Lotus Technology Inc 6-K, filed Apr 10, 2026

Lotus Technology Inc. (LOT)

6-K 2026-04-10 For: 2026-04-10

View Original

Added on April 10, 2026

About this 6-K

Lotus Technology Inc filed this 6-K on April 10, 2026.

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

Exhibit No.		Description
99.1		Press Release – Lotus Technology Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results

99.2		Presentation – Unaudited Q4 & FY2025 Results of Lotus Technology Inc.

Lotus Technology Inc.


By	:	/s/ Daxue Wang
Name	:	Daxue Wang
Title	:	Chief Financial Officer

	·	Delivered 6,520 vehicles¹ and achieved total revenue of $519 million in 2025.
	·	Service revenues increased 69% YoY in 2025, affirming the Company’s technology edge and validating the commercialization of its intellectual property (IP).
	·	Gross margin improved to 9% in 2025 mainly due to the commencement of upgraded model deliveries globally and disciplined cost control.
	·	Operating loss narrowed by 65% YoY and 29% QoQ in the fourth quarter, with the full-year operating loss narrowed by 46% YoY, demonstrating the Company’s commitment to operational efficiencies.
	·	Debut of Company’s first PHEV model, named For Me (Eletre X in Europe), extending product roadmap and catering to evolving consumer demands across diversified powertrain segments.

	Full Year 2025		Full Year 2024		% Change (YoY)
Lifestyle SUV and Sedan		4,552		6,815		(33	)%
Sportscars		1,968		5,169		(62	)%
Total		6,520		11,984		(46	)%

	Full Year 2025					Full Year 2024
	Units		Region %			Units		Region %
China		2,960		45	%		2,868		24	%
Europe		2,198		34	%		4,743		40	%
North America		1,048		16	%		2,578		21	%
Rest of the World		314		5	%		1,795		15	%
Total		6,520		100	%		11,984		100	%

	●	Total revenues were $519 million, a 44% YoY decrease.
	●	Gross margin was 9%, versus 3% for the full year of 2024.
	●	Operating loss was $423 million, narrowed by 46% YoY.
	●	Net loss was $464 million, narrowed by 58% YoY.
	●	Adjusted EBITDA (non-GAAP) was a loss of $356 million, narrowed by 63% YoY.

	●	Lotus Cup Racing Series: On November 30, 2025, the 2025 season of the inaugural Lotus Cup one-make racing series drew to a close at the Sepang International Circuit, with a total of 44 race-prepared Lotus Emira cars competing in the season finale. The Sepang International Circuit also hosted the season opener of the 2026 Lotus Cup one-make racing series, which officially commenced on April 3, 2026.
	●	New Strategic Investment: On December 23, 2025, the Company entered into a share subscription agreement with ECARX, pursuant to which ECARX agreed to subscribe for and purchase from the Company a total of 16,788,321 newly issued ordinary shares of the Company for a purchase price of US$23 million. This strategic investment is designed to significantly broaden the collaborative framework between the two companies, deepening the existing relationship into a more integrated, strategic global partnership.

	●	UN R171.01 Certification: On March 13, 2026, the Company announced that Eletre was certified under UN Regulation No. 171, 01 Series (UN R171.01) issued by the United Nations Economic Commission for Europe (UNECE), making it the first and only China-built model certified under this regulation and equipped with HNP function as of the press date, and making the Company the second globally operating automaker to achieve this certification.
	●	Milan Design Week: On April 1, 2026, the Company announced that Lotus will return to 2026 Milan Design Week with "IN PROGRESS", an exhibition created in collaboration with Haus of Automotive, showcasing Lotus D.N.A. design principles and Theory 1 concept, deepening luxury and craft collaborations to elevate its brand vision and global design influence.

	●	Total revenues were $163 million, a 40% YoY decrease.
	●	Gross margin was 10%, versus -11% for the same period of 2024.
	●	Operating loss was $66 million, narrowed by 65% YoY.
	●	Net loss was $86 million, narrowed by 81% YoY.
	●	Adjusted EBITDA (non-GAAP) was a loss of $62 million, narrowed by 84% YoY.

	4Q 2025		4Q 2024		% Change (YoY)
Lifestyle SUV and Sedan		1,238		2,771		(55	)%
Sportscars		670		1,540		(56	)%
Total		1,908		4,311		(56	)%

	As of
	December 31, 2025		December 31, 2024
	*US$*		*US$*
ASSETS
Current assets
Cash and cash equivalents		73,431		103,072
Restricted cash		375,865		379,293
Accounts receivable – third parties, net		36,850		117,076
Accounts receivable – related parties, net		114,126		107,816
Inventories		121,361		188,582
Prepayments and other current assets – third parties, net		77,570		72,541
Prepayments and other current assets – related parties, net		111,886		74,558

Total current assets		911,089		1,042,938

Non-current assets
Restricted cash		100,981		2,572
Securities pledged to an investor		-		315,796
Loan receivable from a related party		351,486		269,539
Property, equipment and software, net		226,891		316,447
Intangible assets		116,475		116,500
Long-term investments		48,004		9,720
Operating lease right-of-use assets		118,845		144,029
Other non-current assets – third parties		78,408		67,009
Other non-current assets – related parties		569		1,113

Total non-current assets		1,041,659		1,242,725

Total assets		1,952,748		2,285,663

	For the Year Ended December 31,
	2025			2024
	US$			US$
Revenues:
Sales of goods		462,802			891,061
Service revenues		56,296			33,288
Total revenues		519,098			924,349
Cost of revenues:
Cost of goods sold		(430,031	)		(867,061	)
Cost of services		(43,857	)		(27,662	)
Total cost of revenues		(473,888	)		(894,723	)
Gross profit		45,210			29,626
Operating expenses:
Research and development expenses		(170,960	)		(274,801	)
Selling and marketing expenses		(148,261	)		(322,310	)
General and administrative expenses		(135,850	)		(227,475	)
Other operating income		38,463			8,638
Impairment of long-lived assets		(51,800	)		-
Total operating expenses		(468,408	)		(815,948	)
Operating loss		(423,198	)		(786,322	)
Interest expenses		(63,338	)		(58,218	)
Interest income		28,143			22,289
Investment income, net		10,740			14,232
Foreign currency exchange gains (losses), net		25,709			(11,664	)
Changes in fair values of liabilities, excluding impact of instrument-specific credit risk		(28,319	)		(285,423	)
Loss before income taxes and share of results of equity method investments		(450,263	)		(1,105,106	)
Income tax expense		(15,946	)		(2,012	)
Share of results of equity method investments		1,987			(171	)
Net loss		(464,222	)		(1,107,289	)
Less: Net loss attributable to noncontrolling interests		(2	)		(2,364	)
Net loss attributable to ordinary shareholders		(464,220	)		(1,104,925	)
Accretion of redeemable convertible preferred shares		-			(2,979	)
Net loss available to ordinary shareholders		(464,220	)		(1,107,904	)
Loss per ordinary share¹
—Basic and diluted		(0.72	)		(1.72	)
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share¹
—Basic and diluted		648,535,169			645,227,356

	For the Three Months Ended December 31,
	2025			2024
	US$			US$
Revenues:
Sales of goods		132,410			266,812
Service revenues		30,930			4,714
Total revenues		163,340			271,526
Cost of revenues:
Cost of goods sold		(122,748	)		(286,241	)
Cost of services		(24,124	)		(14,774	)
Total cost of revenues		(146,872	)		(301,015	)
Gross profit (loss)		16,468			(29,489	)
Operating expenses:
Research and development expenses		(41,154	)		(47,276	)
Selling and marketing expenses		(31,597	)		(62,506	)
General and administrative expenses		(43,183	)		(52,133	)
Other operating income		33,512			2,827
Impairment of long-lived assets		(154	)		-
Total operating expenses		(82,576	)		(159,088	)
Operating loss		(66,108	)		(188,577	)
Interest expenses		(22,299	)		(37,661	)
Interest income		7,569			7,013
Investment (loss) income, net		(305	)		3,433
Foreign currency exchange losses, net		(2,735	)		(26,627	)
Changes in fair values of liabilities, excluding impact of instrument-specific credit risk		389			(197,361	)
Loss before income taxes and share of results of equity method investments		(83,489	)		(439,780	)
Income tax benefit (expense)		739			(857	)
Share of results of equity method investments		(3,017	)		(132	)
Net loss		(85,767	)		(440,769	)
Less: Net loss attributable to noncontrolling interests		-			(962	)
Net loss attributable to ordinary shareholders		(85,767	)		(439,807	)
Loss per ordinary share
—Basic and diluted		(0.14	)		(0.66	)
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share
—Basic and diluted		628,115,136			670,513,486

	For the Twelve Months Ended December 31,
	2025			2024
	US$			US$
Net loss		(464,222	)		(1,107,289	)
Share-based compensation expenses		2,274			31,930
Adjusted net loss		(461,948	)		(1,075,359	)
Net loss		(464,222	)		(1,107,289	)
Interest expenses		63,338			58,218
Interest income		(28,143	)		(22,289	)
Income tax expense		15,946			2,012
Share-based compensation expenses		2,274			31,930
Depreciation		54,740			76,488
Adjusted EBITDA		(356,067	)		(960,930	)

	4Q 2025			4Q 2024				% Change (YoY)
Revenues		163			272				(40	)%
Cost of Revenues		147			301				(51	)%
Gross profit (loss)		16			(29	)			156	%
Gross margin (%)		10	%		(11	)	%
Operating loss		(66	)		(189	)			(65	)%
Net loss		(86	)		(441	)			(81	)%
Adjusted net loss^(A)		(86	)		(442	)			(81	)%
Adjusted EBITDA^(A)		(62	)		(398	)			(84	)%

	As of
	December 31, 2025		December 31, 2024
	*US$*		*US$*
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities
Short term borrowings – third parties		479,419		602,949
Short-term borrowings – related parties		784,288		199,570
Accounts payable – third parties		55,032		61,752
Accounts payable – related parties		458,189		410,433
Contract liabilities – third parties		18,459		33,964
Operating lease liabilities – third parties		11,598		14,094
Accrued expenses and other current liabilities – third parties		251,361		389,791
Accrued expenses and other current liabilities – related parties		213,529		214,760
Share buyback forward liabilities		-		117,059
Put option liabilities		-		309,115
Convertible notes - related parties		126,203		113,910

Total current liabilities		2,398,078		2,467,397

Non-current liabilities
Contract liabilities – third parties		7,458		8,683
Operating lease liabilities – third parties		57,576		68,331
Operating lease liabilities – related parties		3,105		10,729
Warrant liabilities		800		3,340
Exchangeable notes		128,852		102,999
Convertible notes - third parties		73,226		74,246
Convertible notes - related parties		77,175		-
Long-term borrowings		98,254		-
Deferred income		311,912		293,923
Deferred tax liabilities		698		-
Other non-current liabilities – third parties		125,004		114,770
Other non-current liabilities – related parties		856		1,471

Total non-current liabilities		884,916		678,492

Total liabilities		3,282,994		3,145,889

	As of
	December 31, 2025			December 31, 2024
	*US$*			*US$*
SHAREHOLDERS’ DEFICIT
Ordinary shares		7			7
Treasury stock		(138,397	)		-
Additional paid-in capital		1,933,992			1,785,664
Accumulated other comprehensive income		39,818			55,165
Accumulated deficit		(3,157,918	)		(2,693,698	)

Total shareholders' deficit attributable to ordinary shareholders		(1,322,498	)		(852,862	)
Noncontrolling interests		(7,748	)		(7,364	)
Total shareholders' deficit		(1,330,246	)		(860,226	)

Total liabilities and shareholders' deficit		1,952,748			2,285,663