EZGO Technologies (NASDAQ:EZGO) Stock Attempts To Rebound: How Far Can it Go?

EZGO Technologies Ltd (NASDAQ:EZGO) stock continued to trade higher on Wednesday, extending its one week gains to 15%.

Market Action

On Tuesday, EZGO stock 7.14% to $4.35 with more than 2.90 million shares, compared to its average volume of 364K shares. The stock has moved within a range of $3.9400 – 4.6800 after opening the trade at $4.07.

Major Trigger:

EZGO Announces Financial Results for the Six Months Ended March 31, 2021; Highlighted by a 74.3% Increase in Revenues to $9.6 Million

Key Highlights:

  • Net revenues from continuing operations for the six months ended March 31, 2021 were approximately $9.6 million, a 74.3% increase from approximately $5.5 million for the six months ended March 31, 2020.
  • Gross profit for the six months ended March 31, 2021 and 2020 was approximately $0.9 million and $0.5 million, representing 9.7% and 9.6% of net revenues, respectively.
  • Net loss for the six months ended March 31, 2021 was approximately $0.3 million, compared to approximately $0.6 million for the same period in 2020, mainly due to the above reasons.

Key Quote:

Mr. Jianhui Ye, Chief Executive Officer of EZGO, stated, “The last six months have been a monumental period in EZGO’s development, highlighted by our IPO in January 2021 and transition from an expert in battery technology into a manufacturer of e-bicycles. We reported strong growth in both revenues and the number of units sold, as the demand for our products has continued to grow due to greater brand awareness. “

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