Lotus Technology Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results
-- Over 12,000 vehicles delivered in 2024, a year-on-year increase over 70%.
-- Total revenue reached $924 million, a 36% year-on-year growth.
-- Achieved a reduction in operating expenses for five consecutive quarters
through rigorous execution of efficiency enhancement initiatives.
-- The Company is expected to consolidate the entire global business of the
Lotus brand by acquisition of a majority interest in Lotus UK upon the
closing of Geely's put option.
NEW YORK, April 22, 2025 (GLOBE NEWSWIRE) -- Lotus Technology Inc. ("Lotus Tech" or the "Company") (Nasdaq: LOT), a leading global intelligent and luxury mobility provider, today announced its unaudited financial results for the fourth quarter and the year ended Dec 31, 2024.
Operating Highlights for the Full Year of 2024
In the full year of 2024, the Company achieved total deliveries(1) of 12,134 units, representing a 74% year-on-year (YoY) increase, powered by over 200 stores worldwide. The Company maintained a growth trajectory amid global trade uncertainties and economic slowdown.
The European market contributed nearly 40% of total deliveries. With Eletre rollout and Emeya commencing deliveries in mid-2024, the European market achieved a YoY growth rate of 179%, positioning Europe as the Company's largest global market in 2024.
China, as the second largest market for Lotus, contributed 25% to total deliveries despite intensifying market competition and economic downturn.
Deliveries in North America contributed 21% of the Lotus' global deliveries as Emira, the sportscar model produced in Hethel UK, commenced customer deliveries in the U.S. in 2024.
The rest of the world region represented 15% of total deliveries with nearly 90% YoY growth. In the fourth quarter of 2024, the Company started to deliver Emeya in Malaysia, Thailand, Singapore, UAE and Philippines.
Deliveries(1) by Model Type
Full Year 2024 Full Year 2023 %Change (YoY)
-------------------------- -------------- -------------- ---------------
Lifestyle SUV and Sedan 6,862 4,361 57%
Sportscars 5,272 2,609 102%
Total 12,134 6,970 74%
-------------------------- -------------- -------------- -------- ----
Deliveries(1) by Region
Full Year 2024 % by region Full Year 2023 % by region
---------------- -------------- ------------- -------------- -------------
Europe 4,743 39% 1,703 24%
China 3,018 25% 3,825 55%
North America 2,578 21% 501 7%
Rest of the
World 1,795 15% 941 14%
Total 12,134 100% 6,970 100%
---------------- -------------- ------- --- -------------- ------- ---
Financial Highlights for the Full Year of 2024
-- Total revenues: $924 million, reflecting a 36% YoY increase. -- Sales of goods: $891 million, up 35% YoY. -- Service revenues: $33 million, a 77% YoY increase. -- Gross margin: 3%, as compared with 15% in 2023. -- Gross margin of sales of goods: 3%, versus 14% in 2023. -- Gross margin of service revenues: 17%, versus 36% in 2023. -- Operating loss: $786 million, a 7% YoY increase. -- Net loss: $1,107 million, a 48% YoY increase. -- Adjusted net loss (non-GAAP): $1,075 million, a 43% YoY increase. -- Adjusted EBITDA (non-GAAP): loss of $961 million, a 39% YoY increase.
Key Financial Results
The table below summarizes key preliminary financial results for the full year of 2024 ended December 31, 2024.
(in millions of U.S. dollars, unaudited)
Full Year 2024 Full Year 2023 % Change (YoY)
--------------------------- --------------- -------------- ----------------
Revenues 924 679 36%
Cost of revenues 895 577 55%
Gross profit 29 102 (71%)
Gross margin (%) 3% 15%
Operating loss (786) (736) 7%
Net loss (1,107) (750) 48%
Adjusted net loss($(A)$
() (1,075) (750) 43%
Adjusted EBITDA((A) () (961) (693) 39%
--------------------------- --------------- -------------- --------- ----
(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.
Put Option: To Integrate global business under Lotus Brand
On April 14, 2025, the Company received the exercise notice from Geely International (Hong Kong) Limited ("Geely"), requiring the Company to purchase 51% of the equity interests in Lotus Advance Technologies Sdn Bhd ("Lotus UK") held by Geely, pursuant to the Put Option Agreement dated January 31, 2023, between the parties.
Lotus UK oversees the manufacturing operations for Lotus' sportscars and hyper cars. It also manages Lotus Engineering, which provides comprehensive consultancy services to many of the OEMs and Tier 1 suppliers worldwide.
Pursuant to the exercise of put option from Geely, the Company expects to acquire 51% of the equity interest in Lotus UK through a non-cash transaction based on a pre-agreed valuation methodology(2) . 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 global business under the Lotus brand.
The acquisition is expected to be completed in 2025, subject to potential regulatory approvals.
Recent Developments
-- Delivery Update: The Company delivered a total of 1,282 vehicles in the
first 3 months of 2025.
-- Return of Lotus Brand in China: In January 2025, Lotus successfully
reclaimed the proprietary rights to the LOTUS roundel, LOTUS word mark
and the Chinese character of LOTUS (" ") in China, achieving global
trademark consistency.
-- Model Facelift: In February, Lotus revamped the lineup for its Eletre
hyper-SUV and Emeya hyper-GT with upgraded configuration and competitive
pricing.
-- Urban NOA (Navigate on Autopilot) Service and OTA Delivery: The Company
launched mapless urban NOA in 16 cities across China in February, 2025.
The system enables variable lane driving, seamless transitions between
highways and city roads, U-turns at intersections, intelligent lane
selection, and smart obstacle avoidance, among other functions.
-- Strategic partnership: Lotus Robotics, the Company's intelligent driving
arm, established a strategic partnership with CaoCao Mobility to launch
an innovative intelligent mobility platform for robotaxis.
-- ESG: Lotus Technology's Natural Capital Assessment Project was included
in the World Economic Forum Report.
CEO and CFO comments
"We continued to deliver meaningful operational growth amid global trade uncertainties, with total deliveries of 12,134 units in 2024, up 74% year-on-year, outperforming broad luxury market," said Mr. Qingfeng Feng, Chief Executive Officer. "We have proactively adapted our strategies by expanding our product pricing range and introducing new configurations to meet diversified market needs and broaden our customer base, targeting to keep global delivery growth ahead of broad luxury market. At the same time, we are actively exploring potential strategic responses to trade uncertainties to keep expanding in key global markets, such as North America, where we have long been committed. Through ONE LOTUS strategy, we are fully integrating all businesses under the Lotus brand, which will strengthen brand equity and enhance operational flexibility and internal synergies. We are confident in creating substantial long-term value for our customers and shareholders."
Dr. Daxue Wang, Chief Financial Officer, said: "We have made continual improvements, streamlined operations to drive efficiency, optimized resource allocation, and reduced operating expenses for five consecutive quarters. Though the Company's gross margin was lower to 3% in 2024 due to tariff impact and proactive destock in response to the global trade uncertainties, we have initiated strategic cost optimization to improve profitability. As we progress with the acquisition of Lotus UK, we are committed to driving cost streamlining and operational enhancements across all markets to continuously deliver long-term value."
Operating and Financial Results for the Fourth Quarter of 2024
-- Total deliveries1: 4,506 units, a 20% YoY increase. -- Total revenues: $272 million, down 25% YoY. -- Gross margin: -11%, as compared with 19% in Q4 2023. -- Operating loss: $189 million, narrowed by 17% YoY. -- Net loss: $441 million, a 97% YoY increase. -- Adjusted EBITDA (non-GAAP): loss of $398 million, a 92% YoY increase.
Deliveries(1) by Model Type
4Q 2024 4Q 2023 % Change (YoY)
-------------------------- ------- ------- ----------------
Lifestyle SUV and Sedan 2,868 2,599 10%
Sportscars 1,638 1,150 42%
Total 4,506 3,749 20%
-------------------------- ------- ------- ------- ------
Key Financial Results
The table below summarizes key preliminary financial results for the fourth quarter of 2024.
(in millions of U.S. dollars, unaudited)
4Q 2024 4Q 2023 % Change (YoY)
--------------------------- -------- ------- ----------------
Revenues 272 361 (25%)
Cost of Revenues 301 293 3%
Gross profit (29) 68 (143%)
Gross margin (%) (11%) 19%
Operating loss (189) (228) (17%)
Net loss (441) (224) 97%
Adjusted net loss(A) (442) (224) 98%
Adjusted EBITDA((A) () (398) (207) 92%
--------------------------- -------- ------- ---------- ---
(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 Tuesday, April 22, 2025 (14:00 Central European Time / 20:00 China Standard Time on the same day).
Listen to Webcast: https://edge.media-server.com/mmc/p/mdbmd5h5.
To join by phone call and raise questions: https://s1.c-conf.com/diamondpass/10046903-4uvopb.html.
Note 1: Invoiced deliveries, including commissioned deliveries in US market.
Note 2: Pursuant to the agreement, the Company will issue new shares valued at $10 per share in consideration of Geely and Etika's transfer of Lotus UK shares. Lotus UK is valued at 1.15 multiples revenue plus cash minus debt of LGIL, based on LGIL's audited consolidated annual financial report of 2024.
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 C -- 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
December 31, 2024 December 31, 2023
US$ US$
ASSETS
Current assets
Cash 103,072 418,941
Restricted cash 379,293 7,873
Accounts receivable -- third
parties, net 117,076 76,664
Accounts receivable -- related
parties, net 107,816 22,430
Inventories 188,582 265,190
Prepayments and other current assets
-- third parties, net 72,541 63,870
Prepayments and other current assets
-- related parties, net 74,558 28,744
----------------- -----------------
Total current assets 1,042,938 883,712
----------------- -----------------
Non-current assets
Restricted cash 2,572 321
Investment securities -- related
parties 2,221 3,326
Securities pledged to an investor 315,796 -
Loan receivable from a related party 269,539 -
Property, equipment and software,
net 316,447 354,617
Intangible assets 116,500 116,360
Operating lease right-of-use assets 144,029 173,103
Equity method investments 7,499 4,466
Other non-current assets -- third
parties 67,009 46,067
Other non-current assets -- related
parties 1,113 2,706
----------------- -----------------
Total non-current assets 1,242,725 700,966
----------------- -----------------
Total assets 2,285,663 1,584,678
================= =================
Lotus Technology Inc.
Unaudited Condensed Consolidated Balance Sheets (Con'd)
(All amounts in thousands)
As of
December 31, 2024 December 31, 2023
US$ US$
LIABILITIES, MEZZANINE EQUITY AND
SHAREHOLDERS' DEFICIT
Current liabilities
Short-term borrowings -- third
parties 602,949 226,772
Short-term borrowings -- related
parties 199,570 -
Accounts payable -- third parties 61,752 20,123
Accounts payable -- related parties 410,433 340,419
Contract liabilities -- third
parties 33,964 44,184
Operating lease liabilities -- third
parties 14,094 16,760
Accrued expenses and other current
liabilities -- third parties 389,791 419,422
Accrued expenses and other current
liabilities -- related parties 214,760 290,686
Exchangeable notes - 378,638
Share buyback forward liabilities 117,059 -
Put option liabilities -- third
parties 309,115 -
Convertible notes - related parties 113,910 -
Convertible notes - third parties - 20,277
----------------- -----------------
Total current liabilities 2,467,397 1,757,281
----------------- -----------------
Non-current liabilities
Contract liabilities -- third
parties 8,683 6,245
Operating lease liabilities -- third
parties 68,331 91,929
Operating lease liabilities --
related parties 10,729 12,064
Put option liabilities -- related
parties - 11,884
Warrant Liabilities 3,340 -
Exchangeable notes 102,999 75,678
Convertible notes - third parties 74,246 81,635
Deferred income 293,923 270,097
Other non-current liabilities --
third parties 114,770 103,403
Other non-current liabilities --
related parties 1,471 1,634
----------------- -----------------
Total non-current liabilities 678,492 654,569
----------------- -----------------
Total liabilities 3,145,889 2,411,850
================= =================
Lotus Technology Inc.
Unaudited Condensed Consolidated Balance Sheets (con'd)
(All amounts in thousands)
As of
December 31, 2024 December 31, 2023
US$ US$
MEZZANINE EQUITY
Series Pre-A Redeemable
Convertible Preferred Shares - 184,509
Series A Redeemable Convertible
Preferred Shares - 199,021
---------------- ----------------
Total mezzanine equity - 383,530
---------------- ----------------
SHAREHOLDERS' DEFICIT
Ordinary shares 7 21
Additional paid-in capital 1,785,664 358,187
Accumulated other comprehensive
income 55,165 25,267
Accumulated deficit (2,693,698) (1,588,773)
---------------- ----------------
Total shareholders' deficit
attributable to ordinary
shareholders (852,862) (1,205,298)
---------------- ----------------
Noncontrolling interests (7,364) (5,404)
---------------- ----------------
Total shareholders' deficit (860,226) (1,210,702)
---------------- ----------------
Total liabilities, mezzanine
equity and shareholders'
deficit 2,285,663 1,584,678
================ ================
Appendix B
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss
(All amounts in thousands, except for share and per share)
For the Year Ended December 31,
-----------------------------------
2024 2023
US$ US$
Revenues:
Sales of goods 891,061 660,158
Service revenues 33,288 18,850
--------------- --------------
Total revenues 924,349 679,008
--------------- --------------
Cost of revenues:
Cost of goods sold (867,061) (564,741)
Cost of services (27,662) (12,086)
--------------- --------------
Total cost of revenues (894,723) (576,827)
--------------- --------------
Gross profit 29,626 102,181
--------------- --------------
Operating expenses:
Research and development expenses (274,801) (368,729)
Selling and marketing expenses (322,310) (328,935)
General and administrative expenses (227,475) (144,533)
Government grants 8,638 4,077
--------------- --------------
Total operating expenses (815,948) (838,120)
--------------- --------------
Operating loss (786,322) (735,939)
Interest expenses (58,218) (10,200)
Interest income 22,289 9,204
Investment income (loss), net 14,232 (1,162)
Share of results of equity method
investments (171) (1,048)
Foreign currency exchange (losses)
gains, net (11,664) 42
Changes in fair values of
liabilities, excluding impact of
instrument-specific credit risk (285,423) (10,039)
Loss before income taxes (1,105,277) (749,142)
Income tax expense (2,012) (1,113)
--------------- --------------
Net loss (1,107,289) (750,255)
=============== ==============
Less: Net loss attributable to
noncontrolling interests (2,364) (8,254)
--------------- --------------
Net loss attributable to ordinary
shareholders (1,104,925) (742,001)
=============== ==============
Accretion of Redeemable Convertible
Preferred Shares (2,979) (15,121)
--------------- --------------
Net loss available to ordinary
shareholders (1,107,904) (757,122)
=============== ==============
Loss per ordinary share(1)
--Basic and diluted (1.72) (1.60)
Weighted average number of
ordinary shares outstanding used
in computing net loss per ordinary
share(1)
--Basic and diluted 645,227,356 474,621,603
(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)
For the Year Ended December 31,
-------------------------------------
2024 2023
US$ US$
Net loss (1,107,289) (750,255)
Other comprehensive income:
Fair value changes of liabilities
due to instrument-specific credit
risk, net of nil income taxes 13,547 (8,650)
Foreign currency translation
adjustment, net of nil income
taxes 16,351 16,210
---------------- ------------
Total other comprehensive income 29,898 7,560
---------------- ------------
Total comprehensive loss (1,077,391) (742,695)
---------------- ------------
Less: Total comprehensive loss
attributable to noncontrolling
interests (2,364) (8,254)
---------------- ------------
Total comprehensive loss
attributable to ordinary
shareholders (1,075,027) (734,441)
================ ============
Appendix C
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss
(All amounts in thousands, except for share and per share)
Three Months Ended
--------------------------------------
December 31, 2024 December 31, 2023
----------------- -------------------
US$ US$
Revenues:
Sales of goods 266,812 354,678
Service revenues 4,714 6,389
---------------- ----------------
Total revenues 271,526 361,067
---------------- ----------------
Cost of revenues:
Cost of goods sold (286,241) (289,495)
Cost of services (14,774) (3,139)
---------------- ----------------
Total cost of revenues (301,015) (292,634)
---------------- ----------------
Gross profit (29,489) 68,433
Operating expenses:
Research and development
expenses (47,276) (134,182)
Selling and marketing expenses (62,506) (137,704)
General and administrative
expenses (52,133) (26,330)
Government grants 2,827 1,720
---------------- ----------------
Total operating expenses (159,088) (296,496)
---------------- ----------------
Operating loss (188,577) (228,063)
Interest expenses (37,661) (2,833)
Interest income 7,013 1,946
Investment income, net 3,433 147
Share of results of equity
method investments (132) (400)
Foreign currency exchange
losses, net (26,627) (841)
Changes in fair values of
liabilities, excluding impact
of instrument-specific credit
risk (197,361) 6,076
Loss before income taxes (439,912) (223,968)
Income tax (expense) benefit (857) 237
---------------- ----------------
Net loss (440,769) (223,731)
================ ================
Less: Net loss attributable to
noncontrolling interests (962) (603)
Net loss attributable to
ordinary shareholders (439,807) (223,128)
================ ================
Accretion of Redeemable
Convertible Preferred Shares - (10,058)
Net loss available to ordinary
shareholders (439,807) (233,186)
================ ================
Loss per ordinary share(1)
--Basic and diluted (0.66) (0.49)
Weighted average number of
ordinary shares outstanding
used in computing net loss per
ordinary share(1)
--Basic and diluted 670,513,486 474,621,603
(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)
Three Months Ended
--------------------------------------
December 31, 2024 December 31, 2023
----------------- -------------------
US$ US$
Net loss (440,769) (223,731)
Other comprehensive income
(loss):
Fair value changes of
liabilities due to
instrument-specific credit
risk, net of nil income taxes 13,317 (8,065)
Foreign currency translation
adjustment, net of nil income
taxes 16,233 (7,867)
Total other comprehensive income
(loss) 29,550 (15,932)
---------------- ----------------
Total comprehensive loss (411,219) (239,663)
---------------- ----------------
Less: Total comprehensive loss
attributable to noncontrolling
interests (962) (667)
---------------- ----------------
Total comprehensive loss
attributable to ordinary
shareholders (410,257) (238,996)
================ ================
Appendix D
Lotus Technology Inc.
Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)
(All amounts in thousands)
For the Year Ended December 31,
-------------------------------------
2024 2023
US$ US$
Net loss (1,107,289) (750,255)
Share-based compensation expenses,
net of tax effect of nil(1) 31,930 -
Adjusted net loss (1,075,359) (750,255)
Net loss (1,107,289) (750,255)
Interest expenses 58,218 10,200
Interest income (22,289) (9,204)
Income tax expense 2,012 1,113
Share-based compensation expenses 31,930 -
Depreciation 76,488 54,957
---------------- ------------
Adjusted EBITDA (960,930) (693,189)
================ ============
Three Months Ended
--------------------------------------
December 31, 2024 December 31, 2023
----------------- -------------------
US$ US$
Net loss (440,769) (223,731)
Share-based compensation
expenses, net of tax effect of
nil(1) (1,635) -
Adjusted net loss (442,404) (223,731)
Net loss (440,769) (223,731)
Interest expenses 37,661 2,833
Interest income (7,013) (1,946)
Income tax expense (benefit) 857 (237)
Share-based compensation
expenses (1,635) -
Depreciation 13,335 16,307
---------------- ----------------
Adjusted EBITDA (397,564) (206,774)
================ ================
(1) Share-based compensation expenses were non-deductible expenses in accordance with the regulations of the relevant tax jurisdictions. Therefore, there is no tax impact for share-based compensation expenses adjustment for non-GAAP financial measures.
(END) Dow Jones Newswires
April 22, 2025 07:47 ET (11:47 GMT)
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