EZGO is a small China-based holding company, incorporated in the BVI and listed on Nasdaq, that has undergone multiple business pivots and now focuses primarily on lithium battery packs for short-distance electric mobility applications. Battery pack assembly and battery cell trading account for roughly 83% of revenue, with EZGO either assembling packs from sourced cells or outsourcing assembly to third-party manufacturers. In cell trading, EZGO acts as a buy-sell intermediary, securing a downstream sales contract before sourcing upstream, earning a spread on transaction volume while bearing inventory risk but not quality risk. EZGO's customer base is highly concentrated — the top four battery customers accounted for roughly 90% of battery revenue — and the company sells through direct trade relationships, channel partners, and online platforms including TikTok and Taobao Live. A secondary business, operated through its Changzhou Higgs subsidiary, designs and sells PLC-based electronic control systems for industrial machinery and autonomous robots targeting industrial parks and commercial venues, though this segment has declined to roughly 5% of revenue. EZGO exited its original e-bicycle design and sales business in 2025 after dissolving its VIE structure due to declining sales. The company operates an asset-light model, outsourcing manufacturing where possible, and recently executed a 1-for-25 reverse share split to regain Nasdaq minimum bid price compliance.