Lotus Technology Inc 6-K, filed Apr 8, 2024

About this 6-K

Lotus Technology Inc. (LOT)

6-K 2024-04-08 For: 2024-04-08

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Added on April 09, 2026

As of December 31, 2023

As of December 31, 2022

North America

Rest Of World

Lotus Technology Inc filed this 6-K on April 8, 2024.

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Exhibit No.		Description
99.1		Press Release – Lotus Technology Reports Unaudited Fourth Quarter and Full Year 2023 Financial Results
99.2		Presentation – Unaudited Q4 & FY2023 Results of Lotus Technology Inc.

Lotus Technology Inc.

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

	Q4 2023		Q3 2023		% Change (QoQ)			Full Year 2023
Lifestyle vehicles		2,599		891		191	%		4,361
Sportscars		1,150		891		29	%		2,609
Total		3,749		1,782		110	%		6,970

	4Q 2023			3Q 2023			% Change (QoQ)		Full Year 2023
Revenue		361			188		92	%	679
Cost of sales		293			160		83	%	577
Gross profit		68			28		142	%	102
Gross margin (%)		19	%		15	%	--		15	%
Operating loss		(228	)		(163	)	--		(736	)
Net loss		(224	)		(174	)	--		(750	)
Adjusted EBITDA⁽¹⁾		(206	)		(154	)	--		(693	)

	·	Lotus Day 2024: This year's annual Lotus Day event was hosted during March 29-31, 2024, celebrating the brand's heritage and bringing our community closer together on race track with China’s debut drive of Evija, Lotus's ultra-luxury all-electric hyper car, as well as on-track test drives of Eletre, Emeya and Emira.
	·	Super Charging Stations: As part of its commitment to deliver a premium charging service to Lotus drivers, the Company has established 65 super charging stations equipped with its cutting-edge 480kw fast charging solution in premium locations in China. These are part of a charging network across Europe and China of about 300,000 public charging stations available to Lotus owners. The Company expects to continue expanding its charging network as its BEVs launch across the world.

	As of
	December 31, 2023	December 31, 2022
	US$	US$
ASSETS
Current assets
Cash	418,941	736,605
Restricted cash	7,873	2,392
Accounts receivable – third parties, net	76,664	111
Accounts receivable – related parties, net	22,430	8,545
Inventories	265,190	22,703
Prepayments and other current assets – third parties, net	63,870	44,375
Prepayments and other current assets – related parties, net	28,744	8,732

Total current assets	883,712	823,463

Non-current assets
Restricted cash	321	536
Investment securities – related parties	3,326	8,411
Property, equipment and software, net	354,617	253,471
Intangible assets	116,360	116,364
Operating lease right-of-use assets	173,103	158,724
Other non-current assets – third parties	50,533	10,983
Other non-current assets – related parties	2,706	-

Total non-current assets	700,966	548,489

Total assets	1,584,678	1,371,952

	For the Year Ended December 31,
	2023			2022
	US$			US$
Revenues:
Sales of goods		660,158			1,186
Service revenues		18,850			8,371
Total revenues		679,008			9,557
Cost of revenues:
Cost of goods sold		(564,741	)		(948	)
Cost of services		(12,086	)		(6,302	)
Total cost of revenues		(576,827	)		(7,250	)
Gross profit		102,181			2,307
Operating expenses:
Research and development expenses		(368,729	)		(445,844	)
Selling and marketing expenses		(328,935	)		(151,331	)
General and administrative expenses		(144,533	)		(148,369	)
Government grants		4,077			55,824
Total operating expenses		(838,120	)		(689,720	)
Operating loss		(735,939	)		(687,413	)
Interest expenses		(10,200	)		(8,542	)
Interest income		9,204			12,188
Investment loss, net		(1,162	)		(3,246	)
Share of results of equity method investments		(1,048	)		(2,762	)
Foreign currency exchange gains (losses), net		42			(11,505	)
Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk		(7,531	)		(22,991	)
Changes in fair values of put option liabilities		(2,508	)		-
Loss before income taxes		(749,142	)		(724,271	)
Income tax expense		(1,113	)		(292	)
Net loss		(750,255	)		(724,563	)
Less: Net loss attributable to noncontrolling interests		(8,254	)		(642	)
Net loss attributable to ordinary shareholders		(742,001	)		(723,921	)
Accretion of Redeemable Convertible Preferred Shares		(15,121	)		(910	)
Net loss available to ordinary shareholders		(757,122	)		(724,831	)
Loss per ordinary share¹
—Basic and diluted		(1.60	)		(1.52	)
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share¹
—Basic and diluted		474,621,603			475,805,054

	Three Months Ended
	December 31, 2023			September 30, 2023			December 31, 2022
	US$			US$			US$
Revenues:
Sales of goods		354,678			180,626			484
Service revenues		6,389			7,280			5,416
Total revenues		361,067			187,906			5,900
Cost of revenues:
Cost of goods sold		(289,495	)		(155,689	)		(360	)
Cost of services		(3,139	)		(4,596	)		(4,396	)
Total cost of revenues		(292,634	)		(160,285	)		(4,756	)
Gross profit		68,433			27,621			1,144
Operating expenses:
Research and development expenses		(134,182	)		(81,999	)		(230,306	)
Selling and marketing expenses		(137,704	)		(72,995	)		(82,626	)
General and administrative expenses		(26,330	)		(37,786	)		(44,432	)
Government grants		1,720			1,695			-
Total operating expenses		(296,496	)		(191,085	)		(357,364	)
Operating loss		(228,063	)		(163,464	)		(356,220	)
Interest expenses		(2,833	)		(3,897	)		(148	)
Interest income		1,946			1,410			3,001
Investment income (loss), net		147			(4,079	)		(1,177	)
Share of results of equity method investments		(400	)		(22	)		(1,439	)
Foreign currency exchange gains (losses), net		(841	)		4,502			4,134
Changes in fair values of mandatorily redeemable noncontrolling interest, exchangeable notes and convertible notes, excluding impact of instrument-specific credit risk		7,863			(2,637	)		(5,932	)
Changes in fair values of put option liabilities		(1,787	)		(4,027	)		-
Loss before income taxes		(223,968	)		(172,214	)		(357,781	)
Income tax benefit (expense)		237			(1,368	)		(137	)
Net loss		(223,731	)		(173,582	)		(357,918	)
Less: Net loss attributable to noncontrolling interests		(603	)		(1,872	)		(501	)
Net loss attributable to ordinary shareholders		(223,128	)		(171,710	)		(357,417	)
Accretion of Redeemable Convertible Preferred Shares		(10,058	)		(4,805	)		(910	)
Net loss available to ordinary shareholders		(233,186	)		(176,515	)		(358,327	)
Loss per ordinary share¹
—Basic and diluted		(0.49	)		(0.37	)		(0.75	)
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share¹
—Basic and diluted		474,621,603			474,621,603			475,805,054

	Three Months Ended
	December 31, 2023			September 30, 2023			December 31, 2022
	US$			US$			US$
Net loss		(223,731	)		(173,582	)		(357,918	)
Share-based compensation expenses		-			-			-
Adjusted net loss		(223,731	)		(173,582	)		(357,918	)
Net loss		(223,731	)		(173,582	)		(357,918	)
Interest expenses		2,833			3,897			148
Interest income		(1,946	)		(1,410	)		(3,001	)
Income tax (benefit)/expense		(237	)		1,368			137
Share-based compensation expenses		-			-			-
Depreciation		16,307			16,009			7,298
Adjusted EBITDA		(206,774	)		(153,718	)		(353,336	)

	As of
	December 31, 2023			December 31, 2022
	US$			US$
MEZZANINE EQUITY
Series Pre-A Redeemable Convertible Preferred Shares		184,509			177,284
Series A Redeemable Convertible Preferred Shares		199,021			191,125

Total mezzanine equity		383,530			368,409

SHAREHOLDERS’ DEFICIT
Ordinary shares		21			21
Additional paid-in capital		358,187			403,103
Receivable from shareholders		-			(26,447	)
Accumulated other comprehensive income		25,267			17,707
Accumulated deficit		(1,588,773	)		(846,757	)

Total shareholders' deficit attributable to ordinary shareholders		(1,205,298	)		(452,373	)
Noncontrolling interests		(5,404	)		(642	)
Total shareholders' deficit		(1,210,702	)		(453,015	)

Total liabilities, mezzanine equity and shareholders' deficit		1,584,678			1,371,952