LOBO EV Technologies Ltd., a pioneering provider of electric two-wheelers, tricycles, and off-highway carts, has announced its audited financial results for the fiscal year ended December 31, 2024. The company's strategic expansion into global electric mobility markets has yielded impressive growth, marking a significant milestone in its mission to provide sustainable, eco-friendly, and affordable mobility solutions.

Financial Highlights

Revenue surged by 36.9% to $21.2 million in fiscal year 2024, compared to $15.5 million in the previous year. Gross profit increased by 11.2% to $2.5 million, while net loss totaled $(845,841), primarily due to operational expansion and public company transition costs. Cash and cash equivalents stood at $1.4 million as of December 31, 2024. Total assets rose by 22.0% to $24.0 million, with shareholders' equity growing by 64.9% to $9.3 million.

CEO Commentary

Huajian Xu, CEO of LOBO, commented on the company's remarkable performance, "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."

Business Highlights

LOBO's commitment to innovation is evident in its product portfolio expansion, with hundreds of new e-bicycles, e-mopeds, e-tricycles, and off-highway electric carts introduced to meet evolving consumer preferences. Research and development expenses surged by over 500% year-over-year, reflecting the company's dedication to technological leadership.

The company has also expanded its dealer network, establishing foundations in ASEAN, Latin America, Eastern Europe, Middle Asia, and North America. Key markets include Brazil, Peru, Ukraine, Lithuania, Serbia, Kazakhstan, Tanzania, and Nigeria, which are critical nations for LOBO's distribution and market penetration efforts.

Outlook for Fiscal Year 2026

Looking ahead to fiscal year 2026, 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, through strategic dealer partnerships and market-specific product launches
  • Continue investing in R&D to sustain technological leadership across the global electric mobility sector

About LOBO EV Technologies Ltd.

LOBO EV Technologies Ltd. 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]