LOBO EV Technologies Ltd. Announces Fiscal Year 2024 Financial Results, Highlights Strategic Expansion in Global Electric Mobility Markets
LOBO EV Technologies reported significant growth in its fiscal year 2024 financial results, with revenue increasing 36.9% to $21.2 million. Despite posting a net loss of $(845,841), the company showed strong asset growth of 22% to $24.0 million and improved shareholders' equity by 64.9% to $9.3 million.
Key operational highlights include:
- Expansion to over 50 international dealers across ASEAN, Latin America, Eastern Europe, Middle Asia and North America
- Introduction of new electric vehicles including e-bicycles, e-mopeds, e-tricycles, and off-highway carts
- 500% increase in R&D investments
The company's 2025 strategy focuses on launching AI-powered EV models, strengthening compliance with U.S. standards, expanding in emerging markets, and maintaining technological leadership in global electric mobility.
LOBO EV Technologies ha registrato una crescita significativa nei risultati finanziari dell'anno fiscale 2024, con un aumento del fatturato del 36,9% che ha raggiunto i 21,2 milioni di dollari. Nonostante una perdita netta di $(845.841), l'azienda ha mostrato una forte crescita degli asset del 22%, arrivando a 24,0 milioni di dollari, e un miglioramento del patrimonio netto degli azionisti del 64,9%, salito a 9,3 milioni di dollari.
I principali risultati operativi includono:
- Espansione a oltre 50 concessionari internazionali in ASEAN, America Latina, Europa dell'Est, Asia Centrale e Nord America
- Introduzione di nuovi veicoli elettrici tra cui e-biciclette, e-moped, e-tricicli e veicoli off-highway
- Aumento del 500% negli investimenti in Ricerca e Sviluppo
La strategia per il 2025 punta al lancio di modelli EV dotati di intelligenza artificiale, al rafforzamento della conformità agli standard statunitensi, all'espansione nei mercati emergenti e al mantenimento della leadership tecnologica nella mobilità elettrica globale.
LOBO EV Technologies reportó un crecimiento significativo en sus resultados financieros del año fiscal 2024, con ingresos que aumentaron un 36,9% hasta 21,2 millones de dólares. A pesar de registrar una pérdida neta de $(845,841), la compañía mostró un fuerte crecimiento de activos del 22%, alcanzando los 24,0 millones de dólares, y mejoró el patrimonio neto de los accionistas en un 64,9%, llegando a 9,3 millones de dólares.
Los aspectos operativos clave incluyen:
- Expansión a más de 50 distribuidores internacionales en ASEAN, América Latina, Europa del Este, Asia Central y Norteamérica
- Introducción de nuevos vehículos eléctricos como bicicletas eléctricas, e-mopeds, e-triciclos y carros off-highway
- Aumento del 500% en inversiones en I+D
La estrategia de la empresa para 2025 se centra en lanzar modelos EV con inteligencia artificial, fortalecer el cumplimiento de las normativas estadounidenses, expandirse en mercados emergentes y mantener el liderazgo tecnológico en la movilidad eléctrica global.
LOBO EV Technologies는 2024 회계연도 재무 결과에서 매출이 36.9% 증가하여 2,120만 달러를 기록하며 큰 성장을 보고했습니다. 순손실은 $(845,841)이었지만, 자산은 22% 증가하여 2,400만 달러에 달했고, 주주 지분은 64.9% 증가하여 930만 달러로 개선되었습니다.
주요 운영 하이라이트는 다음과 같습니다:
- ASEAN, 라틴 아메리카, 동유럽, 중아시아 및 북미 지역의 50개 이상의 국제 딜러로 확장
- 전기 자전거, 전기 모페드, 전기 삼륜차, 오프하이웨이 카트 등 새로운 전기차량 도입
- 연구개발(R&D) 투자 500% 증가
회사의 2025년 전략은 AI 기반 전기차 모델 출시, 미국 기준 준수 강화, 신흥 시장 확장, 글로벌 전기 모빌리티 기술 리더십 유지에 중점을 두고 있습니다.
LOBO EV Technologies a enregistré une croissance significative dans ses résultats financiers pour l'exercice 2024, avec un chiffre d'affaires en hausse de 36,9 % atteignant 21,2 millions de dollars. Malgré une perte nette de (845 841 $), l'entreprise a montré une forte croissance de ses actifs de 22 %, atteignant 24,0 millions de dollars, et une amélioration des capitaux propres des actionnaires de 64,9 %, à 9,3 millions de dollars.
Les points clés opérationnels comprennent :
- Expansion à plus de 50 concessionnaires internationaux dans l'ASEAN, l'Amérique latine, l'Europe de l'Est, l'Asie centrale et l'Amérique du Nord
- Introduction de nouveaux véhicules électriques tels que vélos électriques, e-mopeds, e-tricycles et véhicules tout-terrain
- Augmentation de 500 % des investissements en R&D
La stratégie de l'entreprise pour 2025 se concentre sur le lancement de modèles de véhicules électriques intégrant l'intelligence artificielle, le renforcement de la conformité aux normes américaines, l'expansion sur les marchés émergents et le maintien du leadership technologique dans la mobilité électrique mondiale.
LOBO EV Technologies verzeichnete im Geschäftsjahr 2024 ein deutliches Wachstum mit einem Umsatzanstieg von 36,9 % auf 21,2 Millionen US-Dollar. Trotz eines Nettogesamtverlusts von $(845.841) zeigte das Unternehmen ein starkes Vermögenswachstum von 22 % auf 24,0 Millionen US-Dollar und verbesserte das Eigenkapital der Aktionäre um 64,9 % auf 9,3 Millionen US-Dollar.
Wichtige operative Highlights umfassen:
- Erweiterung auf über 50 internationale Händler in ASEAN, Lateinamerika, Osteuropa, Zentralasien und Nordamerika
- Einführung neuer Elektrofahrzeuge wie E-Bikes, E-Mopeds, E-Dreiräder und Off-Highway-Fahrzeuge
- 500% Steigerung der Investitionen in Forschung und Entwicklung
Die Strategie des Unternehmens für 2025 fokussiert sich auf die Einführung von KI-gestützten Elektrofahrzeugmodellen, die Stärkung der Einhaltung von US-Standards, die Expansion in Schwellenmärkte und die Aufrechterhaltung der technologischen Führungsposition in der globalen Elektromobilität.
- Revenue grew 36.9% YoY to $21.2M in FY2024
- Gross profit increased 11.2% to $2.5M
- Total assets up 22% to $24M
- Shareholders' equity increased 64.9% to $9.3M
- Expanded dealer network to over 50 international locations
- Established presence in key emerging markets: Brazil, Peru, Ukraine, Lithuania, Serbia, Kazakhstan, Tanzania, Nigeria
- R&D investment increased 500% YoY showing commitment to innovation
- Net loss of $845,841 in FY2024 vs net profit of $986,471 in FY2023
- Low cash position of $1.4M relative to operational scale
- Gross margin compression indicated by revenue growing faster than gross profit
- High operational costs from expansion and public company transition impacting profitability
Insights
LOBO shows strong revenue growth but shifts to net loss amid international expansion and increased R&D spending.
LOBO EV Technologies presents a mixed financial picture for FY 2024. The company achieved substantial top-line growth of
Gross profit increased by a more modest
R&D expenses increased dramatically by over
For FY 2025, the company plans to launch AI-powered EV models, strengthen operational controls, further expand internationally, and continue R&D investments. These initiatives aim to transition the company back to profitable growth while building global market presence.
LOBO's aggressive international expansion and R&D investment shows strategic positioning in emerging markets despite profitability challenges.
LOBO's 2024 performance highlights the company's strategic expansion across multiple electric mobility segments. The company has diversified its product portfolio to include e-bicycles, e-mopeds, e-tricycles, and off-highway electric carts, addressing various customer needs across different markets.
The
LOBO's international expansion strategy targets emerging mobility markets with established dealer networks in over 50 international locations. The company specifically identifies Brazil, Peru, Ukraine, Lithuania, Serbia, Kazakhstan, Tanzania, and Nigeria as "critical nations and fulcrums" for distribution and market penetration – regions that typically have different adoption patterns and regulatory environments than more established EV markets.
The mention of potentially "building factories locally" represents a significant operational step beyond simple distribution, suggesting a longer-term commitment to these regions. Additionally, the company's stated focus on strengthening operational controls and regulatory compliance with U.S. GAAP and SEC standards indicates recognition of the governance frameworks needed to support global operations.
This expansion-focused approach explains the transition from profitability to loss in 2024, as the company prioritizes scaling and market presence over short-term earnings.
WUXI, China, April 29, 2025 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (NASDAQ: 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 of36.9% compared to$15.5 million in fiscal year 2023. - Gross Profit:
$2.5 million , an increase of11.2% 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 , up22.0% from$19.7 million as of December 31, 2023. - Shareholders’ Equity:
$9.3 million , an increase of64.9% 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). 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 | 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 | - | ||||||
FAQ
What was LOBO's revenue growth in fiscal year 2024?
Why did LOBO stock report a net loss in FY 2024 despite revenue growth?
Which new international markets is LOBO expanding into for 2025?
How much did LOBO invest in R&D during 2024?
What is LOBO's cash position as of December 2024?
What are LOBO's expansion plans for 2025?
