Lotus Technology reports unaudited second quarter and first half 2025 financial results

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 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’s 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

Deliveries¹ by Region

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)

(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.

Deliveries¹ by Model Type

Key Financial Results

The table below summarizes key preliminary financial results for the second quarter in 2025.
(in millions of U.S. dollars, unaudited)

(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.

SOURCE: Lotus Technology