CHANGZHOU, China, Jan. 17, 2025 /PRNewswire/ — EZGO Technologies Ltd. (Nasdaq: EZGO) (“EZGO” or “we”, “our”, or the “Company”), a leading short-distance transportation solutions provider in China, today announced its audited financial results for the fiscal year ended September 30, 2024 (the “Fiscal Year 2024”).

Fiscal Year 2024 Financial Highlights (all results compared to the prior year period unless otherwise noted)

Revenues were $21.1 million, an increase of 32.7%, which was primarily due to the increase of sales of battery packs resulting from the increased acceptance of our lithium battery packs in the market.Gross profit was $1.5 million, an increase of 32.5%. Gross margin was 7.1%, which remained stable with a slight decrease from 7.2% for the fiscal year 2023.Net loss was $8.1 million, an increase from net loss of $7.3 million for the fiscal year 2023, representing an increase of 11.4%, which was primarily raised from the increase in impairment of long-term equity investment.Basic and diluted loss per share attributable to shareholders was $2.80, compared to $5.91 for the fiscal year 2023.As of September 30, 2024, the Company had cash and cash equivalents of $3.5 million, compared to $17.3 million as of September 30, 2023.

Management Commentary

Mr. Jianhui Ye, Chief Executive Officer of EZGO, stated, “In the past fiscal year, the Company’s operating revenue increased by over 30%, which was attributed to the timely adjustment of business strategies by the Company’s management, their proactive response to new industry and market challenges, and the timely shift of business focusing on the lithium-ion battery (LIB) for low-speed e-bicycles. During the second quarter of this fiscal year, the e-bicycle business experienced a significant decline due to the “Nanjing EV Charging Station Massive Fire” accident, leading most dealers and consumers to adopt a wait-and-see attitude towards the existing stock of e-bicycles in the short term.

In response to changes in the market and regulatory environment, the Company has shifted its business focus towards LIB, intensifying product development efforts and cooperation with LIB manufacturing partners. The Company has also introduced multiple safe and efficient LIB products to the market through various channels, rapidly capturing the LIB market for e-bicycles and e-tricycles. Additionally, the e-bicycle business has transitioned from channel marketing to direct client marketing, with a focus on developing the e-bicycle sharing and rental market.

The aforementioned adjustment of business focus and new business layout have significantly tied up the Company’s working capital, resulting in a substantial year-on-year decline in working capital at the end of this fiscal year. However, as the expansion of new LIB product channels gradually takes shape and the sales of electric vehicle begins to show results, the occupation of operating capital in these two business segments will be effectively alleviated.

During the past fiscal year, the sales of the Company’s electronic control system products declined slightly compared to the previous period, yet the gross profit margin remained high. With the business strategy of increasing research and development expense and continuous market development investment, this business line is expected to contribute persistently to improving the Company’s overall profitability over the next three years. The intelligent robotics business is in the market introduction phase and has not yet formed sustained and stable order support. However, the Company will continue investing in research and development for this business line, aiming to build a new product matrix.”

Fiscal Year 2024 Financial Review

Net revenues

The following table identifies the disaggregation of our revenue from continuing operations and reportable segments for the fiscal years ended September 30, 2022, 2023 and 2024, respectively:

Net revenues from continuing operations for the fiscal year ended September 30, 2024 (the “Fiscal Year 2024”) was $21.1 million, an increase of 32.7% from $15.9 million for the fiscal year ended September 30, 2023 (the “Fiscal Year 2023”). The increase in revenue from Fiscal Year 2023 to Fiscal Year 2024 was mainly due to the increased sales of battery packs and partially offset by the decreased sales of e-bicycles and the decreased sales of electronic control system and intelligent robots.

The revenue from sales of battery packs was $16.3 million for Fiscal Year 2024, an increase of 97.9% from $8.2 million for Fiscal Year 2023, due to the remarkable increase in sales volume derived by several large orders from major customers responding to the heightened market demand for high-performance battery solutions. In addition, such an increase mainly resulted from the increased acceptance of our lithium battery packs in the market and the development of the lead-acid battery market in Sichuan. Overall, our sales volume of lithium battery packs increased by 256.5% for the year ended September 30, 2024, compared to fiscal 2023.

The revenue from sales of e-bicycles was $2.9 million for Fiscal Year 2024, a decrease of 32.2% from $4.3 million for Fiscal Year 2023 due to the decreased sales volume of the e-bicycles resulting from the fierce competition of the e-bicycle industry.  

The revenue from sales of electronic control systems and intelligent robots was $1.4 million for Fiscal Year 2024, a decrease of 40.2% from $2.3 million for Fiscal Year 2023, mainly due to the decrease of $1,510,225 in sales of intelligent robots and offset by the increase of $951,665 in sales of electronic control systems. The revenue from sales of electronic control systems increased significantly by 211.4 % for fiscal 2024 compared to fiscal 2023, primarily due to the increased emphasis on environmental protection and construction safety within the industrial machinery sector. The decrease in sales for intelligent robots is primarily attributed to the fact that our main clients were upgrading and renovating their park facilities, resulting in no demand for intelligent robots during fiscal 2024.

Cost of revenues

Cost of revenues was $19.6 million for Fiscal Year 2024, an increase of 32.8% from $14.8 million for Fiscal Year 2023, which was primarily due to the increase of manufacturing and purchase cost of battery packs for sales of batteries and battery packs, which is in line with the increase of revenues.

Gross profit

Gross profit was $1.5 million for Fiscal Year 2024, an increase of 32.5% from $1.1 million for Fiscal Year 2023.

Gross profit margin remained relatively stable, with a slight decrease from 7.2% in fiscal 2023 to 7.1% in fiscal 2024. The gross profit from electronic control system and intelligent robot sales segment increased from 25.8% for fiscal 2023 to 47.3% for fiscal 2024, predominantly attributable to the enhanced contribution of electronic control system sales business with a higher gross profit margin. The electronic control system developed and manufactured by Changzhou Higgs was embedded with highly complex software and the limited competition in the market results in a relatively high gross profit margin of 47.3% for electronic control system sales, which accounts for 6.6% of our total revenue in fiscal 2024 compared to 5.0% in fiscal 2023.

Selling and marketing expenses

Selling and marketing expenses remained relatively stable at $0.6 million for Fiscal Year 2024, a slight decrease of 9.5% compared to fiscal 2023, primarily due to the decrease in advertisement and business promotion expenses, service expenses and travel expenses. Advertisement and business promotion expenses s decreased by $71,610 or 92.6% to $5,751 in fiscal 2024, mainly due to the reduced advertising demands as our existing customer base and sales force were sufficient to support our business development and expansion. Travel expenses decreased by $13,607 or 15.3% to $75,504 in fiscal 2024; Service expenses decreased by $15,297, or 78.3%, from $19,529 in fiscal 2023 to $4,232 in fiscal 2024.

General and administrative expenses

General and administrative expenses remained relatively stable at $4.3 million for Fiscal Year 2024, a slight decrease of 8.3% from $4.7 million for Fiscal Year 2023. The decrease was primarily attributed to (1) the decrease of the share-based compensation expense of $880,851; (2) the decrease of depreciation and amortization expenses of $257,460, or 76.3%, mainly due to the disposal of Property, plant and equipment, including production lines and buildings of Tianjin Dilang and Tianjin Jiahao and E-bicycle charging piles; (3) the decrease of the professional service fees of $191,352, which was mainly due to the decrease of the investment consultancy fee. The decrease was partially offset by (1) the increase of credit losses expense on accounts receivable of $837,863, or 168.4%, mainly due to the difficulties in collecting accounts receivable from individual dealers of e-bicycles who was facing fierce competition from the industry-leading enterprises, and (2) the liquidated damages expense of $138,806 due to the early termination of a procurement contract.

Research and development expenses

Research and development expenses was $0.9 million for Fiscal Year 2024, an increase of 37.0% from $0.7 million for Fiscal Year 2023. The increase was primarily attributed to (1) the increased expenses in research and development activities for engineering vehicle wireless measurement and control system and construction worker safety positioning system of $84,735; (2) the increased depreciation and amortization expenses of $191,676 due to the patents and software acquired in May 2023, which were partially offset by the decreased expenses of $28,084 in research and development activities due to the disposal of Tianjin Dilang.

Income tax expense/benefit

EZGO incurred an income tax benefit of $786,369 for Fiscal Year 2024. This was a result from the increased deferred tax assets of $681,785, mainly due to the recurring net loss in fiscal 2024.

Net loss

Net loss was $8.1 million for Fiscal Year 2024, compared to $7.3 million for Fiscal Year 2023.

Financial Condition

As of September 30, 2024, the Company had cash and cash equivalents of $3.5 million, and a fixed deposit receipt of $1.5million with a maturity date of December 21, 2024 compared to $17.3 million as of September 30, 2023.

For additional information, please see EZGO’s Annual Report on Form 20-F for the fiscal year ended September 30, 2024, which was filed with the U.S. Securities and Exchange Commission on January 17, 2025.

About EZGO Technologies Ltd.

Leveraging an Internet of Things (IoT) product and service platform and two e-bicycle brands, “EZGO” and “Cenbird,” EZGO has established a business model centered on the design, manufacturing and sale of two-and three-wheeled electric vehicles, intelligent robots, complemented by electric vehicle accessories including batteries, charging piles and electronic control system. For additional information, please visit EZGO’s website at www.ezgotech.com.cn. Investors can visit the “Investor Relations” section of EZGO’s website at www.ezgotech.com.cn/Investor.

Exchange Rate

This announcement contains translations of certain Chinese Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.0176 to US$1.00, the exchange rate in effect as of September 30, 2024, the middle price of RMB exchange rate announced by the People’s Bank of China. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the short-distance transportation solutions market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission (the “SEC”), including the Company’s most recently filed Annual Report on Form 20-F and its subsequent filings. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Investor Relations Contact

At the Company:
Shawn Wen
Phone: +86 13502829216
Email: ir@ez-go.com.cn 

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SOURCE EZGO Technologies Ltd.

Cold weather can reduce battery performance by up to 50%, leaving drivers vulnerable to unexpected breakdowns

CHICAGO, Jan. 17, 2025 /PRNewswire/ — With meteorologists forecasting a polar vortex with severe cold temperatures dropping to as low as -23°F across many states, battery charging expert CTEK warns that up to 50% of drivers could face vehicle start failures. The combination of freezing conditions, short trips, and increased technology, puts significant stress on vehicles, particularly their batteries.

“Cold weather can reduce battery performance by up to 50%, leaving drivers vulnerable to unexpected breakdowns,” explains Steve Hayes, Head of North America Operations, CTEK. “Modern vehicles are increasingly sophisticated, with everything from door locks to heated seats and steering wheels relying on electronics. This puts tremendous demand on batteries, especially during winter. I would suggest reaching for a battery charger, ahead of this predicted cold spell, to protect against a dead battery – don’t get left out in the cold!”

Owners are increasingly keeping their vehicles longer, with the average age of vehicles on U.S. roads reaching record highs. The average age of cars and light trucks was about 12.5 years, while most car batteries last 3-5 years. Lack of battery maintenance, combined with short trips for errands can lead to battery issues. Even when parked, car batteries lose 0.1V of energy monthly, with additional drain from alarm systems, onboard computers, and remote locking. Regular driving only charges the battery to 80% capacity, making a battery charger essential for optimal performance.

The impact of cold weather on car batteries is particularly severe, affecting:

Overall battery capacity

Engine cranking power

Electronic system performance

Battery charging efficiency

To combat these winter challenges, CTEK recommends the CTEK MUS 4.3 Polar battery charger, specifically engineered for extreme cold weather conditions. With a 15.8 V charge, it is a quicker and more efficient charge in colder weather. This advanced charging solution features:

Cold weather optimized performance

Fully automatic 8-step charging process

Temperature-compensated charging algorithms

Spark-free operation and reverse polarity protection

Water and dust resistant means it is safe to use in all climate situations

Safe for long-term connection

Specialized reconditioning mode for deeply discharged batteries

Compatible with all types of 12V lead-acid batteries

Built to withstand extreme temperatures

Safe for all the vehicles electronics and easy to use

The CTEK MUS 4.3 Polar represents the latest in cold weather battery charging technology, ensuring reliable starts even in the harshest winter conditions. Its robust design and advanced features make it the ideal solution for maintaining battery health during the challenging winter months.

For more information about CTEK, visit www.ctek.com

About CTEK

Established in Dalarna, Sweden, CTEK is the leading global brand in vehicle charging solutions.CTEK offers products ranging from 12V and 24V battery chargers to charging solutions for electrical vehicles. CTEK’s E-mobility solutions range from individual EV chargers to larger corporate and commercial installations with multiple charging stations, that require load balancing and integrate seamlessly with monitoring and payment equipment.CTEK’s products are sold via a carefully selected network of global distributors and retailers: as original equipment; supplied to more than 50 of the world’s leading vehicle manufacturers; and through charge point operators, property owners and other organizations/individuals providing EV charging infrastructure.CTEK takes pride in its unique culture based on a passion for innovation and a deep commitment to supporting the transition to a greener mobility, by adhering to industry leading ESG standards.

Press Contact:

Michelle Suzuki
310-930-6655

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SOURCE CTEK

USA News Group News Commentary 

Issued on behalf of Avant Technologies Inc.

VANCOUVER, BC, Jan. 17, 2025 /PRNewswire/ — According to experts, soon the integration of artificial intelligence (AI) into healthcare will drastically shift from a novelty, to a critical resource. With over 800 FDA-cleared health AI applications, the new expectation is that AI will be a game changer. In a new article from Fast Company, the author predicts health AI in 2025 will include home testing, AI agents, passive monitoring, ambient documentation, and autonomous coding. The World Economic Forum is also highlighting the ways generative AI could transform clinical trials. According to a new survey from eClinicalWorks, 90% of healthcare professionals report a favorable view of AI. Working to provide these powerful AI tools to the health industry are several innovators, including new developments from Avant Technologies, Inc. (OTCQB: AVAI), Recursion Pharmaceuticals, Inc. (NASDAQ: RXRX), Teladoc Health, Inc. (NYSE: TDOC), Butterfly Network, Inc. (NYSE: BFLY), and Absci Corporation (NASDAQ: ABSI).

The article continued: Analysts at market.us are predicting the Generative AI in Healthcare Market to reach US$17.2 billion by 2032, growing at a CAGR of 37% along the way. Researchers at Technavio see an even bigger future, projecting the Smart Healthcare Market (including telemedicine, mHealth, smart pills, and AI) to grow by US$125.7 billion through to 2028.

Avant Technologies and Ainnova Secure Advanced AI Algorithms for Early Detection of Four Additional Diseases in the U.S.

Avant Technologies, Inc. (OTCQB: AVAI), an emerging technology company developing solutions in artificial intelligence in healthcare, today announced its partner, Ainnova Tech, Inc., (Ainnova) a leading healthcare technology company focused on revolutionizing early disease detection using AI, has acquired an exclusive license for 4 groundbreaking, AI-driven algorithms from one of Asia’s most respected and largest healthcare institutions. These solutions, validated across diverse geographies, ethnicities, and socio-economic populations with data from over 2-million patients, will join Ainnova’s existing diabetic retinopathy and retinal disease detection solutions.

The 4 algorithms include early detection for cardiovascular risk, prediabetes and type 2 diabetes, fatty liver disease, and chronic kidney disease. Combined with Ainnova’s existing retinal disease detection tools, these new algorithms will be used with Ainnova’s powerful cutting-edge AI platform, VisionAI, to detect the early markers of these diseases quickly and accurately by applying AI. 

The acquisition of an exclusive license to use 4 advanced algorithms in the Americas offers Ainova Acquisition Corp. (AAC), the company formed by the partnership between Avant and Ainnova, a robust platform for primary care providers to streamline early risk screening and improve patient care in the United States.

Ainnova will introduce these cutting-edge solutions in Latin America with strategic partners in primary healthcare services across key markets like Mexico and Brazil. AAC expects to build on Ainnova’s regional expansion by securing clearance from the U.S. Food and Drug Administration (FDA) in 2025 to then introduce these solutions in the U.S. market.

“This license represents a pivotal moment for Ainnova and for its partnership with Avant as it allows us to bring world class, validated solutions to the Americas,” said Vinicio Vargas, CEO of Ainnova. “This effort not only complements our current solutions, but it also aligns with our ongoing R&D initiatives to continue incorporating new diseases that can be detected quickly and affordably, pushing the boundaries of preventive care, and making healthcare more inclusive and accessible to all.”

CONTINUED… Read this and more news for Avant Technologies Inc. https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/ 

Other recent industry developments and happenings in the market include:

Recursion Pharmaceuticals, Inc. (NASDAQ: RXRX), a clinical-stage biotechnology company that recently combined with Exscientia, recently reported initial monotherapy dose-escalation data from the Phase 1/2 study (ELUCIDATE) of REC-617, a selective CDK7 inhibitor, in advanced solid tumors. REC-617 was well-tolerated across all dose levels (2-20 mg QD and 1 mg BID), with most adverse events being mild (Grade 1-2) and reversible. Notably, one patient with metastatic, platinum-resistant ovarian cancer achieved a confirmed durable partial response lasting over 6 months, while four others experienced stable disease for up to 6 months.

“These initial findings for REC-617 represent an exciting step forward in the development of CDK7 inhibitors, with a favorable PK/PD profile and a durable confirmed partial response observed in dose escalation in a highly pre-treated patient population,” said Najat Khan, Ph.D., Chief R&D Officer and Chief Commercial Officer, Recursion. “Designed using our AI-powered OS platform, REC-617 reflects our focus on enhancing the therapeutic index to deliver more effective and safer treatment options for patients. We are eager to continue this momentum in dose escalation and to initiate the next phase of the program next year.”

Teladoc Health, Inc. (NYSE: TDOC), the global leader in virtual care, recently announced the launch of new AI-enabled capabilities to enhance its Virtual Sitter solution to improve patient safety, address workforce challenges, and enhance care delivery for hospitals and health systems. Teladoc Health’s Virtual Sitter uses AI to allow a single remote staff member to monitor more patients, boosting inpatient team capacity by 25%. This innovation complements Teladoc’s connected care solutions, including virtual nursing, physician consults, and interpretive services, reducing administrative burdens and improving satisfaction for both clinicians and patients.

“For more than a decade, we’ve pioneered new ways for technology to support human interaction in patient care, helping hospitals and health systems transform care delivery and meet their most pressing challenges,” said Andy Puterbaugh, Teladoc Health President of Hospitals and Health Systems. “New applications of AI are now accelerating our impact, supporting continuous improvement of our fully integrated suite of connected care solutions, including Virtual Sitter.”

Butterfly Network, Inc. (NYSE: BFLY), a digital health company transforming care with portable, semiconductor-based ultrasound technology and intuitive software, in partnership with HeartFocus, a revolutionary, AI-enabled heart echo software by data-driven medtech company, recently announced the launch of the HeartFocus Education app. The HeartFocus Education app uses AI-powered, self-paced learning to help healthcare practitioners master 10 essential cardiac views with clinical accuracy in hours. Officially launched at ANCC MagPath 2024, the app integrates seamlessly with Butterfly iQ3 and iQ+ probes on iOS iPads, offering an intuitive, engaging, and high-impact training experience enhanced by gamification.

“HeartFocus is set to make a big impact in cardiac care, and we’re thrilled to partner with DESKi on this pioneering education platform,” said Darius Shahida, Chief Strategy Officer at Butterfly Network. “By combining our cutting-edge ultrasound technology with HeartFocus’ AI-powered training, we’re breaking down barriers to cardiac care, empowering more practitioners to learn how to deliver critical diagnostics on the spot.”

Absci Corporation (NASDAQ: ABSI), a data-first generative AI drug creation company, recently announced updates and progress across its internal pipeline of proprietary Drug Creation programs, as well as new breakthroughs demonstrated by Absci’s AI Integrated Drug Creation™ platform. Absci leadership and a series of distinguished guest speakers will be presenting on these updates today at Absci’s 2024 R&D Day.

“We are excited to showcase the target and significant opportunities we see for ABS-201, present new data for ABS-101 and ABS-301, and introduce ABS-501 to our pipeline. ABS-201, a potential treatment for male and female pattern hair loss, represents an opportunity to unlock an entirely new category of therapy for a substantial consumer-driven market with significant clinical unmet need,” said Sean McClain, Founder and CEO of Absci. “And as we near the end of 2024, we see next year as an opportunity to reach multiple milestones across our internal portfolio, and maintain a robust pipeline of potential partners across the Pharma and broader healthcare industry landscape.”

Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/

CONTACT:
USA NEWS GROUP
info@usanewsgroup.com
(604) 265-2873

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