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. (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 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). 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: [email protected]
| 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 | - | ||||||
