Benzinga | Jul 1, 2021 03:49PM EDT

EZGO Clocks 74% Jump In 1H Revenue On Doubling Units Sold

* Short distance electric transportation solutions provider in China, EZGO Technologies Ltd (NASDAQ:EZGO), reported first-half FY21 sales of $9.6 million, up 74.3% year-on-year.

* The surge in revenues was mainly driven by the increase in sales of e-bicycles and partially offset by the decrease in rental revenue.

* The number of units sold increased 96.6% Y/Y to 34,069.

* Gross profit was $0.9 million, with a 9.7% gross margin.

* Cost of revenue shot up 74% to $8.7 million, driven by a rise in manufacturing and purchase cost of e-bicycles for sale.

* Net loss of $(0.3) million narrowed 50% Y/Y.

* EZGO's cash and equivalents amounted to $7.1 million as of March 31, 2021.

* "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," said Jianhui Ye, Chief Executive Officer.

* Price action: EZGO shares are trading lower by 5.98% at $4.09 on the last check Thursday.