Description of Lobo Technologies Ltd's Business Segments
The Company operates a single segment focused on electric vehicles and accessories sales. It previously maintained a software royalties and development and design services segment, which was disposed of on December 11, 2024. All long-lived assets, revenues, and expenses are generated within the People's Republic of China, and no geographical segments are reported.
For the year ended December 31, 2025, the electric vehicles and accessories sales segment reported revenues of $23,217,642, a segment loss before tax of $5,390,610, and a gross profit margin of 13%. In the year ended December 31, 2024, this segment recorded revenues of $21,132,121, segment income before tax of $14,438, and a gross profit margin of 14%. The disposed software royalties and development and design services segment had revenues of $56,485 and a segment loss before tax of $740,312 in 2024.
The increase in revenues in 2025 was primarily due to higher sales of two-wheeled E-bicycles, three-wheeled electric vehicles, four-wheeled electric off-highway shuttles, and batteries, partially offset by decreases in sales of two-wheeled E-mopeds, batteries, and parts and accessories. Corresponding changes in units sold were observed.
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