VALENCIA, Spain, Sept. 29, 2026 (GLOBE NEWSWIRE) -- Turbo Energy, S.A. (Nasdaq: TURB) (“Turbo Energy” or the “Company”), a technology-driven integrator of energy storage and intelligent energy-management solutions, today reported its unaudited consolidated financial results for the six months ended June 30, 2026.
Total revenue for the first half of 2026 increased 172.7% to €15,033,238 (approximately $17.2 million), compared with €5,512,458 in the first half of 2025. The Company achieved positive operating income of €510,542 (approximately $0.58 million) in the first half of 2026, compared with an operating loss of €1,164,274 in the prior-year period, representing a year-over-year improvement of €1,674,816 (approximately $1.91 million). Turbo Energy also reported net income of €65,647 (approximately $75,000) in the first half of 2026, compared with a net loss of €1,397,715 in the first half of 2025.
Revenue growth reflected the continued expansion of the Company’s intelligent energy solutions business, including the execution of its 366 MWh industrial energy-storage project and continued activity across its broader product portfolio.
The results are consistent with the preliminary results announced in July 2026 and mark an important step in Turbo Energy’s transition from a period focused on technology investment and market expansion toward greater operating discipline and improved financial performance.
First Half 2026 Financial Highlights
- Record revenue: Total revenue increased 172.7% to €15,033,238 (approximately $17.2 million), from €5,512,458 in the first half of 2025.
- Higher gross profit: Gross profit increased 87.6% to €2,484,022 (approximately $2.8 million), from €1,324,430.
- Positive operating and net income: Operating income reached €510,542 (approximately $0.58 million), and net income was €65,647 (approximately $75,000), compared with an operating loss of €1,164,274 and a net loss of €1,397,715.
- Stronger equity position: Shareholders’ equity increased to €5,518,529 (approximately $6.3 million) as of June 30, 2026, from €1,599,640 as of December 31, 2025.
“The first half of 2026 marks an important financial milestone for Turbo Energy,” said Mariano Soria, the Chief Executive Officer of Turbo Energy. “We delivered record revenue and moved from an operating loss to positive operating income. This performance reflects the growing scale of our project execution and the investments we have made in technology and industrial energy-storage capabilities.”
“Our next priority is to build on this progress by improving project mix and margins, converting working capital more efficiently into cash and increasing the contribution of our proprietary energy-management technology and service-based business models. We believe these capabilities can create a more differentiated and higher-value energy-storage platform.”
Operating income reflects higher gross profit and lower operating expenses
Gross profit increased 87.6% to €2,484,022 (approximately $2.8 million), from €1,324,430 in the prior-year period. Cost of revenue increased 199.7% to €12,549,216 (approximately $14.3 million), from €4,188,028, reflecting the substantial increase in sales volume and the greater contribution of large-scale industrial project deliveries. As a result, gross margin was 16.5%, compared with 24.0% in the first half of 2025. Improving project mix and increasing the contribution of proprietary software and service-based revenue remain key priorities for the Company.
Total operating expenses decreased 20.7% to €1,973,480 (approximately $2.3 million), from €2,488,704. The combination of higher gross profit and lower operating expenses resulted in operating income of €510,542 (approximately $0.58 million), compared with an operating loss of €1,164,274 in the first half of 2025.
Total other expense increased to €444,895 (approximately $0.51 million), from €233,441, primarily due to higher interest expense and foreign-exchange losses. After these items, Turbo Energy reported net income of €65,647 (approximately $75,000), compared with a net loss of €1,397,715 in the prior-year period.
Strengthened financial position
Shareholders’ equity increased to €5,518,529 (approximately $6.3 million) as of June 30, 2026, from €1,599,640 as of December 31, 2025. The increase primarily reflected €3.78 million (approximately $4.32 million) in net proceeds from the Company’s registered direct offering and at-the-market issuances during the first half of 2026.
Working capital improved to €6,547,449 (approximately $7.5 million) as of June 30, 2026, from negative working capital of €910,135 as of December 31, 2025. The improvement primarily reflected the restructuring of €4,870,491 (approximately $5.6 million) of bank debt into long-term financing, the proceeds from Turbo Energy’s equity offerings and a reduction in current liabilities.
Toward a higher-value energy-storage platform
Turbo Energy is evolving its offering beyond the supply and integration of energy-storage systems toward a model combining project execution, intelligent energy management and service-based revenue opportunities. Turbo Energy believes this combination can increase the operational and economic value of deployed storage infrastructure while creating a more differentiated and scalable business over time.
Availability of financial information
Turbo Energy’s unaudited condensed interim consolidated financial statements and its Operating and Financial Review and Prospects for the six months ended June 30, 2026, and 2025 are included in a Report on Form 6-K furnished to the U.S. Securities and Exchange Commission.
The Company’s condensed interim consolidated financial statements are presented in euros, its functional currency. Unless otherwise indicated, all U.S. dollar amounts translated from euros in this press release are approximate and were calculated using an exchange rate of $1.1417 per euro, which was the June 30, 2026, exchange rate according to the U.S. Federal Reserve. These translations are provided solely for the convenience of readers and should not be construed as representations that the euro amounts could have been or could be converted into U.S. dollars at that or any other rate.
About Turbo Energy, S.A.
Founded in 2013, Turbo Energy, S.A. (Nasdaq: TURB) is a global technology integrator specializing in AI-driven energy storage and energy management solutions. The Company integrates advanced battery storage, proprietary software and energy management systems into intelligent energy solutions that help residential, commercial and industrial customers optimize energy consumption, reduce costs, improve resilience and maximize the value of their energy assets.
As part of Umbrella Global Energy, Turbo Energy plays a strategic role in driving innovation in intelligent energy storage, electrification and software-defined energy management across Europe, North America and Latin America. For more information, please visit www.turbo-e.com.
Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control, including the risks described in the Company’s registration statements and annual reports under the heading "Risk Factors" as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statements contained in this press release speak only as of the date hereof, and Turbo Energy, S.A. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
For more information, please contact:
Turbo Energy | Investor Relations
Email: [email protected]
Website: investors.turbo-e.com
TURBO ENERGY, S.A.
Condensed Interim Consolidated Statements of Operations
(Unaudited)
(Expressed in Euro)
Six Months Ended June 30, Note 2026 2025 Revenue 18 €7,835,027 €5,026,963 Revenue - related parties 11,18 7,186,691 410,342 Other operating income 11,520 75,153 Total Revenue 15,033,238 5,512,458 Cost and Expenses Cost of revenues 19 12,549,216 4,188,028 Selling and administrative 20 1,378,224 1,137,050 Selling and administrative - related parties 11,20 101,744 356,912 Salaries and benefits 400,755 870,583 Salaries and benefits - related parties 11 69,063 124,159 Bad debt expense 4 23,694 - Total Cost and Expenses 14,522,696 6,676,732 Income (loss) from operations 510,542 (1,164,274)Other Income (Expense) Other income - 208 Interest income - 3,457 Interest expense (351,691) (157,432)Interest expense - related party (26,448) (40,627)Foreign exchange gain (loss) (66,756) (39,047)Total Other Income (Expense) (444,895) (233,441)Net Income (Loss) Before Income Tax 65,647 (1,397,715)Income tax Expense (Recovery) - Current - - - Deferred - - Net Income (Loss) €65,647 €(1,397,715)Basic Net Income (Loss) per Ordinary Share €0.00 €(0.03)Diluted Net Income (Loss) per Ordinary Share €0.00 €(0.03)Weighted Average Number of Ordinary Shares Outstanding - Basic 59,415,835 55,085,700 Weighted Average Number of Ordinary Shares Outstanding - Diluted 61,143,577 55,085,700
Condensed Interim Consolidated Statements of Financial Position
(Unaudited)
(Expressed in Euro)
June 30, December 31, As at Note 2026 2025 Assets Current Cash and cash equivalent 2 €503,586 €493,129 Accounts receivable and other receivables 4 3,274,020 1,739,775 Inventories 5 4,830,099 3,444,184 Amount due from related parties 11 5,942,031 10,443,887 Prepaid expense 6 3,712,271 3,643,077 Investments 7 34,557 34,557 Total Current Assets 18,296,564 19,798,609 Non- Current Assets Property and equipment, net 8 204,452 214,966 Intangible assets, net 9 1,882,964 2,102,151 Right-of-use assets 16 15,470 21,444 Deferred tax assets 2,272,573 2,272,573 Total Assets €22,672,023 €24,409,743 Liabilities and Shareholders’ Equity Current Liabilities Accounts payable and accrued liabilities 10 €6,848,799 €12,647,530 Accrued interest payable 12 34,310 355,711 Accrued interest payable - related party 11 26,448 - Amount due to related parties 11 3,400,635 2,929,117 Lease liabilities - current portion 16 10,163 12,203 Bank loans - current portion 13 1,175,408 4,510,831 Debt bond - current portion 12 253,352 253,352 Total Current Liabilities 11,749,115 20,708,744 Non-Current Liabilities Lease liabilities 16 6,068 10,059 Bank loans 13 3,433,687 - Deferred tax liabilities 30,595 30,595 Debt bond - noncurrent portion 12 1,934,029 2,060,705 Total Liabilities 17,153,494 22,810,103 Shareholders’ Equity Share Capital 14 3,143,855 2,754,285 Additional paid in capital 14 7,404,278 3,940,606 Reserve 15 1,411,846 1,411,846 Accumulated Deficit (6,441,450) (6,507,097)Total Shareholders’ Equity 5,518,529 1,599,640 Total Liabilities and Shareholders’ Equity €22,672,023 €24,409,743
Condensed Interim Consolidated Statements of Cash Flows
(Unaudited)
(Expressed in Euro)
Six Months Ended June 30, Note 2026 2025 Cash Provided by (Used in) Operating Activities Net income (loss) before income tax €65,647 €(1,397,715)Items not affecting cash: Stock-based compensation 2 67,220 63,682 Bad debt expense 4 23,694 - Depreciation of property and equipment 8 10,514 5,937 Amortization of intangible assets 9 244,527 48,763 Amortization of right-of-use assets 16 5,974 38,250 Accretion of lease liabilities 16 430 2,442 Gain on lease cancellation 16 - (137)Changes in non-cash working capital items: Inventories 5 (1,385,915) (636,450)Accounts receivable and other receivables 4 (1,557,939) 1,934,794 Deferred tax assets 17 - 3,390 Due from related parties 11 5,097,469 (151,543)Due to related parties 11 (67,154) (1,329)Prepaid expense 6 (69,194) (580,865)Accounts payable and accrued liabilities 10 (5,798,731) (733,186)Accrued interest payable 12 (321,401) 23,436 Accrued interest payable - related party 11 26,448 40,627 Net cash used in operating activities (3,658,411) (1,339,904)Investing Activities Purchase of equipment 8 - (9,008)Purchase of intangible assets 9 (25,340) (450,962)Net cash used in investing activities (25,340) (459,970)Financing Activities Net proceed from Issuance of common stock through public offering 13 3,786,022 - Proceeds from debt bond 12 - 1,667,638 Repayment of debt bond 12 (126,676) (126,676)Repayment of bank loans 13 - (90,374)Net proceeds (repayment) from lines of credit 13 98,264 276,052 Repayment of lease liabilities 16 (6,461) (40,488)Payments to related parties 11 (59,083) (907,213)Proceeds from related parties 11 2,142 370 Net cash provided by financing activities 3,694,208 779,309 Net change in cash 10,457 (1,020,565)Cash - beginning of period 493,129 2,384,625 Cash - end of period €503,586 €1,364,060