EZGO Technologies Ltd. (NASDAQ: EZGO)

EZGO is a holding company with operating subsidiaries in China. The company focuses on the design, manufacture and sale of battery packs, intelligent robots, electronic control systems, used machinery and maintenance services, leveraging its IoT product and service platform.

EZGO generates revenue primarily from the sale of lithium battery packs, which accounted for approximately 83% of total revenue in the fiscal year ended September 30, 2025, 77% in the fiscal year ended September 30, 2024 and 52% in the fiscal year ended September 30, 2023. Additional revenue streams include the design, manufacture and sale of intelligent robots and electronic control systems, contributing about 5% of revenue in 2025, 7% in 2024 and 15% in 2023. The resale of used machinery and the provision of maintenance services together made up the remaining share, with each representing a modest portion of total sales. The company's customers are mainly industrial and commercial enterprises in China, including battery users, machinery operators and maintenance contractors.

EZGO operates through the following segments: Battery Packs, Intelligent Robots and Electronic Control Systems, Used Machinery, and Maintenance Services.

• Battery Packs: This segment designs, manufactures and sells lithium battery packs for short distance mobility and other applications, sources battery cells from suppliers, assembles packs using A level cells and provides trading services for battery cells, leveraging long term relationships with upstream and downstream partners.

• Intelligent Robots and Electronic Control Systems: This segment develops and sells intelligent robots equipped with L4 autonomous driving, vision and communication modules, produces electronic control systems for engineering machinery, industrial automation and special motion control applications, and offers technical support, consulting and customisation services.

• Used Machinery: This segment sources, refurbishes and resells used construction and industrial machinery, facilitating transactions between sellers and buyers, providing logistics support and offering warranty options on selected equipment.

• Maintenance Services: This segment offers maintenance and repair services for pavers, milling machines and other road machinery, supplies spare parts, conducts inspections, provides technical assistance to manufacturers and end users and conducts preventive maintenance programs.

Within the battery and robotics sectors, EZGO competes with a mix of large integrated manufacturers and specialized suppliers. Its competitive advantages stem from an experienced management and engineering team, longstanding relationships with component suppliers, an asset light production model that relies on qualified third party fabricators, rigorous quality control procedures and a focus on integrating hardware, software and connectivity in its products. The company also benefits from its IoT platform, which enables data collection, remote monitoring and improved customer engagement.

EZGO serves a range of industrial and commercial customers. Notable battery pack customers include Ningbo Yiqi New Energy Technology Co., Ltd., Guangzhou Shengkang Power Equipment Co., Ltd., Changzhou Kepaidi Energy Technology Co., Ltd. and Hangzhou Xingruihe Technology Co., Ltd. The company also supplies used machinery and maintenance services to construction firms, municipal agencies and other industrial users across China, and maintains long term supply agreements with several key partners.