Financial leverage is increasing as total debt reached $11.4 million in 2025Q4, while retained earnings have plummeted to a negative $30.5 million, signaling significant long-term value destruction.
| Total Current Assets | 37.55M | 41.4M | 52.9M | 33.15M | 27.68M | 16.32M | 16.69M | 9.67M |
| Cash & Short-Term Investments | 517.34K | 5.96M | 17.94M | 5.12M | 8.28M | 2.55M | 3.63M | 27.38K |
| Cash Only | 517.34K | 4.4M | 17.25M | 4.41M | 5.89M | 340.53K | 3.63M | 27.38K |
| Short-Term Investments | 0 | 1.56M | 685.31K | 702.89K | 2.39M | 2.21M | 0 | 0 |
| Accounts Receivable | 27.21M | 11.06M | 13.89M | 16.96M | 10.37M | 8.58M | 3.12M | 7.13M |
| Days Sales Outstanding | 484.87 | 221.49 | 553.12 | 356.01 | 161.64 | 205.48 | 219.47 | 815.91 |
| Inventory | 9.66M | 17.41M | 19.59M | 10.91M | 8.33M | 3.57M | 9.67M | 56.83K |
| Days Inventory Outstanding | 184.18 | 384.58 | 879.36 | 231.92 | 131.95 | 95.03 | 1.75K | 12.44 |
| Other Current Assets | 83.95K | 6.66M | 1.42M | 60.54K | 162.09K | 804.31K | 199.16K | 2.45M |
| Total Non-Current Assets | 31.51M | 43.96M | 29.02M | 14.35M | 14.33M | 3.5M | 2.48M | 4.03M |
| Property, Plant & Equipment | 9.84M | 7.84M | 5.4M | 4.11M | 8.75M | 3.11M | 2.16M | 1.79M |
| Fixed Asset Turnover | 2.08x | 2.32x | 1.70x | 4.23x | 2.68x | 4.90x | 2.40x | 1.78x |
| Goodwill | 0 | 1.78M | 3.06M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.62M | 3.73M | 2.57M | 6.68M | 4.51M | 0 | 0 | 0 |
| Long-Term Investments | 11M | 14.86M | 15.57M | 2.1M | 132.62K | 5.04M | 5.13M | 3.61M |
| Other Non-Current Assets | 9.05M | 14.75M | 2.25M | 1.42M | 356.78K | 294.57K | 282.77K | 2.06M |
| Total Assets | 69.07M | 85.36M | 81.92M | 47.51M | 42.01M | 19.82M | 19.17M | 13.7M |
| Asset Turnover | 0.30x | 0.21x | 0.11x | 0.37x | 0.56x | 0.77x | 0.27x | 0.23x |
| Asset Growth % | -19.09% | 4.2% | 72.43% | 13.08% | 111.99% | 3.37% | 39.94% | - |
| Total Current Liabilities | 11.68M | 16.89M | 11.04M | 13.97M | 9.48M | 6.67M | 6.83M | 7.08M |
| Accounts Payable | 281.17K | 1.08M | 1.11M | 866.04K | 651.7K | 639.36K | 141.07K | 553.39K |
| Days Payables Outstanding | 5.36 | 23.75 | 50.02 | 18.41 | 10.32 | 17.03 | 25.56 | 121.11 |
| Short-Term Debt | 5M | 7.25M | 1.67M | 2.81M | 310.39K | 319.63K | 4.27M | 0 |
| Deferred Revenue (Current) | 160.69K | 372.14K | 1.04M | 900.44K | 94.9K | 155.38K | 111.61K | 26.57K |
| Other Current Liabilities | 5.76M | 655.53K | 6.6M | 8.73M | 7.73M | 1.87M | 636K | 6.45M |
| Current Ratio | 3.21x | 2.45x | 4.79x | 2.37x | 2.92x | 2.45x | 2.44x | 1.37x |
| Quick Ratio | 2.39x | 1.42x | 3.02x | 1.59x | 2.04x | 1.91x | 1.03x | 1.36x |
| Cash Conversion Cycle | 663.69 | 582.32 | 1.38K | 569.52 | 283.26 | 283.49 | 1.95K | 707.24 |
| Total Non-Current Liabilities | 6.43M | 7.48M | 4.39M | 0 | 0 | 0 | 6.84K | 0 |
| Long-Term Debt | 6.43M | 7.46M | 4.39M | 0 | 0 | 0 | 6.84K | 0 |
| Capital Lease Obligations | 0 | 23.07K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 18.11M | 24.38M | 15.42M | 13.97M | 9.48M | 6.67M | 6.84M | 7.08M |
| Total Debt | 11.43M | 14.73M | 6.1M | 2.81M | 310.39K | 299.31K | 27.32K | 0 |
| Net Debt | 10.91M | 10.33M | -11.16M | -1.6M | -5.58M | -41.22K | -3.61M | -27.38K |
| Debt / Equity | 0.22x | 0.24x | 0.09x | 0.08x | 0.01x | 0.02x | 0.00x | - |
| Debt / EBITDA | - | - | - | - | - | 1.90x | 0.01x | - |
| Net Debt / EBITDA | - | - | - | - | - | -0.26x | -1.13x | -0.02x |
| Interest Coverage | -63.07x | -78.60x | -218.77x | -170.28x | -61.49x | 31.42x | 141.66x | - |
| Total Equity | 50.96M | 60.98M | 66.48M | 33.54M | 32.54M | 13.15M | 12.33M | 6.62M |
| Equity Growth % | -16.44% | -8.27% | 98.22% | 3.08% | 147.52% | 6.6% | 86.3% | - |
| Book Value per Share | 5628.51 | 585.00 | 1448.99 | 613.69 | 757.68 | 421.32 | 395.22 | 212.15 |
| Total Shareholders' Equity | 48.4M | 58.57M | 63.39M | 30.64M | 28.52M | 8.87M | 8.23M | 3.65M |
| Common Stock | 732.03K | 107.01K | 102.1K | 24.21K | 13.63K | 7.8K | 7.8K | 7.8K |
| Retained Earnings | -30.52M | -22.09M | -14.77M | -7.89M | -1.42M | 1.58M | 1.45M | -96.83K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -3.05M | -1.62M | -3.73M | -2.08M | 827.92K | -46.7K | -468.68K | -464.11K |
| Minority Interest | 2.56M | 2.42M | 3.09M | 2.9M | 4.02M | 4.28M | 4.1M | 2.97M |
Liquidity and Going Concern
According to recent financial filings, EZGO's total assets have fluctuated significantly while retained earnings have plummeted to negative $30.5 million as of 2025Q4, signaling a persistent erosion of shareholder value that suggests the company's current business model is failing to generate sustainable long-term capital accumulation.
The consistent decline in retained earnings highlights a structural inability to achieve profitability, which has forced the company to rely on external financing rather than internal growth. This trajectory suggests that the business is currently in a state of value destruction rather than expansion.
As reported in financial statements, EZGO's total debt has climbed to $11.4 million in 2025Q4, representing a D/E ratio of 0.22, which warrants investigation given the company's inability to generate positive operating cash flow to service these obligations without further dilutive capital raises.
While the D/E ratio appears modest in isolation, the lack of operational cash flow makes even this level of leverage a potential burden. Investors should monitor whether this debt is being used to fund essential operations or if it represents a stop-gap measure for liquidity.
Based on EZGO's reported figures, cash and equivalents have dwindled to a precarious $517,337 as of 2025Q4, a sharp decline from the $17.3 million held in 2023Q4, indicating that the company's liquidity buffer is nearly exhausted and may necessitate immediate external capital intervention.
The rapid depletion of cash reserves suggests that the company is burning through capital at an unsustainable rate relative to its current revenue generation. This liquidity profile appears highly vulnerable and may indicate significant going-concern risks if additional financing is not secured promptly.
Financial data indicates that EZGO's net PPE has increased to $9.8 million in 2025Q4, suggesting a shift toward more asset-heavy operations, yet this investment has not translated into improved margins, raising questions about the efficiency and productivity of the company's manufacturing and infrastructure assets.
The increase in PPE relative to stagnant revenue growth may imply that the company is over-investing in infrastructure that is not yet reaching optimal utilization. This capital intensity, combined with low gross margins, suggests that the asset base may be underperforming its potential.
A review of the balance sheet reveals that goodwill and intangible assets remain on the books at $1.6 million, which may be subject to future impairment charges given the company's persistent net losses and the challenging competitive environment in the Chinese micro-mobility sector.
The presence of goodwill on a balance sheet characterized by negative earnings warrants further investigation into whether these assets are truly recoverable. If the company's market position continues to weaken, these intangible assets could face significant write-downs, further impacting the equity base.
Quick answers to the most common questions about buying EZGO stock.
As of 2025, EZGO Technologies Ltd. (EZGO) had total assets of $69.1M including $37.6M in current assets.
EZGO Technologies Ltd. (EZGO) carries total debt of $11.4M, offset by $0.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
EZGO Technologies Ltd. (EZGO) has total shareholders' equity (book value) of $48.4M ($5628.51 book value per share). Book value represents the net worth of the company belonging to common stock holders.
EZGO Technologies Ltd. (EZGO) reported a current ratio of 3.21x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.