Huabao New Energy Q1 2026 Revenue Up 32.06% YoY, Gross Margin Rises 8.10 Percentage Points QoQ

EcoFlow (Huabao New Energy) released its 2025 annual report and Q1 2026 financial results on the evening of April 24, 2025. The company reported full-year 2025 revenue of RMB 4.142 billion, an increase of 14.87% year-over-year. Revenue for Q1 2026 reached RMB 943 million, up 32.06% year-over-year. Gross margin in Q1 2026 stood at 40.72%, rising 8.10 percentage points sequentially from Q4 2025. By the end of Q1 2026, cumulative product sales had exceeded 7 million units. Revenue growth was primarily driven by strong overseas demand, new product launches, and increased sales of core backup power products. Notably, the Jackery SolarVault 3 series has generated new growth expectations in the European market. As EcoFlow continues rolling out its full-scenario green energy product lineup, the resulting revenue expansion is expected to generate economies of scale, with disciplined cost management and robust growth jointly supporting profit recovery.