LOBO EV Technologies Ltd. Announces H1 2024 Earnings with 49% Revenue Growth and 45% Increase in Units Sold
LOBO EV Technologies (NASDAQ: LOBO) reported strong financial results for H1 2024, with total revenue reaching $12.13 million, a 49% increase from H1 2023. The company sold 56,000 units, up 45% year-over-year, driven by high demand for its electric vehicles. Despite the revenue growth, LOBO reported a net loss of $(0.31) million, compared to a net income of $0.67 million in H1 2023, primarily due to increased operating expenses.
Key highlights include:
- Gross profit of $1.36 million with an 11.2% margin
- 61% growth in sales from electric vehicles and accessories
- Expansion into new international markets
- 86% increase in R&D spending
- 55% expansion in inventory to support growth
LOBO anticipates margin improvements in H2 2024 as it scales operations and optimizes its supply chain. The company remains optimistic about continued momentum, planning to launch new vehicle models and strengthen its international presence.
LOBO EV Technologies (NASDAQ: LOBO) ha riportato risultati finanziari solidi per il primo semestre del 2024, con un fatturato totale di 12,13 milioni di dollari, un aumento del 49% rispetto al primo semestre del 2023. L'azienda ha venduto 56.000 unità, con un incremento del 45% rispetto all'anno precedente, guidato dall'elevata domanda per i suoi veicoli elettrici. Nonostante la crescita dei ricavi, LOBO ha registrato una perdita netta di 0,31 milioni di dollari, rispetto a un utile netto di 0,67 milioni di dollari nel primo semestre del 2023, principalmente a causa dell'aumento delle spese operative.
I punti salienti includono:
- Utile lordo di 1,36 milioni di dollari con un margine dell'11,2%
- Crescita del 61% nelle vendite di veicoli elettrici e accessori
- Espansione in nuovi mercati internazionali
- Aumento dell'86% della spesa in ricerca e sviluppo
- Espansione del 55% dell'inventario per supportare la crescita
LOBO prevede miglioramenti dei margini nel secondo semestre del 2024 man mano che scala le operazioni e ottimizza la propria catena di approvvigionamento. L'azienda rimane ottimista riguardo al continuo slancio, pianificando di lanciare nuovi modelli di veicoli e rafforzare la propria presenza internazionale.
LOBO EV Technologies (NASDAQ: LOBO) reportó resultados financieros sólidos para el primer semestre de 2024, con un ingreso total de 12,13 millones de dólares, un aumento del 49% en comparación con el primer semestre de 2023. La empresa vendió 56,000 unidades, un aumento del 45% año tras año, impulsado por la alta demanda de sus vehículos eléctricos. A pesar del crecimiento de los ingresos, LOBO reportó una pérdida neta de 0,31 millones de dólares, en comparación con un ingreso neto de 0,67 millones de dólares en el primer semestre de 2023, principalmente debido al aumento de los gastos operativos.
Los aspectos destacados incluyen:
- Utilidad bruta de 1,36 millones de dólares con un margen del 11,2%
- Crecimiento del 61% en las ventas de vehículos eléctricos y accesorios
- Expansión a nuevos mercados internacionales
- Aumento del 86% en el gasto de I+D
- Expansión del 55% en el inventario para apoyar el crecimiento
LOBO anticipa mejoras en los márgenes en el segundo semestre de 2024 a medida que escale sus operaciones y optimice su cadena de suministro. La empresa se mantiene optimista sobre el impulso continuo, planeando lanzar nuevos modelos de vehículos y fortalecer su presencia internacional.
LOBO EV Technologies (NASDAQ: LOBO)는 2024년 상반기 강력한 재무 결과를 보고했으며, 총 수익이 1213만 달러에 달하며 이는 2023년 상반기 대비 49% 증가한 수치입니다. 이 회사는 56,000 대를 판매했으며, 이는 전년 대비 45% 증가한 수치로, 전기차에 대한 높은 수요에 의해 촉진되었습니다. 수익이 증가했음에도 불구하고 LOBO는 31만 달러의 순손실을 기록했으며, 이는 2023년 상반기 67만 달러의 순이익에 비해 증가한 수치로, 주로 운영 비용 증가 때문입니다.
주요 하이라이트는 다음과 같습니다:
- 총 이익 136만 달러, 마진 11.2%
- 전기차 및 액세서리에서 61%의 매출 성장
- 새로운 국제 시장으로의 확장
- R&D 지출이 86% 증가
- 성장을 지원하기 위한 재고 55% 확장
LOBO는 운영을 확장하고 공급망을 최적화함에 따라 2024년 하반기 마진 개선을 예상하고 있습니다. 이 회사는 지속적인 모멘텀에 대한 낙관적인 전망을 유지하고 있으며, 새로운 차량 모델을 출시하고 국제적 입지를 강화할 계획입니다.
LOBO EV Technologies (NASDAQ: LOBO) a annoncé de solides résultats financiers pour le premier semestre 2024, avec un chiffre d'affaires total de 12,13 millions de dollars, soit une augmentation de 49 % par rapport au premier semestre 2023. L'entreprise a vendu 56 000 unités, soit une hausse de 45 % d'une année sur l'autre, soutenue par une forte demande pour ses véhicules électriques. Malgré la croissance du chiffre d'affaires, LOBO a annoncé une perte nette de 0,31 million de dollars, contre un bénéfice net de 0,67 million de dollars au premier semestre 2023, principalement en raison de l'augmentation des frais d'exploitation.
Les points clés comprennent :
- Un bénéfice brut de 1,36 million de dollars avec une marge de 11,2 %
- Une croissance de 61 % des ventes de véhicules électriques et d'accessoires
- Une expansion vers de nouveaux marchés internationaux
- Une augmentation de 86 % des dépenses de R&D
- Une expansion de 55 % des stocks pour soutenir la croissance
LOBO prévoit des améliorations de marge au second semestre 2024 alors qu'elle développe ses opérations et optimise sa chaîne d'approvisionnement. L'entreprise reste optimiste quant à son élan continu, prévoyant de lancer de nouveaux modèles de véhicules et de renforcer sa présence internationale.
LOBO EV Technologies (NASDAQ: LOBO) hat für das erste Halbjahr 2024 starke finanzielle Ergebnisse gemeldet, mit einem Gesamterlös von 12,13 Millionen Dollar, was einem Anstieg von 49% im Vergleich zum ersten Halbjahr 2023 entspricht. Das Unternehmen hat 56.000 Einheiten verkauft, was einem Anstieg von 45% im Jahresvergleich entspricht, getrieben durch hohe Nachfrage nach seinen Elektrofahrzeugen. Trotz des Umsatzwachstums verzeichnete LOBO einen Nettoverlust von 0,31 Millionen Dollar, verglichen mit einem Nettoertrag von 0,67 Millionen Dollar im ersten Halbjahr 2023, hauptsächlich aufgrund gestiegener Betriebskosten.
Wichtige Highlights sind:
- Bruttogewinn von 1,36 Millionen Dollar mit einer Marge von 11,2%
- 61% Wachstum im Verkauf von Elektrofahrzeugen und Zubehör
- Expansion in neue internationale Märkte
- 86% Anstieg der Ausgaben für Forschung und Entwicklung
- 55% Erweiterung des Lagerbestands zur Unterstützung des Wachstums
LOBO erwartet Margenverbesserungen im zweiten Halbjahr 2024, während das Unternehmen seine Betriebe skaliert und die Lieferkette optimiert. Das Unternehmen bleibt optimistisch hinsichtlich des anhaltenden Schwungs und plant, neue Fahrzeugmodelle zu lancieren und seine internationale Präsenz zu stärken.
- 49% year-over-year revenue growth to $12.13 million
- 45% increase in units sold, reaching 56,000
- 61% growth in sales from electric vehicles and accessories
- Successful expansion into new international markets
- 86% increase in R&D spending for product development
- Net loss of $(0.31) million compared to net income of $0.67 million in H1 2023
- Adjusted EBITDA loss of $(0.09) million compared to positive EBITDA of $0.44 million in H1 2023
- Increased operating expenses impacting profitability
- Gross margin of 11.2%, indicating potential pressure on profitability
Insights
LOBO's H1 2024 results show impressive revenue growth of
Key points to consider:
- The gross margin of
11.2% is relatively low for the industry, suggesting potential pricing pressures or high production costs. - R&D spending increased by
86% , which may impact short-term profitability but could drive future growth and competitiveness. - The
55% inventory expansion indicates expectations of continued strong demand but also ties up capital. - International expansion is a positive sign for future growth but has led to increased operating expenses in the short term.
While the revenue growth is encouraging, investors should closely monitor LOBO's ability to translate this into profitability in the coming quarters.
LOBO's performance in H1 2024 reflects the booming electric vehicle market, particularly in the micro-mobility segment. The
- E-bicycles and e-mopeds are gaining traction globally, aligning with urban mobility trends and environmental concerns.
- LOBO's expansion into new international markets suggests a strategic move to capitalize on diverse regional opportunities.
- The
61% growth in electric vehicles and accessories sales signals a shift in consumer preferences towards eco-friendly transportation options.
However, the competitive landscape is intensifying, as evidenced by LOBO's need for increased R&D investment. The company's ability to differentiate its products and establish a strong brand presence in new markets will be important for maintaining growth momentum and improving profitability in the long term.
WUXI, China, Sept. 30, 2024 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (NASDAQ: LOBO), (“LOBO” or the “Company”), an innovative e-bicycle, e-moped, e-tricycle, and electric off-highway four-wheeled shuttle designer, developer, manufacturer and seller, today announced its financial results for the six months ended June 30, 2024.
H1 2024 Financial Highlights:
- Total Revenue:
$12.13 million , up49% compared to$8.14 million in H1 2023. - Gross Profit:
$1.36 million , reflecting a gross margin of11.2% . - Net Loss:
$(0.31) million compared to net income of$0.67 million in H1 2023. - Units Sold: 56,000 units, up
45% from 38,600 units sold in H1 2023. - Adjusted EBITDA: Loss of
$(0.09) million , compared to positive EBITDA of$0.44 million in the same period last year.
Operational Performance:
Sales from electric vehicles and accessories grew
LOBO made significant strides in expanding its distribution network domestically and internationally during H1 2024. The Company successfully entered new international markets, broadening its global footprint and making its products available to a larger audience. These efforts were instrumental in increasing unit sales and positioning LOBO for sustained future growth.
LOBO’s CEO, Huajian Xu, commented: “Our H1 results demonstrate the growing demand for sustainable transportation solutions. The
Financial Overview:
- Revenue Growth: The
49% year-over-year increase was driven by significant growth in unit sales and LOBO’s ongoing expansion into new markets. The company sold 56,000 vehicles in H1 2024, compared to 38,600 in H1 2023. - Gross Profit: Gross profit improved to
$1.36 million , up from$1.18 million in H1 2023, reflecting improved operational efficiency despite rising production costs. - Net Loss: The net loss of
$(0.31) million was primarily due to increased operating expenses, including research and development investments and expanded administrative costs to support growth, particularly as LOBO entered new international markets.
Strategic Investments and Margin Outlook:
In H1 2024, LOBO increased its research and development spending by
LOBO anticipates margin improvements in H2 2024 as the Company continues to scale operations and optimize its supply chain. The introduction of new vehicle models and increased sales in higher-margin international markets are expected to contribute to improved profitability. LOBO's management remains focused on cost control measures and operational efficiencies to drive sustainable margin expansion in the second half of the year.
Outlook for the Full Year 2024:
With the successful execution of its growth strategy, including international expansion and product innovation, LOBO remains optimistic about continued momentum in the second half of 2024. The Company plans to launch several new vehicle models and further strengthen its presence in international markets, driving both unit sales and revenue growth.
Xu added: “Our strong revenue growth and expanded global reach underscores our long-term vision. As we continue to enter new markets and deliver innovative products, we are confident in our ability to sustain growth and deliver value to our shareholders.”
About LOBO EV Technologies Ltd.
LOBO is an innovative designer, developer, manufacturer and seller of e-bicycles, e-mopeds, e-tricycles, and electric off-highway four-wheeled shuttles such as golf carts and mobility scooters for the elderly and disabled persons. LOBO also provides automobile information and entertainment software development and design services to customers. Leveraging its cutting-edge technologies in connectivity, multimedia interactive systems and artificial intelligence, LOBO re-defines and develops its products in order to provide users with convenient, affordable and pleasant driving experiences. For more information, visit: https://loboev.io/. Any information displayed on, or that can be accessed through, our website or any other website or any social media is not a part of this press release.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the expected closing date of the public offering and the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements are subject to risk and uncertainties, including, but not limited to, those described in “Risk Factors,” “Operating and Financial Review and Prospects,” “Cautionary Note Regarding Forward-Looking Statements” in the Annual Report on Form 20-F filed with the SEC (File No. 333-270499) on April 30, 2024. LOBO undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.
Contact:
For more information, contact:
Zane Xu
IR Manager
ir@loboai.com
Dave Gentry
RedChip Companies Inc.
1 (407) 644-4256
LOBO@redchip.com
| LOBO EV TECHNOLOGIES LTD UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (In U.S. dollars except for number of shares) | |||||||
| As of | |||||||
| June 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 1,115,181 | $ | 470,335 | |||
| Accounts receivable, net | 2,339,830 | 2,532,551 | |||||
| Inventories, net | 8,886,337 | 5,737,781 | |||||
| Short-term investments | 184,231 | 56,768 | |||||
| Prepaid expenses and other current assets | 7,828,258 | 7,307,478 | |||||
| Total current assets | 20,353,837 | 16,104,913 | |||||
| Property and equipment, net | 986,122 | 1,080,747 | |||||
| Intangible assets, net | 1,996,823 | 1,916,362 | |||||
| Operating lease right-of-use assets, net | 1,122,664 | 569,462 | |||||
| Total Assets | 24,459,446 | 19,671,484 | |||||
| Liabilities and Shareholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 1,281,014 | $ | 929,816 | |||
| Advances from customers | 2,613,072 | 1,555,424 | |||||
| Other current payables | 393,297 | 370,913 | |||||
| VAT payable | 6,450,933 | 6,078,846 | |||||
| Taxes payable | 2,669,546 | 2,372,646 | |||||
| Amounts due to related parties | 1,486,145 | 1,671,371 | |||||
| Operating lease liabilities, current | 701,446 | 362,720 | |||||
| Total current liabilities | 15,595,453 | 13,341,736 | |||||
| Long-term Loan | 137,605 | 140,847 | |||||
| Operating lease liabilities, non-current | 633,389 | 298,961 | |||||
| Other payables | - | 11,320 | |||||
| Total liabilities | 16,366,447 | 13,792,864 | |||||
| Commitments and contingencies | - | - | |||||
| Equity: | |||||||
| Common stock (par value of | 7,780 | 6,400 | |||||
| Additional paid-in capital | 5,708,280 | 3,013,333 | |||||
| Retained earnings | 2,102,211 | 2,490,044 | |||||
| Accumulated other comprehensive income | (529,893 | ) | (377,790 | ) | |||
| Statutory reserve | 606,881 | 521,566 | |||||
| Total LOBO EV Technologies LTD’s shareholders’ equity | 7,895,259 | 5,653,553 | |||||
| Non-controlling interest | 197,740 | 225,067 | |||||
| Total Equity | 8,092,999 | 5,878,620 | |||||
| Total Liabilities and Equity | $ | 24,459,446 | $ | 19,671,484 | |||
| LOBO EV TECHNOLOGIES LTD UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In U.S. dollars except for number of shares) | |||||||
| Six Months Ended | |||||||
| June 30, | |||||||
| 2024 | 2023 | ||||||
| Revenues | $ | 12,132,668 | $ | 8,137,820 | |||
| Cost of revenues | 10,768,717 | 6,954,364 | |||||
| Gross Profit | 1,363,951 | 1,183,456 | |||||
| Operating expenses | |||||||
| Selling and marketing expenses | 329,471 | 325,800 | |||||
| General and administrative expenses | 878,547 | 284,134 | |||||
| Research and development expenses | 245,642 | 132,174 | |||||
| Total operating expenses | 1,453,660 | 742,108 | |||||
| Operating (loss)/income | (89,709 | ) | 441,348 | ||||
| Other expenses (income) | |||||||
| Interest expense (income) | (19,964 | ) | 4,656 | ||||
| Other (income) | (45,537 | ) | (484,545 | ) | |||
| Total other income, net | (65,501 | ) | (479,889 | ) | |||
| (loss)/Income before income tax expense | (24,208 | ) | 921,237 | ||||
| Income tax expense | 289,039 | 249,200 | |||||
| Net (loss)/Income | (313,247 | ) | 672,037 | ||||
| Net (loss)/Income | (313,247 | ) | 672,037 | ||||
| Less: Net (loss)/income attributable to non-controlling interest | (10,729 | ) | 14,263 | ||||
| Net (loss)/income attributable to LOBO EV Technologies LTD | (302,518 | ) | 657,774 | ||||
| Net (loss)/Income | (313,247 | ) | 672,037 | ||||
| Foreign currency translation adjustments | (168,701 | ) | (346,119 | ) | |||
| Total comprehensive (loss) income | (481,948 | ) | 325,918 | ||||
| Less: Total comprehensive (loss) income attributable to noncontrolling interests | (27,327 | ) | 5,889 | ||||
| Total comprehensive (loss) income attributable to LOBO EV Technologies LTD | $ | (454,621 | ) | $ | 320,029 | ||
| Net (loss)/income per share, basic and diluted | $ | (0.04 | ) | $ | 0.11 | ||
| Weighted average shares outstanding, basic and diluted | 7,143,077 | 6,400,000 | |||||
FAQ
What was LOBO's revenue growth in H1 2024?
How many units did LOBO sell in H1 2024?
Did LOBO (NASDAQ: LOBO) report a profit for H1 2024?
What is LOBO's outlook for the rest of 2024?
How much did LOBO increase its R&D spending in H1 2024?
