EZGO Technologies Ltd (EZGO) Q4 2024 Earnings Report

EZGO Technologies reported QQ4 2024 revenue of $6.28 million, up 16.7% year over year, signaling a recovery in top-line activity within its ebicycle/etricycle and related services business. However, the quarter featured a thin gross margin of 8.13% and a continued net loss of $1.62 million, yielding a diluted EPS of -$0.61. EBITDA declined to -$0.26 million, and operating income was -$0.47 million, underscoring ongoing cost and scale challenges despite revenue growth.

From a liquidity and balance sheet perspective, EZGO maintained a solid cash and liquid investments position (~$5.03 million) against total debt of $14.75 million and net debt of $11.28 million. Operating cash flow was marginally positive at $0.20 million for QQ4, while free cash flow remained negative at -$0.19 million, reflecting working-capital dynamics (notably sizeable accounts receivable and inventory) and non-cash adjustments. Management commentary on the call (not provided in the supplied transcript) would typically address the cadence of new product cycles, utilization of battery rental assets, charging-pile operations, and path to profitability. Absent a transcript, investors should monitor whether the firm can translate top-line gains into sustained operating leverage, while managing working capital and debt costs.

Overall, EZGO’s QQ4 2024 results portray a growth-context story (revenue up YoY) but a fragile profitability profile near term. The key question for investors is whether the company can accelerate margin expansion and cash-flow generation through scale, product mix optimization, and operating-exexpense discipline while navigating China-specific competitive and regulatory dynamics.