New Risk • May 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 24% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 90x increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$25.7m market cap). Announcement • Apr 10
EZGO Technologies Ltd. has filed a Follow-on Equity Offering in the amount of $100 million. EZGO Technologies Ltd. has filed a Follow-on Equity Offering in the amount of $100 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Transaction Features: At the Market Offering Announcement • Jan 07
EZGO Technologies Ltd. announced that it has received $12 million in funding EZGO Technologies Ltd. entered into a Securities Purchase Agreement and announced a private placement of 20,000,000 Ordinary Shares of the company at a price per share of $0.60 for gross proceeds of $12,000,000 on January 5, 2026. The Shares issued in the transaction are subject to customary transfer restrictions.
On the same day, EZGO Technologies Ltd. closed the transaction. Announcement • Sep 16
EZGO Technologies Ltd. Announces CFO Changes Effective August 31, 2025, Ms. Jingyan Wu resigned as Chief Financial Officer of EZGO Technologies Ltd. (the “Company”). Ms. Wu’s resignation was not due to any disagreements with the Company regarding its operations, policies, or practices. Effective September 4, 2025, Mr. Yuehan Ling was appointed as the Chief Financial Officer of the Company. Yuehan Ling has served as Chief Financial Officer since September 4, 2025. Mr. Ling has over 10 years of professional experience in accounting and auditing. From September 2014 until March 2025 served as an auditor at Ernst & Young Hua Ming LLP. As an auditor at Ernst & Young, from October 2020 to March 2025, Mr. Ling provided auditing services to several public companies as manager and senior manager. Mr. Ling received his bachelor’s degree from Fudan University in June 2014. He has been a Certified Public Accountant in China since 2019. Board Change • Aug 12
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Guanghui Yang was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • May 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$14m free cash flow). Earnings have declined by 49% per year over the past 5 years. Shareholders have been substantially diluted in the past year (125% increase in shares outstanding). Market cap is less than US$10m (US$2.27m market cap). Minor Risk Share price has been volatile over the past 3 months (12% average weekly change). Reported Earnings • Jan 19
Full year 2024 earnings released: US$2.80 loss per share (vs US$5.91 loss in FY 2023) Full year 2024 results: US$2.80 loss per share. Revenue: US$21.1m (up 33% from FY 2023). Net loss: US$7.28m (loss widened 7.4% from FY 2023). New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 37% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 60% per year over the past 5 years. Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Market cap is less than US$10m (US$1.49m market cap). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). New Risk • Sep 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$18m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 60% per year over the past 5 years. Market cap is less than US$10m (US$2.99m market cap). Minor Risk Shareholders have been diluted in the past year (37% increase in shares outstanding). Announcement • Sep 10
EZGO Technologies Ltd. (NasdaqCM:EZGO) acquired 3.66% stake in Yueneng Silicon Industry (Hangzhou) Partnership Enterprise (Limited Partnership) for $2.76 million. EZGO Technologies Ltd. (NasdaqCM:EZGO) acquired 3.66% stake in Yueneng Silicon Industry (Hangzhou) Partnership Enterprise (Limited Partnership) for $2.76 million in January, 2024.
EZGO Technologies Ltd. (NasdaqCM:EZGO) completed the acquisition of 3.66% stake in Yueneng Silicon Industry (Hangzhou) Partnership Enterprise (Limited Partnership) in January, 2024. New Risk • Aug 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 72% per year over the past 5 years. Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Market cap is less than US$10m (US$2.42m market cap). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Share price has been volatile over the past 3 months (12% average weekly change). New Risk • Apr 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 72% per year over the past 5 years. Shareholders have been substantially diluted in the past year (98% increase in shares outstanding). Market cap is less than US$10m (US$4.05m market cap). Reported Earnings • Jan 28
Full year 2023 earnings released: US$0.15 loss per share (vs US$0.47 loss in FY 2022) Full year 2023 results: US$0.15 loss per share. Revenue: US$15.9m (down 8.4% from FY 2022). Net loss: US$6.78m (loss widened 6.3% from FY 2022). Recent Insider Transactions • Jan 23
Chairman & CEO recently bought US$151k worth of stock On the 17th of January, Jianhui Ye bought around 2m shares on-market at roughly US$0.096 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$209k. Jianhui has been a buyer over the last 12 months, purchasing a net total of US$360k worth in shares. Recent Insider Transactions • Nov 09
Chairman & CEO recently bought US$209k worth of stock On the 2nd of November, Jianhui Ye bought around 2m shares on-market at roughly US$0.099 per share. This transaction amounted to 70% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jianhui's only on-market trade for the last 12 months. New Risk • Oct 17
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$9.74m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$15m free cash flow). Share price has been highly volatile over the past 3 months (31% average weekly change). Earnings have declined by 82% per year over the past 5 years. Shareholders have been substantially diluted in the past year (222% increase in shares outstanding). Market cap is less than US$10m (US$9.74m market cap). Announcement • Sep 15
EZGO Technologies Ltd. has completed a Follow-on Equity Offering in the amount of $9.602881 million. EZGO Technologies Ltd. has completed a Follow-on Equity Offering in the amount of $9.602881 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 8,498,125
Price\Range: $1.13
Discount Per Security: $0.08
Transaction Features: Registered Direct Offering Reported Earnings • Aug 14
First half 2023 earnings released: US$0.16 loss per share (vs US$0.16 loss in 1H 2022) First half 2023 results: US$0.16 loss per share. Revenue: US$5.16m (down 14% from 1H 2022). Net loss: US$4.79m (loss widened 114% from 1H 2022). New Risk • Jul 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 97% per year over the past 5 years. Shareholders have been substantially diluted in the past year (351% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Share price has been volatile over the past 3 months (11% average weekly change). Board Change • Apr 06
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Chairman & CEO Jianhui Ye is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 19
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Chairman & CEO Jianhui Ye is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 26
EZGO Technologies Regains Compliance with Nasdaq's Minimum Bid Price Requirement EZGO Technologies Ltd. announced that, on January 23, 2023, it has received a notification letter from The Nasdaq Stock Market LLC (‘Nasdaq’) confirming the company has regained compliance with Nasdaq's minimum bid price requirement under Listing Rule 5550(a)(2). Nasdaq noted this matter is now closed. Reported Earnings • Jan 23
Full year 2022 earnings released: US$0.47 loss per share (vs US$0.27 loss in FY 2021) Full year 2022 results: US$0.47 loss per share (further deteriorated from US$0.27 loss in FY 2021). Revenue: US$17.4m (down 26% from FY 2021). Net loss: US$6.38m (loss widened 117% from FY 2021). Announcement • Dec 07
EZGO Grants 180-Day Extension by Nasdaq to Regain Compliance with Minimum Bid Requirements EZGO Technologies Ltd. announced that it has received a notification letter from Nasdaq Stock Market LLC that the Company has been granted an additional 180-day compliance period, or until May 29, 2023 to regain compliance with Nasdaq's minimum bid price rule. Nasdaq's determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Capital Market, with the exception of the bid price requirement, and the Company's written notice of its intention to cure the deficiency during the second compliance period and if necessary, by effecting a reverse stock split. In a notification letter dated June 3, 2022, Nasdaq had informed the Company that, based on the previous 30 consecutive business days, the Company's ordinary shares, par value $0.001 per share ("Ordinary Shares") no longer met the minimum $1 bid price per share requirement. Therefore, in accordance with Nasdaq's Listing Rules, the Company was provided 180 calendar days, or until November 30, 2022, to regain compliance. If at any time before May 29, 2023, the closing bid price of the Company's Ordinary Shares is at least $1.00 per share for a minimum of 10 consecutive business days, the Company will regain compliance with this Nasdaq rule and this matter will be closed. This current notification from Nasdaq has no immediate effect on the listing or trading of the Company's Ordinary Shares, which will continue to trade on the Nasdaq Capital Market under the symbol "EZGO". The Company intends to monitor the closing bid price of its Ordinary Shares between now and May 29, 2023, and intends to consider available options to cure the deficiency and regain compliance with the minimum bid price requirement within the second compliance period. The Company's Ordinary Shares will continue to be listed and trade on the Nasdaq Capital Market during this period, unaffected by the receipt of the written notice from Nasdaq. Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Chairman & CEO Jianhui Ye is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 18
First half 2022 earnings released: US$0.16 loss per share (vs US$0.041 loss in 1H 2021) First half 2022 results: US$0.16 loss per share (down from US$0.041 loss in 1H 2021). Revenue: US$6.03m (down 37% from 1H 2021). Net loss: US$2.24m (loss widened US$1.88m from 1H 2021). Board Change • Jun 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Chairman & CEO Jianhui Ye is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • May 18
EZGO Technologies Ltd. Announces Board Changes EZGO Technologies Ltd. announced that the Ms. Di Wu resigned from her position as a member of the Board of Directors of EZGO Technologies Ltd., effective immediately. Ms. Wu’s decision to resign was due to personal reasons. The Board appointed Ms. Peiyao Jin to serve as a director on the Board, effective on May 3, 2022. Ms. Peiyao Jin, age 39, has served as a director of the Company’s variable interest entity, Jiangsu EZGO Electronic Technologies Co. Ltd., since April 2022. From February 2011 to December 2013, Ms. Jin served as an Assistant Manager of Work and Income Henderson-Ministry of Social Development, a government department of New Zealand. On April 1, 2022, Mr. Shuang Wu tendered his resignation as Chief Operating Officer of the Company to the Board, effective immediately. Mr. Wu’s resignation was for personal reasons and was not due to any disagreement with the Company. To fill the vacancy created by Mr. Wu’s resignation, on May 5, 2022, the Board appointed Mr. Zebin Zhao to serve as the Company’s Chief Operating Officer, effective immediately. Mr. Zebin Zhao, age 35, has served as the Chief Operating Officer of the VIE since April 2022. From August 2020 to April 2022, Mr. Zhao served as the Deputy General Manager of the VIE, where he was responsible for supervising corporate governance and daily operations. From January 2017 to August 2020, Mr. Zhao served as the General Manager of Shenzhen Xingcaitong Asset Management Co. Ltd., an investment management company, where he was responsible for investment management. Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Director Di Wu is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: US$0.27 loss per share (down from US$0.026 profit in FY 2020). Revenue: US$23.4m (up 54% from FY 2020). Net loss: US$2.94m (down US$3.15m from profit in FY 2020). Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$1.49, the stock trades at a trailing P/E ratio of 72.6x. Average trailing P/E is 18x in the Transportation industry in the US. Board Change • Dec 05
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Director Di Wu is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Executive Departure • Jul 20
Independent Director Junying Sun has left the company On the 9th of July, Junying Sun's tenure as Independent Director ended after less than a year in the role. We don't have any record of a personal shareholding under Junying's name. Junying is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.92 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Jul 05
First half 2021 earnings released: US$0.041 loss per share (vs US$0.062 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: US$9.60m (up 74% from 1H 2020). Net loss: US$358.8k (loss narrowed 26% from 1H 2020). Announcement • Jun 03
EZGO Technologies Ltd. has completed a Composite Units Offering in the amount of $11.999997 million. EZGO Technologies Ltd. has completed a Composite Units Offering in the amount of $11.999997 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 2,564,102
Price\Range: $4.68
Discount Per Security: $0.3276
Transaction Features: Registered Direct Offering Announcement • May 15
EZGO Technologies Ltd. Announces Local Government Successfully Accepts Application of the State First-Class E- Motorcycle Manufacturing Qualification EZGO Technologies Ltd. announced that the Administrative Examination and Approval Authority of Tianjin Wuqing District recently accepted the project application of the state first-class qualification of electric motorcycle manufacturing of EZGO. On June 1, 2019, the Industry and Information Department of China defined regulations for "road motor vehicle products," which is required of all enterprises selling motor vehicles in China. Once the inspection is passed, the Company will receive the State First-Class Qualification of electric motorcycle manufacturing, which will ensure that all future Dilang brand electric tricycles ("E-tricycles") and electric motorcycles will be able to legally produced. Together with the new national standard E-bicycle and e-scooter, EZGO is qualified to produce all two wheel and three-wheel vehicles under the brand of Dilang. The Company expects to receive qualification status in June. Announcement • May 05
EZGO Launches Cenbird E-Scooter in China EZGO Technologies Ltd. announced the launch of its newest range-extended electric scooter, under the brand name "Cenbird." The company intends to target the growing food delivery market in China, and has initially begun selling the new product in Jiangsu Province and Zhejiang Province. Utilizing its proprietary technology for battery systems management, EZGO's Cenbird e-scooter integrates a high-performance gasoline generator with battery charging technology to achieve an expected driving distance up to 350 kilometers before recharging and refueling. The Cenbird is equipped with a 60V20AH battery and a 2000W electric motor designed in-house by the company's team of engineers. The Cenbird electronic control unit, or ECU, utilizes gasoline only as needed to recharge the battery depending on the driving situation, which provides stable and reliable power while remaining environmentally efficient. Announcement • Feb 02
EZGO Technologies Ltd. announced delayed 20-F filing On 02/01/2021, EZGO Technologies Ltd. announced that they will be unable to file their next 20-F by the deadline required by the SEC. Announcement • Jan 26
EZGO Technologies Ltd. has completed an IPO in the amount of $11.2 million. EZGO Technologies Ltd. has completed an IPO in the amount of $11.2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,800,000
Price\Range: $4
Discount Per Security: $0.28