via NewMediaWire
-- EZGO Technologies Ltd. (Nasdaq:
EZGO) (“the Company” or “EZGO”), a leading
short-distance transportation solutions provider in China, today
announced that, for the fiscal year ended September 30, 2020, the
Company generated revenue of $16,838,508, a 224% improvement
on revenue of $5,194,259 generatedin the fiscal year ended
September 30, 2019.
This increase in revenue was driven mainly by an
$11.0 million increase in sales of the Company’s electric bicycles
and a $3.1 million increase in its sales of lithium batteries,
partially offset by a $2.2 million decrease from the rental of
lithium batteries and a $1.1 million decrease in revenue from
battery cell trading.
The Company’s cost of revenue for fiscal 2020
significantly increased by approximately $13 million, or 647%,
which was primarily due to the increase of manufacturing and
purchase costs of e-bicycles for sale and the increase of purchase
costs of batteries for sale.
As the increase in revenue was less than the
increase in cost of revenue, gross profit for fiscal 2020 was
$1,785,682, or 11% of net revenue, compared with $3,179,951, or 61%
of net revenue, for fiscal 2019.
There was an increase in operating expenses
of about $978,000 for additional salespersons, advertising, and
R&D costs for the design of e-bicycles.
As a result of the decreased gross profit and
these increased expenses, the Company’s net income attributable to
shareholders for fiscal 2020 was $147,174, or $0.02 per share,
compared to net income attributable to shareholders of $1,738,123,
or $0.23 per share, for fiscal 2019.
As of September 30, 2020, the Company had cash and
cash equivalents of $322,598 and total working capital of
$9,644,208, compared with cash and cash equivalents of $3,633,645
and total working capital of $9,860,560 at September 30,
2019.Recently, on January 26, 2021, the Company improved its cash
position and working capital with the completion of its initial
public offering in which the Company raised $11.2 million,
less underwriting discounts, commissions and other related
expenses.
“We are pleased to announce our fiscal 2020
results,” said Chief Executive Officer Mr. Jianhui Ye.
“Despite challenges posed by the pandemic, we
completed our construction of a new e-bicycle production line
and significantly increased our manufacturing capacity for
e-bicycles and e-tricycles.
“Assuming an average consumer purchase price of
approximately $200 per e-bicycleand projected sales of about
100,000 units, this gives us a possible revenue target of around
$20 million for our e-bicycles alone in fiscal 2021.”
This goal, according to Mr. Ye, will likely be
supported by steady increases in the growing demand for e-bicycles
in both China and Southeast Asia, as well as other regions of the
globe.
For additional information on EZGO Technologies’
fiscal 2020 performance, please refer to the company's 20-F filing
at http://www.ezgotech.com.cn/en/index.html or www.sec.gov.
About EZGO Technologies
Ltd.Leveraging an Internet of Things (IoT) product and
service platform and two e-bicycle brands, “Cenbird” and “Dilang,”
EZGO has established a business model centered on
the manufacturing and sale of electronic bicycles and
batteriesand e-bicycle rentals, complemented by battery cell
trading and a charging pile business. Currently, the Company (i)
designs, manufactures, rents and sells e-bicycles and e-tricycles;
(ii) rents and sells lithium batteries; (iii) sells, franchises and
operates smart charging piles for e-bicycles and other electronic
devices; and (iv) trades lithium cells.
Safe Harbor StatementThis press
release contains forward-looking statements as defined by the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements concerning plans, objectives, goals,
strategies, future events or performance, and underlying
assumptions and other statements that are other than statements of
historical facts. When the Company uses words such as “may, “will,
“intend,” “should,” “believe,” “expect,” “anticipate,” “project,”
“estimate” or similar expressions that do not relate solely to
historical matters, it is making forward-looking statements.
Forward-looking statements are not guarantees of future performance
and involve risks and uncertainties that may cause the actual
results to differ materially from the Company’s expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company’s goals and strategies; the Company’s
future business development; product and service demand and
acceptance; changes in technology; economic conditions; the growth
of the short-distance transportation solutions market in China and
the other international markets the Company plans to serve;
reputation and brand; the impact of competition and pricing;
government regulations; fluctuations in general economic and
business conditions in China and the international markets the
Company plans to serve and assumptions underlying or related to any
of the foregoing and other risks contained in reports filed by the
Company with the SEC. For these reasons, among others, investors
are cautioned not to place undue reliance upon any forward-looking
statements in this press release. Additional factors are discussed
in the Company’s filings with the SEC, which are available for
review at www.sec.gov. The Company undertakes no obligation to
publicly revise these forward‐looking statements to reflect events
or circumstances that arise after the date hereof.
For more information, please
contact:At the Company: Shawn Wen Email:
ir@ez-go.com.cn. Phone: (+86) 13502829216 Investor
Relations: Rick Eisenberg Eisenberg
Communications Email: eiscom@msn.com Phone: (+1)
917-691-8934
INCOME STATEMENT
|
|
For the years endedSeptember 30, |
|
|
|
2018 |
|
|
2019 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
$ |
3,191,560 |
|
|
$ |
5,194,259 |
|
|
$ |
16,838,508 |
|
Cost of revenues |
|
|
(1,667,824 |
) |
|
|
(2,014,308 |
) |
|
|
(15,052,826 |
) |
Gross profit |
|
|
1,523,736 |
|
|
|
3,179,951 |
|
|
|
1,785,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
|
|
(5,221 |
) |
|
|
(119,210 |
) |
|
|
(490,985 |
) |
General and administrative expenses |
|
|
(458,613 |
) |
|
|
(812,863 |
) |
|
|
(1,418,674 |
) |
Total operating expenses |
|
|
(463,834 |
) |
|
|
(932,073 |
) |
|
|
(1,909,659 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
|
1,059,902 |
|
|
|
2,247,878 |
|
|
|
(123,977 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense), net |
|
|
311 |
|
|
|
(18,865 |
) |
|
|
(20,906 |
) |
Other income, net |
|
|
63,464 |
|
|
|
424,484 |
|
|
|
518,953 |
|
Total other income, net |
|
|
63,775 |
|
|
|
405,619 |
|
|
|
498,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income tax
expense |
|
|
1,123,677 |
|
|
|
2,653,497 |
|
|
|
374,070 |
|
Income tax expense |
|
|
(286,905 |
) |
|
|
(723,384 |
) |
|
|
(97,148 |
) |
Net income from continuing operations |
|
|
836,772 |
|
|
|
1,930,113 |
|
|
|
276,922 |
|
(Loss) income from discontinued operation, net of tax |
|
|
(203,023 |
) |
|
|
261,324 |
|
|
|
- |
|
Net income |
|
|
633,749 |
|
|
|
2,191,437 |
|
|
|
276,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations |
|
|
836,772 |
|
|
|
1,930,113 |
|
|
|
276,922 |
|
Less: net income attributable to non-controlling interests from
continuing operations |
|
|
160,037 |
|
|
|
403,334 |
|
|
|
129,748 |
|
Net income attributable to EZGO Technologies Ltd.’s shareholders
from continuing operations |
|
|
676,735 |
|
|
|
1,526,779 |
|
|
|
147,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from discontinued operation, net of tax |
|
|
(203,023 |
) |
|
|
261,324 |
|
|
|
- |
|
Less: net (loss) income attributable to non-controlling interests
from discontinued operation |
|
|
(38,829 |
) |
|
|
49,980 |
|
|
|
- |
|
Net (loss) income attributable to EZGO Technologies Ltd.’s
shareholders from discontinued operation |
|
|
(164,194 |
) |
|
|
211,344 |
|
|
|
- |
|
Net income attributable to EZGO Technologies Ltd.’s
shareholders |
|
$ |
512,541 |
|
|
$ |
1,738,123 |
|
|
$ |
147,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations per ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
0.09 |
|
|
$ |
0.20 |
|
|
$ |
0.02 |
|
Net (loss) income from discontinued operation per ordinary
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.02 |
) |
|
$ |
0.03 |
|
|
$ |
- |
|
Net income per ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
0.07 |
|
|
$ |
0.23 |
|
|
$ |
0.02 |
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
7,800,000 |
|
|
|
7,800,000 |
|
|
|
7,800,000 |
|
BALANCE SHEET
|
|
As of September 30, |
|
|
|
2018 |
|
|
2019 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
5,570 |
|
|
$ |
3,633,645 |
|
|
$ |
322,598 |
|
Total assets |
|
|
13,700,498 |
|
|
|
19,171,950 |
|
|
|
19,817,798 |
|
Total liabilities |
|
|
7,081,518 |
|
|
|
6,840,965 |
|
|
|
6,672,653 |
|
Total EZGO Technologies Ltd.’s shareholders’ equity |
|
|
3,652,813 |
|
|
|
8,226,779 |
|
|
|
8,869,462 |
|
Non-controlling interests |
|
|
2,966,167 |
|
|
|
4,104,206 |
|
|
|
4,275,683 |
|
Total equity |
|
|
6,618,980 |
|
|
|
12,330,985 |
|
|
|
13,145,145 |
|
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