WUXI, China, Sept. 18, 2026 (GLOBE NEWSWIRE) -- LOBO TECHNOLOGIES LTD. (Nasdaq: LOBO) ("LOBO" or the "Company"), an innovative electric mobility vehicles manufacturer and seller, today announced its unaudited financial results for the first half of fiscal year 2026 ended June 30, 2026.
Mr. Huajian Xu, Chief Executive Officer of LOBO, commented, "We delivered encouraging progress in the first half of 2026, with total revenues increasing 20.6% year over year. Our core electric vehicles and accessories business remained resilient, generating 8.2% revenue growth, while our newly launched AI infrastructure services business contributed approximately $1.5 million in revenue and began to broaden our revenue base.
"At the same time, we continued to sharpen our cost structure and improve operating efficiency, with total operating expenses decreasing 17.9% year over year and our net loss narrowing meaningfully compared with the prior-year period. These results reflect our focus on balancing growth investment with greater financial discipline.
"Looking ahead, we will continue to strengthen our core electric mobility business while selectively pursuing technology-driven opportunities that complement our capabilities and expand our growth potential. We remain focused on disciplined execution, efficient capital allocation and building sustainable long-term value for our shareholders."
First Half of Fiscal Year 2026 Financial Summary
Revenues were $14.6 million for the first half of fiscal year 2026, an increase of 20.6% from $12.1 million for the same period of last year.
Gross profit was $1.9 million for the first half of fiscal year 2026, relatively stable compared to $1.9 million for the same period of last year.
Gross profit margin was 13.2% for the first half of fiscal year 2026, compared to 16.1% for the same period of last year.
Net loss was $1.1 million for the first half of fiscal year 2026, compared to $2.6 million for the same period of last year.
Basic and diluted loss per share were $0.07 for the first half of fiscal year 2026, compared to $0.28 for the same period of last year.
First Half of Fiscal Year 2026 Financial Results
Revenues
Revenues were $14.6 million for the first half of fiscal year 2026, an increase of 20.6% from $12.1 million for the same period of last year. Revenues from electric vehicles and accessories sales increased by 8.2%, to $13.1 million for the first half of fiscal year 2026, from $12.1 million for the same period of last year, and the Company generated $1.5 million of revenues from its new AI infrastructure services business.
Revenue from two-wheeled e-bicycles was $8.1 million for the first half of fiscal year 2026, an increase of 21.71% from $6.7 million for the same period of last year.
Revenue from two-wheeled e-mopeds was nil for the first half of fiscal year 2026, compared to $36,778 for the same period of last year.
Revenue from three-wheeled electric vehicles was $2.2 million for the first half of fiscal year 2026, a decrease of 29.22% from $3.1 million for the same period of last year.
Revenue from four-wheeled electric off-highway shuttles was $0.9 million for the first half of fiscal year 2026, an increase of 143.51% from $0.4 million for the same period of last year.
Revenue from batteries was $0.9 million for the first half of fiscal year 2026, a decrease of 46.75% from $1.7 million for the same period of last year.
Revenue from parts and accessories was $1.0 million for the first half of fiscal year 2026, an increase of 345.36% from $0.2 million for the same period of last year.
Cost of Revenues
Cost of revenue was $12.7 million for the first half of fiscal year 2026, an increase of 24.8% from $10.1 million for the same period of last year. The increase primarily due to the growth in electric vehicles and accessories sales and the addition of $1.3 million of cost of revenues associated with the Company's new AI infrastructure services business.
Gross Profit
Gross profit was $1.9 million for the first half of fiscal year 2026, relatively stable compared to $1.9 million for the same period of last year. Gross profit margin was 13.2% for the first half of fiscal year 2026, compared to 16.1% for the same period of last year.
Operating Expenses
Total operating expenses were $2.5 million for the first half of fiscal year 2026, a decrease of 17.9% from $3.1 million for the same period of last year.
Selling and marketing expenses were $0.4 million for the first half of fiscal year 2026, an increase from $0.3 million for the same period of last year, primarily due to higher salary expenses and freight costs associated with higher sales volume.
General and administrative expenses were $0.8 million for the first half of fiscal year 2026, decreased from $1.7 million for the same period of last year. The general and administrative expenses decrease primarily due to lower professional service fees incurred in the six months ended June 30, 2026.
Research and development expenses were $1.3 million for the first half of fiscal year 2026, an increase from $1.1 million for the same period of last year, primarily due to the Company's continued investment in developing its platform related AI infrastructure.
Net Loss
Net loss was $1.1 million for the first half of fiscal year 2026, compared to $2.6 million for the same period of last year.
Basic and Diluted Loss per Share
Basic and diluted loss per share were $0.07 for the first half of fiscal year 2026, compared to $0.28 for the same period of last year.
Financial Condition
As of June 30, 2026, the Company had cash and cash equivalents of $1.0 million, compared to $0.9 million as of December 31, 2025.
Net cash used in operating activities was $3.7 million for the first half of fiscal year 2026, compared to $1.2 million for the same period of last year.
Net cash used in investing activities was $0.6 million for the first half of fiscal year 2026, compared to net cash provided by investing activities of $0.1 million for the same period of last year.
Net cash provided by financing activities was $4.3 million for the first half of fiscal year 2026, compared to $0.6 million for the same period of last year.
About LOBO TECHNOLOGIES LTD.
LOBO TECHNOLOGIES LTD. (NASDAQ: LOBO) is a manufacturer of electric mobility products. Its product portfolio includes electric bicycles, electric motorcycles, electric tricycles, electric off-road vehicles (such as golf carts and mobility scooters) as well as solar-powered vehicles.
LOBO is committed to promoting sustainable transportation through advanced technologies, with the goal of reducing carbon emissions and improving energy efficiency.
For more information about the Company, please visit: www.loboebike.com.
For more information about the Company's Claw AI Agent platform and LoboToken.ai platform, please visit:
Claw AI Agent platform: www.loboaiclaw.com;
LoboToken.ai: www.lobotoken.ai.
Forward-Looking Statements
This announcement contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions in this announcement. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's annual report for the fiscal year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the "SEC") on April 28, 2026, and other filings with the SEC.
For more information, please contact:
LOBO TECHNOLOGIES LTD.
Zane Xu
Investor Relations Manager
Email: ir@loboai.com
Ascent Investor Relations LLC
Tina Xiao
Tel: +1-646-932-7242
Email: investors@ascent-ir.com
LOBO TECHNOLOGIES LTD | ||||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(In U.S. dollars except for number of shares) | ||||||||
As of | ||||||||
June 30, 2026 | December | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 980,746 | $ | 908,341 | ||||
Accounts receivable, net | 3,922,979 | 3,107,520 | ||||||
Inventories, net | 10,221,788 | 9,698,754 | ||||||
Short-term investments | 49,962 | 747,709 | ||||||
Prepaid expenses and other current assets | 3,281,862 | 3,366,882 | ||||||
Total current assets | 18,457,337 | 17,829,206 | ||||||
Property and equipment, net | 1,106,184 | 1,097,411 | ||||||
Intangible assets, net | 121,037 | 308,553 | ||||||
Operating lease right-of-use assets, net | 796,351 | 1,014,161 | ||||||
Long-term loan receivable | 850,000 | - | ||||||
Deferred tax assets | 182,882 | 247,309 | ||||||
Total Assets | 21,513,791 | 20,496,640 | ||||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,455,864 | $ | 1,768,339 | ||||
Contract liability | 3,239,888 | 2,067,018 | ||||||
Other current payables | 718,523 | 3,360,773 | ||||||
Taxes payable | 1,739,791 | 1,414,938 | ||||||
Amounts due to related parties | 163,625 | 38,564 | ||||||
Short-term loans | 4,540,378 | 2,968,491 | ||||||
Operating lease liabilities, current | 1,451,725 | 1,233,892 | ||||||
Total current liabilities | 13,309,794 | 12,852,015 | ||||||
Long-term loan | 14,990 | 95,441 | ||||||
Deferred tax liabilities | 7,964 | 151,308 | ||||||
Operating lease liabilities, non-current | 200,306 | 410,572 | ||||||
Total liabilities | 13,533,054 | 13,509,336 | ||||||
Commitments and contingencies | - | - | ||||||
Equity: | ||||||||
Class A Ordinary shares (US$0.001 par value per share; 90,000,000 and 90,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 10,711,618 and 8,838,194 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) | 10,712 | 8,839 | ||||||
Class B Ordinary shares (US$0.001 par value per share; 10,000,000 and 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 3,730,320 and 3,730,320 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) | 3,730 | 3,730 | ||||||
Additional paid-in capital | 12,624,147 | 10,804,674 | ||||||
Accumulated deficit | (4,873,449 | ) | (3,795,004 | ) | ||||
Accumulated other comprehensive income/(loss) | 51,153 | (199,379 | ) | |||||
Statutory reserve | 164,444 | 164,444 | ||||||
Total shareholders' equity | 7,980,737 | 6,987,304 | ||||||
Total Liabilities and Equity | $ | 21,513,791 | $ | 20,496,640 |
LOBO TECHNOLOGIES LTD | ||||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||
(In U.S. dollars except for number of shares) | ||||||||
Six Months Ended June 30, | ||||||||
2026 | 2025 | |||||||
Revenues | $ | 14,586,984 | $ | 12,091,762 | ||||
Cost of revenues | 12,661,580 | 10,149,305 | ||||||
Gross Profit | 1,925,404 | 1,942,457 | ||||||
Operating expenses | ||||||||
Selling and marketing expenses | 423,358 | 338,080 | ||||||
General and administrative expenses | 796,048 | 1,701,458 | ||||||
Research and development expenses | 1,320,313 | 1,053,921 | ||||||
Total operating expenses | 2,539,719 | 3,093,459 | ||||||
Operating loss | (614,315 | ) | (1,151,002 | ) | ||||
Other (expenses)/income | ||||||||
Interest expense | (60,464 | ) | (1,437,601 | ) | ||||
Gain on disposal of subsidiaries | - | 50,545 | ||||||
Other (expenses)/income | (478,784 | ) | 86,714 | |||||
Total other (expenses)/income, net | (539,248 | ) | (1,300,342 | ) | ||||
Loss before income tax expense | (1,153,563 | ) | (2,451,344 | ) | ||||
Income tax (benefit)/expense | (75,118 | ) | 170,825 | |||||
Net Loss | (1,078,445 | ) | (2,622,169 | ) | ||||
Net Loss | (1,078,445 | ) | (2,622,169 | ) | ||||
Foreign currency translation adjustments | 250,532 | 176,222 | ||||||
Total comprehensive loss | (827,913 | ) | (2,445,947 | ) | ||||
Net loss per share, basic and diluted | $ | (0.07 | ) | $ | (0.28 | ) | ||
Weighted average shares outstanding, basic and diluted | 14,678,842 | 9,368,223 |
LOBO TECHNOLOGIES LTD | ||||||
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
(In USD) | ||||||
For the six months ended June 30, | ||||||
2026 | 2025 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net loss | (1,078,445 | ) | (2,622,169 | ) | ||
Adjustment to reconcile net loss to net cash used in operating activities | ||||||
Depreciation and amortization | 284,556 | 364,331 | ||||
Common stock issued for services | - | 354,950 | ||||
Investment loss/(income) | 389,239 | (20,113 | ) | |||
Gain on disposal of subsidiaries | - | (50,545 | ) | |||
Amortization of Convertible Note issuance cost and debt discount upon conversion | - | 1,421,069 | ||||
Amortization of operating lease right-of-use assets | 246,095 | - | ||||
Changes in Operating Assets and Liabilities | ||||||
Accounts receivable, net | (1,702,930 | ) | (952,628 | ) | ||
Inventories, net | (223,173 | ) | (1,726,797 | ) | ||
Prepaid expenses and other current assets | 172,286 | 3,358,866 | ||||
Deferred tax asset | 71,197 | - | ||||
Deferred tax liabilities | (146,315 | ) | - | |||
Accounts payable | (359,867 | ) | (648,149 | ) | ||
Advance from customers | 1,097,007 | (1,212,522 | ) | |||
Other current payables | (2,698,280 | ) | (14,258 | ) | ||
Taxes payable | 278,306 | 364,118 | ||||
Operating lease Liabilities | (42,362 | ) | 170,091 | |||
Net cash used in operating activities | (3,712,686 | ) | (1,213,756 | ) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Purchase of short-term investment | (810,815 | ) | (551,526 | ) | ||
Sales of short-term investment | 1,134,125 | 571,639 | ||||
Proceeds from disposal of subsidiaries | - | 206,822 | ||||
Purchase of property and equipment | (51,475 | ) | (95,215 | ) | ||
Payments for loans advanced to third parties | (850,000 | ) | - | |||
Net cash (used in)/provided by investing activities | (578,165 | ) | 131,720 | |||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Proceeds from issuance of Class A ordinary shares and warrants | 1,820,746 | - | ||||
Proceeds from exercise of Pre-Funded Warrants | 600 | |||||
Proceeds of interest-free loan from related parties | 1,677,783 | 382,484 | ||||
Repayments of interest-free loan to related parties | (576,221 | ) | (1,180,782 | ) | ||
Proceeds from short-term loan | 2,185,824 | 1,481,385 | ||||
Repayments of short-term loans | (728,608 | ) | - | |||
Repayments of long-term loans | (75,448 | ) | (71,389 | ) | ||
Net cash provided by financing activities | 4,304,676 | 611,698 | ||||
- | ||||||
Effect of exchange rate changes on cash and cash equivalents | 58,580 | 4,959 | ||||
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 72,405 | (465,379 | ) | |||
CASH AND CASH EQUIVALENTS, beginning of period | 908,341 | 1,889,590 | ||||
CASH AND CASH EQUIVALENTS, end of period | 980,746 | 1,424,211 | ||||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||
Cash paid during the period for: | ||||||
Income taxes | 4,200 | - | ||||
Interest | 72,686 | (26,741 | ) | |||
NON-CASH TRANSACTIONS | ||||||
Common stock issued upon conversion of debt and accrued interest | 1,382,664 | |||||
Offsetting of the consideration receivable from disposal of subsidiary against other current payables | 3,515,981 | |||||
Offsetting of account receivables against amounts due to related parties | 976,335 | - |