Ezgo Technologies Ltd Stock Price, News & Analysis

EZGO Technologies Ltd. has been granted an additional 180-day compliance period by Nasdaq, extending until May 29, 2023, to meet the minimum bid price requirement for its ordinary shares. The company previously received notice on June 3, 2022, indicating its shares did not meet the required $1.00 per share price for 30 consecutive business days. The firm's current compliance status remains unaffected, and shares will continue trading on Nasdaq under the symbol EZGO.

EZGO Technologies reported unaudited financial results for the six months ended March 31, 2022, revealing revenues of $6.0 million, a 34.3% decrease year-over-year. The company sold 23,097 units, down 32.2%. Gross margin fell to 4.7% from 8.3%, with a net loss of $2.7 million compared to a loss of $0.3 million in 2021. Cash reserves decreased to approximately $2.1 million. The decline was attributed to COVID-19 impacts and a transition to a new sales model. A slight recovery in sales is expected as COVID restrictions ease.

EZGO Technologies Ltd. (Nasdaq: EZGO) received a notification from Nasdaq on June 3, 2022, indicating non-compliance with the minimum bid price requirement, as its shares traded below $1.00 for 30 consecutive days. The company has a 180-day compliance period, ending November 30, 2022, to regain compliance by maintaining the minimum price for at least 10 consecutive business days. If unsuccessful, EZGO may seek an additional grace period or implement a reverse stock split. Despite this, trading under the ticker 'EZGO' continues without interruption.

EZGO Technologies Ltd. reported financial results for the fiscal year ending September 30, 2021. Revenues increased by 53.7% to $23.4 million driven by strong e-bicycle sales, which grew 63.3% year-over-year. Despite the revenue growth, EZGO experienced a net loss of $3.4 million, down from a net income of $0.3 million in the previous year. Increased operating and sales expenses, due to hiring and marketing, significantly impacted profits. Cash and cash equivalents stood at approximately $4.8 million.

EZGO Technologies Ltd. (Nasdaq: EZGO) has announced that its independent registered public accounting firm, Briggs & Veselka Co. LLP, is PCAOB-registered and located in Texas. This development addresses the SEC's new rules under the Holding Foreign Companies Accountable Act (HFCAA). EZGO believes it will not fall under HFCAA provisions, as its auditor is not in a foreign jurisdiction that PCAOB cannot inspect. The company focuses on manufacturing two- and three-wheeled electric vehicles in China, supported by an IoT product platform and E-bicycle brands.

EZGO Technologies Ltd. (Nasdaq: EZGO) announced an operation agreement with the Tancheng local administration in Shandong Province to operate e-bicycle sharing services, providing up to 3,000 e-bicycles for three years starting November 9, 2021. This initiative aims to expand its bike-sharing business in southern Shandong, targeting a market of over 800,000 residents. The company hopes to leverage its IoT platform to enhance user experience and capitalize on the anticipated growth in e-bicycle sharing, projected to exceed 8 million units deployed by 2025.

EZGO Technologies Ltd. (Nasdaq: EZGO) launched its new brand and seven innovative electric vehicle models at the 39th China Electric Vehicle and Parts Exhibition in Jiangsu, China. The newly introduced products include four electric motorcycles—"Devil," "Little Angel," "M9," and "Zhuque"—alongside three electric bicycles. The company aims to enhance its position as a leading provider of short-distance transportation solutions in China and expand into international markets. CEO Jianhui Ye emphasized the strategic importance of this launch for growth.

EZGO Technologies Ltd. (Nasdaq: EZGO) announced a strategic cooperation with China Railway Construction Property Management Co., Ltd. to enhance intelligent property management services in China. The agreement, effective for five years, aims to improve safety in high-rise buildings following recent fire safety regulations. EZGO will provide smart products, including unmanned patrol vehicles and charging piles, tailored to specific community needs. This partnership underscores EZGO's commitment to innovation and quality in the electric vehicle sector.

EZGO Technologies Ltd. (Nasdaq: EZGO) announced its first export order to North America, receiving over $50,000 in orders from SilverLight Electric Vehicle Inc. for electric tricycles and bicycles. This strategic cooperation marks EZGO's entry into the U.S. market, particularly targeting Florida's tourism sector. CEO Jianhui Ye highlighted the significance of this milestone for EZGO's foreign trade, emphasizing mutual benefits and growth opportunities in North America.