EZGO Technologies Ltd. Annual Report - How They Did This Year

Hey there, fellow investor! Let's take a look at how EZGO Technologies Ltd. wrapped up its fiscal year, which ended on September 30, 2025.

EZGO is a company incorporated in the British Virgin Islands, and it operates primarily out of Changzhou City, Jiangsu, China. You can find their shares trading on the Nasdaq Capital Market under the ticker symbol EZGO. As of the end of their fiscal year, they had about 18.3 million ordinary shares outstanding, though it's worth noting that they did a 1-for-25 reverse stock split shortly after, in November 2025, which will significantly reduce the number of outstanding shares.

A Big Change in How They Operate in China

One of the most significant developments this year was a major shift in how EZGO manages its operations in China. For a while, like many foreign companies operating there, EZGO used something called a "Variable Interest Entity" or VIE structure. A VIE is a special contractual arrangement that allowed EZGO to control and benefit from a Chinese company (Jiangsu EZGO Electronic Technologies Co., Ltd.) without directly owning it. This was often done to navigate certain Chinese regulations.

This year, EZGO made a big move away from that setup. On March 30, 2025, their board approved selling off the VIE and its related companies. By September 25, 2025, they officially ended those contractual arrangements. This means EZGO no longer relies on the VIE structure. Instead, they now directly own and control their operating subsidiaries in China through traditional equity ownership.

Why is this important for you? Historically, VIE structures carried some legal uncertainties because they weren't direct ownership. By moving to direct equity ownership, EZGO has simplified its corporate structure and potentially reduced some of those legal risks associated with the VIE model. It gives them more direct control over their Chinese operations, which is generally seen as a positive step for investors.

What Else We Know So Far:

• EZGO is considered a "non-accelerated filer" and an "emerging growth company" by the SEC, which means they have certain allowances regarding reporting requirements.
• They prepare their financial statements using U.S. GAAP (Generally Accepted Accounting Principles), which is the standard accounting method in the United States.
• They've kept up with all their required filings with the SEC.

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Key Takeaways for the Year:

• Fiscal Year End: September 30, 2025.
• Corporate Structure Shift: EZGO transitioned from a Variable Interest Entity (VIE) structure to direct equity ownership of its Chinese operating subsidiaries, completing the change by September 25, 2025. This move simplifies their corporate structure and enhances direct control over operations in China.
• Share Information: Approximately 18.3 million ordinary shares were outstanding at fiscal year-end, prior to a 1-for-25 reverse stock split in November 2025.
• Regulatory Status: EZGO is classified as a "non-accelerated filer" and an "emerging growth company" by the SEC, and prepares its financial statements using U.S. GAAP. The company has maintained all required SEC filings.