NEW YORK, April 24, 2026, 11:09 EDT
Shares of Elong Power Holding Ltd. surged in late-morning Nasdaq action Friday, adding to a streak of wild swings for the Chinese battery and energy-storage company. The stock traded at $3.37, up roughly 26%. Earlier, it hit $4.37. Volume had already topped 58 million shares.
This shift is notable because there wasn’t any new company filing after Elong’s April 20 annual report. On the investor page, the April 20 Form 20-F stands as the most recent SEC document, following the earlier April 15 Form 6-K.
Volume made all the difference for traders this week. ELPW wrapped up Wednesday at $2.59, with a hefty 86.01 million shares traded. A quieter Thursday followed: the price edged up to $2.67, volumes dropping to 1.66 million shares. Then Friday saw activity jump again.
Elong, registered in the Cayman Islands but operating in China, is in the business of selling battery energy storage systems—these units can store power and return it to users or the grid. The company’s latest filing points out that it’s shifted away from building everything in-house, now leaning on technical evaluation, system integration, and outside manufacturing partners. Elong also listed much bigger competitors—CATL, BYD, and Sungrow—calling the market “intensely competitive.”
April’s annual report put 2025 revenue at $2.05 million, all of it coming from energy-storage battery sales and trading. That’s up from zero revenue in 2024. Net loss shrank to $5.57 million versus $30.11 million the year before. Gross profit? Only $83,018—so any slip in pricing could hit hard.
Elong’s been working to overhaul its operations. In March, the company offloaded Elong Power International and its subsidiaries, unloading what it described as a loss-making battery-manufacturing unit for $10,000. Elong called the move part of a transition to an asset-light model, with future efforts aimed at energy-storage products and integration.
In an April filing, Elong disclosed a minor related-party debt deal: the company issued 10,000 Class B ordinary shares to Gracedan Co.—that’s $1.56 apiece. Gracedan is controlled by Chairwoman and CEO Xiaodan Liu. According to the document, the $15,600 worth of shares covered loan principal owed to Liu.
The risks are spelled out plainly enough. Elong’s annual report shows negative operating cash flow of roughly $2.7 million for 2025, with a working-capital deficit of $14.0 million and a shareholders’ deficit hitting $22.7 million at year-end. The auditor called out a “material uncertainty” related to going concern—essentially, doubts about whether Elong can keep the lights on without additional funding from management. According to management, February financings brought in about $13 million in net proceeds, which they say should cover operations and working capital for at least 12 months from the date of the report.
Listing complications have marked Elong’s recent path. According to an April 2 filing, Nasdaq cleared Elong’s move from the Nasdaq Global Market to the Nasdaq Capital Market as of April 1, resolving two pending compliance issues related to market-value rules.
Earlier, Elong signed off on a 1-for-80 share consolidation—essentially a reverse stock split—to avoid being delisted from Nasdaq after coming under fire for its slumping share price. According to the company, the move slashed outstanding Class A shares to roughly 1.4 million from about 113 million. The purpose: to stay in line with Nasdaq rules, which demand a closing bid price above 10 cents.
Friday’s action wasn’t sparked by any fresh operational news. Instead, it came down to a stripped-back equity narrative: major trading volume, the latest annual report in hand, fewer shares on the market, and a firm still working to convince investors its pivot to battery storage will steady the top line.
