Elong Power reports $20.5M H1 net income after divesting battery business

• Elong Power (NASDAQ:ELPW) reported first-half 2026 net income of $20.5 million following a battery division divestment.
• The one-time divestment generated a $22.6 million disposal gain while continuing operations lost $2.1 million.
• Revenue rose to $2.9 million as the company pivoted toward early-stage energy storage integration services.

Elong Power (NASDAQ:ELPW) reported first-half 2026 net income of $20.5 million driven by business divestment gains.

The net profit surge was fueled by a $22.6 million one-time gain from disposing of its lithium battery manufacturing unit.

Gross profit increased to $8,994 from $1,923, but gross margin fell to 0.3% from 10% as its early-stage energy storage integration business operated with thin margins

The company also completed share offerings raising $20 million in gross proceeds to build its June-end cash balance to $5.9 million.

Following the announcement, Elong Power's share price was down at $1.85.

Basic and diluted earnings per share reached $411.37 compared to a loss of $3,071.40 in the prior-year period.

The company also effected a 1-for-45 reverse stock split on August 10, 2026 to adjust its share capital structure.