Business
EZGO Announces Financial Results for the Six Months Ended March 31, 2021; Highlighted by a 74.3% Increase in Revenues to $9.6 Million
CHANGZHOU, China, June 30, 2021 /PRNewswire/ -- EZGO Technologies Ltd. (Nasdaq: EZGO) ("EZGO" or "we", "our", or "the Company"), a leading short-distance
About this update from Ezgo Technologies Ltd.
[{"type":"text","content":"CHANGZHOU, China, June 30, 2021 /PRNewswire/ -- EZGO Technologies Ltd. (Nasdaq: EZGO) (\"EZGO\" or \"we\", \"our\", or \"the Company\"), a leading short-distance transportation solutions provider in China, today announced its unaudited financial results for the six months ended March 31, 2021. \nFinancial Highlights (all results compared to the prior year period unless otherwise noted)\nRevenues were $9.6 million, an increase of 74.3% Units sold reached 34,069, an increase of 96.6% Gross margin was 9.7%, compared with 9.6% Net loss was $0.3 million, compared with net loss of $0.6 million The Company has cash and cash equivalents of approximately $7.1 million at March 31, 2021, compared to approximately $0.3 million at September 30, 2020Management Commentary\nMr. Jianhui Ye, Chief Executive Officer of EZGO, stated, \"The last six months have been a monumental period in EZGO's development, highlighted by our IPO in January 2021 and transition from an expert in battery technology into a manufacturer of e-bicycles. We reported strong growth in both revenues and the number of units sold, as the demand for our products has continued to grow due to greater brand awareness. We achieved this growth despite capacity restraints that restricted our ability to meet this continued demand, and as a result, we recently announced the purchase of land and property that we believe will allow us to initially increase our production capacity by 100,000 units of two-wheeled e-bicycles. In addition, the estimated production capacity of the factory building expected to be built on the remaining land being purchased is anticipated to be approximately 500,000 units.\"\nMr. Ye concluded, \"In the coming months, we are focused on both utilizing our increased capacity as well as expanding our marketing efforts and product development and innovation. We have introduced 15 new two wheeled e-bicycles, mopeds and leisure e-tricycles over the last six months, while investing in R&D as a means of integrating our battery expertise with new IoT technology that will improve performance. We are pleased with our progress made to date and remain very optimistic about our growth prospects for the future.\"\nFinancial Review for the Six Months Ended March 31, 2021 \nNet Revenues\nNet revenues from continuing operations for the six months ended March 31, 2021 were approxi...