Elong Power Holding Limited Announces First Half 2026 Financial Results
BEIJING, Oct. 06, 2026 (GLOBE NEWSWIRE) -- Elong Power Holding Limited (Elong Power, NASDAQ: ELPW, together with its subsidiaries and consolidated entities, the “Company”) today announced its unaudited financial results for the first half of fiscal year 2026 ended June 30, 2026 (the “First Half of 2026”). The Company has completed the divestment of its lithium battery manufacturing business, fully pivoted to an asset-light energy storage system integration business, and completed offerings with aggregate gross proceeds of approximately US$20 million, laying a solid funding foundation for its global energy storage market expansion.
First Half 2026 Financial and Operating Highlights
Management Commentary
Elong Power’s management stated: “The first half of 2026 marked a significant change in the Company’s business. We completed the divestment of our lithium battery manufacturing business and recognized a non-operating disposal gain, thereby pivoting to an asset-light energy storage system integration business and concentrating resources on the research and development and market development of energy storage products. Meanwhile, the Company completed an approximately US$20 million public market financing during the first half of 2026, providing solid funding support for energy storage product research and development and market promotion, and laying the foundation for the Company’s global energy storage market expansion. We believe that our asset-light model focused on the energy storage integration business will help drive long-term, sustainable value creation for the Company.”
Business Progress and Operational Review
1. Asset Divestment and Strategic Transformation: In March 2026, the Company completed the divestment of its lithium battery manufacturing subsidiary, adopted an asset-light operating model, and focused on the energy storage system integration business, while retaining its research and development, sales and full-lifecycle service capabilities. The disposal gains recognized from the divestment provided the primary support for the turnaround to profitability in the current period.
2. Public Market Financing: The Company completed offerings with aggregated gross proceeds of approximately US$20 million during the first half of 2026, providing funding support for energy storage product research and development and market promotion, and facilitating its global energy storage market expansion.
3. Operating Results: Net revenues in the current period were derived almost entirely from the sales of energy storage system integration equipment and supporting accessories. This business was still in its early stage with an extremely low revenue base in the same period of the prior year. During the current period, the Company focused on expanding its customer base and securing orders for energy storage products, and sales volume increased significantly, driving revenue from US$19,229 to US$2.90 million. Meanwhile, the business is currently a thin-margin business with limited per-unit gross profit. As sales volume grew, the consolidated gross margin declined from 10.00% in the same period of the prior year to 0.3%, with gross profit of only US$8,994, which was insufficient to cover selling, administrative and other operating expenses, resulting in a net loss of US$2.11 million from continuing operations in the current period.
About Elong Power
Elong Power Holding Limited is an exempted company incorporated under the laws of the Cayman Islands. Adhering to its development strategy of “Asset-Light, R&D-Intensive, AI + Energy Storage, Global Scenario Layout”, the Company focuses on lithium battery energy storage system core business, with strategic layout covering overseas residential & commercial and industrial (C&I) energy storage, as well as grid-side energy storage in China. The Company is committed to delivering high-reliability, cost-effective and intelligent energy storage system solutions to global customers. Elong Power is chaired and led by Ms. Xiaodan Liu as Chief Executive Officer.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar expressions, and include statements regarding the Company’s business strategy, its transition to an energy storage system integration business, its global expansion, its use of financing proceeds and its future results of operations. Such statements involve risks and uncertainties, including, among others: the Company’s limited operating history in the energy storage business; its ability to achieve positive gross margins and profitability from continuing operations; its need for additional financing and its ability to continue as a going concern; customer and supplier concentration; competition; related-party transactions; maintaining its Nasdaq listing; PRC regulatory, economic and currency risks; and the other risks described under “Item 3. Key Information—D. Risk Factors” in the Company’s most recent Annual Report on Form 20-F and other SEC filings. Actual results may differ materially. Except as required by law, the Company undertakes no obligation to update any forward-looking statement.
Investor & Media Contact
Elong Power Investor Relations
Email: ir@elongpower.com
ELONG POWER HOLDING LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amount in U.S. dollars, except for number of shares or otherwise noted)
ELONG POWER HOLDING LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Amount in U.S. dollars, except for number of shares or otherwise noted)
ELONG POWER HOLDING LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025
(Amount in U.S. dollars, except for number of shares or otherwise noted)