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Lotus Technology Reports Unaudited Second Quarter and First Half 2025 Financial Results

1. Lotus delivered 2,813 vehicles, generating $218 million revenue in H1 2025. 2. Operating loss narrowed by 40% year-on-year to $263 million. 3. Secured $500 million funding commitment from strategic partners. 4. Entered MOU for intelligent driving collaboration, exploring Robotaxi in Saudi Arabia. 5. Upgraded models drove growth in China's luxury BEV SUV market.

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Why Bullish?

Despite significant revenue decline, narrowed losses and strong strategic moves indicate resilience. Historical instances, like Tesla during tough periods, show that strategic partnerships and innovations often spur recovery.

How important is it?

The article highlights strategic funding and partnerships, critical for LOT's future viability. Effective execution will be key to recover lost market share.

Why Long Term?

The MOU and funding support longer-term growth and operational stability, aligning with broader market trends toward electric vehicles and autonomy.

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Delivered over 2,800 vehicles1 and achieved total revenue of $218 million in the first half of 2025The operating loss in the first half 2025 narrowed approximately 40% year-on-year to $263 millionReceived up to approximately $500 million funding commitment from institutional investors and strategic partnersLotus 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 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  1H 20251H 2024%Change (YoY)Lifestyle SUV and Sedan1,9222,428(21%)Sportscars8912,476(64%)Total2,8134,904(43%) Deliveries1 by Region  1H 20251H 2025%1H 20241H 2024 %Europe85831%1,45930%China1,40350%1,23925%North America43015%1,27826%Rest of the World1224%92819%Total2,813100%4,904100% 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 ResultsThe table below summarizes key preliminary financial results for the half year ended June 30, 2025. (in millions of U.S. dollars, unaudited)   1H 20251H 2024% Change (YoY)Revenue218398(45%)Cost of revenue200347(42%)Gross profit1851(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 CommentsMr. 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  2Q 20252Q 2024% Change (YoY)Lifestyle SUV and Sedan1,1701,385(16%)Sportscars2401,354(82%)Total1,4102,739(49%) Key Financial ResultsThe 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) Revenue126225(44%)Cost of Revenue119204(42%)Gross profit721(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 CallLotus 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 StatementsThis 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 InformationFor investor inquiriesir@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$ASSETS    Current assets    Cash 67,849 103,072Restricted cash 420,971 379,293Accounts receivable – third parties, net 54,193 117,076Accounts receivable – related parties, net 110,143 107,816Inventories 164,411 188,582Prepayments and other current assets – third parties, net 87,044 72,541Prepayments and other current assets – related parties, net 149,010 74,558     Total current assets 1,053,621 1,042,938     Non-current assets    Restricted cash 2,728 2,572Investment securities – related parties 2,158 2,221Securities pledged to an investor 320,734 315,796Loan receivable from a related party 302,632 269,539Property, equipment and software, net 243,265 316,447Intangible assets 116,485 116,500Operating lease right-of-use assets 126,648 144,029Equity method investments 12,126 7,499Other non-current assets – third parties 70,829 67,009Other non-current assets – related parties 878 1,113     Total non-current assets 1,198,483 1,242,725     Total assets 2,252,104 2,285,663 Lotus Technology Inc.Unaudited Condensed Consolidated Balance Sheets (Con’d) (All amounts in thousands)   As of June 30, 2025 December 31, 2024  US$ US$LIABILITIES AND SHAREHOLDERS' DEFICIT    Current liabilities    Short term borrowings – third parties 633,278 602,949Short-term borrowings – related parties 390,406 199,570Accounts payable – third parties 84,020 61,752Accounts payable – related parties 358,891 410,433Contract liabilities – third parties 27,666 33,964Operating lease liabilities – third parties 11,493 14,094Accrued expenses and other current liabilities – third parties 322,408 389,791Accrued expenses and other current liabilities – related parties 234,207 214,760Share buyback forward liabilities 49,575 117,059Put option liabilities – third parties - 309,115Convertible notes - related parties 123,544 113,910     Total current liabilities 2,235,488 2,467,397     Non-current liabilities    Contract liabilities – third parties 7,570 8,683Operating lease liabilities – third parties 64,794 68,331Operating lease liabilities – related parties 4,025 10,729Put option liabilities – third parties 363,521 -Warrant Liabilities 1,618 3,340Exchangeable notes 125,853 102,999Convertible notes - third parties 63,855 74,246Convertible notes - related parties 75,502 -Deferred income 295,114 293,923Other non-current liabilities – third parties 115,789 114,770Other non-current liabilities – related parties 1,537 1,471     Total non-current liabilities 1,119,178 678,492     Total liabilities 3,354,666 3,145,889 Lotus Technology Inc.Unaudited Condensed Consolidated Balance Sheets (con’d) (All amounts in thousands)   As of June 30, 2025 December 31, 2024  US$ 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$Revenues:    Sales of goods 197,485  382,893 Service revenues 20,841  15,222 Total revenues 218,326  398,115 Cost of revenues:    Cost of goods sold (184,885) (340,882)Cost of services (15,575) (6,321)Total cost of revenues (200,460) (347,203)Gross profit 17,866  50,912 Operating expenses:    Research and development expenses (92,305) (174,854)Selling and marketing expenses (78,995) (204,274)General and administrative expenses (114,860) (111,978)Government grants 4,866  2,488 Total operating expenses (281,294) (488,618)Operating loss (263,428) (437,706)Interest expenses (33,641) (11,708)Interest income 13,157  8,658 Investment income, net 9,400  3,496 Foreign currency exchange gains (losses), net 40,525  (4,429)Changes in fair values of liabilities, excluding impact of instrument-specific credit risk (68,084) (18,567)Loss before income taxes and share of results of equity method investments (302,071) (460,256)Income tax expense (15,043) (355)Share of results of equity method investments 4,074  359 Net loss (313,040) (460,252)Less: Net loss attributable to noncontrolling interests (2) (933)Net loss attributable to ordinary shareholders (313,038) (459,319)Accretion of redeemable convertible preferred shares -  (2,979)Net loss available to ordinary shareholders (313,038) (462,298)Loss per ordinary share1    —Basic and diluted (0.47) (0.75)Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share1    —Basic and diluted 659,335,966  616,941,673         1 Shares outstanding for all periods reflect the adjustment for recapitalization upon the consummation of merger transaction in February 2024. Lotus Technology Inc.Unaudited Condensed Consolidated Statements of Comprehensive loss (cont’d) (All amounts in thousands, except for share and per share/ADS data)   For the Six Months Ended June 30,  2025  2024   US$ US$Net loss (313,040) (460,252)     Other comprehensive income:    Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes 16,427  (401)Foreign currency translation adjustment, net of nil income taxes (6,332) 412      Total other comprehensive income 10,095  11      Total comprehensive loss (302,945) (460,241)Less: Total comprehensive loss attributable to noncontrolling interests (2) (933)Total comprehensive loss attributable to ordinary shareholders (302,943) (459,308)           Appendix CLotus Technology Inc.Unaudited Condensed Consolidated Statements of Comprehensive loss (All amounts in thousands, except for share and per share/ADS data)   For the Three Months Ended June 30,  2025 2024  US$ US$Revenues:    Sales of goods 112,877  222,109 Service revenues 12,626  2,924 Total revenues 125,503  225,033 Cost of revenues:      Cost of goods sold (107,052) (201,609)Cost of services (11,734) (2,826)Total cost of revenues (118,786) (204,435)Gross profit 6,717  20,598 Operating expenses:      Research and development expenses (43,703) (70,162)Selling and marketing expenses (39,411) (100,785)General and administrative expenses (84,196) (55,008)Government grants 160  969 Total operating expenses (167,150) (224,986)Operating loss (160,433) (204,388)Interest expenses 627  (7,761)Interest income 6,491  6,993 Investment income, net 4,760  4,890 Foreign currency exchange gains, net 26,678  2,238 Changes in fair values of liabilities, excluding impact of instrument-specific credit risk 1,587  (3,944)Loss before income taxes and share of results of equity method investments (120,290) (201,972)Income tax expense (14,411) (213)Share of results of equity method investments 4,486  158 Net loss (130,215) (202,027)Less: Net loss attributable to noncontrolling interests -  (577)Net loss attributable to ordinary shareholders (130,215) (201,450)Accretion of redeemable convertible preferred shares -  - Net loss available to ordinary shareholders (130,215) (201,450)Loss per ordinary share1      —Basic and diluted (0.20) (0.30)Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share1      —Basic and diluted 659,341,465  675,454,342         1 Shares outstanding for all periods reflect the adjustment for recapitalization upon the consummation of merger transaction in February 2024. Lotus Technology Inc.Unaudited Condensed Consolidated Statements of Comprehensive loss (con’d) (All amounts in thousands, except for share and per share/ADS data)   For the Three Months Ended June 30,   2025  2024   US$ US$Net loss (130,215) (202,027)     Other comprehensive income:    Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes 9,649  (226)Foreign currency translation adjustment, net of nil income taxes (1,691) 1,827      Total other comprehensive income 7,958  1,601      Total comprehensive loss (122,257) (200,426)Less: Total comprehensive loss attributable to noncontrolling interests -  (577)Total comprehensive loss attributable to ordinary shareholders (122,257) (199,849) Appendix DLotus Technology Inc.Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA) (All amounts in thousands)   For the Six Months Ended June 30,  2025  2024   US$ 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)

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