What happened in Ezgo technologies (EZGO) financial results for the six months ended March 31, 2021?

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On Thursday, July 1st,2021, Ezgo technologies (NASDAQ: EZGO), skyrocketed its share’s value after publishing its financial results for the first six months that ended March 31st, 2021.



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Ezgo ltd. is a short-distance leading transportation solutions provider currently operating in China, today they announced the publish of its unaudited financial results for the six-month ended March 31, 2021. The EZGO stock was highlighted by a 74.3% increase in its revenues to $9.6 million. This announcement resulted in rising the stock up by +0.20, a 4.60% rise. At the time of this writing EZGO stock is currently worth the price $4.5500.

A comprehensive analysis of the financial results report

  • Net revenue:
    Ezgo ltd. reported a net revenue of $9.6 million. Revenue for the company comprised of revenue mainly driven by the increase on the sale of e-bicycles, which was recorded at $7.6 million. The revenue from battery cells and packs segment was recorded $1.1 million, a 5.3% increase. The revenue from rental segment partially offset the net revenue.
  • Cost of revenue:
    Cost of revenues increased in line with the increase in net revenues. It increased approximately $8.7 million for six months ended March 31, 2021, as compared to $5.0 million of the same time period last year, 2020.
  • Gross profit:
    The gross profit rate for the six months ended March 2021, was converged with that of sales of e-bicycles. Gross profit recorded was $0.9 million compared to $0.5 million last year in March 2020.
  • Selling and marketing expenses:
    The company’s selling and marketing expenses increased and was recorded $0.4 million compared to $0.2 million of last year’s march, 2020. This increase of $0.1 million was due to the company’s business expansion on sales of e-bicycles and their promotion.
  • General and administrative expenses:
    Ezgo ltd. General and administrative expenses decreased by 4.9%. The company reported a general and administrative expense of $0.9 million compared to $1.0 million last year in March 2020. This decrease was mainly due to lower R&D expenses, which was partially off-set by an increase in professional fees.
  • Income tax expense:
    The income tax expense for Ezgo ltd. Was recorded as approximately $29 thousand.
  • Net loss:
    Net loss for the six months ended March 31, 2021, was approximately $0.3 million, compared to $0.6 million for the same period last year march, 2021.

Conclusion

All in all, Ezgo technologies ltd. stock is skyrocketing for all the right reason as discussed in this writing. The company’s expansion in business could be a treat for existing investors and an opportunity for those who plan to invest in EZGO in the future.

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