Lotus Technology (LOT) Q4 2023 earnings summary

Executive summary

• First BEV delivery year generated 2023 revenue of $679 million and a 15% gross margin; deliveries reached a record 6,970, with BEVs at 63% of the total.

• Q4 revenue rose 92% QoQ to $361 million as deliveries increased nearly 110% QoQ to 3,749, led by Eletre ramp-up.

Financial highlights

• FY2023 revenue was $679.0 million, gross profit $102.2 million and operating loss $735.9 million; FY2022 revenue was $9.6 million and operating loss $687.4 million.

• FY2023 net loss was $750.3 million versus $724.6 million in 2022; Q4 net loss was $223.7 million versus $173.6 million in Q3.

• FY2023 Adjusted EBITDA loss was $693.2 million versus $704.5 million in 2022; Q4 Adjusted EBITDA loss was $206.8 million versus $153.7 million in Q3.

Outlook and guidance

• 2024 delivery target is 26,000 vehicles, about threefold the 2023 level; gross margin guidance is 17%–19%.

• Emeya deliveries began in China in March 2024, with Europe deliveries expected in Q3 2024; Eletre is planned to enter additional markets, including the U.S., during 2024.