Lotus Technology Reports Unaudited Second Quarter and First Half 2025 Financial Results
Lotus Technology (LOT) reported its H1 2025 financial results, delivering 2,813 vehicles and generating revenue of $218 million, marking a 45% year-over-year decrease. The company's operating loss narrowed by 40% to $263 million, while net loss improved by 32% to $313 million.
Key developments include securing up to $500 million in funding commitments, with $300 million from ATW Partners through convertible notes and a RMB 1.6 billion credit facility from Geely. The company is set to acquire 100% equity in Lotus UK through non-cash transactions. Additionally, Lotus Robotics entered an MOU for strategic collaboration on intelligent driving and Robotaxi development in Saudi Arabia.
Regional deliveries showed China leading with 50% market share (1,403 units), followed by Europe at 31% (858 units), despite overall deliveries declining 43% year-over-year.
Lotus Technology (LOT) ha pubblicato i risultati finanziari del primo semestre 2025: ha consegnato 2.813 veicoli e registrato ricavi per 218 milioni di dollari, con una diminuzione del 45% su base annua. La perdita operativa si 猫 ridotta del 40% a 263 milioni di dollari, mentre la perdita netta 猫 migliorata del 32%, attestandosi a 313 milioni di dollari.
Tra gli sviluppi principali figurano impegni di finanziamento fino a 500 milioni di dollari, comprensivi di 300 milioni da ATW Partners tramite obbligazioni convertibili e di una linea di credito di 1,6 miliardi di RMB da Geely. La societ脿 acquisir脿 il 100% del capitale di Lotus UK tramite operazioni non in contanti. Inoltre, Lotus Robotics ha firmato un MOU per una collaborazione strategica sul guida intelligente e lo sviluppo di Robotaxi in Arabia Saudita.
Per area geografica, la Cina guida con una quota del 50% (1.403 unit脿), seguita dall鈥橢uropa con il 31% (858 unit脿), nonostante le consegne complessive siano diminuite del 43% su base annua.
Lotus Technology (LOT) present贸 sus resultados del primer semestre de 2025: entreg贸 2.813 veh铆culos y obtuvo ingresos por 218 millones de d贸lares, un descenso interanual del 45%. La p茅rdida operativa se redujo un 40% hasta 263 millones de d贸lares, y la p茅rdida neta mejor贸 un 32% hasta 313 millones de d贸lares.
Entre los hitos clave figura la obtenci贸n de compromisos de financiaci贸n por hasta 500 millones de d贸lares, incluyendo 300 millones de ATW Partners mediante pagar茅s convertibles y una l铆nea de cr茅dito de 1.600 millones de RMB de Geely. La compa帽铆a adquirir谩 el 100% del capital de Lotus UK mediante transacciones no monetarias. Adem谩s, Lotus Robotics firm贸 un MOU para colaborar estrat茅gicamente en conducci贸n inteligente y desarrollo de Robotaxi en Arabia Saud铆.
Por regiones, China lidera con una cuota del 50% (1.403 unidades), seguida de Europa con un 31% (858 unidades), pese a que las entregas totales cayeron un 43% interanual.
Lotus Technology (LOT)電� 2025雲� 靸侂皹旮� 鞁れ爜鞚� 氚滍憸頄堨姷雼堧嫟. 2,813雽赌毳� 鞚鸽弰頃橁碃 2.18鞏� 雼煬鞚� 毵れ稖鞚� 旮半頃� 鞝勲厔 霃欔赴 雽�牍� 45% 臧愳唽頄堨姷雼堧嫟. 鞓侅梾靻愳嫟鞚� 40% 於曥唽霅橃柎 2.63鞏� 雼煬臧� 霅橃棃瓿�, 靾滌啇鞁れ潃 32% 臧滌劆霅橃柎 3.13鞏� 雼煬毳� 旮半頄堨姷雼堧嫟.
欤检殧 雮挫毄鞙茧電� 齑� 5鞏� 雼煬 攴滊鞚� 鞛愱笀 臁半嫭 鞎届爼 頇曤炒臧� 鞛堨溂氅�, 攴胳 3鞏� 雼煬電� ATW Partners鞚� 鞝勴櫂靷眲毳� 韱淀暣, 16鞏� 鞙勳晥(RMB) 攴滊鞚� 鞁犾毄頃滊弰電� Geely搿滊秬韯� 頇曤炒頄堨姷雼堧嫟. 須岇偓電� 牍勴槃旮� 瓯半灅毳� 韱淀暣 Lotus UK鞚� 歆�攵� 100%毳� 鞚胳垬頃� 鞓堨爼鞛呺媹雼�. 霕愴暅 Lotus Robotics電� 靷毎霐旍晞霛茧箘鞎勳棎靹� 歆�電ロ槙 欤柬枆 氚� 搿滊炒韮濎嫓 臧滊皽鞚� 鞙勴暅 鞝勲灥鞝� 順戨牓鞚� 氇╈爜鞙茧 MOU毳� 觳搓舶頄堨姷雼堧嫟.
歆�鞐硠 鞚鸽弰 鞁れ爜鞚� 欷戧淡鞚� 50%(1,403雽�)搿� 靹犽憪鞓�瓿�, 鞙犽熃鞚� 31%(858雽�)搿� 霋るゼ 鞚挫棃鞀惦媹雼�. 鞝勳泊 鞚鸽弰 雽�靾橂姅 鞝勲厔 霃欔赴 雽�牍� 43% 臧愳唽頄堨姷雼堧嫟.
Lotus Technology (LOT) a publi茅 ses r茅sultats du premier semestre 2025 : 2 813 v茅hicules livr茅s et un chiffre d鈥檃ffaires de 218 millions de dollars, soit une baisse de 45% sur un an. La perte d鈥檈xploitation s鈥檈st r茅duite de 40% 脿 263 millions de dollars, et la perte nette s鈥檈st am茅lior茅e de 32% pour atteindre 313 millions de dollars.
Parmi les faits marquants figurent des engagements de financement pouvant atteindre 500 millions de dollars, dont 300 millions de la part d鈥橝TW Partners via des billets convertibles, et une ligne de cr茅dit de 1,6 milliard de RMB accord茅e par Geely. La soci茅t茅 va acqu茅rir 100% des parts de Lotus UK par des op茅rations non mon茅taires. En outre, Lotus Robotics a sign茅 un protocole d鈥檃ccord pour une collaboration strat茅gique sur la conduite intelligente et le d茅veloppement de Robotaxis en Arabie Saoudite.
Par r茅gion, la Chine domine avec 50% des livraisons (1 403 unit茅s), suivie de l鈥橢urope avec 31% (858 unit茅s), malgr茅 une baisse globale des livraisons de 43% sur un an.
Lotus Technology (LOT) ver枚ffentlichte seine Finanzergebnisse f眉r H1 2025: Geliefert wurden 2.813 Fahrzeuge bei einem Umsatz von 218 Mio. USD, was einem R眉ckgang von 45% gegen眉ber dem Vorjahr entspricht. Der operative Verlust verringerte sich um 40% auf 263 Mio. USD, die Nettobelastung verbesserte sich um 32% auf 313 Mio. USD.
Wesentliche Entwicklungen umfassen Finanzierungszusagen von bis zu 500 Mio. USD, davon 300 Mio. von ATW Partners in Form wandelbarer Schuldtitel sowie eine Kreditfazilit盲t 眉ber 1,6 Mrd. RMB von Geely. Das Unternehmen wird Lotus UK durch nicht-barmittelbasierte Transaktionen zu 100% 眉bernehmen. Zudem schloss Lotus Robotics ein MOU f眉r eine strategische Zusammenarbeit bei intelligentem Fahren und der Entwicklung von Robotaxis in Saudi-Arabien.
Bei den regionalen Auslieferungen f眉hrt China mit einem Marktanteil von 50% (1.403 Einheiten), gefolgt von Europa mit 31% (858 Einheiten), obwohl die Gesamtlieferungen im Jahresvergleich um 43% zur眉ckgingen.
- Operating loss narrowed by 40% year-over-year to $263 million
- Secured up to $500 million in new funding commitments
- Set to acquire 100% of Lotus UK, consolidating all operations under the Lotus brand
- Achieved 35% quarter-over-quarter revenue growth in Q2 2025
- Strengthened market position in China, becoming dominant in premium luxury BEV SUV segment
- Total revenue decreased 45% year-over-year to $218 million
- Vehicle deliveries declined 43% year-over-year to 2,813 units
- Gross margin deteriorated to 8.2% from 12.8% year-over-year
- Sportscar deliveries dropped 64% year-over-year
- North American deliveries disrupted due to tariff issues
Insights
Lotus Tech shows mixed performance with 40% reduced losses amid 45% revenue decline, securing $500M funding as deliveries fell 43% YoY.
Lotus Technology's H1 2025 results reveal a company navigating significant challenges while making progress on operational efficiency. The company delivered 2,813 vehicles in H1 2025, down
The delivery composition shows interesting regional shifts: China now represents
Gross margin deteriorated to
The financial stability has been bolstered by new funding sources, including a
The strategic MOU for Robotaxi development in Saudi Arabia represents a potential new growth avenue, though implementation details remain sparse. With cash burn improving and new capital secured, Lotus appears to be stabilizing its financial position while working through a challenging transition period in its product cycle and navigating international trade complexities.
Lotus's product transition and geographic pivot to China shows adaptation amid challenging global conditions, but execution remains critical.
Lotus Technology's H1 2025 results reveal a company in strategic transition, pivoting toward China while managing significant headwinds in other markets. The upgraded Eletre hyper SUV has emerged as a standout performer in China's premium luxury BEV segment during Q2, signaling product-market fit in this crucial growth region. This helps explain why China now accounts for
The company is experiencing a classic product transition challenge, with the need to manage inventory destocking while ramping up deliveries of upgraded models. This transition is especially pronounced in the sportscar segment, where deliveries plummeted
Lotus's pending acquisition of the remaining
The company's participation in the prestigious Goodwood Festival with the unveiling of the "Emira Cup" race car and exhibition of the "Theory 1" concept car demonstrates continued commitment to the brand's performance heritage while showcasing its future direction. The MOU with a strategic partner for Robotaxi development in Saudi Arabia indicates Lotus is exploring diversification into autonomous mobility services, leveraging its technical capabilities beyond traditional vehicle sales.
With production and delivery momentum building in Q2 (as evidenced by the
- 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. (鈥淟otus Tech鈥� or the 鈥淐ompany鈥�), 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听
In the first half of 2025, the Company achieved total deliveries1 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鈥檚 premium luxury BEV SUV segment2 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.
Deliveries1 by Model Type
| 听 | 1H 2025 | 1H 2024 | %Change (YoY) |
| Lifestyle SUV and Sedan | 1,922 | 2,428 | ( |
| Sportscars | 891 | 2,476 | ( |
| Total | 2,813 | 4,904 | (43%) |
Deliveries1 by Region
| 听 | 1H 2025 | 1H | 1H 2024 | 1H 2024 % |
| Europe | 858 | 1,459 | ||
| China | 1,403 | 1,239 | ||
| North America | 430 | 1,278 | ||
| Rest of the World | 122 | 928 | ||
| Total | 2,813 | 100% | 4,904 | 100% |
On June 30, 2025, Etika Automotive Sdn Bhd (鈥淓tika鈥�) exercised its put option, requiring the Company to purchase
Financial Highlights of the First Half of 2025
- Total revenues for the first half of 2025 was
$218 million , a45% YoY decrease. - Gross margin for the first half was
8.2% , versus12.8% for the first half of 2024. - Operating loss was
$263 million for the first half of 2025, narrowed by40% YoY. - Net loss was
$313 million for the first half of 2025, narrowed by32% YoY. - Adjusted EBITDA (non-GAAP) was a loss of
$240 million for the first half of 2025, narrowed by37% YoY.
Key Financial Results
The table below summarizes key preliminary financial results for the half year ended June 30, 2025.
(in millions of听U.S.听dollars, unaudited)
| 听 | 听1H 2025 | 1H 2024 | % Change (YoY) |
| Revenue | 218 | 398 | ( |
| Cost of revenue | 200 | 347 | ( |
| Gross profit | 18 | 51 | ( |
| Gross margin (%) | - | ||
| Operating loss | (263) | (438) | ( |
| Net loss | (313) | (460) | ( |
| Adjusted net loss(A) | (311) | (424) | ( |
| Adjusted EBITDA(A) | (240) | (382) | ( |
(A) Non-GAAP measure. See 鈥淣on-GAAP Financial Measures鈥� and 鈥淎ppendix D 鈥� Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)鈥� 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听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 (鈥淕eely鈥�), 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 鈥淓mira Cup鈥� race car at the event. Lotus also exhibited the concept car 鈥淭heory 1鈥�, 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 鈥� 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
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 , a44% YoY decrease. - Gross margin for the second quarter of 2025 was
5.4% , versus9.2% for the same period of 2024. - Net loss for the second quarter was
$130 million , narrowed by36% YoY. - Adjusted EBITDA (non-GAAP) was a loss of
$103 million for the second quarter of 2025, narrowed by42% YoY.
Deliveries1 by Model Type
| 听 | 2Q 2025 | 2Q 2024 | % Change (YoY) |
| Lifestyle SUV and Sedan | 1,170 | 1,385 | ( |
| Sportscars | 240 | 1,354 | ( |
| 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听U.S.听dollars, unaudited)
| 听 | 听2Q 2025 | 2Q 2024 | %Change听(YoY) |
| Revenue | 126 | 225 | ( |
| Cost of Revenue | 119 | 204 | ( |
| Gross profit | 7 | 21 | ( |
| Gross margin (%) | - | ||
| Operating loss | (160) | (204) | ( |
| Net loss | (130) | (202) | ( |
| Adjusted net loss(A) | (128) | (201) | ( |
| Adjusted EBITDA(A) | (103) | (177) | ( |
(A) Non-GAAP measure. See 鈥淣on-GAAP Financial Measures鈥� and 鈥淎ppendix D 鈥� Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)鈥� 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鈥檚 investor relations website at .
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:
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 .
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鈥檚 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鈥檚 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鈥檚 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鈥檚 performance. For more information on non-GAAP financial measures, please see "Appendix D 鈥� 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 鈥渇orward-looking鈥� statements pursuant to the 鈥渟afe harbor鈥� 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 鈥渕ay鈥�, 鈥渟hould鈥�, 鈥渆xpect鈥�, 鈥渋ntend鈥�, 鈥渨ill鈥�, 鈥渆stimate鈥�, 鈥渁nticipate鈥�, 鈥渂elieve鈥�, 鈥減redict鈥�, 鈥減otential鈥�, 鈥渇orecast鈥�, 鈥減lan鈥�, 鈥渟eek鈥�, 鈥渇uture鈥�, 鈥減ropose鈥� or 鈥渃ontinue鈥�, 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 鈥淩isk Factors鈥� in the Company鈥檚 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
Appendix A
Lotus Technology Inc.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands)
| 听 | 听 | As of | ||
| 听 | June 30, 2025 | 听 | December 31, 2024 | |
| 鈥� | 听 | US$ | 听 | US$ |
| ASSETS | 听 | 听 | 听 | 听 |
| Current assets | 听 | 听 | 听 | 听 |
| Cash | 听 | 67,849 | 听 | 103,072 |
| Restricted cash | 听 | 420,971 | 听 | 379,293 |
| Accounts receivable 鈥� third parties, net | 听 | 54,193 | 听 | 117,076 |
| Accounts receivable 鈥� related parties, net | 听 | 110,143 | 听 | 107,816 |
| Inventories | 听 | 164,411 | 听 | 188,582 |
| Prepayments and other current assets 鈥� third parties, net | 听 | 87,044 | 听 | 72,541 |
| Prepayments and other current assets 鈥� related parties, net | 听 | 149,010 | 听 | 74,558 |
| 鈥� | 听 | 听 | 听 | 听 |
| Total current assets | 听 | 1,053,621 | 听 | 1,042,938 |
| 鈥� | 听 | 听 | 听 | 听 |
| Non-current assets | 听 | 听 | 听 | 听 |
| Restricted cash | 听 | 2,728 | 听 | 2,572 |
| Investment securities 鈥� related parties | 听 | 2,158 | 听 | 2,221 |
| Securities pledged to an investor | 听 | 320,734 | 听 | 315,796 |
| Loan receivable from a related party | 听 | 302,632 | 听 | 269,539 |
| Property, equipment and software, net | 听 | 243,265 | 听 | 316,447 |
| Intangible assets | 听 | 116,485 | 听 | 116,500 |
| Operating lease right-of-use assets | 听 | 126,648 | 听 | 144,029 |
| Equity method investments | 听 | 12,126 | 听 | 7,499 |
| Other non-current assets 鈥� third parties | 听 | 70,829 | 听 | 67,009 |
| Other non-current assets 鈥� related parties | 听 | 878 | 听 | 1,113 |
| 鈥� | 听 | 听 | 听 | 听 |
| Total non-current assets | 听 | 1,198,483 | 听 | 1,242,725 |
| 鈥� | 听 | 听 | 听 | 听 |
| Total assets | 听 | 2,252,104 | 听 | 2,285,663 |
Lotus Technology Inc.
Unaudited Condensed Consolidated Balance Sheets (Con鈥檇)
(All amounts in thousands)
| 听 | 听 | As of | ||
| 听 | June 30, 2025 | 听 | December 31, 2024 | |
| 鈥� | 听 | US$ | 听 | US$ |
| LIABILITIES AND SHAREHOLDERS' DEFICIT | 听 | 听 | 听 | 听 |
| Current liabilities | 听 | 听 | 听 | 听 |
| Short term borrowings 鈥� third parties | 听 | 633,278 | 听 | 602,949 |
| Short-term borrowings 鈥� related parties | 听 | 390,406 | 听 | 199,570 |
| Accounts payable 鈥� third parties | 听 | 84,020 | 听 | 61,752 |
| Accounts payable 鈥� related parties | 听 | 358,891 | 听 | 410,433 |
| Contract liabilities 鈥� third parties | 听 | 27,666 | 听 | 33,964 |
| Operating lease liabilities 鈥� third parties | 听 | 11,493 | 听 | 14,094 |
| Accrued expenses and other current liabilities 鈥� third parties | 听 | 322,408 | 听 | 389,791 |
| Accrued expenses and other current liabilities 鈥� related parties | 听 | 234,207 | 听 | 214,760 |
| Share buyback forward liabilities | 听 | 49,575 | 听 | 117,059 |
| Put option liabilities 鈥� third parties | 听 | - | 听 | 309,115 |
| Convertible notes - related parties | 听 | 123,544 | 听 | 113,910 |
| 鈥� | 听 | 听 | 听 | 听 |
| Total current liabilities | 听 | 2,235,488 | 听 | 2,467,397 |
| 鈥� | 听 | 听 | 听 | 听 |
| Non-current liabilities | 听 | 听 | 听 | 听 |
| Contract liabilities 鈥� third parties | 听 | 7,570 | 听 | 8,683 |
| Operating lease liabilities 鈥� third parties | 听 | 64,794 | 听 | 68,331 |
| Operating lease liabilities 鈥� related parties | 听 | 4,025 | 听 | 10,729 |
| Put option liabilities 鈥� third parties | 听 | 363,521 | 听 | - |
| Warrant Liabilities | 听 | 1,618 | 听 | 3,340 |
| Exchangeable notes | 听 | 125,853 | 听 | 102,999 |
| Convertible notes - third parties | 听 | 63,855 | 听 | 74,246 |
| Convertible notes - related parties | 听 | 75,502 | 听 | - |
| Deferred income | 听 | 295,114 | 听 | 293,923 |
| Other non-current liabilities 鈥� third parties | 听 | 115,789 | 听 | 114,770 |
| Other non-current liabilities 鈥� related parties | 听 | 1,537 | 听 | 1,471 |
| 鈥� | 听 | 听 | 听 | 听 |
| Total non-current liabilities | 听 | 1,119,178 | 听 | 678,492 |
| 鈥� | 听 | 听 | 听 | 听 |
| Total liabilities | 听 | 3,354,666 | 听 | 3,145,889 |
Lotus Technology Inc.
Unaudited Condensed Consolidated Balance Sheets (con鈥檇)
(All amounts in thousands)
| 听 | 听 | As of | ||||
| 听 | June 30, 2025 | 听 | December 31, 2024 | |||
| 鈥� | 听 | US$ | 听 | US$ | ||
| SHAREHOLDERS鈥� DEFICIT | 听 | 听 | 听 | 听 | ||
| Ordinary shares | 听 | 7 | 听 | 听 | 7 | 听 |
| Additional paid-in capital | 听 | 1,846,655 | 听 | 听 | 1,785,664 | 听 |
| Accumulated other comprehensive income | 听 | 65,260 | 听 | 听 | 55,165 | 听 |
| Accumulated deficit | 听 | (3,006,736 | ) | 听 | (2,693,698 | ) |
| 听 | 听 | 听 | 听 | 听 | ||
| Total shareholders' deficit attributable to ordinary shareholders | 听 | (1,094,814 | ) | 听 | (852,862 | ) |
| Noncontrolling interests | 听 | (7,748 | ) | 听 | (7,364 | ) |
| Total shareholders' deficit | 听 | (1,102,562 | ) | 听 | (860,226 | ) |
| 鈥� | 听 | 听 | 听 | 听 | ||
| Total liabilities and shareholders' deficit | 听 | 2,252,104 | 听 | 听 | 2,285,663 | 听 |
| 听 | 听 | 听 | 听 | |||
Appendix B
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss
(All amounts in thousands, except for share and per share/ADS data)
| 鈥� | 听 | For the Six Months Ended June 30, | ||||
| 听 | 听 | 2025 | 听 | 听 | 2024 | 听 |
| 鈥� | 听 | US$ | 听 | US$ | ||
| Revenues: | 听 | 听 | 听 | 听 | ||
| Sales of goods | 听 | 197,485 | 听 | 听 | 382,893 | 听 |
| Service revenues | 听 | 20,841 | 听 | 听 | 15,222 | 听 |
| Total revenues | 听 | 218,326 | 听 | 听 | 398,115 | 听 |
| Cost of revenues: | 听 | 听 | 听 | 听 | ||
| Cost of goods sold | 听 | (184,885 | ) | 听 | (340,882 | ) |
| Cost of services | 听 | (15,575 | ) | 听 | (6,321 | ) |
| Total cost of revenues | 听 | (200,460 | ) | 听 | (347,203 | ) |
| Gross profit | 听 | 17,866 | 听 | 听 | 50,912 | 听 |
| Operating expenses: | 听 | 听 | 听 | 听 | ||
| Research and development expenses | 听 | (92,305 | ) | 听 | (174,854 | ) |
| Selling and marketing expenses | 听 | (78,995 | ) | 听 | (204,274 | ) |
| General and administrative expenses | 听 | (114,860 | ) | 听 | (111,978 | ) |
| Government grants | 听 | 4,866 | 听 | 听 | 2,488 | 听 |
| Total operating expenses | 听 | (281,294 | ) | 听 | (488,618 | ) |
| Operating loss | 听 | (263,428 | ) | 听 | (437,706 | ) |
| Interest expenses | 听 | (33,641 | ) | 听 | (11,708 | ) |
| Interest income | 听 | 13,157 | 听 | 听 | 8,658 | 听 |
| Investment income, net | 听 | 9,400 | 听 | 听 | 3,496 | 听 |
| Foreign currency exchange gains (losses), net | 听 | 40,525 | 听 | 听 | (4,429 | ) |
| Changes in fair values of liabilities, excluding impact of instrument-specific credit risk | 听 | (68,084 | ) | 听 | (18,567 | ) |
| Loss before income taxes and share of results of equity method investments | 听 | (302,071 | ) | 听 | (460,256 | ) |
| Income tax expense | 听 | (15,043 | ) | 听 | (355 | ) |
| Share of results of equity method investments | 听 | 4,074 | 听 | 听 | 359 | 听 |
| Net loss | 听 | (313,040 | ) | 听 | (460,252 | ) |
| Less: Net loss attributable to noncontrolling interests | 听 | (2 | ) | 听 | (933 | ) |
| Net loss attributable to ordinary shareholders | 听 | (313,038 | ) | 听 | (459,319 | ) |
| Accretion of redeemable convertible preferred shares | 听 | - | 听 | 听 | (2,979 | ) |
| Net loss available to ordinary shareholders | 听 | (313,038 | ) | 听 | (462,298 | ) |
| Loss per ordinary share1 | 听 | 听 | 听 | 听 | ||
| 鈥擝asic and diluted | 听 | (0.47 | ) | 听 | (0.75 | ) |
| Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share1 | 听 | 听 | 听 | 听 | ||
| 鈥擝asic and diluted | 听 | 659,335,966 | 听 | 听 | 616,941,673 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 |
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鈥檇)
(All amounts in thousands, except for share and per share/ADS data)
| 鈥� | 听 | For the Six Months Ended June 30, | ||||
| 听 | 听 | 2025 | 听 | 听 | 2024 | 听 |
| 鈥� | 听 | US$ | 听 | US$ | ||
| Net loss | 听 | (313,040 | ) | 听 | (460,252 | ) |
| 听 | 听 | 听 | 听 | 听 | ||
| Other comprehensive income: | 听 | 听 | 听 | 听 | ||
| Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes | 听 | 16,427 | 听 | 听 | (401 | ) |
| Foreign currency translation adjustment, net of nil income taxes | 听 | (6,332 | ) | 听 | 412 | 听 |
| 鈥� | 听 | 听 | 听 | 听 | ||
| Total other comprehensive income | 听 | 10,095 | 听 | 听 | 11 | 听 |
| 鈥� | 听 | 听 | 听 | 听 | ||
| Total comprehensive loss | 听 | (302,945 | ) | 听 | (460,241 | ) |
| Less: Total comprehensive loss attributable to noncontrolling interests | 听 | (2 | ) | 听 | (933 | ) |
| Total comprehensive loss attributable to ordinary shareholders | 听 | (302,943 | ) | 听 | (459,308 | ) |
| 听 | 听 | 听 | 听 | 听 | ||
| 听 | 听 | 听 | 听 | 听 | ||
Appendix C
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss
(All amounts in thousands, except for share and per share/ADS data)
| 鈥� | 听 | For the Three Months Ended June 30, | ||||
| 听 | 听 | 2025 | 听 | 2024 | ||
| 鈥� | 听 | US$ | 听 | US$ | ||
| Revenues: | 听 | 听 | 听 | 听 | ||
| Sales of goods | 听 | 112,877 | 听 | 听 | 222,109 | 听 |
| Service revenues | 听 | 12,626 | 听 | 听 | 2,924 | 听 |
| Total revenues | 听 | 125,503 | 听 | 听 | 225,033 | 听 |
| Cost of revenues: | 听 | 听 | 听 | 听 | 听 | 听 |
| Cost of goods sold | 听 | (107,052 | ) | 听 | (201,609 | ) |
| Cost of services | 听 | (11,734 | ) | 听 | (2,826 | ) |
| Total cost of revenues | 听 | (118,786 | ) | 听 | (204,435 | ) |
| Gross profit | 听 | 6,717 | 听 | 听 | 20,598 | 听 |
| Operating expenses: | 听 | 听 | 听 | 听 | 听 | 听 |
| Research and development expenses | 听 | (43,703 | ) | 听 | (70,162 | ) |
| Selling and marketing expenses | 听 | (39,411 | ) | 听 | (100,785 | ) |
| General and administrative expenses | 听 | (84,196 | ) | 听 | (55,008 | ) |
| Government grants | 听 | 160 | 听 | 听 | 969 | 听 |
| Total operating expenses | 听 | (167,150 | ) | 听 | (224,986 | ) |
| Operating loss | 听 | (160,433 | ) | 听 | (204,388 | ) |
| Interest expenses | 听 | 627 | 听 | 听 | (7,761 | ) |
| Interest income | 听 | 6,491 | 听 | 听 | 6,993 | 听 |
| Investment income, net | 听 | 4,760 | 听 | 听 | 4,890 | 听 |
| Foreign currency exchange gains, net | 听 | 26,678 | 听 | 听 | 2,238 | 听 |
| Changes in fair values of liabilities, excluding impact of instrument-specific credit risk | 听 | 1,587 | 听 | 听 | (3,944 | ) |
| Loss before income taxes and share of results of equity method investments | 听 | (120,290 | ) | 听 | (201,972 | ) |
| Income tax expense | 听 | (14,411 | ) | 听 | (213 | ) |
| Share of results of equity method investments | 听 | 4,486 | 听 | 听 | 158 | 听 |
| Net loss | 听 | (130,215 | ) | 听 | (202,027 | ) |
| Less: Net loss attributable to noncontrolling interests | 听 | - | 听 | 听 | (577 | ) |
| Net loss attributable to ordinary shareholders | 听 | (130,215 | ) | 听 | (201,450 | ) |
| Accretion of redeemable convertible preferred shares | 听 | - | 听 | 听 | - | 听 |
| Net loss available to ordinary shareholders | 听 | (130,215 | ) | 听 | (201,450 | ) |
| Loss per ordinary share1 | 听 | 听 | 听 | 听 | 听 | 听 |
| 鈥擝asic and diluted | 听 | (0.20 | ) | 听 | (0.30 | ) |
| Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share1 | 听 | 听 | 听 | 听 | 听 | 听 |
| 鈥擝asic and diluted | 听 | 659,341,465 | 听 | 听 | 675,454,342 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 |
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鈥檇)
(All amounts in thousands, except for share and per share/ADS data)
| 鈥� | 听 | For the Three Months Ended June 30, | ||||
| 听 | 听 | 2025 | 听 | 听 | 2024 | 听 |
| 鈥� | 听 | US$ | 听 | US$ | ||
| Net loss | 听 | (130,215 | ) | 听 | (202,027 | ) |
| 听 | 听 | 听 | 听 | 听 | ||
| Other comprehensive income: | 听 | 听 | 听 | 听 | ||
| Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes | 听 | 9,649 | 听 | 听 | (226 | ) |
| Foreign currency translation adjustment, net of nil income taxes | 听 | (1,691 | ) | 听 | 1,827 | 听 |
| 鈥� | 听 | 听 | 听 | 听 | ||
| Total other comprehensive income | 听 | 7,958 | 听 | 听 | 1,601 | 听 |
| 鈥� | 听 | 听 | 听 | 听 | ||
| Total comprehensive loss | 听 | (122,257 | ) | 听 | (200,426 | ) |
| Less: Total comprehensive loss attributable to noncontrolling interests | 听 | - | 听 | 听 | (577 | ) |
| Total comprehensive loss attributable to ordinary shareholders | 听 | (122,257 | ) | 听 | (199,849 | ) |
Appendix D
Lotus Technology Inc.
Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)
(All amounts in thousands)
| 听 | 听 | For the Six Months Ended June 30, | ||||
| 听 | 听 | 2025 | 听 | 听 | 2024 | 听 |
| 听 | 听 | US$ | 听 | US$ | ||
| Net loss | 听 | (313,040 | ) | 听 | (460,252 | ) |
| Share-based compensation expenses听 | 听 | 2,215 | 听 | 听 | 35,894 | 听 |
| Adjusted net loss | 听 | (310,825 | ) | 听 | (424,358 | ) |
| Net loss | 听 | (313,040 | ) | 听 | (460,252 | ) |
| Interest expenses听 | 听 | 33,641 | 听 | 听 | 11,708 | 听 |
| Interest income听 | 听 | (13,157 | ) | 听 | (8,658 | ) |
| Income tax expense | 听 | 15,043 | 听 | 听 | 355 | 听 |
| Share-based compensation expenses听 | 听 | 2,215 | 听 | 听 | 35,894 | 听 |
| Depreciation听 | 听 | 35,652 | 听 | 听 | 39,286 | 听 |
| Adjusted EBITDA | 听 | (239,646 | ) | 听 | (381,667 | ) |
| 听 | For the Three Months Ended June 30, | ||||
| 听 | 2025 | 听 | 听 | 2024 | 听 |
| 听 | US$ | 听 | US$ | ||
| Net loss | (130,215 | ) | 听 | (202,027 | ) |
| Share-based compensation expenses听 | 2,154 | 听 | 听 | 571 | 听 |
| Adjusted net loss | (128,061 | ) | 听 | (201,456 | ) |
| Net loss | (130,215 | ) | 听 | (202,027 | ) |
| Interest expenses听 | (627 | ) | 听 | 7,761 | 听 |
| Interest income听 | (6,491 | ) | 听 | (6,993 | ) |
| Income tax expense听 | 14,411 | 听 | 听 | 213 | 听 |
| Share-based compensation expenses听 | 2,154 | 听 | 听 | 571 | 听 |
| Depreciation听 | 17,525 | 听 | 听 | 23,112 | 听 |
| Adjusted EBITDA | (103,243 | ) | 听 | (177,363 | ) |
FAQ
What were Lotus Technology's (LOT) key financial results for H1 2025?
How much funding did Lotus Technology (LOT) secure in 2025?
What is Lotus Technology's (LOT) market performance by region in H1 2025?
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What is happening with Lotus Technology's (LOT) acquisition of Lotus UK?
