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 XuInvestor Relations ManagerEmail: [email protected]
Ascent Investor Relations LLCTina XiaoTel: +1-646-932-7242Email: [email protected]
LOBO TECHNOLOGIES LTDCONSOLIDATED 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 LTDCONSOLIDATED 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
$
