- Delivered close to 1,300 vehicles
- Total revenue reached $93 million
- Gross margin was 12% as the impact from prior destocking efforts eased
- The operating loss in the first quarter narrowed by more than 50% year-on-year to $103 million
Lotus Technology Inc., a leading global intelligent and luxury mobility provider, today announced its unaudited financial results for the first quarter ended March 31, 2025.
Operating Highlights for the First Quarter of 2025
In the first quarter of 2025, the Company achieved total deliveries of 1,274 units, reflecting the scheduled transition period before upgraded models commence deliveries and the effect of prior destocking. The deliveries were primarily contributed from the Europe, North America and China markets.
In the first quarter, Lotus started revamping the lineup for its Eletre hyper-SUV and Emeya hyper-GT with upgraded configuration and competitive pricing. Customer deliveries of these upgraded models kicked off in the second quarter in China and is expected to start in Europe in the third quarter.
Recently, Lotus introduced 2026 Emira V6 SE, Emira Turbo as well as Emira Clark limited edition, catering to international market needs. Building on its racing heritage, Lotus has partnered with strategic allies to launch a national-level GT single-make racing series in China.
Deliveries by Model Type
| Jan-Mar, 2025 | Jan-Mar, 2024 | %Change (YoY) | |
| Lifestyle SUV and Sedan | 719 | 1,047 | -31% |
| Sportscars | 555 | 1,147 | -52% |
| Total | 1,274 | 2,194 | -42% |
Deliveries by Region
| Jan-Mar, 2025 | % by region | Jan-Mar, 2024 | % by region | |
| Europe | 402 | 32% | 652 | 30% |
| China | 407 | 32% | 531 | 24% |
| North America | 412 | 32% | 681 | 31% |
| Rest of the World | 53 | 4% | 316 | 15% |
| Total | 1,274 | 100% | 2,194 | 100% |
Financial Highlights for the First Quarter of 2025
- Total revenues were $93 million, a 46% YoY decrease.
- Gross margin was 12%, versus 18% in the same period of 2024. It was a notable recovery from 3% for the full year of 2024, as the impact from prior destocking efforts eased.
- Operating loss was $103 million, a 56% YoY decrease.
- Net loss was $183 million, a 29% YoY reduction.
- Adjusted EBITDA (non-GAAP) was a loss of $136 million, a 33% YoY reduction.
Key Financial Results
The table below summarizes key preliminary financial results for the first three months ended March 31, 2025.
(in millions of U.S. dollars, unaudited)
| Jan-Mar, 2025 | Jan-Mar, 2024 | % Change (YoY) | |
| Revenues | 93 | 173 | (46%) |
| Cost of revenues | 82 | 143 | (43%) |
| Gross profit | 11 | 30 | (63%) |
| Gross margin (%) | 12% | 18% | (6%) |
| Operating loss | (103) | (233) | (56%) |
| Net loss | (183) | (258) | (29%) |
| Adjusted net loss(A) | (183) | (223) | (18%) |
| Adjusted EBITDA(A) | (136) | (204) | (33%) |
(A) Non-GAAP measure. See “Non-GAAP Financial Measures” and “Appendix C – Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)” for details and a reconciliation of adjusted metrics to the nearest GAAP measure.
Recent Developments
- Lotus GT racing series: On May 30, Lotus launched a national-level GT single-make racing series, featuring five rounds spanning China and Malaysia. The racing series stands as China’s premier FIA-recognized GT series eligible for International C-license upgrades.
- Release of 2024 ESG Report: On May 26, the Company released its 2024 ESG Report, highlighting its progress in advancing sustainable practices, developing innovative green products, and demonstrating global leadership in clean mobility.
- New model: Lotus is set to unveil its first PHEV model this year. The model is built on Hyper Hybrid EV technology which was launched in late 2024. The 900V Hyper Hybrid EV technology features a Hybrid Electric Drivetrain and dual Hyper Charging technology.
CEO and CFO comments
Mr. Qingfeng Feng, Chief Executive Officer, commented: “We are encouraged by the progress made this quarter, particularly the steady recovery in our margin profile and continued contribution in international markets. We remain closely attuned to evolving dynamics in key markets such as the U.S. and are actively evaluating strategic pathways as well as localization opportunities to further strengthen our presence and expand sales operations in the global markets.”
Dr. Daxue Wang, Chief Financial Officer, added: “The continued progress in streamlining our cost structure underscores our commitment to operational discipline. In the first quarter, gross margin improved to 12%, marking a significant return to positive territory and early signs of recovery. We have also achieved six consecutive quarters of reduced operating expenses. We are committed to further enhance our efficiency and overall profitability.”
