-- Delivered over 2,800 vehicles1 and achieved total revenue of $218 million
in the first half of 2025
-- The operating loss in the first half 2025 narrowed approximately 40%
year-on-year to $263 million
-- Received up to approximately $500 million funding commitment from
institutional investors and strategic partners
-- Lotus Robotics entered into MOU with a strategic partner for strategic
collaboration on intelligent driving, exploring Robotaxi development in
Saudi Arabia.
NEW YORK, Aug. 29, 2025 (GLOBE NEWSWIRE) -- Lotus Technology Inc. ("Lotus Tech" or the "Company"), a leading global intelligent and luxury mobility provider, today announced its unaudited financial results for the second quarter and half year ended June 30, 2025.
Operating Highlights of the First Half of 2025
In the first half of 2025, the Company achieved total deliveries(1) of 2,813 units, representing a transitional period characterized by the tariff impact, gradual destocking and the phased commencement of upgraded model deliveries.
Deliveries in the first half of 2025 was primarily contributed by the China market. With customer deliveries of upgraded models rolled out in the second quarter, the upgraded Eletre hyper SUV has become a dominant player in China's premium luxury BEV SUV segment(2) in the second quarter of 2025. Deliveries of sportscars to the North America were disrupted in the second quarter due to tariff issues but have resumed since July.
Deliveries(1) by Model Type
1H 2025 1H 2024 %Change (YoY)
------------------------ ------- ------- -------------
Lifestyle SUV and Sedan 1,922 2,428 (21%)
Sportscars 891 2,476 (64%)
Total 2,813 4,904 (43%)
------------------------ ------- ------- -------------
Deliveries(1) by Region
1H 2025 1H 2025% 1H 2024 1H 2024 %
------------------ ------- -------- ------- ---------
Europe 858 31% 1,459 30%
China 1,403 50% 1,239 25%
North America 430 15% 1,278 26%
Rest of the World 122 4% 928 19%
Total 2,813 100% 4,904 100%
------------------ ------- -------- ------- ---------
On June 30, 2025, Etika Automotive Sdn Bhd ("Etika") exercised its put option, requiring the Company to purchase 49% of equity interests in Lotus Advance Technologies Sdn ("Lotus UK") held by Etika. With Geely having exercised a similar put option in April 2025, the Company is now expected to acquire 100% of the equity interests of Lotus UK by 2025, subject to potential regulatory approvals. Upon completion, the Company will gain control over Lotus UK and consolidate its financial results. The strategic transaction will enable the Company to integrate all businesses and operations under the Lotus brand. The acquisition will be conducted through non-cash transactions based on pre-agreed prices.
Financial Highlights of the First Half of 2025
-- Total revenues for the first half of 2025 was $218 million, a 45% YoY
decrease.
-- Gross margin for the first half was 8.2%, versus 12.8% for the first half
of 2024.
-- Operating loss was $263 million for the first half of 2025, narrowed by
40% YoY.
-- Net loss was $313 million for the first half of 2025, narrowed by 32%
YoY.
-- Adjusted EBITDA (non-GAAP) was a loss of $240 million for the first half
of 2025, narrowed by 37% YoY.
Key Financial Results
The table below summarizes key preliminary financial results for the half year ended June 30, 2025.
(in millions of U.S. dollars, unaudited)
1H 2025 1H 2024 % Change (YoY)
------------------------------- -------- ------- --------------
Revenue 218 398 (45%)
Cost of revenue 200 347 (42%)
Gross profit 18 51 (65%)
Gross margin (%) 8% 13% -
Operating loss (263) (438) (40%)
Net loss (313) (460) (32%)
Adjusted net loss($(A)$ () (311) (424) (27%)
Adjusted EBITDA((A) () (240) (382) (37%)
------------------------------- -------- ------- --------------
(A) Non-GAAP measure. See "Non-GAAP Financial Measures" and "Appendix D -- Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)" for details and a reconciliation of adjusted metrics to the nearest GAAP measure.
Recent Developments
-- New Sources of Funding: On August 19, 2025, the Company entered into a
securities purchase agreement with ATW Partners, pursuant to which the
Company agreed to issue and sell convertible notes for up to an aggregate
principal amount of $300 million. Pursuant to this agreement, the Company
issued notes in the original principal amount of $10 million on
August 19, 2025, and up to $290 million in aggregate principal amount of
additional convertible notes may be issued upon satisfaction of certain
conditions. On July 28, 2025, the Company entered into a Master Credit
Facility Framework Agreement with Zhejiang Geely Holding Group Company
Limited ("Geely"), pursuant to which Geely agrees to provide (including
through its affiliates) the Company and its affiliates with a
non-revolving credit facility of up to RMB1,600,000,000.
-- Goodwood Festival of Speed: In July, Lotus announced its official return
to Goodwood Festival by unveiling the "Emira Cup" race car at the event.
Lotus also exhibited the concept car "Theory 1", with a full lineup
including hypercar Evija, Emeya hyper GT, Eletre hyper SUV, Emira, as
well as legacy race cars, to numerous Goodwood visitors.
-- Strategic Partnership: Lotus Robotics, a wholly-owned subsidiary of the
Company has entered into a Memorandum of Understanding (MoU) with a
strategic partner to pursue a strategic collaboration in AI and
intelligent driving technologies, including the exploration of a Robotaxi
project in Saudi Arabia.
CEO and CFO Comments
Mr. Qingfeng Feng, Chief Executive Officer, commented: "Amidst volatile market condition, our ability to deliver standout performance in China's fiercely competitive landscape underscores the resilience of our strategy. We are grateful to our investors for their confidence in our vision -- the recent capital injections have not only fortified our cash positions but will also accelerate our transformation into a next-generation mobility leader. We are confident that we will further strengthen our operations and deliver sustainable value for our shareholders over the long-term."
Dr. Daxue Wang, Chief Financial Officer, commented: "With deliveries of the upgraded models ramping up in China during the second quarter, we achieved a QoQ revenue growth of 35%, a testament to our product competitiveness. Notably, our gross margin has rebounded meaningfully from the trough as compared with the full year of 2024, supported by disciplined cost controls. We remain committed to enhancing operational efficiency to continue to deliver value for our customers, partners, and shareholders."
Operating and Financial Results of the Second Quarter of 2025
-- Total deliveries1 for the second quarter of 2025 was 1,410 units, a 49%
YoY decrease.
-- Total revenues for the second quarter of 2025 were $126 million, a 44%
YoY decrease.
-- Gross margin for the second quarter of 2025 was 5.4%, versus 9.2% for the
same period of 2024.
-- Net loss for the second quarter was $130 million, narrowed by 36% YoY.
-- Adjusted EBITDA (non-GAAP) was a loss of $103 million for the second
quarter of 2025, narrowed by 42% YoY.
Deliveries(1) by Model Type
2Q 2025 2Q 2024 % Change (YoY)
------------------------ ------- ------- --------------
Lifestyle SUV and Sedan 1,170 1,385 (16%)
Sportscars 240 1,354 (82%)
Total 1,410 2,739 (49%)
------------------------ ------- ------- --------------
Key Financial Results
The table below summarizes key preliminary financial results for the second quarter in 2025.
(in millions of U.S. dollars, unaudited)
2Q 2025 2Q 2024 %Change (YoY)
--------------------------- -------- ------- -------------
Revenue 126 225 (44%)
Cost of Revenue 119 204 (42%)
Gross profit 7 21 (67%)
Gross margin (%) 5% 9% -
Operating loss (160) (204) (22%)
Net loss (130) (202) (36%)
Adjusted net loss(A) (128) (201) (36%)
Adjusted EBITDA((A) () (103) (177) (42%)
--------------------------- -------- ------- -------------
(A) Non-GAAP measure. See "Non-GAAP Financial Measures" and "Appendix D -- Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)" for details and a reconciliation of adjusted metrics to the nearest GAAP measure.
Conference Call
Lotus Tech management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Friday, August 29, 2025 (14:00 Central European Time / 20:00 China Standard Time on the same day).
There will be a live audio webcast and replay available following completion of the call on the Company's investor relations website at https://ir.group-lotus.com/.
For participants who wish to join the call, please complete online registration prior to the scheduled call start time using the link provided below. Upon registration, participants will receive a confirmation email with conference call access information, including dial-in numbers and a unique PIN. Participant online registration link: https://register-conf.media-server.com/register/BI4ba350436871458691c94dca92e18e7c
Note 1: Including commissioned deliveries in US market.
The volume of delivery previously announced by the Company was based on the number of vehicles invoiced in the China market and the number of vehicles in relation to which revenue had been recognized for markets outside China, and included commissioned deliveries in the US market. Starting from the three months ended June 30, 2025, the presentation of delivery data has been unified and the volume of delivery reported represents the number of vehicles in relation to which revenue has been recognized for all markets and includes commissioned deliveries in the US market. Historical data presented in this press release has been adjusted to reflect this change.
Note 2: Based on market data of invoiced deliveries. Premium luxury SUV refers to EV SUV models pricing over RMB 550,000.
About Lotus Technology Inc.
Lotus Technology Inc. has operations across the UK, the EU and China. The Company is dedicated to delivering luxury lifestyle battery electric vehicles, with a focus on world-class R&D in next-generation automobility technologies such as electrification, digitalisation and more. For more information about Lotus Technology Inc., please visit www.group-lotus.com.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, including adjusted net loss and adjusted EBITDA in evaluating its operating results and for financial and operational decision-making purposes. Adjusted net loss represents net loss excluding share-based compensation expenses, and such adjustment has no impact on income tax. Lotus Tech defines adjusted EBITDA as net loss excluding interest income, interest expense, income tax expenses, depreciation of property, equipment and software, and share-based compensation expenses. The Company believes that non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.
Non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. Non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance. For more information on non-GAAP financial measures, please see "Appendix D -- Unaudited Reconciliation of GAAP and Non-GAAP Results (Adjusted net loss/Adjusted EBITDA)" set forth at the end of this press release.
Forward-Looking Statements
This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential", "forecast", "plan", "seek", "future", "propose" or "continue", or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain such terminology. Forward-looking statements involve inherent risks and uncertainties, including those identified under the heading "Risk Factors" in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Lotus Tech undertakes no obligation to update any forward-looking statement, except as required under applicable law.
Contact Information
For investor inquiries
ir@group-lotus.com
Appendix A
Lotus Technology Inc.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands)
As of
June 30, 2025 December 31, 2024
US$ US$
ASSETS
Current assets
Cash 67,849 103,072
Restricted cash 420,971 379,293
Accounts receivable -- third parties,
net 54,193 117,076
Accounts receivable -- related parties,
net 110,143 107,816
Inventories 164,411 188,582
Prepayments and other current assets --
third parties, net 87,044 72,541
Prepayments and other current assets --
related parties, net 149,010 74,558
------------- -----------------
Total current assets 1,053,621 1,042,938
------------- -----------------
Non-current assets
Restricted cash 2,728 2,572
Investment securities -- related parties 2,158 2,221
Securities pledged to an investor 320,734 315,796
Loan receivable from a related party 302,632 269,539
Property, equipment and software, net 243,265 316,447
Intangible assets 116,485 116,500
Operating lease right-of-use assets 126,648 144,029
Equity method investments 12,126 7,499
Other non-current assets -- third
parties 70,829 67,009
Other non-current assets -- related
parties 878 1,113
------------- -----------------
Total non-current assets 1,198,483 1,242,725
------------- -----------------
Total assets 2,252,104 2,285,663
============= =================
Lotus Technology Inc.
Unaudited Condensed Consolidated Balance Sheets (Con'd)
(All amounts in thousands)
As of
June 30, 2025 December 31, 2024
US$ US$
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities
Short term borrowings -- third parties 633,278 602,949
Short-term borrowings -- related parties 390,406 199,570
Accounts payable -- third parties 84,020 61,752
Accounts payable -- related parties 358,891 410,433
Contract liabilities -- third parties 27,666 33,964
Operating lease liabilities -- third
parties 11,493 14,094
Accrued expenses and other current
liabilities -- third parties 322,408 389,791
Accrued expenses and other current
liabilities -- related parties 234,207 214,760
Share buyback forward liabilities 49,575 117,059
Put option liabilities -- third parties - 309,115
Convertible notes - related parties 123,544 113,910
------------- -----------------
Total current liabilities 2,235,488 2,467,397
------------- -----------------
Non-current liabilities
Contract liabilities -- third parties 7,570 8,683
Operating lease liabilities -- third
parties 64,794 68,331
Operating lease liabilities -- related
parties 4,025 10,729
Put option liabilities -- third parties 363,521 -
Warrant Liabilities 1,618 3,340
Exchangeable notes 125,853 102,999
Convertible notes - third parties 63,855 74,246
Convertible notes - related parties 75,502 -
Deferred income 295,114 293,923
Other non-current liabilities -- third
parties 115,789 114,770
Other non-current liabilities -- related
parties 1,537 1,471
------------- -----------------
Total non-current liabilities 1,119,178 678,492
------------- -----------------
Total liabilities 3,354,666 3,145,889
============= =================
Lotus Technology Inc.
Unaudited Condensed Consolidated Balance Sheets (con'd)
(All amounts in thousands)
As of
June 30, 2025 December 31, 2024
US$ US$
SHAREHOLDERS' DEFICIT
Ordinary shares 7 7
Additional paid-in capital 1,846,655 1,785,664
Accumulated other comprehensive
income 65,260 55,165
Accumulated deficit (3,006,736) (2,693,698)
------------ ----------------
Total shareholders' deficit
attributable to ordinary
shareholders (1,094,814) (852,862)
------------ ----------------
Noncontrolling interests (7,748) (7,364)
------------ ----------------
Total shareholders' deficit (1,102,562) (860,226)
------------ ----------------
Total liabilities and shareholders'
deficit 2,252,104 2,285,663
============ ================
Appendix B
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss
(All amounts in thousands, except for share and per share/ADS data)
For the Six Months Ended June 30,
-------------------------------------
2025 2024
US$ US$
Revenues:
Sales of goods 197,485 382,893
Service revenues 20,841 15,222
---------------- ---------------
Total revenues 218,326 398,115
---------------- ---------------
Cost of revenues:
Cost of goods sold (184,885) (340,882)
Cost of services (15,575) (6,321)
---------------- ---------------
Total cost of revenues (200,460) (347,203)
---------------- ---------------
Gross profit 17,866 50,912
---------------- ---------------
Operating expenses:
Research and development expenses (92,305) (174,854)
Selling and marketing expenses (78,995) (204,274)
General and administrative
expenses (114,860) (111,978)
Government grants 4,866 2,488
---------------- ---------------
Total operating expenses (281,294) (488,618)
---------------- ---------------
Operating loss (263,428) (437,706)
Interest expenses (33,641) (11,708)
Interest income 13,157 8,658
Investment income, net 9,400 3,496
Foreign currency exchange gains
(losses), net 40,525 (4,429)
Changes in fair values of
liabilities, excluding impact of
instrument-specific credit risk (68,084) (18,567)
Loss before income taxes and
share of results of equity
method investments (302,071) (460,256)
Income tax expense (15,043) (355)
Share of results of equity method
investments 4,074 359
---------------- ---------------
Net loss (313,040) (460,252)
================ ===============
Less: Net loss attributable to
noncontrolling interests (2) (933)
---------------- ---------------
Net loss attributable to ordinary
shareholders (313,038) (459,319)
================ ===============
Accretion of redeemable
convertible preferred shares - (2,979)
---------------- ---------------
Net loss available to ordinary
shareholders (313,038) (462,298)
================ ===============
Loss per ordinary share(1)
--Basic and diluted (0.47) (0.75)
Weighted average number of
ordinary shares outstanding used
in computing net loss per
ordinary share(1)
--Basic and diluted 659,335,966 616,941,673
(1) Shares outstanding for all periods reflect the adjustment for recapitalization upon the consummation of merger transaction in February 2024.
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss (cont'd)
(All amounts in thousands, except for share and per share/ADS data)
For the Six Months Ended June 30,
---------------------------------------
2025 2024
--------------- ---------------
US$ US$
Net loss (313,040) (460,252)
Other comprehensive income:
Fair value changes of liabilities
due to instrument-specific
credit risk, net of nil income
taxes 16,427 (401)
Foreign currency translation
adjustment, net of nil income
taxes (6,332) 412
--------------- ---------------
Total other comprehensive income 10,095 11
--------------- ---------------
Total comprehensive loss (302,945) (460,241)
--------------- ---------------
Less: Total comprehensive loss
attributable to noncontrolling
interests (2) (933)
--------------- ---------------
Total comprehensive loss
attributable to ordinary
shareholders (302,943) (459,308)
=============== ===============
Appendix C
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss
(All amounts in thousands, except for share and per share/ADS data)
For the Three Months Ended June 30,
---------------------------------------
2025 2024
------------------ -------------------
US$ US$
Revenues:
Sales of goods 112,877 222,109
Service revenues 12,626 2,924
----------------- ----------------
Total revenues 125,503 225,033
----------------- ----------------
Cost of revenues:
Cost of goods sold (107,052) (201,609)
Cost of services (11,734) (2,826)
----------------- ----------------
Total cost of revenues (118,786) (204,435)
----------------- ----------------
Gross profit 6,717 20,598
Operating expenses:
Research and development
expenses (43,703) (70,162)
Selling and marketing expenses (39,411) (100,785)
General and administrative
expenses (84,196) (55,008)
Government grants 160 969
----------------- ----------------
Total operating expenses (167,150) (224,986)
----------------- ----------------
Operating loss (160,433) (204,388)
Interest expenses 627 (7,761)
Interest income 6,491 6,993
Investment income, net 4,760 4,890
Foreign currency exchange
gains, net 26,678 2,238
Changes in fair values of
liabilities, excluding impact
of instrument-specific credit
risk 1,587 (3,944)
----------------- ----------------
Loss before income taxes and
share of results of equity
method investments (120,290) (201,972)
Income tax expense (14,411) (213)
Share of results of equity
method investments 4,486 158
----------------- ----------------
Net loss (130,215) (202,027)
================= ================
Less: Net loss attributable to
noncontrolling interests - (577)
Net loss attributable to
ordinary shareholders (130,215) (201,450)
================= ================
Accretion of redeemable
convertible preferred shares - -
Net loss available to ordinary
shareholders (130,215) (201,450)
================= ================
Loss per ordinary share(1)
--Basic and diluted (0.20) (0.30)
Weighted average number of
ordinary shares outstanding
used in computing net loss per
ordinary share(1)
--Basic and diluted 659,341,465 675,454,342
(1) Shares outstanding for all periods reflect the adjustment for recapitalization upon the consummation of merger transaction in February 2024.
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss (con'd)
(All amounts in thousands, except for share and per share/ADS data)
For the Three Months Ended June 30,
-----------------------------------------
2025 2024
US$ US$
Net loss (130,215) (202,027)
Other comprehensive income:
Fair value changes of
liabilities due to
instrument-specific credit
risk, net of nil income taxes 9,649 (226)
Foreign currency translation
adjustment, net of nil income
taxes (1,691) 1,827
Total other comprehensive
income 7,958 1,601
---------------- ----------------
Total comprehensive loss (122,257) (200,426)
---------------- ----------------
Less: Total comprehensive loss
attributable to noncontrolling
interests - (577)
---------------- ----------------
Total comprehensive loss
attributable to ordinary
shareholders (122,257) (199,849)
================ ================
Appendix D
Lotus Technology Inc.
Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)
(All amounts in thousands)
For the Six Months Ended June 30,
---------------------------------------
2025 2024
US$ US$
Net loss (313,040) (460,252)
Share-based compensation expenses 2,215 35,894
Adjusted net loss (310,825) (424,358)
Net loss (313,040) (460,252)
Interest expenses 33,641 11,708
Interest income (13,157) (8,658)
Income tax expense 15,043 355
Share-based compensation expenses 2,215 35,894
Depreciation 35,652 39,286
--------------- ---------------
Adjusted EBITDA (239,646) (381,667)
=============== ===============
For the Three Months Ended June 30,
-----------------------------------------
2025 2024
---------------- ----------------
US$ US$
Net loss (130,215) (202,027)
Share-based compensation expenses 2,154 571
Adjusted net loss (128,061) (201,456)
Net loss (130,215) (202,027)
Interest expenses (627) 7,761
Interest income (6,491) (6,993)
Income tax expense 14,411 213
Share-based compensation expenses 2,154 571
Depreciation 17,525 23,112
---------------- ----------------
Adjusted EBITDA (103,243) (177,363)
================ ================
(END) Dow Jones Newswires
August 29, 2025 06:00 ET (10:00 GMT)