Ezgo Technologies Ltd Stock Price, News & Analysis

EZGO Technologies Ltd. (Nasdaq: EZGO) announced the appointment of Guanghui Yang to its Board of Directors, effective July 9, 2021. Yang replaces Junying Sun, who departed for personal reasons. With over 20 years of experience in academia and public service, Yang will contribute as a member of the Audit Committee and Chairperson of the Compensation Committee, enhancing corporate governance. CEO Jianhui Ye expressed confidence in Yang’s financial expertise aiding the company’s growth strategy in the short-distance transportation sector, particularly in E-bicycles and related services.

EZGO Technologies Ltd. reported its financial results for the six months ending March 31, 2021, revealing revenues of $9.6 million, a substantial increase of 74.3% year-over-year. The company sold 34,069 units of e-bicycles, marking a 96.6% increase. Despite a net loss of $0.3 million, improving from $0.6 million in 2020, gross margin remained stable at 9.7%. Cash reserves rose to $7.1 million from $0.3 million. Management emphasized plans to expand production capacity significantly to meet escalating demand, following their IPO in January 2021.

EZGO Technologies Ltd. announced the closing of a registered direct offering, raising approximately $12 million by selling 2,564,102 units. Each unit comprises one ordinary share and a warrant to purchase 0.7 ordinary shares at an exercise price of $4.68. After expenses, the net proceeds are about $10.9 million, intended for working capital and corporate purposes. Following the offering, EZGO has around 13,402,602 ordinary shares outstanding. The offering was executed under SEC registration statements as of May 2021.

EZGO Technologies Ltd. has announced a registered direct offering of 2,564,102 units, upsized to aggregate gross proceeds of $12 million. Each unit consists of one ordinary share and a warrant to purchase 0.7 ordinary shares at an exercise price of $4.68, expiring two years from the initial exercise date. The offering, expected to close around June 1, 2021, aims to utilize net proceeds for working capital and general corporate purposes. The offering is managed by FT Global Capital, Inc.

EZGO Technologies Ltd. (Nasdaq: EZGO) reported a robust increase in e-bicycle sales, exceeding 34,000 units in the six months ending March 31, 2021, marking over a 50% growth year-over-year. The breakdown includes around 23,000 two-wheeled and 11,000 three-wheeled e-bicycles, with the latter seeing a phenomenal surge of nearly 600%. The company attributes this growth to strategic product development and marketing, having launched 15 new models and acquiring seven new CCC certifications, ensuring compliance with China's regulations.

EZGO Technologies Ltd. (Nasdaq: EZGO) announced its agreement to acquire land and factory buildings from Tianjin Jiahao Bicycle Co., Ltd. for approximately US$10.2 million. This transaction, expected to close by June 15, 2021, expands EZGO's factory land to over 35,000 square meters, facilitating an increase in production capacity from 300,000 to an estimated 600,000 e-bicycles annually. The acquisition enhances the company's manufacturing reliability and market visibility, marking a significant milestone for EZGO.

EZGO Technologies Ltd. (Nasdaq: EZGO) has launched its new range-extended electric scooter, the Cenbird, aimed at the rapidly growing food delivery market in China. Initially available in Jiangsu and Zhejiang Provinces, the Cenbird features a battery life allowing a driving distance of up to 350 kilometers and integrates a gasoline generator for efficient charging. CEO Jianhui Ye emphasized the demand for long-range e-scooters, highlighting the shift toward environmentally friendly transportation solutions. The company continues to innovate in the e-scooter market.

EZGO Technologies Ltd. (NASDAQ:EZGO) is highlighted in a recent investment report by Diamond Equity Research, focusing on its promising position in the micro-mobility market. The report notes a projected 65% CAGR for China's e-bicycle market, driven by new regulations and rising demand due to COVID-19. EZGO's innovative AI and IoT integration in e-bicycles enhances user interaction and market reach. Its current valuation at 3.70x EV/revenue is notably lower than industry peers, presenting potential growth opportunities if the company successfully expands its market share.

EZGO Technologies Ltd. has entered a strategic cooperation agreement with Jiangsu Research Institute of Dalian University of Technology, establishing the Intelligent Fast Charging Technology Innovation Center. This center aims to develop fast and wireless charging technologies, with plans to launch their first fast-charging product by the end of Q2 2021 and a wireless solution by 2021. The wireless charging market for E-bicycles is projected to reach $40 billion by 2026. The partnership enhances technology research and talent development, focusing on improving battery efficiency and safety.