Lotus Technology Inc · Q4 2024 earnings

Briefing

Lotus Tech Q4 revenue falls 25% to $272M as negative gross margin and $441M net loss weigh on results

Lotus Technology reported unaudited fourth quarter and full-year 2024 results for the period ended December 31, 2024. Q4 deliveries rose 20% year over year to 4,506 units, but total revenue fell 25% to $272 million and gross margin turned negative at -11% versus +19% in Q4 2023. Operating loss narrowed 17% to $189 million, while net loss widened to $441 million from $224 million a year earlier. Adjusted EBITDA loss was $398 million. For full-year 2024, revenue increased 36% to $924 million, gross margin on goods sales was 3%, operating loss was $786 million, and net loss was $1,107 million. The company also disclosed Geely's exercise notice to acquire a 51% stake in Lotus UK, which would consolidate the global Lotus business.

• Q4 deliveries of 4,506 units rose 20% YoY, but revenue of $272M fell 25% and gross margin was -11%.
• Q4 operating loss narrowed 17% to $189M; net loss widened 97% to $441M; adjusted EBITDA loss was $398M.
• Full-year 2024 revenue grew 36% to $924M with a 3% gross margin on goods sales and $786M operating loss.
• Geely exercised an option requiring Lotus Tech to acquire 51% of Lotus UK, expected to consolidate the global Lotus brand.
• Management highlighted five consecutive quarters of operating expense reduction despite heavy launch spending.

Headline financials

Revenue & EPS history

Lotus Tech is integrating Lotus UK following Geely's exercise notice and continuing to reduce operating expenses while scaling global luxury EV deliveries.