VALENCIA, Spain, Sept. 29, 2026 (GLOBE NEWSWIRE) -- Turbo Energy, S.A. (Nasdaq: TURB) ("Turbo Energy" or the "Company"), a technology-driven integrator of energy storage and intelligent energy-management solutions, today reported its unaudited consolidated financial results for the six months ended June 30, 2026.
Total revenue for the first half of 2026 increased 172.7% to €15,033,238 (approximately $17.2 million), compared with €5,512,458 in the first half of 2025. The Company achieved positive operating income of €510,542 (approximately $0.58 million) in the first half of 2026, compared with an operating loss of €1,164,274 in the prior-year period, representing a year-over-year improvement of €1,674,816 (approximately $1.91 million). Turbo Energy also reported net income of €65,647 (approximately $75,000) in the first half of 2026, compared with a net loss of €1,397,715 in the first half of 2025.
Revenue growth reflected the continued expansion of the Company's intelligent energy solutions business, including the execution of its 366 MWh industrial energy-storage project and continued activity across its broader product portfolio.
The results are consistent with the preliminary results announced in July 2026 and mark an important step in Turbo Energy's transition from a period focused on technology investment and market expansion toward greater operating discipline and improved financial performance.
First Half 2026 Financial Highlights
- Record revenue: Total revenue increased 172.7% to €15,033,238 (approximately $17.2 million), from €5,512,458 in the first half of 2025.
- Higher gross profit: Gross profit increased 87.6% to €2,484,022 (approximately $2.8 million), from €1,324,430.
- Positive operating and net income: Operating income reached €510,542 (approximately $0.58 million), and net income was €65,647 (approximately $75,000), compared with an operating loss of €1,164,274 and a net loss of €1,397,715.
- Stronger equity position: Shareholders' equity increased to €5,518,529 (approximately $6.3 million) as of June 30, 2026, from €1,599,640 as of December 31, 2025.
"The first half of 2026 marks an important financial milestone for Turbo Energy," said Mariano Soria, the Chief Executive Officer of Turbo Energy. "We delivered record revenue and moved from an operating loss to positive operating income. This performance reflects the growing scale of our project execution and the investments we have made in technology and industrial energy-storage capabilities."
"Our next priority is to build on this progress by improving project mix and margins, converting working capital more efficiently into cash and increasing the contribution of our proprietary energy-management technology and service-based business models. We believe these capabilities can create a more differentiated and higher-value energy-storage platform."
Operating income reflects higher gross profit and lower operating expenses
Gross profit increased 87.6% to €2,484,022 (approximately $2.8 million), from €1,324,430 in the prior-year period. Cost of revenue increased 199.7% to €12,549,216 (approximately $14.3 million), from €4,188,028, reflecting the substantial increase in sales volume and the greater contribution of large-scale industrial project deliveries. As a result, gross margin was 16.5%, compared with 24.0% in the first half of 2025. Improving project mix and increasing the contribution of proprietary software and service-based revenue remain key priorities for the Company.
Total operating expenses decreased 20.7% to €1,973,480 (approximately $2.3 million), from €2,488,704. The combination of higher gross profit and lower operating expenses resulted in operating income of €510,542 (approximately $0.58 million), compared with an operating loss of €1,164,274 in the first half of 2025.
Total other expense increased to €444,895 (approximately $0.51 million), from €233,441, primarily due to higher interest expense and foreign-exchange losses. After these items, Turbo Energy reported net income of €65,647 (approximately $75,000), compared with a net loss of €1,397,715 in the prior-year period.
Strengthened financial position
Shareholders' equity increased to €5,518,529 (approximately $6.3 million) as of June 30, 2026, from €1,599,640 as of December 31, 2025. The increase primarily reflected €3.78 million (approximately $4.32 million) in net proceeds from the Company's registered direct offering and at-the-market issuances during the first half of 2026.
Working capital improved to €6,547,449 (approximately $7.5 million) as of June 30, 2026, from negative working capital of €910,135 as of December 31, 2025. The improvement primarily reflected the restructuring of €4,870,491 (approximately $5.6 million) of bank debt into long-term financing, the proceeds from Turbo Energy's equity offerings and a reduction in current liabilities.
Toward a higher-value energy-storage platform
Turbo Energy is evolving its offering beyond the supply and integration of energy-storage systems toward a model combining project execution, intelligent energy management and service-based revenue opportunities. Turbo Energy believes this combination can increase the operational and economic value of deployed storage infrastructure while creating a more differentiated and scalable business over time.
Availability of financial information
Turbo Energy's unaudited condensed interim consolidated financial statements and its Operating and Financial Review and Prospects for the six months ended June 30, 2026, and 2025 are included in a Report on Form 6-K furnished to the U.S. Securities and Exchange Commission.
The Company's condensed interim consolidated financial statements are presented in euros, its functional currency. Unless otherwise indicated, all U.S. dollar amounts translated from euros in this press release are approximate and were calculated using an exchange rate of $1.1417 per euro, which was the June 30, 2026, exchange rate according to the U.S. Federal Reserve. These translations are provided solely for the convenience of readers and should not be construed as representations that the euro amounts could have been or could be converted into U.S. dollars at that or any other rate.
About Turbo Energy, S.A.
Founded in 2013, Turbo Energy, S.A. (Nasdaq: TURB) is a global technology integrator specializing in AI-driven energy storage and energy management solutions. The Company integrates advanced battery storage, proprietary software and energy management systems into intelligent energy solutions that help residential, commercial and industrial customers optimize energy consumption, reduce costs, improve resilience and maximize the value of their energy assets.
As part of Umbrella Global Energy, Turbo Energy plays a strategic role in driving innovation in intelligent energy storage, electrification and software-defined energy management across Europe, North America and Latin America. For more information, please visit www.turbo-e.com.
Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control, including the risks described in the Company's registration statements and annual reports under the heading "Risk Factors" as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statements contained in this press release speak only as of the date hereof, and Turbo Energy, S.A. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
For more information, please contact:
Turbo Energy | Investor Relations
Email: investors@turbo-e.com
Website: investors.turbo-e.com
| (tables follow) TURBO ENERGY, S.A. Condensed Interim Consolidated Statements of Operations (Unaudited) (Expressed in Euro) | ||||||||||||
| Six Months Ended June 30, | ||||||||||||
| Note | 2026 | 2025 | ||||||||||
| Revenue | 18 | - | 7,835,027 | - | 5,026,963 | |||||||
| Revenue - related parties | 11,18 | 7,186,691 | 410,342 | |||||||||
| Other operating income | 11,520 | 75,153 | ||||||||||
| Total Revenue | 15,033,238 | 5,512,458 | ||||||||||
| Cost and Expenses | ||||||||||||
| Cost of revenues | 19 | 12,549,216 | 4,188,028 | |||||||||
| Selling and administrative | 20 | 1,378,224 | 1,137,050 | |||||||||
| Selling and administrative - related parties | 11,20 | 101,744 | 356,912 | |||||||||
| Salaries and benefits | 400,755 | 870,583 | ||||||||||
| Salaries and benefits - related parties | 11 | 69,063 | 124,159 | |||||||||
| Bad debt expense | 4 | 23,694 | - | |||||||||
| Total Cost and Expenses | 14,522,696 | 6,676,732 | ||||||||||
| Income (loss) from operations | 510,542 | (1,164,274 | - | |||||||||
| Other Income (Expense) | ||||||||||||
| Other income | - | 208 | ||||||||||
| Interest income | - | 3,457 | ||||||||||
| Interest expense | (351,691 | - | (157,432 | - | ||||||||
| Interest expense - related party | (26,448 | - | (40,627 | - | ||||||||
| Foreign exchange gain (loss) | (66,756 | - | (39,047 | - | ||||||||
| Total Other Income (Expense) | (444,895 | - | (233,441 | - | ||||||||
| Net Income (Loss) Before Income Tax | 65,647 | (1,397,715 | - | |||||||||
| Income tax Expense (Recovery) | ||||||||||||
| - Current | - | - | ||||||||||
| - Deferred | - | - | ||||||||||
| Net Income (Loss) | - | 65,647 | - | (1,397,715 | - | |||||||
| Basic Net Income (Loss) per Ordinary Share | - | 0.00 | - | (0.03 | - | |||||||
| Diluted Net Income (Loss) per Ordinary Share | - | 0.00 | - | (0.03 | - | |||||||
| Weighted Average Number of Ordinary Shares Outstanding - Basic | 59,415,835 | 55,085,700 | ||||||||||
| Weighted Average Number of Ordinary Shares Outstanding - Diluted | 61,143,577 | 55,085,700 | ||||||||||
| TURBO ENERGY, S.A. Condensed Interim Consolidated Statements of Financial Position (Unaudited) (Expressed in Euro) | ||||||||||||
| June 30, | December 31, | |||||||||||
| As at | Note | 2026 | 2025 | |||||||||
| Assets | ||||||||||||
| Current | ||||||||||||
| Cash and cash equivalent | 2 | - | 503,586 | - | 493,129 | |||||||
| Accounts receivable and other receivables | 4 | 3,274,020 | 1,739,775 | |||||||||
| Inventories | 5 | 4,830,099 | 3,444,184 | |||||||||
| Amount due from related parties | 11 | 5,942,031 | 10,443,887 | |||||||||
| Prepaid expense | 6 | 3,712,271 | 3,643,077 | |||||||||
| Investments | 7 | 34,557 | 34,557 | |||||||||
| Total Current Assets | 18,296,564 | 19,798,609 | ||||||||||
| Non- Current Assets | ||||||||||||
| Property and equipment, net | 8 | 204,452 | 214,966 | |||||||||
| Intangible assets, net | 9 | 1,882,964 | 2,102,151 | |||||||||
| Right-of-use assets | 16 | 15,470 | 21,444 | |||||||||
| Deferred tax assets | 2,272,573 | 2,272,573 | ||||||||||
| Total Assets | - | 22,672,023 | - | 24,409,743 | ||||||||
| Liabilities and Shareholders' Equity | ||||||||||||
| Current Liabilities | ||||||||||||
| Accounts payable and accrued liabilities | 10 | - | 6,848,799 | - | 12,647,530 | |||||||
| Accrued interest payable | 12 | 34,310 | 355,711 | |||||||||
| Accrued interest payable - related party | 11 | 26,448 | - | |||||||||
| Amount due to related parties | 11 | 3,400,635 | 2,929,117 | |||||||||
| Lease liabilities - current portion | 16 | 10,163 | 12,203 | |||||||||
| Bank loans - current portion | 13 | 1,175,408 | 4,510,831 | |||||||||
| Debt bond - current portion | 12 | 253,352 | 253,352 | |||||||||
| Total Current Liabilities | 11,749,115 | 20,708,744 | ||||||||||
| Non-Current Liabilities | ||||||||||||
| Lease liabilities | 16 | 6,068 | 10,059 | |||||||||
| Bank loans | 13 | 3,433,687 | - | |||||||||
| Deferred tax liabilities | 30,595 | 30,595 | ||||||||||
| Debt bond - noncurrent portion | 12 | 1,934,029 | 2,060,705 | |||||||||
| Total Liabilities | 17,153,494 | 22,810,103 | ||||||||||
| Shareholders' Equity | ||||||||||||
| Share Capital | 14 | 3,143,855 | 2,754,285 | |||||||||
| Additional paid in capital | 14 | 7,404,278 | 3,940,606 | |||||||||
| Reserve | 15 | 1,411,846 | 1,411,846 | |||||||||
| Accumulated Deficit | (6,441,450 | - | (6,507,097 | - | ||||||||
| Total Shareholders' Equity | 5,518,529 | 1,599,640 | ||||||||||
| Total Liabilities and Shareholders' Equity | - | 22,672,023 | - | 24,409,743 | ||||||||
| TURBO ENERGY, S.A. Condensed Interim Consolidated Statements of Cash Flows (Unaudited) (Expressed in Euro) | ||||||||||||
| Six Months Ended June 30, | ||||||||||||
| Note | 2026 | 2025 | ||||||||||
| Cash Provided by (Used in) | ||||||||||||
| Operating Activities | ||||||||||||
| Net income (loss) before income tax | - | 65,647 | - | (1,397,715 | - | |||||||
| Items not affecting cash: | ||||||||||||
| Stock-based compensation | 2 | 67,220 | 63,682 | |||||||||
| Bad debt expense | 4 | 23,694 | - | |||||||||
| Depreciation of property and equipment | 8 | 10,514 | 5,937 | |||||||||
| Amortization of intangible assets | 9 | 244,527 | 48,763 | |||||||||
| Amortization of right-of-use assets | 16 | 5,974 | 38,250 | |||||||||
| Accretion of lease liabilities | 16 | 430 | 2,442 | |||||||||
| Gain on lease cancellation | 16 | - | (137 | - | ||||||||
| Changes in non-cash working capital items: | ||||||||||||
| Inventories | 5 | (1,385,915 | - | (636,450 | - | |||||||
| Accounts receivable and other receivables | 4 | (1,557,939 | - | 1,934,794 | ||||||||
| Deferred tax assets | 17 | - | 3,390 | |||||||||
| Due from related parties | 11 | 5,097,469 | (151,543 | - | ||||||||
| Due to related parties | 11 | (67,154 | - | (1,329 | - | |||||||
| Prepaid expense | 6 | (69,194 | - | (580,865 | - | |||||||
| Accounts payable and accrued liabilities | 10 | (5,798,731 | - | (733,186 | - | |||||||
| Accrued interest payable | 12 | (321,401 | - | 23,436 | ||||||||
| Accrued interest payable - related party | 11 | 26,448 | 40,627 | |||||||||
| Net cash used in operating activities | (3,658,411 | - | (1,339,904 | - | ||||||||
| Investing Activities | ||||||||||||
| Purchase of equipment | 8 | - | (9,008 | - | ||||||||
| Purchase of intangible assets | 9 | (25,340 | - | (450,962 | - | |||||||
| Net cash used in investing activities | (25,340 | - | (459,970 | - | ||||||||
| Financing Activities | ||||||||||||
| Net proceed from Issuance of common stock through public offering | 13 | 3,786,022 | - | |||||||||
| Proceeds from debt bond | 12 | - | 1,667,638 | |||||||||
| Repayment of debt bond | 12 | (126,676 | - | (126,676 | - | |||||||
| Repayment of bank loans | 13 | - | (90,374 | - | ||||||||
| Net proceeds (repayment) from lines of credit | 13 | 98,264 | 276,052 | |||||||||
| Repayment of lease liabilities | 16 | (6,461 | - | (40,488 | - | |||||||
| Payments to related parties | 11 | (59,083 | - | (907,213 | - | |||||||
| Proceeds from related parties | 11 | 2,142 | 370 | |||||||||
| Net cash provided by financing activities | 3,694,208 | 779,309 | ||||||||||
| Net change in cash | 10,457 | (1,020,565 | - | |||||||||
| Cash - beginning of period | 493,129 | 2,384,625 | ||||||||||
| Cash - end of period | - | 503,586 | - | 1,364,060 | ||||||||
