Lotus Technology (NASDAQ: LOT) cuts 2025 net loss 58% despite 44% revenue drop
Rhea-AI Filing Summary
Lotus Technology Inc. reported unaudited fourth quarter and full year 2025 results, with full year revenue of $519 million, down 44% year over year, and a net loss of $464 million, improved by 58%. Vehicle deliveries fell to 6,520 units, a 46% decline, reflecting tariff pressures, inventory destocking and a phased rollout of upgraded models.
Despite lower volumes, full year gross margin improved from 3% to 9%, while operating loss narrowed by 46% to $423 million, and adjusted EBITDA loss shrank by 63% to $356 million, driven by cost controls and mix optimization. In 4Q 2025, revenue was $163 million, down 40%, but gross margin turned positive at 10% versus negative 11% a year earlier.
The company highlighted growth in higher-margin activities, with 2025 service revenue rising 69% to $56 million, mainly from R&D services and IP commercialization. Recent developments include a $23 million strategic share subscription by ECARX, UN R171.01 certification for the Eletre model, and the launch of its first PHEV, For Me (Eletre X in Europe), with China deliveries starting in March 2026.
Positive
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Negative
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Insights
Sharp revenue decline but losses narrow as Lotus Tech shifts toward higher-margin services and prepares new PHEV launches.
Lotus Technology saw full year $519 million in revenue, down 44%, and deliveries down 46%, indicating significant top-line pressure in 2025. Tariff headwinds, inventory destocking and phased model upgrades weighed on volumes across lifestyle SUVs, sedans and sportscars.
At the same time, profitability metrics moved in the opposite direction. Gross margin improved from 3% to 9%, operating loss narrowed 46% to $423 million, and net loss shrank 58% to $464 million. Non-GAAP adjusted EBITDA loss improved 63% to $356 million, showing the impact of cost reductions and mix optimization.
Service revenues rose 69% to $56 million, driven by R&D services and IP licensing, hinting at a complementary, less capital-intensive revenue stream. The $23 million ECARX equity investment, UN R171.01 certification for Eletre, and March 2026 launch of the For Me PHEV expand the strategic platform, although the company still carries a shareholders’ deficit and relies on substantial borrowings.
Key Figures
Key Terms
Adjusted EBITDA financial
non-GAAP financial measures financial
PHEV technical
UN Regulation No. 171, 01 Series (UN R171.01) regulatory
instrument-specific credit risk financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2026
Commission File Number: 001-41970
Lotus Technology Inc.
(Translation of registrant’s name into English)
No. 800 Century Avenue
Pudong District, Shanghai, People’s Republic of China
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
EXPLANATORY NOTE
This current report on Form 6-K, including the exhibits hereto, is incorporated by reference into the pre-effective amendment No. 1 to the registration statement on Form F-3 (File No. 333-285533), post-effective amendment No. 3 to the registration statement on Form F-1 on Form F-3 (File No. 333-279108) and the post-effective amendment No. 2 to the registration statement on Form F-1 on Form F-3 (File No. 333-282217) and shall be a part of such registration statements from the date on which this current report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press Release – Lotus Technology Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results | |
| 99.2 | Presentation – Unaudited Q4 & FY2025 Results of Lotus Technology Inc. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Lotus Technology Inc. | |||
| By | : | /s/ Daxue Wang | |
| Name | : | Daxue Wang | |
| Title | : | Chief Financial Officer | |
Date: April 10, 2026
Exhibit 99.1
LOTUS TECH
group-lotus.com
Lotus Technology Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results
| · | Delivered 6,520 vehicles1 and achieved total revenue of $519 million in 2025. | |
| · | Service revenues increased 69% YoY in 2025, affirming the Company’s technology edge and validating the commercialization of its intellectual property (IP). | |
| · | Gross margin improved to 9% in 2025 mainly due to the commencement of upgraded model deliveries globally and disciplined cost control. | |
| · | Operating loss narrowed by 65% YoY and 29% QoQ in the fourth quarter, with the full-year operating loss narrowed by 46% YoY, demonstrating the Company’s commitment to operational efficiencies. | |
| · | Debut of Company’s first PHEV model, named For Me (Eletre X in Europe), extending product roadmap and catering to evolving consumer demands across diversified powertrain segments. |
NEW YORK – April 10, 2026 – Lotus Technology Inc. (Nasdaq: LOT) (“Lotus Tech” or the “Company”), a leading global intelligent and luxury mobility provider, today announced its unaudited financial results for the fourth quarter and the year ended December 31, 2025.
Operating Highlights of the Full Year of 2025
In 2025, the Company recorded total deliveries1 of 6,520 units, a transitional performance hampered by tariff headwinds, gradual inventory destocking and the phased rollout of upgraded models.
Deliveries were predominantly driven by the China and Europe markets. China delivery growth outperformed the PRC premium automotive segment², underscoring the competitiveness of the Company’s product portfolio amid an intensifying market landscape.
Service revenues surged 69% YoY in 2025 to $56 million, primarily driven by R&D service revenue. The commercialization of the Company’s intellectual property through technical licensing and other avenues demonstrated significant market recognition of its pioneering technologies.
Operating loss narrowed by 65% in the fourth quarter and 46% in the full year of 2025 on a YoY basis. The consecutive reductions in operating loss in the third and fourth quarters of 2025 were mainly driven by optimized product mix and stringent expense control, demonstrating the Company’s operational resilience amid intensified market competition.
The Company has unveiled its first PHEV model, named For Me (also known as Eletre X in Europe), and commenced deliveries in China in March 2026, with a global release to follow, aimed at meeting worldwide customer demand for diversified powertrains. For Me is built on Lotus 900V X-Hybrid architecture, enabling a 0-100 km/h acceleration of 3.3 seconds and a combined cruising range of over 1,400 kilometers. Its comprehensive handling dynamics system delivers a 100-0 km/h braking distance of 33.9 meters, offering safety and confidence in emergency situations.
Deliveries1 by Model Type
| Full Year 2025 | Full Year 2024 | % Change (YoY) | ||||||||||
| Lifestyle SUV and Sedan | 4,552 | 6,815 | (33 | )% | ||||||||
| Sportscars | 1,968 | 5,169 | (62 | )% | ||||||||
| Total | 6,520 | 11,984 | (46 | )% | ||||||||
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Deliveries1 by Region
| Full Year 2025 | Full Year 2024 | |||||||||||||||
| Units | Region % | Units | Region % | |||||||||||||
| China | 2,960 | 45 | % | 2,868 | 24 | % | ||||||||||
| Europe | 2,198 | 34 | % | 4,743 | 40 | % | ||||||||||
| North America | 1,048 | 16 | % | 2,578 | 21 | % | ||||||||||
| Rest of the World | 314 | 5 | % | 1,795 | 15 | % | ||||||||||
| Total | 6,520 | 100 | % | 11,984 | 100 | % | ||||||||||
Financial Highlights of the Full Year of 2025
| ● | Total revenues were $519 million, a 44% YoY decrease. | |
| ● | Gross margin was 9%, versus 3% for the full year of 2024. | |
| ● | Operating loss was $423 million, narrowed by 46% YoY. | |
| ● | Net loss was $464 million, narrowed by 58% YoY. | |
| ● | Adjusted EBITDA (non-GAAP) was a loss of $356 million, narrowed by 63% YoY. |
Key Financial Results
The table below summarizes key preliminary financial results for the full year ended December 31, 2025.
(in millions of U.S. dollars, unaudited)
| Full Year 2025 | Full Year 2024 | % Change (YoY) | ||||||||||
| Revenues | 519 | 924 | (44 | )% | ||||||||
| Cost of revenues | 474 | 895 | (47 | )% | ||||||||
| Gross profit | 45 | 29 | 53 | % | ||||||||
| Gross margin (%) | 9 | % | 3 | % | ||||||||
| Operating loss | (423 | ) | (786 | ) | (46 | )% | ||||||
| Net loss | (464 | ) | (1,107 | ) | (58 | )% | ||||||
| Adjusted net loss(A) | (462 | ) | (1,075 | ) | (57 | )% | ||||||
| Adjusted EBITDA(A) | (356 | ) | (961 | ) | (63 | )% | ||||||
(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
| ● | Lotus Cup Racing Series: On November 30, 2025, the 2025 season of the inaugural Lotus Cup one-make racing series drew to a close at the Sepang International Circuit, with a total of 44 race-prepared Lotus Emira cars competing in the season finale. The Sepang International Circuit also hosted the season opener of the 2026 Lotus Cup one-make racing series, which officially commenced on April 3, 2026. | |
| ● | New Strategic Investment: On December 23, 2025, the Company entered into a share subscription agreement with ECARX, pursuant to which ECARX agreed to subscribe for and purchase from the Company a total of 16,788,321 newly issued ordinary shares of the Company for a purchase price of US$23 million. This strategic investment is designed to significantly broaden the collaborative framework between the two companies, deepening the existing relationship into a more integrated, strategic global partnership. |
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| ● | UN R171.01 Certification: On March 13, 2026, the Company announced that Eletre was certified under UN Regulation No. 171, 01 Series (UN R171.01) issued by the United Nations Economic Commission for Europe (UNECE), making it the first and only China-built model certified under this regulation and equipped with HNP function as of the press date, and making the Company the second globally operating automaker to achieve this certification. | |
| ● | Milan Design Week: On April 1, 2026, the Company announced that Lotus will return to 2026 Milan Design Week with "IN PROGRESS", an exhibition created in collaboration with Haus of Automotive, showcasing Lotus D.N.A. design principles and Theory 1 concept, deepening luxury and craft collaborations to elevate its brand vision and global design influence. |
CEO and CFO Comments
Mr. Qingfeng Feng, Chief Executive Officer, commented: " Despite the external headwinds facing our business, we maintained our Company’s mission and strategy by doubling down on cutting-edge technologies, refining our product mix, and providing an industry-leading driving performance. Our established global footprint is the impetus that allows us to seize first-mover gains and enables us to become the world’s second automaker to obtain UN R171.01 certification. Our differentiation and dedication to executing our growth and innovation strategy – represented by the launch of our first PHEV vehicle, which further enriches our powertrain offerings – together with our diversified product portfolio, provide us with the foundation to remain competitive in the market."
Dr. Daxue Wang, Chief Financial Officer, commented: " Our improved margin performance in the fourth quarter and full year of 2025 demonstrated our continued focus on cost optimization and operational efficiency, and was also reflected in our significantly improved bottom line results. Going forward, we expect the global launch of “For Me” to supercharge sales and revenue. Additionally, we expect that by focusing on revenue growth efforts, maximizing our products and competitive positioning, and enhancing margin expansion through strict cost reductions, our business will progress toward profitability and we will deliver long-term value to our shareholders.”
Operating and Financial Results of the Fourth Quarter of 2025
| ● | Total revenues were $163 million, a 40% YoY decrease. | |
| ● | Gross margin was 10%, versus -11% for the same period of 2024. | |
| ● | Operating loss was $66 million, narrowed by 65% YoY. | |
| ● | Net loss was $86 million, narrowed by 81% YoY. | |
| ● | Adjusted EBITDA (non-GAAP) was a loss of $62 million, narrowed by 84% YoY. |
Deliveries1 by Model Type
| 4Q 2025 | 4Q 2024 | % Change (YoY) | ||||||||||
| Lifestyle SUV and Sedan | 1,238 | 2,771 | (55 | )% | ||||||||
| Sportscars | 670 | 1,540 | (56 | )% | ||||||||
| Total | 1,908 | 4,311 | (56 | )% | ||||||||
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Key Financial Results
The table below summarizes key preliminary financial results for the fourth quarter in 2025.
(in millions of U.S. dollars, unaudited)
| 4Q 2025 | 4Q 2024 | % Change (YoY) | ||||||||||
| Revenues | 163 | 272 | (40 | )% | ||||||||
| Cost of Revenues | 147 | 301 | (51 | )% | ||||||||
| Gross profit (loss) | 16 | (29 | ) | 156 | % | |||||||
| Gross margin (%) | 10 | % | (11 | ) | % | |||||||
| Operating loss | (66 | ) | (189 | ) | (65 | )% | ||||||
| Net loss | (86 | ) | (441 | ) | (81 | )% | ||||||
| Adjusted net loss(A) | (86 | ) | (442 | ) | (81 | )% | ||||||
| Adjusted EBITDA(A) | (62 | ) | (398 | ) | (84 | )% | ||||||
(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, April 10, 2026 (14:00 Central European Time / 20:00 China Standard Time on the same day).
There will be a live audio webcast and limited-time replay available on the Company’s investor relations website at https://ir.group-lotus.com/news-events/events/.
Participants who wish to view the live webcast may register at https://edge.media-server.com/mmc/p/g29k9vbj.
Participants who wish to join the conference 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/BIe972002f75524fe8b4ea313e70dd459a.
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 retail sales volume in 2025 in Chinese mainland. Premium auto segment refers to passenger vehicles pricing over RMB 400,000.
– END –
About Lotus Technology Inc.
Lotus Technology Inc. has operations across the UK, the EU and China. The Company is dedicated to delivering luxury lifestyle 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.
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LOTUS TECH
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
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LOTUS TECH
group-lotus.com
Appendix A
Lotus Technology Inc.
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands)
| As of | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| US$ | US$ | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 73,431 | 103,072 | ||||||
| Restricted cash | 375,865 | 379,293 | ||||||
| Accounts receivable – third parties, net | 36,850 | 117,076 | ||||||
| Accounts receivable – related parties, net | 114,126 | 107,816 | ||||||
| Inventories | 121,361 | 188,582 | ||||||
| Prepayments and other current assets – third parties, net | 77,570 | 72,541 | ||||||
| Prepayments and other current assets – related parties, net | 111,886 | 74,558 | ||||||
| Total current assets | 911,089 | 1,042,938 | ||||||
| Non-current assets | ||||||||
| Restricted cash | 100,981 | 2,572 | ||||||
| Securities pledged to an investor | - | 315,796 | ||||||
| Loan receivable from a related party | 351,486 | 269,539 | ||||||
| Property, equipment and software, net | 226,891 | 316,447 | ||||||
| Intangible assets | 116,475 | 116,500 | ||||||
| Long-term investments | 48,004 | 9,720 | ||||||
| Operating lease right-of-use assets | 118,845 | 144,029 | ||||||
| Other non-current assets – third parties | 78,408 | 67,009 | ||||||
| Other non-current assets – related parties | 569 | 1,113 | ||||||
| Total non-current assets | 1,041,659 | 1,242,725 | ||||||
| Total assets | 1,952,748 | 2,285,663 | ||||||
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LOTUS TECH
group-lotus.com
Lotus Technology Inc.
Unaudited Condensed Consolidated Balance Sheets (Con’d)
(All amounts in thousands)
| As of | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| US$ | US$ | |||||||
| LIABILITIES AND SHAREHOLDERS' DEFICIT | ||||||||
| Current liabilities | ||||||||
| Short term borrowings – third parties | 479,419 | 602,949 | ||||||
| Short-term borrowings – related parties | 784,288 | 199,570 | ||||||
| Accounts payable – third parties | 55,032 | 61,752 | ||||||
| Accounts payable – related parties | 458,189 | 410,433 | ||||||
| Contract liabilities – third parties | 18,459 | 33,964 | ||||||
| Operating lease liabilities – third parties | 11,598 | 14,094 | ||||||
| Accrued expenses and other current liabilities – third parties | 251,361 | 389,791 | ||||||
| Accrued expenses and other current liabilities – related parties | 213,529 | 214,760 | ||||||
| Share buyback forward liabilities | - | 117,059 | ||||||
| Put option liabilities | - | 309,115 | ||||||
| Convertible notes - related parties | 126,203 | 113,910 | ||||||
| Total current liabilities | 2,398,078 | 2,467,397 | ||||||
| Non-current liabilities | ||||||||
| Contract liabilities – third parties | 7,458 | 8,683 | ||||||
| Operating lease liabilities – third parties | 57,576 | 68,331 | ||||||
| Operating lease liabilities – related parties | 3,105 | 10,729 | ||||||
| Warrant liabilities | 800 | 3,340 | ||||||
| Exchangeable notes | 128,852 | 102,999 | ||||||
| Convertible notes - third parties | 73,226 | 74,246 | ||||||
| Convertible notes - related parties | 77,175 | - | ||||||
| Long-term borrowings | 98,254 | - | ||||||
| Deferred income | 311,912 | 293,923 | ||||||
| Deferred tax liabilities | 698 | - | ||||||
| Other non-current liabilities – third parties | 125,004 | 114,770 | ||||||
| Other non-current liabilities – related parties | 856 | 1,471 | ||||||
| Total non-current liabilities | 884,916 | 678,492 | ||||||
| Total liabilities | 3,282,994 | 3,145,889 | ||||||
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Lotus Technology Inc.
Unaudited Condensed Consolidated Balance Sheets (con’d)
(All amounts in thousands)
| As of | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| US$ | US$ | |||||||
| SHAREHOLDERS’ DEFICIT | ||||||||
| Ordinary shares | 7 | 7 | ||||||
| Treasury stock | (138,397 | ) | - | |||||
| Additional paid-in capital | 1,933,992 | 1,785,664 | ||||||
| Accumulated other comprehensive income | 39,818 | 55,165 | ||||||
| Accumulated deficit | (3,157,918 | ) | (2,693,698 | ) | ||||
| Total shareholders' deficit attributable to ordinary shareholders | (1,322,498 | ) | (852,862 | ) | ||||
| Noncontrolling interests | (7,748 | ) | (7,364 | ) | ||||
| Total shareholders' deficit | (1,330,246 | ) | (860,226 | ) | ||||
| Total liabilities and shareholders' deficit | 1,952,748 | 2,285,663 | ||||||
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Appendix B
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss
(All amounts in thousands, except for share and per share data)
| For the Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| US$ | US$ | |||||||
| Revenues: | ||||||||
| Sales of goods | 462,802 | 891,061 | ||||||
| Service revenues | 56,296 | 33,288 | ||||||
| Total revenues | 519,098 | 924,349 | ||||||
| Cost of revenues: | ||||||||
| Cost of goods sold | (430,031 | ) | (867,061 | ) | ||||
| Cost of services | (43,857 | ) | (27,662 | ) | ||||
| Total cost of revenues | (473,888 | ) | (894,723 | ) | ||||
| Gross profit | 45,210 | 29,626 | ||||||
| Operating expenses: | ||||||||
| Research and development expenses | (170,960 | ) | (274,801 | ) | ||||
| Selling and marketing expenses | (148,261 | ) | (322,310 | ) | ||||
| General and administrative expenses | (135,850 | ) | (227,475 | ) | ||||
| Other operating income | 38,463 | 8,638 | ||||||
| Impairment of long-lived assets | (51,800 | ) | - | |||||
| Total operating expenses | (468,408 | ) | (815,948 | ) | ||||
| Operating loss | (423,198 | ) | (786,322 | ) | ||||
| Interest expenses | (63,338 | ) | (58,218 | ) | ||||
| Interest income | 28,143 | 22,289 | ||||||
| Investment income, net | 10,740 | 14,232 | ||||||
| Foreign currency exchange gains (losses), net | 25,709 | (11,664 | ) | |||||
| Changes in fair values of liabilities, excluding impact of instrument-specific credit risk | (28,319 | ) | (285,423 | ) | ||||
| Loss before income taxes and share of results of equity method investments | (450,263 | ) | (1,105,106 | ) | ||||
| Income tax expense | (15,946 | ) | (2,012 | ) | ||||
| Share of results of equity method investments | 1,987 | (171 | ) | |||||
| Net loss | (464,222 | ) | (1,107,289 | ) | ||||
| Less: Net loss attributable to noncontrolling interests | (2 | ) | (2,364 | ) | ||||
| Net loss attributable to ordinary shareholders | (464,220 | ) | (1,104,925 | ) | ||||
| Accretion of redeemable convertible preferred shares | - | (2,979 | ) | |||||
| Net loss available to ordinary shareholders | (464,220 | ) | (1,107,904 | ) | ||||
| Loss per ordinary share1 | ||||||||
| —Basic and diluted | (0.72 | ) | (1.72 | ) | ||||
| Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share1 | ||||||||
| —Basic and diluted | 648,535,169 | 645,227,356 | ||||||
1 Shares outstanding for all periods reflect the adjustment for recapitalization upon the consummation of merger transaction in February 2024.
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Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss (cont’d)
(All amounts in thousands, except for share and per share data)
| For the Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| US$ | US$ | |||||||
| Net loss | (464,222 | ) | (1,107,289 | ) | ||||
| Other comprehensive (loss) income: | ||||||||
| Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes | 13,875 | 13,547 | ||||||
| Foreign currency translation adjustment, net of nil income taxes | (29,222 | ) | 16,351 | |||||
| Total other comprehensive (loss) income | (15,347 | ) | 29,898 | |||||
| Total comprehensive loss | (479,569 | ) | (1,077,391 | ) | ||||
| Less: Total comprehensive loss attributable to noncontrolling interests | (2 | ) | (2,364 | ) | ||||
| Total comprehensive loss attributable to ordinary shareholders | (479,567 | ) | (1,075,027 | ) | ||||
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Appendix C
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss
(All amounts in thousands, except for share and per share data)
| For the Three Months Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| US$ | US$ | |||||||
| Revenues: | ||||||||
| Sales of goods | 132,410 | 266,812 | ||||||
| Service revenues | 30,930 | 4,714 | ||||||
| Total revenues | 163,340 | 271,526 | ||||||
| Cost of revenues: | ||||||||
| Cost of goods sold | (122,748 | ) | (286,241 | ) | ||||
| Cost of services | (24,124 | ) | (14,774 | ) | ||||
| Total cost of revenues | (146,872 | ) | (301,015 | ) | ||||
| Gross profit (loss) | 16,468 | (29,489 | ) | |||||
| Operating expenses: | ||||||||
| Research and development expenses | (41,154 | ) | (47,276 | ) | ||||
| Selling and marketing expenses | (31,597 | ) | (62,506 | ) | ||||
| General and administrative expenses | (43,183 | ) | (52,133 | ) | ||||
| Other operating income | 33,512 | 2,827 | ||||||
| Impairment of long-lived assets | (154 | ) | - | |||||
| Total operating expenses | (82,576 | ) | (159,088 | ) | ||||
| Operating loss | (66,108 | ) | (188,577 | ) | ||||
| Interest expenses | (22,299 | ) | (37,661 | ) | ||||
| Interest income | 7,569 | 7,013 | ||||||
| Investment (loss) income, net | (305 | ) | 3,433 | |||||
| Foreign currency exchange losses, net | (2,735 | ) | (26,627 | ) | ||||
| Changes in fair values of liabilities, excluding impact of instrument-specific credit risk | 389 | (197,361 | ) | |||||
| Loss before income taxes and share of results of equity method investments | (83,489 | ) | (439,780 | ) | ||||
| Income tax benefit (expense) | 739 | (857 | ) | |||||
| Share of results of equity method investments | (3,017 | ) | (132 | ) | ||||
| Net loss | (85,767 | ) | (440,769 | ) | ||||
| Less: Net loss attributable to noncontrolling interests | - | (962 | ) | |||||
| Net loss attributable to ordinary shareholders | (85,767 | ) | (439,807 | ) | ||||
| Loss per ordinary share | ||||||||
| —Basic and diluted | (0.14 | ) | (0.66 | ) | ||||
| Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share | ||||||||
| —Basic and diluted | 628,115,136 | 670,513,486 | ||||||
11
LOTUS TECH
group-lotus.com
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss (con’d)
(All amounts in thousands, except for share and per share data)
| For the Three Months Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| US$ | US$ | |||||||
| Net loss | (85,767 | ) | (440,769 | ) | ||||
| Other comprehensive (loss) income (i): | ||||||||
| Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes | 9,881 | 13,317 | ||||||
| Foreign currency translation adjustment, net of nil income taxes | (10,126 | ) | 16,233 | |||||
| Total other comprehensive (loss) income | (245 | ) | 29,550 | |||||
| Total comprehensive loss | (86,012 | ) | (411,219 | ) | ||||
| Less: Total comprehensive loss attributable to noncontrolling interests | - | (962 | ) | |||||
| Total comprehensive loss attributable to ordinary shareholders | (86,012 | ) | (410,257 | ) | ||||
(i) The Company identified a mathematical error in the total other comprehensive loss in the unaudited condensed consolidated statement of comprehensive loss for the three months ended September 30, 2025, included in the Company’s press release for the third quarter of 2025 on Form 6-K previously furnished to the SEC on November 24, 2025. The financial information for the nine months ended September 30, 2025 was correctly stated. The revised total other comprehensive loss for the three months ended September 30, 2025 was US$25.2 million, comprised of US$12.4 million of “fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes” and US$12.8 million of “foreign currency translation adjustment, net of nil income taxes”, respectively. The revised total comprehensive loss and total comprehensive loss attributable to ordinary shareholders for the three months ended September 30, 2025 was US$90.6 million. The Company concluded the error was not material to the Company’s financial position or results of operations for any prior periods.
12
LOTUS TECH
group-lotus.com
Appendix D
Lotus Technology Inc.
Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)
(All amounts in thousands)
| For the Twelve Months Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| US$ | US$ | |||||||
| Net loss | (464,222 | ) | (1,107,289 | ) | ||||
| Share-based compensation expenses | 2,274 | 31,930 | ||||||
| Adjusted net loss | (461,948 | ) | (1,075,359 | ) | ||||
| Net loss | (464,222 | ) | (1,107,289 | ) | ||||
| Interest expenses | 63,338 | 58,218 | ||||||
| Interest income | (28,143 | ) | (22,289 | ) | ||||
| Income tax expense | 15,946 | 2,012 | ||||||
| Share-based compensation expenses | 2,274 | 31,930 | ||||||
| Depreciation | 54,740 | 76,488 | ||||||
| Adjusted EBITDA | (356,067 | ) | (960,930 | ) | ||||
| For the Three Months Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| US$ | US$ | |||||||
| Net loss | (85,767 | ) | (440,769 | ) | ||||
| Share-based compensation expenses | 19 | (1,635 | ) | |||||
| Adjusted net loss | (85,748 | ) | (442,404 | ) | ||||
| Net loss | (85,767 | ) | (440,769 | ) | ||||
| Interest expenses | 22,299 | 37,661 | ||||||
| Interest income | (7,569 | ) | (7,013 | ) | ||||
| Income tax expense | (739 | ) | 857 | |||||
| Share-based compensation expenses | 19 | (1,635 | ) | |||||
| Depreciation | 9,730 | 13,335 | ||||||
| Adjusted EBITDA | (62,027 | ) | (397,564 | ) | ||||
13
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 <PUBLIC> FOURTH QUARTER AND FULL YEAR 2025 RESULTS |
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 LOTUS TECH EARNINGS RESULT 2 |
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 LOTUS TECH EARNINGS RESULT 3 • • • • |
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 LOTUS TECH EARNINGS RESULT 4 • • • • |
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 LOTUS TECH EARNINGS RESULT 5 |
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 LOTUS TECH EARNINGS RESULT • • • • LOTUS TECH EARNINGS RESULT 6 |
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 LOTUS TECH EARNINGS RESULT • • • 7 |
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 LOTUS TECH EARNINGS RESULT 8 |
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 LOTUS TECH EARNINGS RESULT 9 ° |
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 LOTUS TECH EARNINGS RESULT • • • • • • • LOTUS TECH EARNINGS RESULT 10 |
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 LOTUS TECH EARNINGS RESULT APPENDIX 11 |
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 LOTUS TECH EARNINGS RESULT 12 |
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 LOTUS TECH EARNINGS RESULT 13 |
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 LOTUS TECH EARNINGS RESULT 14 |
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 LOTUS TECH EARNINGS RESULT 15 |
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 LOTUS TECH EARNINGS RESULT 16 |
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 LOTUS TECH EARNINGS RESULT |
| R: 255 G: 255 B: 255 R: 242 G: 241 B: 240 R: 255 G: 247 B: 102 R: 255 G: 249 B: 153 R: 193 G: 192 B: 191 R: 247 G: 246 B: 246 R: 252 G: 252 B: 252 R: 114 G: 114 B: 114 R: 184 G: 184 B: 184 THANK YOU <PUBLIC> ir.group-lotus.com |
