EZGO Technologies Ltd.
EZGO · Motorcycles, Bicycles & Parts · EDGAR filings ↗
Grade
D48China e-bike/battery maker growing revenue fast but at thin gross margins, negative returns, and with unremediated material weaknesses.
Strengths
- Strong revenue growth (32.7%, 83rd pct) and decent liquidity (current ratio 2.45, quick 2.42)
- Low leverage (D/E 0.13) and a reasonable cash position ($21M)
Risks
- Very low gross margin (7.1%, 9th pct) with negative operating (-20%) and net (-34%) margins
- Unremediated material weaknesses in internal control over financial reporting
- China VIE-related/governance and FX-control risks plus negative ROE/ROA
Notable findings
- Net lossNet loss (net margin -34.5%)
Key metrics
Gross margin
7.1%
Operating margin
-20.0%
Net margin
-34.5%
Return on equity
-12.4%
Return on assets
-8.5%
ROIC
-5.0%
Revenue growth (QoQ)
32.7%
Debt / equity
0.1×
Current ratio
2.5×
EBITDA
-$3M
Tangible book value
$55M
Cash & investments
$21M
Stock comp / revenue
1.8%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2025-12-30 | 2025-09-30 | 0001213900-25-126219 ↗ |
| 20-F | 2025-01-17 | 2024-09-30 | 0001213900-25-004698 ↗ |
| 20-F | 2024-01-26 | 2023-09-30 | 0001213900-24-006994 ↗ |
| 20-F | 2023-01-20 | 2022-09-30 | 0001213900-23-003910 ↗ |
| 20-F | 2022-01-27 | 2021-09-30 | 0001213900-22-004020 ↗ |
| 20-F | 2021-02-16 | 2020-09-30 | 0001213900-21-009657 ↗ |