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, up 49% compared to $8.14 million in H1 2023.
- Gross Profit: $1.36 million, reflecting a gross margin of 11.2%.
- 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 61%, contributing $12.08 million in total revenue. The Company delivered 56,000 units in the first half of 2024, a 45% year-over-year increase, driven by strong demand for LOBO's e-bicycles, e-mopeds, and electric four-wheelers, with additional contributions from distribution channel expansion and entry into new markets.
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 45% increase in units sold underscores our ability to scale production and meet rising global demand. Our expansion into new international markets has opened exciting growth opportunities, and we remain committed to delivering high-quality electric vehicles to an expanding customer base."
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 86%, focusing on enhancing product features and developing advanced software solutions to meet customer needs in newly entered markets. The Company also expanded its inventory by 55% to support growing demand and facilitate the roll-out of new vehicle models in the second half of the year.
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 $0.001 per share, 50,000,000 shares authorized, 7,780,000 and 6,400,000 issued and outstanding, as of June 30, 2024 and December 31, 2023, respectively) | 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 | |||||
