visit the "Investor Relations" section of EZGO's website at www.ezgotech.com.cn/Investor.
Exchange Rate
This announcement contains translations of certain Chinese Renminbi ("RMB") amounts into
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate," or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the short-distance transportation solutions market in
Investor Relations Contact
At the Company:
Shawn Wen
Phone: +86 13502829216
Email: ir@ez-go.com.cn
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SOURCE EZGO Technologies Ltd.
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