Lotus Technology (LOT) Q2 2025 earnings summary

Executive summary

• Delivered over 2,800 vehicles in 1H 2025, with Q2 deliveries down 49% year-on-year to over 1,400 units; revenue for 1H 2025 was $218 million, down 45% year-on-year, and Q2 revenue was $126 million, down 44%.

• Gross margin in 1H 2025 was 8% (up from 5% in 1H 2024), with Q2 gross margin at 5%–5.4%.

• Operating loss in 1H 2025 was $263 million (down 40% year-on-year); net loss was $313 million (down 32%).

• Operating expenses reduced for seven consecutive quarters, with a 42% year-on-year decrease in the first half.

• Secured up to $500 million in new funding commitments, including a $300 million convertible notes agreement with ATW Partners and a RMB1.6 billion credit facility from Geely.

Financial highlights

• Adjusted EBITDA loss for 1H 2025 was $240 million, a 37% improvement year-on-year.

• 2Q 2025 net loss was $130 million, narrowed by 36% year-on-year; adjusted net loss for 1H 2025 was $311 million.

• Cash and restricted cash at June 30, 2025: $67.8 million, down from $420.9 million at December 31, 2024.

• Total liabilities increased to $3.35 billion at June 30, 2025, from $3.15 billion at year-end 2024.

• Shareholders' deficit widened to $1.10 billion at June 30, 2025.

Segment performance

• Lifestyle vehicles made up 68% of 1H 2025 deliveries, with strong growth in China and improved market penetration in the UK.

• China accounted for 29% of cumulative deliveries since 2024, Europe 38%, North America 20%, and Rest of World 13%.

• North American sportscar deliveries were disrupted by tariffs in Q2 but resumed in July.

• The upgraded Eletre hyper SUV led China's premium luxury BEV SUV segment in Q2 2025.

• 2Q 2025 deliveries: 1,410 units (1,170 SUVs/sedans, 240 sportscars), down 49% year-on-year.