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LOBO EV Technologies Ltd. Announces Fiscal Year 2024 Financial Results, Highlights Strategic Expansion in Global Electric Mobility Markets

1. LOBO's revenue grew by 36.9% to $21.2 million in FY 2024. 2. Net loss of $845,841 contrasts with a net income of $986,471 in FY 2023. 3. R&D expenses increased over 500%, indicating strong commitment to innovation. 4. LOBO expanded internationally, reaching over 50 new dealers in various regions. 5. Plans to launch AI-powered EV models and enhance operational controls in FY 2025.

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FAQ

Why Bullish?

Although LOBO reported a net loss, the substantial revenue growth and strategic expansion into international markets signal potential for higher future valuations, similar to successful tech firms expanding into emerging markets.

How important is it?

The significant revenue growth and strategic expansion plans enhance LOBO's market position, making it a more attractive investment, reflective of investor sentiments toward growth in the EV sector.

Why Long Term?

LOBO's investments in R&D and market expansion will take time to materialize, akin to firms in the EV sector like Tesla, which saw delayed profitability for years post-expansion.

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TSLANIOLCIDFGM
April 29, 2025 09:30 ET  | Source: LOBO EV TECHNOLOGIES LTD. 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 StatementThis 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 IRMichael WeiEmail: hwey@horizonconsultancy.co LOBO EV TECHNOLOGIES LTDCONSOLIDATED 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 LTDCONSOLIDATED 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 LTDCONSOLIDATED 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   - 

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