LOBO · Lobo EV Technologies Ltd.

Summary

Lobo EV Technologies Ltd., a British Virgin Islands holding company, designs, develops, manufactures, and sells electric vehicles including e-bicycles, e-mopeds, e-tricycles, and off-highway four-wheeled shuttles through its PRC subsidiaries, primarily Jiangsu LOBO Electric Vehicle Co. Ltd. Headquartered in Wuxi, China, the company operates factories in Tianjin and Wuxi, sourcing from over 131 suppliers and selling via 20 domestic and 83 foreign dealers. For the six months ended June 30, 2025, revenues were $12.1 million with a gross margin of 16%, but net loss was $2.6 million due to high operating expenses including $1.7 million G&A and $1.1 million R&D. As of June 30, 2025, it had $1.4 million cash, $10.5 million inventories, and $8.6 million working capital. This F-1/A registers a best-efforts offering of up to 3,921,568 Units at $0.51 each (total $2 million gross proceeds), each comprising one Class A Ordinary Share, one Series A Warrant (exercise $0.561, expires 2 years), and one Series B Warrant (exercise $0.561 with zero-cash option yielding up to 5 shares, expires 2 years). Pre-Funded Units available at $0.509. Proceeds for development, working capital, general corporate purposes. Currently listed on Nasdaq (LOBO) with 8.8 million Class A and 3.7 million Class B shares outstanding. The offering addresses liquidity needs amid PRC regulatory risks, PCAOB audit issues, and competitive pressures in China's EV market.

Key takeaways

• Manufactures e-bikes, e-mopeds, e-tricycles, and e-carts via Jiangsu LOBO WFOE and subsidiaries like Tianjin LOBO, with 108 full-time employees as of Dec 31, 2025.
• Six months ended June 30, 2025: $12.1M revenue (55% two-wheeled EVs), 16% gross margin, but $2.6M net loss driven by $3.1M operating expenses.
• Best-efforts offering of 3,921,568 Units at $0.51 ($2M gross), each with 1 Class A Share + Series A/B Warrants (exercise $0.561, 2-year term; Series B zero-cash option up to 5 shares).
• Use of proceeds: fund development programs, working capital, general corporate purposes; no dividends paid historically.
• Key risks: PRC regulatory oversight (CSRC filings, cybersecurity), PCAOB inspection issues under HFCA Act, material weaknesses in internal controls, reliance on PRC subsidiaries for operations.
• As of Feb 2026: 8.8M Class A shares outstanding (Nasdaq: LOBO, last sale $0.5985); CEO Huajian Xu controls 74% voting via Class B shares.
• Disposed Guangzhou LOBO (software) Dec 2024 and Beijing LOBO Apr 2025; now single EV segment.