LOBO EV Technologies reported strong growth in revenue and unit sales for H1 2024.

From GlobeNewswire: 2024-09-30 08:00:00

LOBO EV Technologies Ltd. reported financial results for the first six months of 2024. Total revenue was $12.13 million, up 49% from the previous year, with a net loss of $(0.31) million. Units sold increased to 56,000, with a gross profit of $1.36 million and an adjusted EBITDA loss of $(0.09) million.

In the first half of 2024, LOBO saw a 45% increase in unit sales, delivering 56,000 electric vehicles. Revenue from electric vehicles and accessories contributed $12.08 million, marking a 61% growth. The company expanded its distribution network domestically and internationally, entering new markets to drive sales and future growth.

Revenue growth for LOBO was driven by a 49% year-over-year increase, reaching $12.13 million. Gross profit improved to $1.36 million, reflecting operational efficiency. Despite a net loss of $(0.31) million, the company focused on strategic investments, such as R&D and new market entries, to drive long-term growth and profitability.

Looking ahead to the rest of 2024, LOBO remains optimistic about sustained momentum. The company plans to launch new vehicle models and strengthen its presence in international markets to further drive unit sales and revenue growth. By focusing on innovation and global reach, LOBO aims to deliver value to shareholders and meet rising demand for sustainable transportation solutions.



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