- 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 (GLOBE NEWSWIRE) -- 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 2025Full Year 2024% Change (YoY) Lifestyle SUV and Sedan4,5526,815(33%) Sportscars1,9685,169(62%) Total6,52011,984(46%)Deliveries1 by Region
Full Year 2025Full Year 2024 UnitsRegion %UnitsRegion % China2,96045%2,86824% Europe2,19834%4,74340% North America1,04816%2,57821% Rest of the World3145%1,79515% Total6,520100%11,984100%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)
(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.
- 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 20254Q 2024% Change (YoY) Lifestyle SUV and Sedan1,2382,771(55%) Sportscars6701,540(56%) Total1,9084,311(56%)Key Financial Results
The table below summarizes key preliminary financial results for the fourth 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.
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.
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.
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
[email protected]
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 2,285,663Lotus 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
Lotus Technology Inc.
Unaudited Condensed Consolidated Balance Sheets (con’d)
(All amounts in thousands)
As of December 31, 2025 December 31, 2024 US$ US$SHAREHOLDERS’ DEFICIT Ordinary shares7 7 Treasury stock(138,397) - Additional paid-in capital1,933,992 1,785,664 Accumulated other comprehensive income39,818 55,165 Accumulated deficit(3,157,918) (2,693,698) Total shareholders' deficit attributable to ordinary shareholders(1,322,498) (852,862) Noncontrolling interests(7,748) (7,364) Total shareholders' deficit(1,330,246) (860,226) Total liabilities and shareholders' deficit1,952,748 2,285,663Appendix B
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss
(All amounts in thousands, except for share and per share data)
For the Year Ended December 31, 2025 2024 US$ US$Revenues: Sales of goods 462,802 891,061 Service revenues 56,296 33,288 Total revenues 519,098 924,349 Cost of revenues: Cost of goods sold (430,031) (867,061) Cost of services (43,857) (27,662) Total cost of revenues (473,888) (894,723) Gross profit 45,210 29,626 Operating expenses: Research and development expenses (170,960) (274,801) Selling and marketing expenses (148,261) (322,310) General and administrative expenses (135,850) (227,475) Other operating income 38,463 8,638 Impairment of long-lived assets (51,800) - Total operating expenses (468,408) (815,948) Operating loss (423,198) (786,322) Interest expenses (63,338) (58,218) Interest income 28,143 22,289 Investment income, net 10,740 14,232 Foreign currency exchange gains (losses), net 25,709 (11,664) Changes in fair values of liabilities, excluding impact of instrument-specific credit risk (28,319) (285,423) Loss before income taxes and share of results of equity method investments (450,263) (1,105,106) Income tax expense (15,946) (2,012) Share of results of equity method investments 1,987 (171) Net loss (464,222) (1,107,289) Less: Net loss attributable to noncontrolling interests (2) (2,364) Net loss attributable to ordinary shareholders (464,220) (1,104,925) Accretion of redeemable convertible preferred shares - (2,979) Net loss available to ordinary shareholders (464,220) (1,107,904) Loss per ordinary share1 —Basic and diluted (0.72) (1.72) Weighted average number of ordinary shares outstanding used in computing netloss per ordinary share1 —Basic and diluted 648,535,169 645,227,356
1 Shares outstanding for all periods reflect the adjustment for recapitalization upon the consummation of merger transaction in February 2024.
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss (cont’d)
(All amounts in thousands, except for share and per share data)
For the Year Ended December 31, 2025 2024 US$ US$Net loss (464,222) (1,107,289) Other comprehensive (loss) income: Fair value changes of liabilities due to instrument-specific credit risk, net of nil incometaxes 13,875 13,547 Foreign currency translation adjustment, net of nil income taxes (29,222) 16,351 Total other comprehensive (loss) income (15,347) 29,898 Total comprehensive loss (479,569) (1,077,391) Less: Total comprehensive loss attributable to noncontrolling interests (2) (2,364) Total comprehensive loss attributable to ordinary shareholders (479,567) (1,075,027)
Appendix C
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss
(All amounts in thousands, except for share and per share data)
For the Three Months Ended December 31, 2025 2024 US$ US$Revenues: Sales of goods132,410 266,812 Service revenues30,930 4,714 Total revenues163,340 271,526 Cost of revenues: Cost of goods sold(122,748) (286,241) Cost of services(24,124) (14,774) Total cost of revenues(146,872) (301,015) Gross profit (loss)16,468 (29,489) Operating expenses: Research and development expenses(41,154) (47,276) Selling and marketing expenses(31,597) (62,506) General and administrative expenses(43,183) (52,133) Other operating income33,512 2,827 Impairment of long-lived assets(154) - Total operating expenses(82,576) (159,088) Operating loss(66,108) (188,577) Interest expenses(22,299) (37,661) Interest income7,569 7,013 Investment (loss) income, net(305) 3,433 Foreign currency exchange losses, net(2,735) (26,627) Changes in fair values of liabilities, excluding impact of instrument-specific credit risk389 (197,361) Loss before income taxes and share of results of equity method investments(83,489) (439,780) Income tax benefit (expense)739 (857) Share of results of equity method investments(3,017) (132) Net loss(85,767) (440,769) Less: Net loss attributable to noncontrolling interests- (962) Net loss attributable to ordinary shareholders(85,767) (439,807) Loss per ordinary share —Basic and diluted(0.14) (0.66) Weighted average number of ordinary shares outstanding used in computing netloss per ordinary share —Basic and diluted628,115,136 670,513,486
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss (con’d)
(All amounts in thousands, except for share and per share data)
For the Three Months Ended December 31, 2025 2024 US$ US$Net loss (85,767) (440,769) Other comprehensive (loss) income (i): Fair value changes of liabilities due to instrument-specific credit risk, netof 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$90.6 million. The Company concluded the error was not material to the Company’s financial position or results of operations for any prior periods.
Appendix D
Lotus Technology Inc.
Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)
(All amounts in thousands)
For the Twelve Months Ended December 31, 2025 2024 US$ US$Net loss(464,222) (1,107,289) Share-based compensation expenses2,274 31,930 Adjusted net loss(461,948) (1,075,359) Net loss(464,222) (1,107,289) Interest expenses63,338 58,218 Interest income(28,143) (22,289) Income tax expense15,946 2,012 Share-based compensation expenses2,274 31,930 Depreciation54,740 76,488 Adjusted EBITDA(356,067) (960,930)