Gavin Smith

Ling Zhou

Vincent Yeung

Xinran Li

Eugene Hsiao

George Tang

Laura Li

Tom Lee

- Lotus Technology Inc. reported a significant **45.2% decrease in total revenues**, falling to **US$218.3 million** for the six months ended June 30, 2025, compared to US$398.1 million in the prior year period.  **[1962746_0001410578-25-002021_lot-20250911xex99d1.htm:1]** **[1962746_0001410578-25-002021_lot-20250911xex99d1.htm:2]**  This was primarily due to a transition period characterized by tariff impact, gradual destocking, and phased commencement of upgraded model deliveries.  **[1962746_0001410578-25-002021_lot-20250911xex99d1.htm:2]** 
- The company's **gross profit decreased by 64.9%** to **US$17.9 million** for the six months ended June 30, 2025, with the gross margin declining to **8.2%** from 12.8% in the same period last year.  **[1962746_0001410578-25-002021_lot-20250911xex99d1.htm:2]** 
- Despite the revenue decline, Lotus Technology Inc. **reduced its net loss** to **US$313.0 million** for the six months ended June 30, 2025, an improvement from a net loss of US$460.3 million in the corresponding period of 2024.  **[1962746_0001410578-25-002021_lot-20250911xex99d1.htm:1]** **[1962746_0001410578-25-002021_lot-20250911xex99d1.htm:16]** 
- Subsequent to the reporting period, the company completed significant **share buybacks** from Meritz, totaling **US$588.4 million** across two transactions on July 31, 2025, and September 5, 2025.  **[1962746_0001410578-25-002021_lot-20250911xex99d1.htm:8]** **[1962746_0001410578-25-002021_lot-20250911xex99d1.htm:12]** 
- Lotus Technology Inc. also secured a new master credit facility of up to **RMB1.6 billion** (approximately US$220 million) from Geely on July 28, 2025, and entered into an agreement to issue convertible notes for up to an aggregate principal amount of **US$300 million** on August 19, 2025.  **[1962746_0001410578-25-002021_lot-20250911xex99d1.htm:51]**

Lotus Technology Inc. Reports Six-Month 2025 Financial Results

- Lotus Technology Inc. entered into a share buyback agreement on **August 27, 2025**, with **Meritz Securities Co., Ltd.** to repurchase **32,500,000 American Depository Shares (ADSs)** for an aggregate purchase price of **US$387,366,127**.  **[1962746_0001104659-25-085635_tm2524740d2_6k.htm:0]** **[1962746_0001104659-25-085635_tm2524740d2_ex10-1.htm:0]** **[1962746_0001104659-25-085635_tm2524740d2_ex10-1.htm:1]** 
- This repurchase, expected to close on or about **September 5, 2025**, represents the remaining portion of the **50,000,000 Ordinary Shares** originally issued to Meritz on **February 22, 2024** for **US$500,000,000**.  **[1962746_0001104659-25-085635_tm2524740d2_6k.htm:0]** **[1962746_0001104659-25-085635_tm2524740d2_ex10-1.htm:0]** **[1962746_0001104659-25-085635_tm2524740d2_ex10-1.htm:1]** 
- Upon the closing of this transaction, the original Subscription Agreement between the Company and Meritz will terminate.  **[1962746_0001104659-25-085635_tm2524740d2_6k.htm:0]** **[1962746_0001104659-25-085635_tm2524740d2_ex10-1.htm:5]** 
- Additionally, Ms. **Ada Yunfeng Yan** was appointed as an independent director to the Company's compensation committee, effective **August 27, 2025**.  **[1962746_0001104659-25-085635_tm2524740d2_6k.htm:0]**

Lotus Technology announces share buyback agreement and board change

- Lotus Technology reported **Q2 2025 revenue of $126 million**, a **45% year-on-year decrease**, and **first-half revenue of $218 million**.  **[1962746_tx_349036_1]**  The **Q2 gross margin stood at 5%**, with the **first-half gross margin at 8%**.  **[1962746_tx_349036_1]**  The company reduced its **operating loss by 22%** in Q2 and **40%** in the first half, marking **seven consecutive quarters of operating expense reduction**.  **[1962746_tx_349036_1]** 
- Vehicle deliveries in Q2 2025 were **over 1,400 units**, a **49% year-on-year decrease**, and first-half deliveries exceeded **2,800 units**, down **43% year-on-year**, primarily due to a scheduled transition period, U.S. tariff policies, and ongoing destocking activities.  **[1962746_tx_349036_1]**  Deliveries of the Emera to North America were disrupted in Q2 due to tariff disputes but resumed in July.  **[1962746_tx_349036_1]** 
- The company secured new funding, including a security purchase agreement with ATW Partners for up to **$300 million** in convertible notes, with **$10 million** already issued, and a master credit facility framework agreement with strategic partner Geely.  **[1962746_tx_349036_2]** 
- Lotus Technology plans to roll out the **Model Year 2026 Emera** globally next month and will start production of its first plug-in hybrid model by the **end of 2025**, with market entry deliveries beginning in **Q1 2026** in China.  **[1962746_tx_349036_2]** **[1962746_tx_349036_3]**  The company is also in the process of consolidating operations with Lotus UK under the "One Lotus" strategy, targeting closure by the **end of 2025 or Q1 2026**.  **[1962746_tx_349036_5]**

Lotus Technology (LOT)