2024 has been a year of transition for Ebusco, characterized by a significant change in the production strategy (from an OEM back to the OED model with production outsourced to contract manufacturers), considerable changes in the management team, the start of a comprehensive turnaround plan and an organizational restructuring. Furthermore, the company had to deal with some major setbacks such as the production halt and the cancellation of bus orders. In addition, significant management time had to be spent on addressing Ebusco's financial condition, in particular its cash constraints, which forced the company to seek support from its shareholders through the November 2024 rights issue. All of this has had an adverse impact on the financial results for the year 2024.
The production halt and the cancellation of bus contracts in the second half of 2024 have had a significant impact. During the financial year ended 31 December 2024, the Group recognized a revenue reversal of €16 million, initially recorded in the financial year ended 31 December 2023, following the cancellation of certain bus contracts. Furthermore, Ebusco recorded €18 million of revenues in H1-2024 which were reversed following the same contract cancellations. As a result, the turnover for FY 2024 arrived at only €10.7 million, well below the turnover as reported in Ebusco's interim financial statements per 30 June 2024 (of €38 million). This reversal of revenues, in combination with costs assumed for the turnaround plan and the restructuring (FTE reduction) plan in 2024, has had a corresponding impact on Ebusco's financial result over FY 2024.
Financial review FY 2024
• 2024 revenue arrived at €10.7 million, predominately due to the production halt and cancellations in the second half of 2024, which led to a reversal of turnover
• EBITDA loss of €132.6 million, reflecting operational challenges
• Net loss for the year of €200.8 million
• Cash & Cash Equivalents of €2.4 million
The very challenging business circumstances that Ebusco has gone through in the last months, and those which Ebusco continues to face, and the transformation the company is going through, including its refinancing and restructuring efforts, have placed significant demands on the time and resources of the company.
As a result, the drafting of the 2024 financial statements and consequently, the external auditor's audit process, have experienced delays, which prevented completion of the audit within the expected timeframe. Consequently, the financial statements included in both this press release and the annual report as published today, are unaudited.
Christian Schreyer, CEO of Ebusco
"2024 has been an extremely challenging year for Ebusco, and 2025 continues to be very challenging. While we have already taken significant steps, we recognize that there is still a long way ahead and the liquidity situation is still a major challenge. It won't be a surprise that my first months as CEO of Ebusco have been very intensive. I joined Ebusco at a critical moment, in the midst of a massive and urgent turnaround, operationally and financially.
When I started in September, my top priority was to improve liquidity and reduce working capital while thoroughly assessing root causes and validating strategic choices. This effort has resulted in a clear, actionable roadmap-comprising several projects for immediate impact along with strategic pillars to guide long-term progress, including the decision to transition to an OED model.
An OED model enables us to operate more capital-efficiently and reduce our risk profile. By leveraging our strengths-our top-tier product design and engineering capabilities-while outsourcing processes that have hindered our ability to scale, we can enhance our performance. Combined with other strategic choices, such as simplifying our portfolio to standard bus sizes and focusing on European markets. We are positioning the company to navigate the challenges ahead and ultimately become resilient again.
The past year has presented significant challenges for the entire organization, demanding extraordinary perseverance from all employees. I extend my sincere appreciation for the continued commitment, resilience, and loyalty shown throughout this difficult period.
I am very pleased to have Michel van Maanen on board to oversee Ebusco's core process at Ebusco and implement the new operating model, bringing invaluable expertise from his proven track record in similar transformations. I would like to thank Jan Piet Valk for his support and guidance as interim CFO until today, which will be his last day at the company. Jan Piet has played a key role for the company in this turbulent period. As of 30 April, Mark de Haas has joined Ebusco as CFO ad interim. As seasoned CFO he is well equipped to guide Ebusco trough the uncertain financial situation.
Despite all progress, efforts and envisioned plans, we must acknowledge that even after fully implementing the Turnaround Plan, Ebusco will need a strong partner to be able to scale the business and be sustainably successful.
This also applies to our growing, but still small, Energy storage business. Backed by our strong partner and shareholder Gotion, we see a business case for the Maritime niche market, where we are well positioned as one of the few certified companies.
We believe both the Bus and Energy businesses deserve focus, and we are currently exploring strategic options to ensure both businesses can thrive under the right governance.
Although the future holds many uncertainties, I believe we are on the right path. Market fundamentals are strong with the electrification trend ongoing. And the market continues to value our product."
Read full press release:
https://www.ebusco.com/ebusco-reports-full-year-results-2024/
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