LION E Mobility (LMIA) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 rose to EUR 16.3 million, up 31% year-over-year, driven by higher delivery volumes and strong customer demand.

• EBITDA improved to EUR 2.4 million from -EUR 6.0 million, reflecting better cost structure and operational turnaround.

• Operating cash flow reached EUR 3.8 million, up from minus EUR 4.1 million, supported by earnings growth and working capital discipline.

• Final production phase of 120 Ah SE09 battery cell to conclude by February 2026, with transition to NMC Plus battery pack and serial production starting January 2026.

• Immersion cooling technology advanced through collaborations with major truck manufacturer, first-tier automotive supplier, and Castrol.

Financial highlights

• Cost of materials declined to EUR 8.3 million from EUR 10.9 million, benefiting from procurement efficiency.

• Material cost ratio reduced to 50% from 88% last year; operating expenses lowered to EUR 3.5 million.

• Personnel expenses stable at EUR 4.8 million versus EUR 4.7 million, despite increased activity.

• EBIT improved to EUR 1.3 million from -EUR 7.0 million; EBIT margin at 8.2% versus -56.3% year-over-year.

• Finance expenses decreased to EUR 1.3 million due to reduced bank credits and loans.

Outlook and guidance

• Targeting EUR 20–25 million turnover from Leap partnership in 2026, with high probability based on current project pipeline.

• BESS expected to contribute around 50% of turnover, maintaining a dual-pillar business model.

• Serial supply of immersion cooling technology anticipated in two to three years, pending further development and infrastructure readiness.

• Plans to extend network, expand business services, and enlarge product portfolio in Q4 2025 and beyond.

• Roll-out to Europe with dedicated sales teams and participation in industry summits.