olivLaw · US equity research
Elong Power Holding Limited ELPW
Miscellaneous Electrical Machinery, Equipment & Supplies · SIC 3690 · Vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)
Elong Power Holding Limited, listed on Nasdaq, develops, sells and services high-power, large-capacity energy storage systems for commercial electric vehicles, specialty vehicles and other uses. In 2025 it moved to an asset-light model after disposing of loss-making battery manufacturing, which makes the company relevant to investors following the energy transition and a small firm's rapid restructuring.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Elong Power Holding Limited (ELPW) stock was 2.51 USD (−10.99% on the day), with market capitalisation 145.7 m USD, beta -2.10, 52-week range 2.26–50,184.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.7
- weak (30–45)
- Bollinger (20, 2)
- 2.07 – 2.95
- in the upper half of the band · %B 0.50 · band width 35.2%
- SMA 50 / 200
- 2.79 / 669.57
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.14 / -0.25
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.3% | −1.1% | −13.2 pp | — |
| 3 months | −60.4% | −0.5% | −60.0 pp | — |
| 6 months | −99.0% | +4.4% | −103.4 pp | — |
| Year to date | −100.0% | +12.3% | −112.3 pp | — |
| 1 year | −100.0% | +13.5% | −113.5 pp | −59.3% |
| 3 years | −100.0% | +76.4% | −176.4 pp | −43.2% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 6.8 m | 3.2 m | 386.9 k | 2.1 m |
| Revenue YoY | unavailable | −53.6% | −87.8% | +430.7% |
| Net income | -9.8 m | -7.4 m | -30.1 m | -5.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.22 | -211.79 | -844.19 | -143.18 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -143.3% | -235.4% | -7,782.5% | -271.3% |
| Free cash flow | -5.8 m | -6.2 m | -2.8 m | -2.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 443.7 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- -22.7 m USD
- Total assets
- 27.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.46x
- ROE
- unavailable
- ROA
- -20.5%
- FCF margin
- -137.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 6.8 m | 3.2 m | 386.9 k | 2.1 m | SEC (XBRL)· 20 Apr 2026verified |
| Cost of revenue | 5.7 m | 3.6 m | 1.3 m | 2.0 m | SEC (XBRL)· 20 Apr 2026verified |
| Gross profit | -2.9 m | -3.9 m | -3.5 m | 83.0 k | SEC (XBRL)· 20 Apr 2026verified |
| Research & development | 904.0 k | 874.0 k | 108.9 k | — | SEC (XBRL)· 22 Sept 2025verified |
| SG&A | 247.2 k | 218.1 k | 106.0 k | 26.1 k | SEC (XBRL)· 20 Apr 2026verified |
| Operating income | -8.2 m | -7.9 m | -11.0 m | -1.5 m | SEC (XBRL)· 20 Apr 2026verified |
| Depreciation & amortisation | 2.0 m | 1.4 m | 1.7 m | 55.2 k | SEC (XBRL)· 20 Apr 2026verified |
| EBITDA | -6.2 m ≈ | -6.6 m ≈ | -9.3 m ≈ | -1.4 m ≈ | SEC (XBRL)· 20 Apr 2026derived |
| Interest expense | 527.0 k | 101.1 k | 2.2 k | 398.9 k | SEC (XBRL)· 20 Apr 2026verified |
| Pre-tax income | -9.8 m | -7.4 m | -10.8 m | -2.1 m | SEC (XBRL)· 20 Apr 2026verified |
| Income tax | 2.2 k | — | — | — | SEC (XBRL)· 22 Sept 2025verified |
| Net income | -9.8 m | -7.4 m | -30.1 m | -5.6 m | SEC (XBRL)· 20 Apr 2026verified |
| Diluted EPS | -0.22 | -211.79 | -844.19 | -143.18 | SEC (XBRL)· 20 Apr 2026verified |
| Weighted average diluted shares | — | 45.0 m | 45.6 m | — | SEC (XBRL)· 22 Sept 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 918.4 k | 756 | 146.5 k | 443.7 k | SEC (XBRL)· 20 Apr 2026verified |
| Receivables | — | 991.2 k | 64.2 k | 889.5 k | SEC (XBRL)· 20 Apr 2026verified |
| Inventories | — | 2.8 m | 1.4 m | — | SEC (XBRL)· 22 Sept 2025verified |
| Current assets | — | 5.7 m | 10.5 m | 11.9 m | SEC (XBRL)· 20 Apr 2026verified |
| Property, plant & equipment, net | — | 13.1 m | 855.2 k | 117.5 k | SEC (XBRL)· 20 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 25.6 k | 2.7 k | — | SEC (XBRL)· 22 Sept 2025verified |
| Total assets | — | 37.5 m | 26.6 m | 27.7 m | SEC (XBRL)· 20 Apr 2026verified |
| Accounts payable | — | 1.2 m | 1.1 m | 875.1 k | SEC (XBRL)· 20 Apr 2026verified |
| Long-term debt | — | 246.5 k | — | — | SEC (XBRL)· 22 Sept 2025verified |
| Current liabilities | — | 15.0 m | 20.4 m | 25.9 m | SEC (XBRL)· 20 Apr 2026verified |
| Total liabilities | — | 36.5 m | 43.1 m | 50.5 m | SEC (XBRL)· 20 Apr 2026verified |
| Equity | -4.9 m † | 978.3 k † | -16.5 m † | -22.7 m † | SEC (XBRL)· 20 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -4.6 m | -5.7 m | -2.8 m | -2.7 m | SEC (XBRL)· 20 Apr 2026verified |
| Capex | 1.2 m | 548.9 k | 976 | 160.9 k | SEC (XBRL)· 20 Apr 2026verified |
| Free cash flow | -5.8 m ≈ | -6.2 m ≈ | -2.8 m ≈ | -2.8 m ≈ | SEC (XBRL)· 20 Apr 2026derived |
| Investing cash flow | -1.1 m | -548.9 k | -7.8 m | -160.9 k | SEC (XBRL)· 20 Apr 2026verified |
| Financing cash flow | 4.2 m | 6.4 m | 10.6 m | 3.1 m | SEC (XBRL)· 20 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 145.7 m USD
Key indicators
Coverage and freshness
Score by group
72% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 4.0% | 0 (on a fixed band) | 15% |
| EBIT margin · Quality | -71.8% | 38 (vs peers) | 12% |
| FCF margin · Quality | -137.6% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | -33.0% | 0 (on a fixed band) | 24% |
| Revenue growth (YoY) · Growth | 430.7% | 92 (vs peers) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 9% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.9% | 0 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/2 factors with a value
- Growth31/100 · 2/2 factors with a value
- Quality12/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partial0/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Elong Power Holding Ltd. (ELPW). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.1 m USD in 2025; YoY growth 430.7%; net margin -271.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue growth (YoY): 430.7%
What contradicts it
- Gross margin: 4.0%
- FCF margin: -137.6%
- Revenue CAGR 3Y: -33.0%
- Current ratio: 0.5x
- FCF yield: -1.9%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, Shareholder yield (distributions).
Versus the vertical median
Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690) · same industry (4-digit SIC) · compared with 38 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENSEnerSys | 5.6 bn | 16.7 | 18.4% | 9.3% | +3.7% | +9% / +76% |
| NOVTNovanta Inc. | 5.5 bn | 92.8 | 5.1% | 6.0% | +3.3% | +28% / +1% |
| ATKRAtkore Inc. | 3.2 bn | — | -11.9% | -5.5% | −11.0% | +37% / −24% |
| SPBSpectrum Brands Holdings, Inc. | 2.1 bn | 28.0 | 4.2% | 2.8% | −5.2% | +54% / +32% |
| NVXNOVONIX Ltd | 1.9 bn | — | -62.0% | -1,650.8% | −4.1% | −81% / −88% |
| ENREnergizer Holdings, Inc. | 1.7 bn | 21.3 | 42.2% | 2.7% | +2.3% | +38% / −18% |
| AMPXAmprius Technologies, Inc. | 1.2 bn | — | -36.1% | -33.4% | +202.1% | −25% / +106% |
| EMATEvolution Metals & Technologies Corp. | 1.2 bn | — | — | — | unavailable | unavailable / unavailable |
| EOSEEos Energy Enterprises, Inc. | 779.3 m | — | — | -246.8% | +631.8% | −86% / +95% |
| ENVXEnovix Corporation | 612.3 m | — | -82.2% | -473.9% | +37.9% | −64% / −75% |
| NRGVEnergy Vault Holdings, Inc. | 578.2 m | — | -225.9% | -48.6% | +340.9% | −8% / +38% |
| SLDPSolid Power, Inc. | 515.7 m | — | -20.5% | -1,152.2% | +8.0% | −57% / +60% |
| FLNCFluence Energy, Inc. | 312.1 m | — | -20.7% | -3.1% | −16.1% | −69% / −76% |
| CHPTChargePoint Holdings, Inc. | 306.4 m | — | -1,015.1% | -40.6% | −1.4% | +39% / −69% |
| SESSES AI Corporation | 286.4 m | — | -31.2% | -289.6% | +929.4% | −60% / −63% |
| ULBIEnerSys | 260.3 m | 1.4 | -4.8% | -3.5% | +16.2% | +175% / +109% |
| MVSTMicrovast Holdings, Inc. | 255.7 m | — | 11.4% | 13.9% | +12.6% | −81% / −43% |
| ELVAElectrovaya Inc. | 173.4 m | — | -673.8% | -3.4% | +170.8% | +7% / +94% |
| ELPWElong Power Holding Ltd. | 145.7 m | — | — | -271.3% | +430.7% | −100% / −100% |
| NEOVNeoVolta, Inc. | 134.6 m | — | -101.1% | -161.0% | +58.2% | −44% / +28% |
| GAUZGauzy Ltd. | 127.5 m | — | — | -51.4% | +32.8% | −86% / unavailable |
| BYRNByrna Technologies Inc. | 97.4 m | — | -14.9% | -9.2% | +37.7% | −77% / −29% |
| EPOWE-Power Inc. | 88.8 m | — | — | -35.8% | −28.6% | −88% / −87% |
| BLNKBlink Charging Co. | 65.4 m | — | -79.9% | -52.2% | −18.0% | −66% / −86% |
| STISolidion Technology, Inc. | 37.8 m | — | -1,382.4% | -23,852.8% | unavailable | −59% / −99% |
1- and 3-year price returns: for ELPW from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 20 Apr 2026; since then the company filed 6-K (30 Oct 2026), 6-K (28 Oct 2026), 6-K (16 Oct 2026), 6-K (06 Oct 2026), 6-K (27 Aug 2026), 6-K (20 Aug 2026).
In brief
Elong Power Holding Limited, listed on Nasdaq, develops, sells and services high-power, large-capacity energy storage systems for commercial electric vehicles, specialty vehicles and other uses. In 2025 it moved to an asset-light model after disposing of loss-making battery manufacturing, which makes the company relevant to investors following the energy transition and a small firm's rapid restructuring.
SWOT
Strengths
- An asset-light model that reduces fixed investment and allows quick changes of production partners 1.
- Technical evaluation and integration capability for battery management systems, used to select OEM partners with AI-driven solutions 1.
- Recent net proceeds from financing and from disposing loss-making subsidiaries, which may strengthen working capital 1.
Weaknesses
- Very small revenue and continuing net losses, which make the company vulnerable to contract delays 1.
- Dependence on external suppliers for production and on their quality for on-time delivery 1.
- A history of rapid restructuring and reverse share splits, which complicates assessment of the business model's continuity 1.
Opportunities
Risks
- Going concern and losseshigh
The company reported net losses in both years analysed, and revenue is very small relative to operating costs 1. If losses persist, the company could need additional financing 1.
- Contract delayshigh
The contract with a Henan customer was postponed because of pending government approvals, and delivery timing could keep shifting 1.
- Listing compliancemedium
The company carried out successive reverse splits and moved to the Nasdaq Capital Market to avoid possible delisting 1.
- Trade and geopolitical exposuremedium
Tariffs, trade policies and geopolitical tensions could affect procurement and logistics 1.
- Dependence on external partnersmedium
Product quality and delivery depend on OEM and ODM suppliers, over which the company has limited control 1.
Investment thesis
What would need to be true (bull case)
- If the market for new energy vehicles and storage keeps growing, the asset-light model could quickly turn demand into revenue.
- Disposing of loss-making operations and the estimated gain from that transaction could ease pressure on the balance sheet.
- Contracts already signed, including the Henan agreement, could generate significant revenue once approvals are obtained.
What would break the thesis
- Revenue remains very small and net losses persist, which could force the company to raise funds with dilution.
- Reliance on government approvals can repeatedly postpone contracts and deliveries.
- A history of reverse splits and a move to a lower listing tier signal compliance issues and weaker market confidence.
What to watch
- Delivery of the Henan customer contract and receipt of government approvals2026
- Effect of the subsidiary disposal on losses and working capitalnext 10-K
- Use of the roughly 13 million dollars raised in February 2026 financingQ1 2027
- Trend in energy storage revenue and the number of new contracts2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 20 Apr 2026; since then the company filed 6-K (30 Oct 2026), 6-K (28 Oct 2026), 6-K (16 Oct 2026), 6-K (06 Oct 2026), 6-K (27 Aug 2026), 6-K (20 Aug 2026).
The business
According to the 20-F for the year ended 31 December 2025, Elong, through its operating subsidiaries, carries out research and development, sales and service for high-power, large-capacity energy storage systems 1. The products are designed for commercial electric vehicles, specialty vehicles and other scenarios needing large-capacity storage 1. Until March 2026 the company also made battery cells, modules and packs, but it sold those subsidiaries, and the transaction closed on 19 March 2026 1.
The company reorganised into an asset-light, technology-driven model: it divested manufacturing assets and works with OEM and ODM partners 1. Its core value lies in technical evaluation and integration, particularly of battery management system technology, which it does not develop itself 1. Revenue in fiscal 2025 came from trading and sales of energy storage systems 1.
The legal structure includes a Cayman Islands holding company with executive offices in Ganzhou, Jiangxi Province, China 1. The company became listed in November 2024 through a merger with a special purpose acquisition company, TMT Acquisition Corp 1. It qualifies as an emerging growth company and a foreign private issuer, which means lighter reporting duties than a typical US company 1.
Segments
Market context
Demand for high-power batteries depends on growth in new energy vehicles, which in China reached 16.49 million units in 2025, up 28.2% year on year 1. Meanwhile the global energy storage market grew explosively in 2025, supported by the energy transition and new demand such as AI data centres 1.
The company aims mainly at overseas residential and commercial and industrial storage, as well as grid-side storage in China 1. A major contract in Henan, worth about 67.6 million dollars, was postponed to June 2026 because of the customer's pending government approvals 1.
Trends
- Growth in electric vehicles and storagetailwind
Large sales of new energy vehicles in China and the global expansion of energy storage create a favourable environment for the company's products 1. The effect on the firm, however, depends on its ability to turn demand into delivered contracts on time 1.
- Delays in government approvalsheadwind
A contract with a Henan customer was postponed because of pending government approvals, and deliveries are now expected in June 2026 1. If approvals are delayed further, projected revenue could slip again 1.
- Trade policy and geopolitical tensionsheadwind
The company notes that its global operations are exposed to tariffs, trade policies and geopolitical tensions, which can affect procurement costs and logistics 1. It monitors these risks and uses sourcing strategies to reduce them 1.
- Battery recycling rulesmixed
End-of-life battery recycling obligations and restrictions on hazardous substances affect the business, although the company relies on suppliers for compliance 1. Future rule changes could raise compliance costs 1.
Competitive position
The sources do not explicitly name direct competitors, but the electric vehicle and storage battery sector includes large producers, mainly in China, with their own manufacturing capacity 1. Elong differentiates itself through its asset-light model and the selection of OEM and ODM partners with AI-driven storage solutions 1.
The company's competitive advantage lies in technical evaluation and integration rather than in owning factories 1. This model reduces fixed investment but makes the company dependent on the quality and delivery of external partners 1.
- OEM and ODM manufacturing partners of Elong
Third-party firms that actually produce the systems Elong sells; the source does not name them and describes the relationship only in general terms 1.
- Chinese battery producers for electric vehicles and storage
Companies with their own manufacturing capacity active in the same segments; the source does not name them individually 1.
- Battery management system suppliers
Companies offering BMS technology that Elong integrates through its partners; the source does not identify them explicitly 1.
- Grid-side storage system integrators
Players competing for grid-side storage projects in China, where Elong also targets demand 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)16 Oct 2026
- Current report (foreign issuer)06 Oct 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)20 Aug 2026
- Current report (foreign issuer)14 Aug 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)21 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Elong Power Holding Limited · 20 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.