LOBO EV Technologies, a leading innovator in electric mobility solutions, has released its audited financial results for the fiscal year ending, showcasing strong revenue growth and ambitious global expansion plans despite short-term profitability challenges.
Financial Performance: Growth with Strategic Investments
The company reported $21.2 million in revenue for FY2024, a 36.9% increase from $15.5 million in 2023, signaling robust market demand for its electric two-wheelers, tricycles, and off-highway electric carts. Gross profit rose by 11.2% to $2.5 million, though the company posted a net loss of $845,841 due to rising costs associated with global expansion and transitioning into a public company.
Key financial highlights:
- Total assets: $24.0 million (+22% YoY)
- Shareholders’ equity: $9.3 million (+64.9% YoY)
- Cash reserves: $1.4 million
- Outstanding shares: 7.78 million
CEO Statement: A Year of Transformation
Huajian Xu, CEO of LOBO, stated: “Fiscal year 2024 was a transformational year for LOBO EV Technologies. While we faced short-term pressure on profitability, our rapid revenue growth reflects the increasing demand for sustainable and affordable mobility. We are aggressively entering emerging markets and advancing innovation to build a future-ready global brand.”
Xu also emphasized the company’s strategic entry into Africa, Latin America, and Middle Asia, calling these regions vital to LOBO’s mission to deliver eco-friendly transportation and contribute to the green economy worldwide.
Strategic and Business Highlights:
- Product Innovation:
LOBO launched hundreds of new electric models, including e-bikes, e-mopeds, and utility carts, in response to global consumer demands. R&D spending grew by over 500% year-over-year, underlining LOBO’s commitment to technology leadership.
- Global Market Expansion:
The company now boasts a network of over 50 international dealers with operations spanning Brazil, Peru, Ukraine, Lithuania, Serbia, Kazakhstan, Tanzania, and Nigeria. These countries serve as regional hubs for deeper market penetration.
For fiscal year 2025, LOBO plans to:
- Launch AI-powered EV models to enhance user experience;
- Strengthen operational and regulatory compliance with U.S. GAAP and SEC standards;
- Deepen market presence in Latin America, Africa, and Southeast Asia via localized production and tailored product lines;
- Continue substantial R&D investments to stay ahead in the global EV race.
