EZGO Technologies Ltd
ezgotech.com.cnWhat Do They Do?
Sells battery packs to customers in short-distance mobility and smart hardware, electronic control systems to equipment makers, and robots for enterprise and municipal uses.
20-F for FY2025, filed Dec 30, 2025
How Do They Make Money?
Customers pay fixed contract prices for products, including battery cells and packs and electronic control systems, when they accept delivery; maintenance and other services are paid for when the completed work is accepted.
20-F for FY2025, filed Dec 30, 2025The Group sells products to different customers, primarily battery cells and packs, e-bicycles (see Note 16 Discontinued Operation)…View ↗
The Group provides comprehensive machine maintenance services, usually through a separate contract specified for the provision of…View ↗
The Group also provides other services, mainly including photovoltaic engineering contracting. The Group identifies one performance…View ↗
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20-F for FY2025, filed Dec 30, 2025
FY2025 revenue by product or service ↗
$20.5M
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20-F for FY2025, filed Dec 30, 2025
$20.5M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Battery Cells and Packs Segment
Sold outright
20-F for FY2025, filed Dec 30, 2025 |
92%
FY2022: 40%
|
Battery Cells and Packs Segment, FY2025
$18.8M Sources
|
Sold outright |
|
Electronic control system
Sold outright
|
5.2% |
Electronic control system, FY2025
$1.1M Sources
|
Sold outright |
|
Others
|
3.1%
FY2022: 5.7%
|
Others, FY2025
$635.1K Sources
|
|
|
Sales of Products
Sold outright
|
0.3%
FY2022: 2.6%
|
Sales of Products, FY2025
$53.4K Sources
|
Sold outright |
|
Maintenance services
Sold outright
|
2.8% |
Maintenance services, FY2025
$581.7K Sources
|
Sold outright |
Who Are Their Customers?
Battery customers come through existing trade relationships, channel partners and repeat sales. Electronic control systems are sold directly to equipment makers and industrial customers; intelligent robots target enterprise and municipal uses through pilots, tenders and system integrators.
20-F for FY2025, filed Dec 30, 2025Our sales and marketing is primarily customer- and project-driven. For battery packs, we leverage existing trade relationships, channel…View ↗
Do Revenues Turn Into Profits?
No. It lost $8.7M in FY2025.
20-F for FY2025, filed Dec 30, 2025
−$3.4MView ↗
20-F for FY2025, filed Dec 30, 2025
−$8.7MView ↗
20-F for FY2025, filed Dec 30, 2025
−$4.3MView ↗
How Are They Changing?
Shrinking. Revenue fell 13% in 4 years, from $23.4M in FY2021 to $20.5M in FY2025, about 3% a year.
From e-bikes to accessories and hardware
The earlier business included e-bicycle and e-tricycle design, sales and rentals, battery rentals, and charging piles. The latest report instead centers operations on battery packs, electronic control systems, robots and other hardware, after ending e-bicycle sales.
20-F for FY2022, filed Jan 20, 2023 20-F for FY2025, filed Dec 30, 2025EZGO is a holding company incorporated in the BVI with operating subsidiaries, the VIE, in which EZGO does not hold any equity interest…View ↗
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