LION E Mobility (LMIA) Q4 2024 earnings summary

Executive summary

• 2024 was a year of transformation and restructuring amid challenging battery market conditions, with full-year revenue at EUR 16.99 million, significantly below expectations due to postponed customer purchases and market headwinds.

• Q4 2024 was the best quarter of the year, with revenue of EUR 4.5 million and a positive EBITDA of EUR 1.8 million, mainly due to the divestment of TÜV SÜD Battery Testing shares.

• Strategic investments continued in personnel, development projects, and immersion-cooled battery technology, with reliable supply to mobility customers and new product integration.

• Entered 2025 with a solid balance sheet, successful project milestones, and a positive outlook for growth and profitability.

Financial highlights

• Full-year 2024 EBITDA was EUR -4.2 million, with a Q4 turnaround to positive EUR 1.8 million; EBITDA margin for the year was -13%.

• Operating cash flow improved due to clearing outstanding trade payables and inventory usage, with Q4 2024 cash flow at EUR -3.3 million.

• Cash and cash equivalents at year-end 2024 were EUR 4.4 million, down from EUR 9.5 million in 2023.

• Balance sheet total reduced from EUR 69.3 million in 2023 to EUR 30.6 million by year-end 2024, mainly through inventory and receivables reduction.

• Trade payables were reduced by 95% by year-end, and equity ratio remained stable at 19.5%.

Outlook and guidance

• 2025 is positioned as a transition year, with management expecting sales of EUR 28–35 million and a positive EBITDA, driven by ongoing customer projects and strategic growth initiatives.

• Market stabilization and signs of growth are expected, with a return to 2023 revenue levels targeted for 2026.

• First deliveries of the next-generation Power Mobility 53 battery pack are set for April, with SOP in November.

• A first BESS project win in the DACH region is targeted for the second half of 2025, and expansion into grid business is planned.

• Immersion technology and fast-charging capabilities are key innovation drivers for future business.