LOBONasdaqMotorcycles, Bicycles & PartsUS GAAP · USD

LOBO TECHNOLOGIES LTD

LOBO TECHNOLOGIES LTD. is a holding company with operating subsidiaries primarily in the People’s Republic of China, alongside entities in Hong Kong, the United States, and Kenya. It designs, manufactures, and sells electric mobility products such as e-bicycles, electric motorcycles, tricycles, off-road utility vehicles, and related smart products, and it also provides AI infrastructure services through access to third-party large language model computing resources.

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Revenue23.2m USD
+9.6 %y/y
Operating profit (EBIT)-4.1m USD
−108.6 %y/y
EBIT margin-17.5%
−8.3 ppy/y
Net income-5.5m USD
−573.8 %y/y
Free cash flow-2.1m USD
+34.7 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-100102030m USD2022: 18 m USD2022: EBIT 1.5 m USD20222023: 15 m USD2023: EBIT 0.82 m USD20232024: 21 m USD2024: EBIT -1.9 m USD20242025: 23 m USD2025: EBIT -4.1 m USD202523-4.1
RevenueOperating profit (EBIT)
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Business

Share of revenue
Electric bicycles35 %

Battery-powered bicycles sold through the company’s mobility product line.

Electric motorcycles and tricycles20 %

Two- and three-wheeled electric vehicles used for personal and commercial transport.

Utility vehicles and scooters15 %

Off-road shuttles, golf carts, elderly scooters, and similar EV formats.

Smart and robotic products10 %

Home-used robotic products and other connected smart devices.

AI infrastructure services5 %

Access to third-party large language model API computing resources.

Other trading and services15 %

Trade agency and related business activities within the group structure.

Products

Reported · share of revenue
99.5%FY2024100 %
  • Electric Vehicles and Accessories Sales99.5 %
  • Software Royalities and Development and Design Services0.3 %
  • Software Development and Design Services0.3 %

Source: 20-F/A FY2024, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

LOBO sells to buyers of compact electric mobility products, including consumers, dealers, and other downstream distributors that assemble or resell its vehicles. Its products also appear suited to niche users such as elderly riders, utility transport users, and customers seeking low-emission mobility solutions. The newer AI infrastructure service line serves customers that need access to third-party model-computing resources rather than owning the underlying infrastructure.

Retail consumers

Buy e-bicycles, electric motorcycles, and scooters for personal transport and convenience.

Dealers and distributors

Purchase mobility products in bulk for resale across local or export channels.

Utility and leisure users

Buy off-road shuttles, golf-cart-type vehicles, and elderly scooters for specialized use.

Technology service customers

Access AI infrastructure services using third-party LLM API computing resources.

Strategy

LOBO’s strategy is centered on broadening its electric mobility line-up across bicycles, motorcycles, tricycles, utility vehicles, and scooters, which increases addressable use cases and customer reach. The addition of AI infrastructure services suggests an effort to diversify beyond hardware manufacturing into software-enabled service revenue, while retaining a technology-oriented brand identity.

Broaden the mobility product portfolioMedium term

A wider range of electric vehicles can serve more customer niches and reduce dependence on one product type.

Develop AI infrastructure servicesShort term

Services based on third-party LLM API access can diversify revenue away from physical manufacturing.

Strengthen international operating structureMedium term

Subsidiaries in China, Hong Kong, the U.S., and Kenya support cross-border manufacturing and market access.

Geography

LOBO’s operating footprint is anchored in mainland China, where its production and trade-related subsidiaries are based, while the parent is incorporated in the British Virgin Islands. The group also has subsidiaries in Hong Kong, the United States, and Kenya, supporting holding, investment, and international expansion activities. Its geography reflects both manufacturing concentration in China and a multi-entity offshore structure used for cross-border operations.

Risks

LOBO is exposed to manufacturing execution risk, cross-border operating complexity, and demand sensitivity in discretionary electric vehicle categories. It also faces the normal risks of a small manufacturer expanding into adjacent services, where product quality, supply chain reliability, regulatory compliance, and customer adoption can materially affect performance.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Manufacturing and quality control risk1Demand sensitivity in mobility products2Cross-border compliance and structural complexity3Inventory and working-capital risk4New AI service line execution risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Manufacturing and quality control riskImpact: HighLikelihood: Medium

    The company relies on China-based subsidiaries to produce electric vehicles and related products, so defects or output problems can disrupt sales and reputation.

    ExposureElectric bicyclesMotorcyclesTricyclesScooters
  2. Demand sensitivity in mobility productsImpact: HighLikelihood: Medium

    E-bicycles and other discretionary transport products can be cyclical and sensitive to consumer spending and competition.

    Exposure: Retail and dealer channels

  3. Cross-border compliance and structural complexityImpact: MediumLikelihood: High

    The group spans BVI, Hong Kong, PRC, U.S., and Kenya entities, increasing legal, tax, and operational coordination burden.

    Exposure: Multi-jurisdiction corporate structure

  4. Inventory and working-capital riskImpact: MediumLikelihood: High

    Vehicle manufacturing requires inventory, receivables, and component sourcing, which can create cash conversion pressure if demand weakens.

    Exposure: Inventory-heavy operations

  5. New AI service line execution riskImpact: MediumLikelihood: Medium

    The AI infrastructure business is new and depends on customer adoption, third-party APIs, and service reliability.

    Exposure: LLM API computing resources

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Accounting

Judgemental items
Revenue recognition

The company sells products and now also provides AI-related services, so timing and classification of revenue can differ by contract type.

Impact: Affects reported sales timing and mix between products and services

VAT net presentation

China subsidiaries are subject to VAT and revenue is reported net of VAT, which affects comparability with gross billing amounts.

Impact: Reduces reported revenue relative to customer invoice totals

Inventory valuation

Manufactured electric vehicles and components must be carried at net realizable value, and demand changes can create write-downs.

Impact: Can materially affect gross profit and balance sheet value

Long-lived asset impairment

Manufacturing equipment and facilities must be tested when events indicate they may not be recoverable.

Impact: Can create non-cash charges if future cash flows weaken

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Last updated: 28/09/2026