Lotus Technology Inc 6-K, filed Nov 21, 2024

Lotus Technology Inc. (LOT)

6-K 2024-11-21 For: 2024-11-21

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Added on April 09, 2026

About this 6-K

Lotus Technology Inc filed this 6-K on November 21, 2024.

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

Lotus Technology Inc.

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

	·	Over 7,600 vehicles delivered in the first nine months of 2024, a year-on-year increase of 136%
	·	Total revenue reached $653 million, more than doubled year-on-year
	·	Revenue of intelligent driving business from customers other than Lotus surged to $11 million with a year-on-year growth of 450%
	·	Launched Hyper Hybrid EV technology that provides high-performance with a combined range of over 1,100 kilometers

	Jan-Sep, 2024		Jan-Sep, 2023		%Change (YoY)
Lifestyle SUV and Sedan		3,983		1,762		126	%
Sportscars		3,634		1,459		149	%
Total		7,617		3,221		136	%

	Jan-Sep, 2024		% by region			Jan-Sep, 2023		% by region
Europe		2,683		35	%		568		18	%
China		1,880		25	%		1,993		62	%
North America		1,665		22	%		-		-
Rest of the World		1,389		18	%		660		20	%
Total		7,617		100	%		3,221		100	%

	●	Total revenues for the first nine months of 2024 were $653 million, a 105% YoY increase.
	●	Sales of goods were $624 million, a 104% YoY increase.
	●	Service revenues were $29 million, a 129% YoY increase.
	●	Gross margin for the first nine months was 9%, versus 11% in the same period of 2023.
	●	Gross margin of sales of goods for the first nine months of 2024 was 7%, versus 10% for the same period of 2023, mainly due to destock.
	●	Gross margin of service revenues for the first nine months of 2024 was 55%, versus 28% for the same period of 2023, due to increase of high-margin technology-related income.
	●	Operating loss was $598 million for the first nine months of 2024, a 18% YoY increase.
	●	Net loss was $667 million for the first nine months of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was $633 million for the first nine months of 2024, a 20% YoY increase.
	●	Adjusted EBITDA (non-GAAP) was a loss of $563 million for the first nine months of 2024, a 16% YoY increase.

	Jan-Sep, 2024			Jan-Sep, 2023			% Change (YoY)
Revenues		653			318			105	%
Cost of revenues		594			284			109	%
Gross profit		59			34			75	%
Gross margin (%)		9	%		11	%
Operating loss		(598	)		(508	)		18	%
Net loss		(667	)		(527	)		27	%
Adjusted net loss^(A)		(633	)		(527	)		20	%
Adjusted EBITDA^(A)		(563	)		(486	)		16	%

	●	Delivery Updates: The Company delivered a total of 8,631 vehicles in the first 10 months of 2024.
	●	New Technology Launched: The Company unveiled its "Hyper Hybrid EV technology" on Guangzhou Auto Show. The 900V Hyper Hybrid EV technology features an Hybrid Electric Drivetrain and dual Hyper Charging technology: Ultra-Fast Plug-In Charging and Ultra-Fast On-The-Drive Charging, both with industry leading charging speed. The Hyper Hybrid technology enables high performance, high efficiency and a flexible longer driving distance of over 1,100 kilometer.
	●	Delivery of Urban NOA (Navigate on Autopilot) Service and OTA: The Company started open beta test for urban NOA in key cities in October, 2024, following the launch of highway OTA services. Certain OTA, including highway assistant driving function, has been launched in Europe.
	●	Reuters Sustainability Awards 2024 : In October, the Company was awarded the Highly Commends honor at the Reuters Sustainability Awards 2024 in the Business Transformation category as the only awardee from the automotive industry.

	●	Total deliveries¹ for the third quarter of 2024 were 2,744 units, a 54% YoY increase.
	●	Total revenues for the third quarter of 2024 were $255 million, a 36% YoY increase.
	●	Gross margin for the third quarter of 2024 was 3%, versus 15% for the same period of 2023.
	●	Operating loss for the third quarter of 2024 was $160 million, narrowed by 2% compared with same period of 2023.
	●	Net loss for the third quarter was $206 million, a 19% YoY increase.
	●	Adjusted EBITDA (non-GAAP) was a loss of $182 million for the third quarter of 2024, a 18% YoY increase.

	3Q 2024		3Q 2023		% Change (YoY)
Lifestyle SUV and Sedan		1,594		891		79	%
Sportscars		1,150		891		30	%
Total		2,744		1,782		54	%

	As of
	September 30, 2024		December 31, 2023
	US$		US$
ASSETS
Current assets
Cash		191,300		418,941
Restricted cash		465,064		7,873
Accounts receivable – third parties, net		94,503		76,664
Accounts receivable – related parties, net		56,638		22,430
Inventories		320,834		265,190
Prepayments and other current assets – third parties, net		107,905		63,870
Prepayments and other current assets – related parties, net		57,716		28,744

Total current assets		1,293,960		883,712

Non-current assets
Restricted cash		1,542		321
Investment securities – related parties		2,011		3,326
Securities pledged to an investor		318,398		-
Loan receivable from a related party		280,808		-
Property, equipment and software, net		347,751		354,617
Intangible assets		116,520		116,360
Operating lease right-of-use assets		149,079		173,103
Other non-current assets – third parties		74,420		50,533
Other non-current assets – related parties		2,735		2,706

Total non-current assets		1,293,264		700,966

Total assets		2,587,224		1,584,678

	For the Nine Months Ended September 30,
	2024			2023
	US$			US$
Revenues:
Sales of goods		624,249			305,480
Service revenues		28,574			12,461
Total revenues		652,823			317,941
Cost of revenues:
Cost of goods sold		(580,820	)		(275,246	)
Cost of services		(12,888	)		(8,947	)
Total cost of revenues		(593,708	)		(284,193	)
Gross profit		59,115			33,748
Operating expenses:
Research and development expenses		(227,525	)		(234,547	)
Selling and marketing expenses		(259,804	)		(191,231	)
General and administrative expenses		(175,342	)		(118,203	)
Government grants		5,811			2,357
Total operating expenses		(656,860	)		(541,624	)
Operating loss		(597,745	)		(507,876	)
Interest expenses		(20,557	)		(7,367	)
Interest income		15,276			7,258
Investment income (loss), net		10,799			(1,309	)
Share of results of equity method investments		(39	)		(648	)
Foreign currency exchange gains, net		14,963			883
Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk		3,917			(15,395	)
Changes in fair values of warrant liabilities		7,377			-
Changes in fair values of put option liabilities		(99,356	)		(720	)
Loss before income taxes		(665,365	)		(525,174	)
Income tax expense		(1,155	)		(1,350	)
Net loss		(666,520	)		(526,524	)
Less: Net loss attributable to noncontrolling interests		(1,402	)		(7,651	)
Net loss attributable to ordinary shareholders		(665,118	)		(518,873	)
Accretion of Redeemable Convertible Preferred Shares		(2,979	)		(5,063	)
Net loss available to ordinary shareholders		(668,097	)		(523,936	)
Loss per ordinary share¹
—Basic and diluted		(1.05	)		(1.10	)
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share¹
—Basic and diluted		636,737,124			474,621,603

	Three Months Ended
	September 30, 2024			September 30, 2023
	US$			US$
Revenues:
Sales of goods		241,356			180,626
Service revenues		13,352			7,280
Total revenues		254,708			187,906
Cost of revenues:
Cost of goods sold		(239,938	)		(155,689	)
Cost of services		(6,567	)		(4,596	)
Total cost of revenues		(246,505	)		(160,285	)
Gross profit		8,203			27,621
Operating expenses:
Research and development expenses		(52,671	)		(81,999	)
Selling and marketing expenses		(55,530	)		(72,995	)
General and administrative expenses		(63,364	)		(37,786	)
Government grants		3,323			1,695
Total operating expenses		(168,242	)		(191,085	)
Operating loss		(160,039	)		(163,464	)
Interest expenses		(8,849	)		(3,897	)
Interest income		6,618			1,410
Investment income (loss), net		7,303			(4,079	)
Share of results of equity method investments		(398	)		(22	)
Foreign currency exchange gains, net		19,392			4,502
Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk		(4,884	)		(2,637	)
Changes in fair values of warrant liabilities		1,060			-
Changes in fair values of put option liabilities		(65,671	)		(4,027	)
Loss before income taxes		(205,468	)		(172,214	)
Income tax expense		(800	)		(1,368	)
Net loss		(206,268	)		(173,582	)
Less: Net loss attributable to noncontrolling interests		(469	)		(1,872	)
Net loss attributable to ordinary shareholders		(205,799	)		(171,710	)
Accretion of Redeemable Convertible Preferred Shares		-			(4,805	)
Net loss available to ordinary shareholders		(205,799	)		(176,515	)
Loss per ordinary share¹
—Basic and diluted		(0.30	)		(0.37	)
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share¹
—Basic and diluted		675,897,690			474,621,603

	For Nine Months Ended
	September 30, 2024			September 30, 2023
	US$			US$
Net loss		(666,520	)		(526,524	)
Share-based compensation expenses, net of tax effect of nil¹		33,565			-
Adjusted net loss		(632,955	)		(526,524	)
Net loss		(666,520	)		(526,524	)
Interest expenses		20,557			7,367
Interest income		(15,276	)		(7,258	)
Income tax expense		1,155			1,350
Share-based compensation expenses		33,565			-
Depreciation		63,153			38,650
Adjusted EBITDA		(563,366	)		(486,415	)

	As of
	September 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		1,857,225			358,187
Accumulated other comprehensive income		25,615			25,267
Accumulated deficit		(2,253,891	)		(1,588,773	)

Total shareholders' deficit attributable to ordinary shareholders		(371,044	)		(1,205,298	)
Noncontrolling interests		(6,529	)		(5,404	)
Total shareholders' deficit		(377,573	)		(1,210,702	)

Total liabilities, mezzanine equity and shareholders' deficit		2,587,224			1,584,678