Elong Power Posts $2.90M H1 Revenue, $2.11M Operating Loss After Pivot
ELPW sits 42% above its 52-week low of $2.42.
Summary
Elong Power reported unaudited H1 2026 revenue of $2.90M, a sharp ramp from a near-zero base, but gross margin was just 0.3% ($8,994 gross profit) and the company lost $2.11M from continuing operations. Net income for the half was $20.5M, or $411 per share, with per-share amounts giving retroactive effect to the 1-for-45 reverse share split effected August 10. The results reflect a strategic pivot away from battery manufacturing toward energy storage integration, with disposal gains from the divestment of the lithium battery manufacturing business supporting the profitability turnaround. The company raised $20M in gross proceeds during H1 2026, extending its cash runway, but the core business remains deeply unprofitable. This follows a series of deeply dilutive offerings and the reverse split. The near-zero margin and ongoing losses underscore the scale challenge ahead, though the company's asset-light model focused on energy storage integration is expected to help drive value creation.
Updates
· SEC 6-K — The 6-K includes management's discussion and analysis and unaudited interim consolidated financial statements for the six months ended June 30, 2026 and 2025.
At the time of this announcement, ELPW was trading at $3.44 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $2.7M. The 52-week trading range was $2.42 to $54,972.00. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Wiseek News.