Lotus Technology Inc 6-K, filed Aug 28, 2024

Lotus Technology Inc. (LOT)

6-K 2024-08-28 For: 2024-08-28

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Added on April 09, 2026

About this 6-K

Lotus Technology Inc filed this 6-K on August 28, 2024.

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Exhibit No.		Description
99.1		Press Release – Lotus Technology Reports Unaudited Second Quarter and First Half 2024 Financial Results
99.2		Presentation – Second Quarter and First Half 2024 Results

Lotus Technology Inc.

By	:	/s/ Alexious Kuen Long Lee
Name	:	Alexious Kuen Long Lee
Title	:	Director and Chief Financial Officer

	·	Robust start in 2024, marking the strongest first half-year performance in the brand’s history.
	·	Balanced global allocation, with strong US deliveries¹ contribution after the brand’s re-entry into the market.
	·	Launched bespoke services and continued growing technology-related income, which are expected to be potential contributors of profit margin in the future.
	·	Adjusted the annual delivery target due to near-term disruptions from trade uncertainties and tariff hikes.
	·	Initiated the “Win26” Plan aiming to achieve positive operating cashflow and EBITDA in 2026.

	1H 2024		1H 2023		%Change (YoY)
Lifestyle SUV and Sedan		2,389		871		174	%
Sportscars		2,484		568		337	%
Total		4,873		1,439		239	%

	1H 2024		1H 2024%			1H 2023		1H 2023 %
Europe		1,459		30	%		89		6	%
China		1,208		25	%		965		67	%
North America		1,278		26	%		-		-
Rest of the World		928		19	%		385		27	%
Total		4,873		100	%		1,439		100	%

	●	Total revenues for the first half of 2024 were $398 million, a 206% YoY increase.
	●	Sales of goods were $383 million, a 207% YoY increase.
	●	Service revenues were $15 million, a 194% YoY increase.

	●	Gross margin for the first half was 13%, versus 5% for the first half of 2023, driven by the growth in margin from both sales of goods and service revenues.
	●	Gross margin of sales of goods for the first half of 2024 was 11%, versus 4% for the same period of 2023.
	●	Gross margin of service revenues for the first half of 2024 was 58%, versus 16% for the same period of 2023.
	●	Operating loss was $438 million for the first half of 2024, a 27% YoY increase.
	●	Net loss was $460 million for the first half of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was $424 million for the first half of 2024, a 20% YoY increase.
	●	Adjusted EBITDA (non-GAAP) was a loss of $382 million for the first half of 2024, a 15% YoY increase.

	1H 2024			1H 2023			% Change (YoY)
Revenues		398			130			206	%
Cost of revenues		347			124			180	%
Gross profit		51			6			731	%
Gross margin (%)		13	%		5	%		-
Operating loss		(438	)		(344	)		27	%
Net loss		(460	)		(353	)		30	%
Adjusted net loss^(A)		(424	)		(353	)		20	%
Adjusted EBITDA^(A)		(382	)		(333	)		15	%

	●	Following Southeast Asia deliveries, Eletre (SUV) model started deliveries to new markets such as GCC, New Zealand, India, and Egypt.
	●	Production orders for Eletre (SUV) model began for new markets such as Australia, Japan and Korea.
	●	Emeya (GT, Sedan) model started deliveries in Europe.
	●	Reservations of Emeya (GT, Sedan) model began in the GCC, Japan, Korea and Southeast Asia.

	●	Lotus Robotics provides solutions to multiple OEMs: Lotus Robotics, a subsidiary for intelligent automobility technologies development, licenses several leading automakers to provide them with its intelligent driving technology and solutions, including Lynk&Co and Farizon Auto.
	●	Strategic capital raised: As previously announced, in June 2024, the Company entered into a convertible note purchase agreement with an aggregate principal amount of approximately $110 million through a private placement from its existing strategic shareholder.
	●	Dual Red Dot Awards: In June 2024, two Red Dot Awards in Product Design were given to the ground-breaking hyper electric vehicles: the Eletre (SUV), and the Emeya (GT, Sedan).
	●	Reuters Sustainability Awards 2024 Nomination: In July 2024, Lotus Tech was nominated as the finalist in the Reuters Sustainability Awards 2024 in the business transformation and Net Zero: operations transformation. Reuters Sustainability Awards are the world’s leading awards recognizing leadership in sustainable business.

	●	Total deliveries¹ for the second quarter of 2024 were 2,679 units, a 128% YoY increase.
	●	Total revenues for the second quarter of 2024 were $225 million, a 103% YoY increase.
	●	Gross margin for the second quarter of 2024 was 9%, versus 5% for the same period of 2023..
	●	Net loss for the second quarter was $202 million, a 4% YoY increase. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was $201 million for the second quarter of 2024.
	●	Adjusted EBITDA (non-GAAP) was a loss of $177 million for the second quarter of 2024, a 1% YoY decrease.

	2Q 2024		2Q 2023		% Change (YoY)
Lifestyle SUV and Sedan		1,342		637		111	%
Sportscars		1,337		538		149	%
Total		2,679		1,175		128	%

	As of
	June 30, 2024		December 31, 2023
	US$		US$
ASSETS
Current assets
Cash		268,781		418,941
Restricted cash		373,887		7,873
Accounts receivable – third parties, net		72,798		76,664
Accounts receivable – related parties, net		19,674		22,430
Inventories		385,200		265,190
Prepayments and other current assets – third parties, net		118,492		63,870
Prepayments and other current assets – related parties, net		40,381		28,744

Total current assets		1,279,213		883,712

Non-current assets
Restricted cash		1,147		321
Investment securities – related parties		2,168		3,326
Securities pledged to an investor		310,477		-
Loan receivable from a related party		224,042		-
Property, equipment and software, net		345,336		354,617
Intangible assets		116,526		116,360
Operating lease right-of-use assets		158,864		173,103
Other non-current assets – third parties		65,792		50,533
Other non-current assets – related parties		2,689		2,706

Total non-current assets		1,227,041		700,966

Total assets		2,506,254		1,584,678

	For the Six Months Ended June 30,
	2024			2023
		*US$*			*US$*
Revenues:
Sales of goods		382,893			124,854
Service revenues		15,222			5,181
Total revenues		398,115			130,035
Cost of revenues:
Cost of goods sold		(340,882	)		(119,557	)
Cost of services		(6,321	)		(4,351	)
Total cost of revenues		(347,203	)		(123,908	)
Gross profit		50,912			6,127
Operating expenses:
Research and development expenses		(174,854	)		(152,548	)
Selling and marketing expenses		(204,274	)		(118,236	)
General and administrative expenses		(111,978	)		(80,417	)
Government grants		2,488			662
Total operating expenses		(488,618	)		(350,539	)
Operating loss		(437,706	)		(344,412	)
Interest expenses		(11,708	)		(3,470	)
Interest income		8,658			5,848
Investment income, net		3,496			2,770
Share of results of equity method investments		359			(626	)
Foreign currency exchange losses, net		(4,429	)		(3,619	)
Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk		8,801			(12,758	)
Changes in fair values of warrant liabilities		6,317			-
Changes in fair values of put option liabilities		(33,685	)		3,307
Loss before income taxes		(459,897	)		(352,960	)
Income tax benefit (expense)		(355	)		18
Net loss		(460,252	)		(352,942	)
Less: Net loss attributable to noncontrolling interests		(933	)		(5,779	)
Net loss attributable to ordinary shareholders		(459,319	)		(347,163	)
Accretion of Redeemable Convertible Preferred Shares		(2,979	)		(258	)
Net loss available to ordinary shareholders		(462,298	)		(347,421	)
Loss per ordinary share¹
—Basic and diluted		(0.75	)		(0.74	)
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share¹
—Basic and diluted		616,941,673			474,621,603

	Three Months Ended
	June 30, 2024			June 30, 2023
	US$			US$
Revenues:
Sales of goods		222,109			108,371
Service revenues		2,924			2,543
Total revenues		225,033			110,914
Cost of revenues:
Cost of goods sold		(201,609	)		(103,006	)
Cost of services		(2,826	)		(1,958	)
Total cost of revenues		(204,435	)		(104,964	)
Gross profit		20,598			5,950
Operating expenses:
Research and development expenses		(70,162	)		(87,054	)
Selling and marketing expenses		(100,785	)		(66,460	)
General and administrative expenses		(55,008	)		(35,133	)
Government grants		969			57
Total operating expenses		(224,986	)		(188,590	)
Operating loss		(204,388	)		(182,640	)
Interest expenses		(7,761	)		(3,036	)
Interest income		6,993			3,079
Investment income, net		4,890			4,933
Share of results of equity method investments		158			(161	)
Foreign currency exchange losses, net		2,238			(6,681	)
Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk		397			(10,223	)
Changes in fair values of warrant liabilities		1,464			-
Changes in fair values of put option liabilities		(5,805	)		1,433
Loss before income taxes		(201,814	)		(193,296	)
Income tax expense		(213	)		(71	)
Net loss		(202,027	)		(193,367	)
Less: Net loss attributable to noncontrolling interests		(577	)		(3,861	)
Net loss attributable to ordinary shareholders		(201,450	)		(189,506	)
Accretion of Redeemable Convertible Preferred Shares		-			6,990
Net loss available to ordinary shareholders		(201,450	)		(182,516	)
Loss per ordinary share¹
—Basic and diluted		(0.30	)		(0.38	)
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share¹
—Basic and diluted		675,454,342			474,621,603

	As of
	June 30, 2024			December 31, 2023
	US$			US$
MEZZANINE EQUITY
Series Pre-A Redeemable Convertible Preferred Shares		-			184,509
Series A Redeemable Convertible Preferred Shares		-			199,021

Total mezzanine equity		-			383,530


SHAREHOLDERS’ DEFICIT
Ordinary shares		7			21
Additional paid-in capital		1,855,063			358,187
Accumulated other comprehensive income		25,278			25,267
Accumulated deficit		(2,048,092	)		(1,588,773	)

Total shareholders' deficit attributable to ordinary shareholders		(167,744	)		(1,205,298	)
Noncontrolling interests		(6,337	)		(5,404	)
Total shareholders' deficit		(174,081	)		(1,210,702	)

Total liabilities, mezzanine equity and shareholders' deficit		2,506,254			1,584,678

	For Six Months Ended
	June 30, 2024			June 30, 2023
	US$			US$
Net loss		(460,252	)		(352,942	)
Share-based compensation expenses		35,894			-
Adjusted net loss		(424,358	)		(352,942	)
Net loss		(460,252	)		(352,942	)
Interest expenses		11,708			3,470
Interest income		(8,658	)		(5,848	)
Income tax expense (benefit)		355			(18	)
Share-based compensation expenses		35,894			-
Depreciation		39,286			22,641
Adjusted EBITDA		(381,667	)		(332,697	)