LOBO TECHNOLOGIES LTD. Announces Fiscal Year 2025 Financial Results
WUXI, China, April 29, 2026 (GLOBE NEWSWIRE) -- LOBO TECHNOLOGIES LTD. (Nasdaq: LOBO) (“LOBO” or the “Company”), an innovative electric mobility vehicles manufacturer and seller, today announced its financial results for the fiscal year ended December 31, 2025.
Mr. Huajian Xu, Chief Executive Officer of LOBO, commented, “Fiscal year 2025 represents a year of steady progress alongside significant investment to support future expansion. Our 9.6% revenue growth, driven by strong double-digit growth in our core products—e-bicycles and e-tricycles—contributed to a 26.0% increase in gross profit and a stable gross margin at 13.14%, providing a solid foundation for expanded research and development (R&D) in new technologies and innovations.
During fiscal 2025, the Company invested $3.74 million in research and development, representing a year-over-year doubling of R&D spending and accounting for 16.11% of total revenue, a significant rise from 7.85% in fiscal 2024. This substantial and elevated investment underscores our “Four-New” strategic focus on new markets, new products, new materials, and new designs, as well as our commitment to new product development, continuous optimization, and ongoing exploration of new technologies. These next-generation capabilities are designed to elevate product performance, enhance user experience, strengthen market differentiation, and build a durable technical moat as the industry accelerates toward intelligent mobility.
Through continued investment in research, we are enhancing our ability to diversify our product portfolio and strengthen a resilient supply chain, positioning ourselves to navigate market changes, capture emerging opportunities, and expand into new segments and regions.
At the same time, our international sales network expanded significantly over the past year, reaching 150 dealers across approximately 60 countries, up from 50 dealers in fiscal year 2024. This milestone underscores our execution capabilities and validates the effectiveness of our global expansion strategy.
Meanwhile, our gross margin expanded year-over-year to 13.14%, reflecting improving operational efficiency, optimized product mix, and tighter cost controls. Compared with major domestic peers, we maintain a clear trajectory of margin improvement underpinned by our intelligent product strategy and lean supply chain management.
Backed by artificial intelligence empowerment, a foreign trade-focused business model, and strategic deployment of high-margin niche products, the Company maintains a distinct advantage in the pace of profit recovery. Our consistent improvement in gross profit, margin quality, and operating efficiency demonstrates the strengthening fundamentals of our business, accelerating our path to sustainable profitability while building lasting competitive advantages and enhancing investor confidence in our long-term value.
Looking ahead, we remain committed to disciplined execution and innovation to deliver sustainable value for our shareholders.”
Fiscal Year 2025 Financial Highlights
- Revenues were $23.2 million in fiscal year 2025, an increase of 9.6% from $21.2 million in fiscal year 2024.
- Gross profit was $3.1 million in fiscal year 2025, an increase of 26.0% from $2.5 million in fiscal year 2024.
- Gross profit margin was 13.0% in fiscal year 2025, compared to 12.0% in fiscal year 2024.
- Net loss was $5.5 million in fiscal year 2025, compared to $0.8 million in fiscal year 2024.
- Basic and diluted loss per share were $0.52 in fiscal year 2025, compared to $0.11 in fiscal year 2024.
Fiscal Year 2025 Financial Results
Revenues
Revenues were $23.2 million in fiscal year 2025, an increase of 9.6% from $21.2 million in fiscal year 2024. The increase in revenues was primarily driven by the increase in electric vehicles and accessories sales.
- Revenue from two-wheeled e-bicycles was $13.1 million in fiscal year 2025, an increase of 23.6% from $10.6 million in fiscal year 2024.
- Revenue from two-wheeled e-mopeds was $37,111 in fiscal year 2025, a decrease of 86.1% from $266,962 in fiscal year 2024.
- Revenue from three-wheeled electric vehicles was $6.0 million in fiscal year 2025, an increase of 42.2% from $4.2 million in fiscal year 2024.
- Revenue from four-wheeled electric off-highway shuttles was $0.8 million in fiscal year 2025, an increase of 27.5% from $0.6 million in fiscal year 2024.
- Revenue from parts and accessories was $0.5 million in fiscal year 2025, a decrease of 57.8% from $1.2 million in fiscal year 2024.
Cost of Revenues
Cost of revenue was $20.1 million in fiscal year 2025, an increase of 7.4% from $18.7 million in fiscal year 2024. The percentage increase in cost of revenue was consistent with the 10.0% increase in revenues.
Gross Profit
Gross profit was $3.1 million in fiscal year 2025, an increase of 26.0% from $2.5 million in fiscal year 2024.
Operating Expenses
Total operating expenses were $7.1 million in fiscal year 2025, an increase of 62.5% from $4.4 million in fiscal year 2024.
- Selling and marketing expenses were $691,174 in fiscal year 2025, a decrease from $716,021 in fiscal year 2024.
- General and administrative expenses were $2.7 million in fiscal year 2025, an increase from $2.0 million in fiscal year 2024. The general and administrative expenses increased primarily due to the costs related to being a public company, including audit fees and consulting fees.
- Research and development expenses were $3.7 million in fiscal year 2025, an increase from $1.7 million in fiscal year 2024.
Net Loss
Net loss was $5.5 million in fiscal year 2025, compared to $0.8 million in fiscal year 2024.
Basic and Diluted Loss per Share
Basic and diluted loss per share were $0.52 in fiscal year 2025, compared to $0.11 in fiscal year 2024.
Financial Condition
As of December 31, 2025, the Company had cash and cash equivalents of $0.9 million, compared to $1.4 million as of December 31, 2024.
Net cash used in operating activities was $1.7 million in fiscal year 2025, compared to $2.9 million in fiscal year 2024.
Net cash used in investing activities was $0.7 million in fiscal year 2025, compared to $0.3 million in fiscal year 2024.
Net cash provided by financing activities was $1.4 million in fiscal year 2025, compared to $4.6 million in fiscal year 2024.
About LOBO TECHNOLOGIES LTD.
LOBO TECHNOLOGIES LTD. (NASDAQ: LOBO) is a manufacturer of electric mobility products. As a technology-driven company, LOBO focuses on the development and production of environmentally friendly mobility solutions and smart devices. Its product portfolio includes electric bicycles, electric motorcycles, electric tricycles, electric off-road vehicles (such as golf carts and mobility scooters), solar-powered vehicles, and other intelligent products.
LOBO is committed to promoting sustainable transportation through advanced technologies, with the goal of reducing carbon emissions and improving energy efficiency.
For more information, please visit: www.loboebike.com.
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 CONSOLIDATED BALANCE SHEETS (In U.S. dollars except for number of shares) | |||||||
| As of | |||||||
| December 31, | December 31, | ||||||
| 2025 | 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 908,341 | $ | 1,379,434 | |||
| Restricted cash | - | 510,156 | |||||
| Accounts receivable, net | 3,107,520 | 1,506,894 | |||||
| Inventories, net | 9,698,754 | 8,592,767 | |||||
| Short-term investments | 747,709 | - | |||||
| Prepaid expenses and other current assets | 3,366,882 | 7,689,423 | |||||
| Assets held for sale | - | 1,527,589 | |||||
| Total current assets | 17,829,206 | 21,206,263 | |||||
| Property and equipment, net | 1,097,411 | 728,438 | |||||
| Intangible assets, net | 308,553 | 871,044 | |||||
| Operating lease right-of-use assets, net | 1,014,161 | 1,037,883 | |||||
| Deferred tax assets | 247,309 | 175,960 | |||||
| Total Assets | 20,496,640 | 24,019,588 | |||||
| Liabilities and Shareholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 1,768,339 | $ | 2,217,720 | |||
| Advances from customers | 2,067,018 | 1,843,976 | |||||
| Other current payables | 3,360,773 | 1,798,252 | |||||
| Taxes payable | 1,414,938 | 934,158 | |||||
| Amounts due to related parties | 38,564 | 712,410 | |||||
| Short-term loans | 2,968,491 | 132,777 | |||||
| Convertible note payable, net | - | 12,820 | |||||
| Liabilities held for sale | - | 5,486,344 | |||||
| Operating lease liabilities, current | 1,233,892 | 768,544 | |||||
| Total current liabilities | 12,852,015 | 13,907,001 | |||||
| Long-term loans | 95,441 | 236,513 | |||||
| Deferred tax liabilities | 151,308 | - | |||||
| Operating lease liabilities, non-current | 410,572 | 554,366 | |||||
| Total liabilities | 13,509,336 | 14,697,880 | |||||
| Equity: | |||||||
| Ordinary shares (US$0.001 par value per share; Nil and 50,000,000 shares authorized as of December 31, 2025 and 2024; Nil and 8,630,000 shares issued as of December 31, 2025 and 2024, respectively; Nil and 7,780,000 shares outstanding as of December 31, 2025 and 2024, respectively) | - | 8,630 | |||||
| Class A ordinary shares (US$0.001 par value per share; 90,000,000 and nil shares authorized as of December 31, 2025 and 2024; 8,838,194 and nil shares issued and outstanding as of December 31, 2025 and 2024, respectively) | 8,839 | - | |||||
| Class B ordinary shares (US$0.001 par value per share; 10,000,000 and nil shares authorized as of December 31, 2025 and 2024; 3,730,320 and nil shares issued and outstanding as of December 31, 2025 and 2024, respectively) | 3,730 | - | |||||
| Additional paid-in capital | 10,804,674 | 8,781,273 | |||||
| (Accumulated deficit)/Retained earnings | (3,795,004 | ) | 644,930 | ||||
| Accumulated other comprehensive loss | (199,379 | ) | (577,762 | ) | |||
| Statutory reserve | 164,444 | 464,637 | |||||
| Total LOBO Technologies LTD’s shareholders’ equity | 6,987,304 | 9,321,708 | |||||
| Total Equity | 6,987,304 | 9,321,708 | |||||
| Total Liabilities and Equity | $ | 20,496,640 | $ | 24,019,588 | |||
The Pre-delivery of 850,000 ordinary shares were not considered outstanding as of December 31, 2024.
| LOBO TECHNOLOGIES LTD CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In U.S. dollars except for number of shares) | |||||||||||
| For the years ended | |||||||||||
| December 31, | |||||||||||
| 2025 | 2024 | 2023 | |||||||||
| Revenues | $ | 23,217,642 | $ | 21,188,606 | $ | 15,474,918 | |||||
| Cost of revenues | 20,122,013 | 18,731,995 | 13,266,821 | ||||||||
| Gross Profit | 3,095,629 | 2,456,611 | 2,208,097 | ||||||||
| Operating expenses | |||||||||||
| Selling and marketing expenses | 691,174 | 716,021 | 610,487 | ||||||||
| General and administrative expenses | 2,717,575 | 2,020,003 | 516,187 | ||||||||
| Research and development expenses | 3,740,163 | 1,663,445 | 262,375 | ||||||||
| Total operating expenses | 7,148,912 | 4,399,469 | 1,389,049 | ||||||||
| Operating (loss)/income | (4,053,283 | ) | (1,942,858 | ) | 819,048 | ||||||
| Other (expenses)/income | |||||||||||
| Interest expense | (1,744,361 | ) | (20 | ) | (7,508 | ) | |||||
| Gain on disposal of subsidiaries | 50,907 | 836,112 | - | ||||||||
| Other income | 356,127 | 380,892 | 519,784 | ||||||||
| Total other (expenses)/income, net | (1,337,327 | ) | 1,216,984 | 512,276 | |||||||
| (Loss)/Income before income tax expense | (5,390,610 | ) | (725,874 | ) | 1,331,324 | ||||||
| Income tax expense | 86,085 | 119,967 | 344,853 | ||||||||
| Net (loss)/income | (5,476,695 | ) | (845,841 | ) | 986,471 | ||||||
| Net (loss)/income | (5,476,695 | ) | (845,841 | ) | 986,471 | ||||||
| Less: Net income/(loss) attributable to non-controlling interest | - | 33,005 | (16,873 | ) | |||||||
| Net (loss)/income attributable to LOBO Technologies LTD | (5,476,695 | ) | (812,836 | ) | 969,598 | ||||||
| Net (loss)/income | (5,476,695 | ) | (845,841 | ) | 986,471 | ||||||
| Foreign currency translation adjustments | 378,383 | (204,541 | ) | (187,459 | ) | ||||||
| Total comprehensive (loss) income | (5,098,312 | ) | (1,050,382 | ) | 799,012 | ||||||
| Less: Comprehensive net income/(loss) attributable to non-controlling interest | - | 37,574 | (12,304 | ) | |||||||
| Total comprehensive (loss) income attributable to LOBO Technologies LTD | $ | (5,098,312 | ) | (1,012,808 | ) | 786,708 | |||||
| Net (loss)/income per share, basic and diluted | $ | (0.52 | ) | $ | (0.11 | ) | 0.15 | ||||
| Weighted average shares outstanding, basic and diluted | 10,436,753 | 7,478,361 | 6,400,000 | ||||||||
| LOBO TECHNOLOGIES LTD CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
| For the years ended December 31, | ||||||||
| 2025 | 2024 | 2023 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net (loss)/income | (5,476,695 | ) | (845,841 | ) | 986,471 | |||
| Adjustment to reconcile net (loss)/income to net cash used in operating activities | ||||||||
| Depreciation and amortization | 710,476 | 1,004,089 | 722,778 | |||||
| Gain on disposal of property and equipment | - | (17,815 | ) | - | ||||
| Realized and unrealized gain on short-term investments | (270,011 | ) | (15,632 | ) | - | |||
| Class A ordinary shares issued for consulting services | 1,076,875 | - | - | |||||
| Loss on sale of long-term investments | - | - | 13,319 | |||||
| Amortization of operating lease right-of-use assets | 428,072 | 370,283 | 181,791 | |||||
| Gain on disposal of subsidiaries | (50,907 | ) | (836,112 | ) | - | |||
| Unrealized loss on assets held for sale | - | 455,938 | - | |||||
| Amortization of convertible note issuance costs | 1,634,150 | 11,970 | - | |||||
| Changes in operating assets and liabilities | ||||||||
| Accounts receivable | (1,493,138 | ) | 617,183 | 437,684 | ||||
| Inventories | (710,006 | ) | (4,658,182 | ) | (2,038,096 | ) | ||
| Prepaid expenses and other current assets | 4,510,096 | (2,426,075 | ) | (4,021,436 | ) | |||
| Deferred tax assets | (61,923 | ) | (178,494 | ) | - | |||
| Deferred tax liabilities | 147,216 | - | - | |||||
| Accounts payable | (533,286 | ) | 1,386,960 | (816,530 | ) | |||
| Advance from customers | 138,452 | 363,803 | 1,409,334 | |||||
| Other current payables | (2,074,303 | ) | 1,241,012 | (42,482 | ) | |||
| Taxes payable | 427,980 | 923,896 | 1,871,485 | |||||
| Operating lease liabilities | (104,277 | ) | (332,159 | ) | (120,936 | ) | ||
| Net cash used in operating activities | (1,701,229 | ) | (2,935,176 | ) | (1,416,618 | ) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Interest-free loans to related parties | - | - | (16,896,831 | ) | ||||
| Interest-free loans repaid by related parties | - | - | 20,319,617 | |||||
| Purchase of short-term investment | (4,424,736 | ) | (125,075 | ) | (70,275 | ) | ||
| Sales of short-term investment | 3,959,958 | 71,869 | - | |||||
| Proceeds from disposal of subsidiaries | 208,696 | 94,640 | - | |||||
| Purchase of property and equipment | (427,099 | ) | (325,257 | ) | (314,197 | ) | ||
| Purchase of intangible assets | (2,363 | ) | - | (985,995 | ) | |||
| Additional consideration paid for reorganization | - | - | (1,437,646 | ) | ||||
| Net cash (used in)/provided by investing activities | (685,544 | ) | (283,823 | ) | 614,673 | |||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Proceeds of interest-free loans from related parties | 1,382,936 | 8,747,287 | 4,811,327 | |||||
| Repayments of interest-free loans to related parties | (2,629,958 | ) | (9,246,025 | ) | (3,658,828 | ) | ||
| Proceeds from issuance of convertible bonds, net of issuance costs | - | 1,500,850 | - | |||||
| Repayments of short-term loans | (793,043 | ) | - | (197,715 | ) | |||
| Proceeds of long-term loans | - | 239,919 | 141,225 | |||||
| Proceeds from short-term loans | 3,533,913 | 190,277 | - | |||||
| Proceeds from issuance of ordinary shares | - | 3,180,963 | - | |||||
| Payment for repurchase of Class A ordinary shares | (74 | ) | - | - | ||||
| Repayments of long-term loans | (134,842 | ) | - | |||||
| Net cash provided by financing activities | 1,358,932 | 4,613,271 | 1,096,009 | |||||
| Effect of exchange rate changes on cash and cash equivalents | 46,592 | 24,983 | (6,558 | ) | ||||
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (981,249 | ) | 1,419,255 | 287,506 | ||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year | 1,889,590 | 470,335 | 182,829 | |||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year | 908,341 | 1,889,590 | 470,335 | |||||
| RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year | ||||||||
| Cash, cash equivalents | 1,379,434 | 470,335 | 182,829 | |||||
| Restricted cash | 510,156 | - | - | |||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year | 1,889,590 | 470,335 | 182,829 | |||||
| RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year | ||||||||
| Cash, cash equivalents | 908,341 | 1,379,434 | 470,335 | |||||
| Restricted cash | - | 510,156 | - | |||||
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year | 908,341 | 1,889,590 | 470,335 | |||||
| SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||
| Cash paid during the year for: | ||||||||
| Income taxes | - | (657 | ) | (239 | ) | |||
| Interest | 49,713 | 20 | 408 | |||||
| NON-CASH TRANSACTIONS | ||||||||
| Addition of right-of-use assets | 360,775 | 999,805 | 273,334 | |||||
| Other payables released from the sale of property and equipment | - | 19,456 | - | |||||
| Fair value adjustment for Pre-Delivery ordinary shares related to the issuance of convertible notes | - | 1,499,150 | - | |||||
| Other payables released from the sale of subsidiaries | 3,547,826 | 1,183,624 | - | |||||
| Class A ordinary shares issued upon conversion of convertible note payable and accrued interest | 1,687,108 | - | - | |||||
| Debt offsetting with related party and third party | 293,061 | - | - | |||||
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