EZGO Clocks 74% Jump In 1H Revenue On Doubling Units Sold

Short distance electric transportation solutions provider in China, EZGO Technologies Ltd EZGO, reported first-half FY21 sales of $9.6 million, up 74.3% year-on-year.
The surge in revenues was mainly driven by the increase in sales of e-bicycles and partially offset by the decrease in rental revenue.
The number of units sold increased 96.6% Y/Y to 34,069.
Gross profit was $0.9 million, with a 9.7% gross margin.
Cost of revenue shot up 74% to $8.7 million, driven by a rise in manufacturing and purchase cost of e-bicycles for sale.
Net loss of $(0.3) million narrowed 50% Y/Y.
EZGO’s cash and equivalents amounted to $7.1 million as of March 31, 2021.
“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,” said Jianhui Ye, Chief Executive Officer.
Price action: EZGO shares are trading lower by 5.98% at $4.09 on the last check Thursday.