EZGONasdaqMotorcycles, Bicycles & PartsUS GAAP · USD

EZGO Technologies Ltd.

EZGO Technologies Ltd. is a BVI-incorporated holding company that conducts its operating business primarily in the People's Republic of China through subsidiaries and, historically, a variable interest entity structure. Its business has centered on two- and three-wheeled electric vehicles, e-bicycle brands, batteries, charging equipment, electronic control systems, maintenance services, and related IoT-enabled products and services.

Kysy yhtiöstä
Liikevaihto20,5milj. USD
+12,4 %v/v
Liikevoitto (EBIT)−3,4milj. USD
−43,8 %v/v
EBIT-marginaali−16,4%
−3,6 %-yks.v/v
Nettotulos−8,7milj. USD
−19,3 %v/v
Vapaa kassavirta−4,3milj. USD
+70,3 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−100102030milj. USD2020: 17 milj. USD2020: EBIT 0,07 milj. USD20202021: 23 milj. USD2021: EBIT −3,9 milj. USD20212022: 17 milj. USD2022: EBIT −6,5 milj. USD20222023: 16 milj. USD2023: EBIT −4,8 milj. USD20232024: 18 milj. USD2024: EBIT −2,3 milj. USD20242025: 20 milj. USD2025: EBIT −3,4 milj. USD202520−3,4
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Electric bicycles and vehicles45 %

Design, manufacturing, and sale of e-bicycles, e-motorcycles, and other light EVs.

Battery and power components30 %

Battery cells, battery packs, solar cells, and related power hardware.

Electronic control and charging equipment10 %

Electronic control systems and charging piles used with electric vehicles.

Maintenance and services10 %

Maintenance, rental, and other service revenue tied to the installed base.

IoT and intelligent products5 %

IoT software platform and intelligent robot-related offerings.

Tuotteet

Raportoitu · osuus liikevaihdosta
91,7%FY2025100 %
  • Battery Cells and Packs91,7 %
  • Electronic Control System5,2 %
  • Maintenance Services2,8 %
  • Sales of Products0,3 %

Lähde: 20-F FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

EZGO sells to buyers in China that need low-speed electric mobility products, related components, and after-sales services. Its customer base includes retail users of e-bicycles and electric motorcycles, as well as commercial or institutional buyers that use batteries, control systems, rental services, or maintenance support. The business also serves channel and market-development partners for its branded electric vehicles and components.

Retail e-bike and light EV buyers

Consumers purchasing branded e-bicycles and electric motorcycles for personal transport.

Battery and components customers

Buyers of battery cells, packs, solar cells, and electronic control systems.

Service and rental users

Customers using maintenance, rental, and support services tied to EV assets.

Distribution and channel partners

Partners helping expand sales channels and international market access.

Strategia

EZGO’s strategy is built around an IoT-enabled platform combined with branded e-bicycle and electric mobility products. The company also extends the model into batteries, charging infrastructure, electronic controls, and services, which broadens its product mix and deepens customer relationships. A key structural development is that the company no longer conducts its e-bicycle business through the former VIE, which changes how operations are organized.

Expand the electric mobility product portfolioKeskipitkä aikaväli

Broader product coverage can increase wallet share across vehicles, batteries, and accessories.

Monetize the IoT and service platformKeskipitkä aikaväli

Software and services can support recurring engagement and complement hardware sales.

Strengthen channel and market accessLyhyt aikaväli

Sales growth in electric mobility depends on distribution reach and market development.

Maantiede

EZGO is a BVI holding company, but its operating business is concentrated in mainland China through subsidiaries and former VIE entities. The company’s revenue and execution depend heavily on the PRC market, where it manufactures, sells, and services its electric mobility and battery-related products. This geographic concentration ties performance to Chinese consumer demand, industrial supply chains, and local regulatory conditions.

Riskit

EZGO faces concentration risk because its operating business is centered in China and tied to discretionary electric mobility demand, component sourcing, and local regulation. The company also faces execution and governance risk from its transition away from the former VIE structure, plus credit and impairment risk tied to receivables and investments in a capital-intensive, competitive industry. As with most hardware and mobility businesses, product-cycle changes, inventory management, and service quality can materially affect reported results.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →China concentration risk1VIE and legal-structure transition risk2Credit loss risk on receivables3Goodwill and investment impairment risk4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. China concentration riskVaikutus: KorkeaTodennäköisyys: Korkea

    Most operating activity, customers, and suppliers are tied to the PRC.

    KohdistuuOperating revenueSupply chainRegulation
  2. VIE and legal-structure transition riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company historically used a VIE structure and later terminated it.

    KohdistuuBusiness continuityControlConsolidation
  3. Credit loss risk on receivablesVaikutus: KeskitasoTodennäköisyys: Korkea

    The company applies expected credit loss methods to receivables and related balances.

    KohdistuuAccounts receivableNotes receivableRelated-party receivables
  4. Goodwill and investment impairment riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Valuation judgments can drive impairment charges when business performance weakens.

    KohdistuuGoodwillLong-term investments

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition under ASC 606

Product sales and service revenue may be recognized at different times.

Vaikutus: Affects quarterly comparability and reported revenue mix

Expected credit losses

Receivables and related-party balances require judgment on collectability.

Vaikutus: Affects bad-debt expense and net receivables

Investment and goodwill impairment

Fair-value estimates and qualitative assessments can trigger charges.

Vaikutus: Can create volatility in operating results

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Päivitetty: 28.9.2026