As one whisks by the seemingly endless rows of orange barrels on US highways and bridges this summer, it is quite apparent that infrastructure spending is alive and well.Recall that the IIJA (Infrastructure Investment and Jobs Act) was passed at the end of 2021 with a price tag of $1.2 trillion over a 5-year period. Of this amount, $300B was specifically earmarked for roads and bridges.The White House website, which chronicles the progress of the spending, reports that $454B has been awarded and is in route ...

ZOOZ Power has installed its flywheel-based power boosting and management solution at a second site on Route 6, the Cross-Israel Highway, one of Israel’s most congested transportation corridors, in partnership with Dor-Alon and AfconEV following its first installation in May, 2024Using stored kinetic energy from its flywheels and its energy management software, ZOOZ Power supplements the grid power, maximizing charging infrastructure utilizationThe two installations more than double the potential ultrafast ...

Group 1 - Highway Holdings Limited declared a cash dividend of $0.05 per common share, payable on May 3, 2024, to shareholders of record on April 22, 2024 [1] - The chairman, Roland Kohl, emphasized the company's commitment to building value for investors and maintaining a solid financial foundation while pursuing growth opportunities [1] - The company anticipates gaining added momentum in its business as it progresses through 2024, based on feedback from customers and partners across the supply chain [1] Group 2 - Highway Holdings is an international manufacturer of various quality parts and products primarily for blue chip equipment manufacturers based in Germany [2] - The company's administrative offices are located in Hong Kong, with manufacturing facilities in Yangon, Myanmar, and Shenzhen, China [2]

HONG KONG, Feb. 1, 2024 /PRNewswire/ --  Highway Holdings Limited (Nasdaq: HIHO) (the "Company" or "Highway Holdings") today reported financial results for its fiscal third quarter and nine months ended December 31, 2023, with a 60% increase in revenue and a $0.06 increase in diluted earnings per share for the fiscal third quarter of 2024, both compared to the year ago period. Net sales for the third quarter of fiscal year 2024 increased 60% to $4.1 million compared with $2.6 million in the year ago period. ...

Operations and Manufacturing - Highway Holdings Limited operates through five wholly-owned or controlled subsidiaries, with manufacturing facilities in Shenzhen, China, and Yangon, Myanmar[66]. - The company has reduced its manufacturing labor force in Shenzhen to approximately 30 workers by implementing automation, while labor-intensive operations have been shifted to Myanmar[69]. - Highway Holdings Limited owns 84% of Kayser Myanmar, which has been fully transitioned to handle labor-intensive assembly and component manufacturing operations[70]. - Kayser Myanmar entered into a 50-year lease for a 6,900 square meter factory estate in Yangon, which includes upgraded existing factories and a new facility[71]. - The company has focused on manufacturing higher-margin components and subassemblies, with over 70% of revenues derived from European customers[83]. - Highway Holdings Limited has invested in automated and robotic machinery to improve product quality and reduce labor costs, significantly decreasing the number of workers in Shenzhen[87]. - The company’s strategy includes leveraging its manufacturing strengths and upgrading equipment to attract major European customers[84]. - Highway Holdings Limited's operations in Myanmar are subject to risks associated with operating in an underdeveloped country, which may affect customer acceptance of products assembled there[71]. - The company has transitioned from traditional manufacturing to automated processes in Shenzhen, focusing on design, tooling, and engineering activities[68]. - Highway Holdings Limited's manufacturing capabilities include metal stamping, plastic injection molding, and electronic assembly, allowing for the production of complex customized products[78]. - The Company has relocated its manufacturing and assembly operations to Myanmar to reduce costs, benefiting from lower labor costs and preferential customs provisions for European and U.S. customers[88]. Financial Performance - For the fiscal year ended March 31, 2023, net sales to customers by geographic area were 14.7% in Hong Kong and China, 80.7% in Europe, 0.3% in other Asian countries, and 4.3% in North America[104]. - The Company's sales by segments for the fiscal year ended March 31, 2023, were 65.0% from Metal Stamping and Mechanical OEM operations and 35.0% from Electric OEM operations[107]. - Four customers accounted for 94.8% of the Company's net sales in fiscal 2023, indicating a high dependency on a few large customers[109]. - For the fiscal year ended March 31, 2023, net sales decreased by $2,123,000, or 17.2%, compared to the previous fiscal year due to decreased demand in Europe and COVID-19 impacts on production[151]. - Net sales to European customers increased to 80.7% in fiscal 2023 from 70.9% in fiscal 2022, while net sales to North American customers decreased to 4.3% from 11.5%[151]. - The metal stamping and mechanical OEM segment accounted for 65.0% of net sales in fiscal 2023, up from 58.3% in fiscal 2022, while the electric OEM segment decreased to 35.0% from 41.7%[152]. - Gross profit as a percentage of net sales increased slightly to 30.7% in fiscal 2023 from 30.5% in fiscal 2022, but gross profit in dollar terms decreased by $629,000 to $3,141,000[152]. - Selling, general and administrative expenses rose by $415,000, or 13.0%, in fiscal 2023, representing 35.3% of net sales compared to 25.9% in fiscal 2022[153]. - The company reported an operating loss of $477,000 in fiscal 2023, compared to operating income of $567,000 in fiscal 2022[153]. - A net loss of $294,000 was recorded in fiscal 2023, compared to net income of $443,000 in fiscal 2022[154]. Research and Development - The Company has developed a proprietary line of energy-saving brushless direct current motors, with the first motor now being manufactured and sold, while two others are in design and testing stages[116]. - The Company has increased its research and development efforts to design and develop a line of new, lower-cost electric motors, with one model already being sold to an existing customer[130]. - The Company is exploring opportunities to leverage its manufacturing capabilities to develop proprietary products, including brushless DC electric motors[140]. Compliance and Regulations - The Company maintains ISO 9001 quality management system certification in its factories in China and Myanmar, which helps minimize defects and enhance customer confidence[92]. - The Company has maintained compliance with RoHS and REACH regulations, which restrict the importation of products containing certain toxic materials[125]. - The Company is subject to increased labor costs in Shenzhen, with new regulations requiring open-ended employment contracts after two consecutive fixed-term contracts[123]. Financial Position and Cash Flow - As of March 31, 2023, the Company had cash and cash equivalents of $6,952,000, an increase from $6,010,000 on March 31, 2022, and $7,757,000 on March 31, 2021[160]. - The Company generated $809,000 in cash from operating activities in fiscal 2023, attributed to a $794,000 decrease in inventories and non-cash expenses including an expected credit loss of $503,000[162]. - The Company generated $991,000 from investing activities in fiscal 2023, primarily from cash received upon the maturity of time deposits[163]. - Net cash used in financing activities included dividends paid of $1,019,000 in fiscal 2023, compared to $569,000 in fiscal 2022 and $981,000 in fiscal 2021[164]. - The Company had working capital of $6,599,000 as of March 31, 2023, down from $7,140,000 in 2022 and $7,517,000 in 2021, with a working capital ratio of 2.62 to 1[159]. - The Company realized a currency exchange gain of $32,000 in fiscal 2023, compared to an exchange rate loss of $24,000 in fiscal 2022 and a loss of $60,000 in fiscal 2021[169]. - The value of the RMB compared to the U.S. dollar decreased by approximately 8.0% from March 31, 2022, to March 31, 2023, impacting the Company's operating costs[167]. - The Company has no outstanding bank loans and lacks bank credit facilities for additional capital needs, relying on current financial resources[165]. - The Company believes its available working capital and funds generated from operations are adequate to support operations for at least the next 12 months[166]. - The Company does not utilize financial hedging or option instruments to limit exposure to exchange rate fluctuations, which could materially impact future results[170]. Shareholder Information - The Company has issued 300,000 shares of restricted stock to Mr. Kohl under the 2020 Stock Option and Restricted Stock Plan, subject to vesting based on strategic milestones[215]. - The 2020 Stock Option and Restricted Stock Plan allows for the grant of options and restricted shares totaling 500,000 shares, with no options granted to date[223]. - As of July 12, 2023, Roland W. Kohl owns 974,067 Common Shares, representing 22.1% of the total shares[231]. - Peter J. Abrahamson is a significant shareholder with 398,000 Common Shares, accounting for 9.0% of the total shares[231]. - The total number of Common Shares outstanding increased from 4,086,825 on March 31, 2023, to 4,416,825 on July 12, 2023[241]. - The Company declared two dividends during the fiscal year ended March 31, 2023: $0.15 per share on October 7, 2022, and $0.05 per share on January 5, 2023[236]. - Approximately 37.6% of the Company's outstanding shares are owned by non-U.S. shareholders[231]. - The Company has authorized capital of 20,020,000 shares, with 20,000,000 being Common Shares[241]. - As of July 12, 2023, there were 57 record holders of the Company's Common Shares, with 23 residing in the United States[231]. - The last reported sale price of the Company's Common Shares on the Nasdaq Capital Market was $2.365 per share on July 12, 2023[239]. - The Company has not engaged in any related party transactions during the fiscal year ended March 31, 2023[232]. - There have been no significant changes in the percentage ownership held by any major shareholders during the past three years[231]. Corporate Governance - The Audit Committee met three times during fiscal 2023, consisting of independent directors with significant financial knowledge[219]. - The Company has not established a separate Nominating Committee; nominations are made by independent directors[221]. - The Company’s directors serve staggered three-year terms, with one class elected at each annual meeting[217]. - The Company’s employment agreement with Mr. Kohl includes a severance payment equal to three times his annual base salary in the event of a change of control[213]. - The Board of Directors may exchange Rights for Common Shares or Series A Preferred Shares at an exchange ratio of one Common Share per Right[252]. - The Rights can be redeemed at a price of $0.01 per Right, payable in cash or Common Shares, at the discretion of the Board of Directors[254]. - Amendments to the Rights Agreement can be made while the Rights are redeemable, without adversely affecting the interests of Rights holders[255]. - The Board of Directors is divided into three classes, with directors elected for three-year terms at annual meetings[257]. - Shareholders must convene meetings for any actions required, and cannot act by written consent[258]. - A director can only be removed with cause by the Board or a resolution of shareholders holding at least 66.66% of the votes[261]. - The rights of shareholders can only be varied with the affirmative vote of two-thirds of the outstanding Series A Preferred Shares[262]. - The Company can amend its Memorandum and Articles without shareholder approval, which may affect control changes[263].

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2022. ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________. ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2020. ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________. ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2019. ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________. ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR ...