EZGO Technologies Ltd. Reports Fiscal 2020 Financial Results
JIANGSU, CHINA, Feb. 17, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- EZGO Technologies Ltd. (Nasdaq: EZGO) (“the Company” or “EZGO”), a leading short-distance transportation solutions provider in China, today announced that, for the fiscal year ended September 30, 2020, the Company generated revenue of $16,838,508, a 224% improvement on revenue of $5,194,259 generatedin the fiscal year ended September 30, 2019.
This increase in revenue was driven mainly by an $11.0 million increase in sales of the Company’s electric bicycles and a $3.1 million increase in its sales of lithium batteries, partially offset by a $2.2 million decrease from the rental of lithium batteries and a $1.1 million decrease in revenue from battery cell trading.
The Company’s cost of revenue for fiscal 2020 significantly increased by approximately $13 million, or 647%, which was primarily due to the increase of manufacturing and purchase costs of e-bicycles for sale and the increase of purchase costs of batteries for sale.
As the increase in revenue was less than the increase in cost of revenue, gross profit for fiscal 2020 was $1,785,682, or 11% of net revenue, compared with $3,179,951, or 61% of net revenue, for fiscal 2019.
There was an increase in operating expenses of about $978,000 for additional salespersons, advertising, and R&D costs for the design of e-bicycles.
As a result of the decreased gross profit and these increased expenses, the Company’s net income attributable to shareholders for fiscal 2020 was $147,174, or $0.02 per share, compared to net income attributable to shareholders of $1,738,123, or $0.23 per share, for fiscal 2019.
As of September 30, 2020, the Company had cash and cash equivalents of $322,598 and total working capital of $9,644,208, compared with cash and cash equivalents of $3,633,645 and total working capital of $9,860,560 at September 30, 2019.
“We are pleased to announce our fiscal 2020 results,” said Chief Executive Officer Mr. Jianhui Ye. “Despite challenges posed by the pandemic, we completed our construction of a new e-bicycle production line and significantly increased our manufacturing capacity for e-bicycles and e-tricycles.
“Assuming an average consumer purchase price of approximately $200 per
This goal, according to Mr. Ye, will likely be supported by steady increases in the growing demand for e-bicycles in both China and Southeast Asia, as well as other regions of the globe.
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