- Delivered 4,612 vehicles1 and achieved total revenue of $356 million in first nine months of 2025.
- Gross margin improved to 8% in the third quarter, reflecting healthier inventory dynamics and continued recovery in underlying profitability.
- Net loss narrowed by approximately 68% in the third quarter and 43% for the nine-month period ended September 30, 2025, on a YoY basis.
- Upcoming launch of new PHEV model reaffirming commitment to diversified energy strategy.
NEW YORK, Nov. 24, 2025 (GLOBE NEWSWIRE) -- Lotus Technology Inc. ("Lotus Tech" or the "Company"), a leading global intelligent and luxury mobility provider, today announced its unaudited financial results for the third quarter and nine months ended September 30, 2025.
Operating Highlights of the First Nine Months of 2025
In the first nine months of 2025, the Company achieved total deliveries1 of 4,612 units, representing a transitional period characterized by the tariff impact, gradual destocking and the phased commencement of upgraded model deliveries.
Deliveries in the first nine months of 2025 were primarily contributed from China and Europe. Growth in China deliveries outpaced the premium auto segment2 in China, underscoring the competitive strength of the Company's product portfolio in an increasingly competitive landscape.
Gross margin improved to 8% in the third quarter as a result of a favorable increase in the share of upgraded model in our total deliveries, reflecting healthier inventory dynamics and continued recovery in underlying profitability.
The Company also confirmed that a new PHEV model will be unveiled in the coming months, further expanding its electrification product roadmap and addressing consumer demand in diversified powertrain segments. The PHEV model is expected to feature 900V hybrid platform that provides a combined driving range of over 1,000km, as well as industry leading Dual Hyper Charging technology.
Deliveries1 by Model Type
| Jan-Sep 2025 | Jan-Sep 2024 | % Change (YoY) | |
| Lifestyle SUV and Sedan | 3,314 | 4,044 | (18%) |
| Sportscars | 1,298 | 3,629 | (64%) |
| Total | 4,612 | 7,673 | (40%) |
Deliveries1 by Region
| Jan-Sep 2025 | Jan-Sep 2024 | |||
| Units | Region % | Units | Region % | |
| Europe | 1,573 | 34% | 2,688 | 35% |
| China | 2,138 | 46% | 1,925 | 25% |
| North America | 707 | 16% | 1,665 | 22% |
| Rest of the World | 194 | 4% | 1,395 | 18% |
| Total | 4,612 | 100- | 7,673 | 100- |
Following Geely's and Etika's exercise of their put options in April 2025 and June 2025, the Company is preparing for and steadily advancing the strategic acquisition of Lotus UK. The acquisition is expected to enable the Company to integrate the businesses under the Lotus brand and enhance operational efficiency. While closing is now expected to occur in 2026, the Company maintains active cooperation with Lotus UK and is methodically and prudently developing detailed integration plans to ensure a smooth transition and maximize synergies post-closing.
Financial Highlights of the First Nine Months of 2025
- Total revenues were $356 million, a 46% YoY decrease.
- Gross margin was 8%, versus 9% for the same period of 2024.
- Operating loss was $357 million, narrowed by 40% YoY.
- Net loss was $378 million, narrowed by 43% YoY.
- Adjusted EBITDA (non-GAAP) was a $294 million, narrowed by 48% YoY.
Key Financial Results
The table below summarizes key preliminary financial results for the nine months ended September 30, 2025.
(in millions of U.S. dollars, unaudited)
| Jan-Sep 2025 | Jan-Sep 2024 | % Change (YoY) | ||||
| Revenue | 356 | 653 | (46%) | |||
| Cost of revenue | 327 | 594 | (45%) | |||
| Gross profit | 29 | 59 | (51%) | |||
| Gross margin | - | |||||
| Accumulated other comprehensive income | 40,063 | 55,165 | ||||
| Accumulated deficit | (3,072,151 | - | (2,693,698 | - | ||
| Total shareholders' deficit attributable to ordinary shareholders | (1,254,764 | - | (852,862 | - | ||
| Noncontrolling interests | (7,748 | - | (7,364 | - | ||
| Total shareholders' deficit | (1,262,512 | - | (860,226 | - | ||
| - | ||||||
| Total liabilities and shareholders' deficit | 1,858,297 | 2,285,663 | ||||
Appendix B
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss
(All amounts in thousands, except for share and per share/ADS data)
| - | For the Nine Months Ended September 30, | |||||
| 2025 | 2024 | |||||
| - | US$ | US$ | ||||
| Revenues: | ||||||
| Sales of goods | 330,392 | 624,249 | ||||
| Service revenues | 25,366 | 28,574 | ||||
| Total revenues | 355,758 | 652,823 | ||||
| Cost of revenues: | ||||||
| Cost of goods sold | (307,283 | - | (580,820 | - | ||
| Cost of services | (19,733 | - | (12,888 | - | ||
| Total cost of revenues | (327,016 | - | (593,708 | - | ||
| Gross profit | 28,742 | 59,115 | ||||
| Operating expenses: | ||||||
| Research and development expenses | (129,806 | - | (227,525 | - | ||
| Selling and marketing expenses | (116,664 | - | (259,804 | - | ||
| General and administrative expenses | (92,667 | - | (175,342 | - | ||
| Government grants | 4,951 | 5,811 | ||||
| Impairment of long-lived assets | (51,646 | - | - | |||
| Total operating expenses | (385,832 | - | (656,860 | - | ||
| Operating loss | (357,090 | - | (597,745 | - | ||
| Interest expenses | (41,039 | - | (20,557 | - | ||
| Interest income | 20,574 | 15,276 | ||||
| Investment income, net | 11,045 | 10,799 | ||||
| Foreign currency exchange gains, net | 28,444 | 14,963 | ||||
| Changes in fair values of liabilities, excluding impact of instrument-specific credit risk | (28,708 | - | (88,062 | - | ||
| Loss before income taxes and share of results of equity method investments | (366,774 | - | (665,326 | - | ||
| Income tax expense | (16,685 | - | (1,155 | - | ||
| Share of results of equity method investments | 5,004 | (39 | - | |||
| Net loss | (378,455 | - | (666,520 | - | ||
| Less: Net loss attributable to noncontrolling interests | (2 | - | (1,402 | - | ||
| Net loss attributable to ordinary shareholders | (378,453 | - | (665,118 | - | ||
| Accretion of redeemable convertible preferred shares | - | (2,979 | - | |||
| Net loss available to ordinary shareholders | (378,453 | - | (668,097 | - | ||
| Loss per ordinary share1 | ||||||
| -Basic and diluted | (0.58 | - | (1.05 | - | ||
| Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share1 | ||||||
| -Basic and diluted | 655,416,645 | 636,737,124 | ||||
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/ADS data)
| - | For the Nine Months Ended September 30, | |||||
| 2025 | 2024 | |||||
| - | US$ | US$ | ||||
| Net loss | (378,455 | - | (666,520 | - | ||
| Other comprehensive (loss)/income: | ||||||
| Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes | 3,994 | 230 | ||||
| Foreign currency translation adjustment, net of nil income taxes | (19,096 | - | 118 | |||
| - | ||||||
| Total other comprehensive (loss)/income | (15,102 | - | 348 | |||
| - | ||||||
| Total comprehensive loss | (393,557 | - | (666,172 | - | ||
| Less: Total comprehensive loss attributable to noncontrolling interests | (2 | - | (1,402 | - | ||
| Total comprehensive loss attributable to ordinary shareholders | (393,555 | - | (664,770 | - | ||
Appendix C
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss
(All amounts in thousands, except for share and per share/ADS data)
| - | For the Three Months Ended September 30, | |||||
| 2025 | 2024 | |||||
| - | US$ | US$ | ||||
| Revenues: | ||||||
| Sales of goods | 132,907 | 241,356 | ||||
| Service revenues | 4,525 | 13,352 | ||||
| Total revenues | 137,432 | 254,708 | ||||
| Cost of revenues: | ||||||
| Cost of goods sold | (122,398 | - | (239,938 | - | ||
| Cost of services | (4,158 | - | (6,567 | - | ||
| Total cost of revenues | (126,556 | - | (246,505 | - | ||
| Gross profit | 10,876 | 8,203 | ||||
| Operating expenses: | ||||||
| Research and development expenses | (37,501 | - | (52,671 | - | ||
| Selling and marketing expenses | (37,669 | - | (55,530 | - | ||
| General and administrative expenses | (29,311 | - | (63,364 | - | ||
| Government grants | 85 | 3,323 | ||||
| Impairment of long-lived assets | (142 | - | - | |||
| Total operating expenses | (104,538 | - | (168,242 | - | ||
| Operating loss | (93,662 | - | (160,039 | - | ||
| Interest expenses | (7,398 | - | (8,849 | - | ||
| Interest income | 7,417 | 6,618 | ||||
| Investment income, net | 1,645 | 7,303 | ||||
| Foreign currency exchange gains (losses), net | (12,081 | - | 19,392 | |||
| Changes in fair values of liabilities, excluding impact of instrument-specific credit risk | 39,376 | (69,495 | - | |||
| Loss before income taxes and share of results of equity method investments | (64,703 | - | (205,070 | - | ||
| Income tax expense | (1,642 | - | (800 | - | ||
| Share of results of equity method investments | 930 | (398 | - | |||
| Net loss | (65,415 | - | (206,268 | - | ||
| Less: Net loss attributable to noncontrolling interests | - | (469 | - | |||
| Net loss attributable to ordinary shareholders | (65,415 | - | (205,799 | - | ||
| Loss per ordinary share | ||||||
| -Basic and diluted | (0.10 | - | (0.30 | - | ||
| Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share | ||||||
| -Basic and diluted | 647,705,809 | 675,897,690 | ||||
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss (con'd)
(All amounts in thousands, except for share and per share/ADS data)
| - | For the Three Months Ended September 30, | |||||
| 2025 | 2024 | |||||
| - | US$ | US$ | ||||
| Net loss | (65,415 | - | (206,268 | - | ||
| Other comprehensive (loss)/income: | ||||||
| Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes | (2,784 | - | 631 | |||
| Foreign currency translation adjustment, net of nil income taxes | (14,455 | - | (294 | - | ||
| - | ||||||
| Total other comprehensive (loss)/income | (17,239 | - | 337 | |||
| - | ||||||
| Total comprehensive loss | (82,654 | - | (205,931 | - | ||
| Less: Total comprehensive loss attributable to noncontrolling interests | - | (469 | - | |||
| Total comprehensive loss attributable to ordinary shareholders | (82,654 | - | (205,462 | - | ||
Appendix D
Lotus Technology Inc.
Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)
(All amounts in thousands)
| For the Nine Months Ended September 30, | ||||||
| 2025 | 2024 | |||||
| US$ | US$ | |||||
| Net loss | (378,455 | - | (666,520 | - | ||
| Share-based compensation expenses | 2,255 | 33,565 | ||||
| Adjusted net loss | (376,200 | - | (632,955 | - | ||
| Net loss | (378,455 | - | (666,520 | - | ||
| Interest expenses | 41,039 | 20,557 | ||||
| Interest income | (20,574 | - | (15,276 | - | ||
| Income tax expense | 16,685 | 1,155 | ||||
| Share-based compensation expenses | 2,255 | 33,565 | ||||
| Depreciation | 45,010 | 63,153 | ||||
| Adjusted EBITDA | (294,040 | - | (563,366 | - | ||
| For the Three Months Ended September 30, | |||||
| 2025 | 2024 | ||||
| US$ | US$ | ||||
| Net loss | (65,415 | - | (206,268 | - | |
| Share-based compensation expenses | 40 | (2,329 | - | ||
| Adjusted net loss | (65,375 | - | (208,597 | - | |
| Net loss | (65,415 | - | (206,268 | - | |
| Interest expenses | 7,398 | 8,849 | |||
| Interest income | (7,417 | - | (6,618 | - | |
| Income tax expense | 1,642 | 800 | |||
| Share-based compensation expenses | 40 | (2,329 | - | ||
| Depreciation | 9,358 | 23,867 | |||
| Adjusted EBITDA | (54,394 | - | (181,699 | - | |
