The company struggles with structural profitability, evidenced by a 2025Q4 gross margin of only 4.8% and a net margin of -54.3% that highlights persistent bottom-line erosion.
| Sales/Revenue | 20.49M | 18.22M | 9.16M | 17.39M | 23.42M | 15.24M | 5.19M | 3.19M |
| Revenue Growth % | 12.42% | 98.86% | -47.31% | -25.76% | 53.65% | 193.46% | 62.75% | - |
| Cost of Goods Sold | 19.15M | 16.53M | 8.13M | 17.17M | 23.04M | 13.7M | 2.01M | 1.67M |
| COGS % of Revenue | 93.48% | 90.69% | 88.72% | 98.74% | 98.37% | 89.9% | 38.78% | 52.26% |
| Gross Profit | 1.33M | 1.7M | 1.03M | 219.04K | 382.48K | 1.54M | 3.18M | 1.52M |
| Gross Margin % | 6.52% | 9.31% | 11.28% | 1.26% | 1.63% | 10.1% | 61.22% | 47.74% |
| Gross Profit Growth % | -21.31% | 64.09% | 371.94% | -42.73% | -75.15% | -51.6% | 108.69% | - |
| Operating Expenses | 3.29M | 4.03M | 4.22M | 6.68M | 4.26M | 1.47M | 932.07K | 463.83K |
| OpEx % of Revenue | 16.05% | 22.11% | 46.06% | 38.42% | 18.19% | 9.62% | 17.94% | 14.53% |
| Selling, General & Admin | 2.33M | 3.14M | 3.61M | 5.84M | 4.26M | 1.47M | 932.07K | 463.83K |
| SG&A % of Revenue | 11.4% | 17.24% | 39.37% | 33.59% | 18.19% | 9.62% | 17.94% | 14.53% |
| Research & Development | 954.18K | 888.49K | 613.27K | 839.93K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | 4.66% | 4.88% | 6.69% | 4.83% | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -1.95M | -2.33M | -3.19M | -6.46M | -3.88M | 71.97K | 2.25M | 1.06M |
| Operating Margin % | -9.54% | -12.81% | -34.78% | -37.16% | -16.55% | 0.47% | 43.28% | 33.21% |
| Operating Income Growth % | 16.27% | 26.78% | 50.69% | -66.67% | -5487.85% | -96.8% | 112.08% | - |
| EBITDA | -1.29M | -1.67M | -2.73M | -5.64M | -3.44M | 157.65K | 3.19M | 1.66M |
| EBITDA Margin % | -6.29% | -9.15% | -29.84% | -32.42% | -14.68% | 1.03% | 61.45% | 51.98% |
| EBITDA Growth % | 22.73% | 39.04% | 51.5% | -63.97% | -2281.07% | -95.06% | 92.41% | - |
| D&A (Non-Cash Add-back) | 665.83K | 666.67K | 452.38K | 824.66K | 439.04K | 85.68K | 944.04K | 599.04K |
| EBIT | -8.23M | -6.52M | -3.85M | -6.82M | -3.74M | 465.17K | 2.67M | 1.12M |
| Net Interest Income | -19.53K | 352.29K | 127.14K | -40.05K | -60.76K | -14.8K | -18.86K | 311 |
| Interest Income | 110.97K | 435.25K | 144.72K | 0 | 0 | 0 | 0 | 311 |
| Interest Expense | 130.51K | 82.96K | 17.58K | 40.05K | 60.76K | 14.8K | 18.86K | 0 |
| Other Income/Expense | -6.48M | -4.31M | -733.46K | -397.5K | 80.77K | 378.39K | 405.62K | 63.77K |
| Pretax Income | -8.44M | -6.65M | -3.92M | -6.86M | -3.8M | 450.36K | 2.65M | 1.12M |
| Pretax Margin % | -41.18% | -36.49% | -42.78% | -39.45% | -16.21% | 2.95% | 51.09% | 35.21% |
| Income Tax | 1.02M | -786.37K | -62.45K | 527.12K | -419.4K | 116.06K | 723.38K | 286.9K |
| Effective Tax Rate % | -12.13% | 11.83% | 1.59% | -7.68% | 11.05% | 25.77% | 27.26% | 25.53% |
| Net Income | -8.69M | -7.28M | -6.78M | -6.46M | -2.98M | 147.17K | 1.94M | 512.54K |
| Net Margin % | -42.43% | -39.98% | -74.03% | -37.17% | -12.72% | 0.97% | 37.34% | 16.06% |
| Net Income Growth % | -19.32% | -7.4% | -4.94% | -117% | -2123.91% | -92.41% | 278.39% | - |
| Net Income (Continuing) | -9.46M | -5.86M | -3.86M | -7.39M | -3.38M | 334.3K | 1.93M | 836.77K |
| Discontinued Operations | 277.14K | -1.6M | -3.4M | -81.61K | -36.4K | -57.38K | 412.62K | -203.02K |
| Minority Interest | 2.56M | 2.42M | 3.09M | 2.9M | 4.02M | 4.28M | 4.1M | 2.97M |
| EPS (Diluted) | -960.04 | -70.00 | -147.75 | -135.25 | -78.75 | 9.00 | 46.75 | 16.50 |
| EPS Growth % | -1271.49% | 52.62% | -9.24% | -71.75% | -975% | -80.75% | 183.33% | - |
| EPS (Basic) | -960.04 | -70.00 | -147.75 | -133.50 | -77.75 | 12.25 | 46.75 | 14.00 |
| Diluted Shares Outstanding | 9.05K | 104.25K | 45.88K | 54.65K | 42.94K | 31.2K | 31.2K | 31.2K |
| Basic Shares Outstanding | 9.05K | 104.25K | 45.88K | 55.35K | 43.47K | 22.45K | 37.27K | 36.88K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and Going Concern
According to the latest quarterly filings, EZGO's revenue growth remains highly inconsistent, fluctuating between 21.9% in 2025Q4 and periods of contraction, suggesting that the company's reliance on localized hardware sales fails to provide a stable or predictable trajectory for long-term top-line expansion in the competitive Chinese market.
The erratic nature of revenue growth indicates that EZGO is likely struggling to maintain market share against larger, more established competitors. Without a consistent growth engine, the company appears unable to achieve the necessary scale to leverage its fixed costs effectively.
As reported in financial statements, EZGO's gross margin has remained suppressed at 4.8% in 2025Q4, reflecting a lack of pricing power and an inability to pass through input cost volatility, which leaves the company with virtually no buffer to absorb operational expenses or market-driven price competition.
The consistently thin gross margins suggest that the company's hardware-centric business model is highly commoditized. Investors should monitor whether the shift toward charging infrastructure can eventually improve these margins, though current data provides little evidence of such a transition.
Based on EZGO's reported figures, the company continues to struggle with negative operating leverage, as evidenced by an operating margin of -6.6% in 2025Q4, which demonstrates that administrative and R&D overheads are consistently outpacing the gross profit generated by the company's core e-bicycle and charging operations.
The inability to scale operating income alongside revenue growth suggests that the current cost structure is fundamentally misaligned with the company's revenue generation capacity. This persistent operating loss warrants further investigation into the efficiency of the company's SG&A spending and overall management of fixed costs.
Financial data reveals that EZGO's net income remains deeply negative, with a net margin of -54.3% in 2025Q4, indicating that the company's bottom-line performance is severely impacted by non-operating costs and an inability to achieve profitability despite periodic increases in top-line revenue figures.
The significant gap between revenue and net income suggests that the company is burning through capital to sustain its current operations. The lack of positive earnings quality raises concerns about the long-term viability of the business model without a substantial change in cost management or revenue mix.
A critical review of the income statement suggests that EZGO may be facing a liquidity crisis, as the company's cash position of approximately $517,337 is insufficient to cover ongoing net losses, potentially forcing management to seek dilutive financing to maintain its current going-concern status.
Short-sellers would likely focus on the disconnect between the company's revenue growth and its inability to generate positive cash flow. The reliance on external capital to fund operations in a high-risk, low-margin environment presents a significant risk to shareholders that should not be ignored.
Quick answers to the most common questions about buying EZGO stock.
For fiscal year 2025, EZGO Technologies Ltd. (EZGO) reported total revenue of $20.5M. This represents a 541.9% increase compared to $3.2M in 2018.
EZGO Technologies Ltd. (EZGO) reported a net loss of $8.7M for the fiscal year ending 2025.
EZGO Technologies Ltd. (EZGO) reported an operating income of $-2.0M, resulting in an operating profit margin of -9.5%. This margin reflects the operational efficiency of the business before interest and taxes.
EZGO Technologies Ltd. (EZGO) generated $1.3M in gross profit for the year, representing a gross profit margin of 6.5%. This demonstrates the company's core pricing power and production efficiency.