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

Core Viewpoint - LOBO EV Technologies Ltd. reported a transformational fiscal year 2024 with significant growth in revenue and strategic international expansion despite facing profitability pressures due to operational costs and public company transition [3][4]. Financial Highlights - Revenue for fiscal year 2024 reached $21.2 million, a 36.9% increase from $15.5 million in fiscal year 2023 [4]. - Gross profit increased to $2.5 million, up 11.2% from $2.2 million in fiscal year 2023 [4]. - The company reported a net loss of $(845,841), a decline from a net income of $986,471 in fiscal year 2023 [4][9]. - Cash and cash equivalents stood at $1.4 million as of December 31, 2024, compared to $470,335 at the end of 2023 [4][16]. - Total assets increased by 22.0% to $24.0 million from $19.7 million as of December 31, 2023 [4][12]. - Shareholders' equity rose by 64.9% to $9.3 million from $5.7 million at the end of 2023 [4][14]. Business Highlights - The company expanded its product portfolio by introducing hundreds of new electric bicycles, mopeds, tricycles, and off-highway electric carts [5]. - Research and development expenses surged over 500% year-over-year, indicating a strong commitment to technological leadership [5]. - LOBO established a dealer network with over 50 international dealers, focusing on markets in ASEAN, Latin America, Eastern Europe, Middle Asia, and North America [5]. - Key markets for distribution include Brazil, Peru, Ukraine, Lithuania, Serbia, Kazakhstan, Tanzania, and Nigeria [5]. Strategic Outlook - For fiscal year 2025, LOBO plans to continue its revenue growth trajectory, targeting $21.2 million, which represents a 36.9% increase compared to fiscal year 2024 [4]. - The company aims to further penetrate international markets, particularly in Latin America and Africa, through strategic dealer partnerships and localized product launches [5]. - Continued investment in R&D is planned to maintain technological leadership in the global electric mobility sector [5].