Revenue momentum has stalled with a 25.3% year-over-year decline in 2024Q4, while gross margins deteriorated to -10.9%, reflecting intense pricing and cost pressures.
| Sales/Revenue | 923.97M | 519.1M | 924.35M | 679.01M | 9.56M | 3.69M |
| Revenue Growth % | 20.29% | -43.84% | 36.13% | 7001.48% | 159.33% | - |
| Cost of Goods Sold | 894.41M | 473.89M | 894.72M | 576.83M | 35.43M | 3.13M |
| COGS % of Revenue | - | 91.29% | 96.79% | 84.95% | 370.57% | 84.89% |
| Gross Profit | 29.56M | 45.21M | 29.63M | 102.18M | -25.87M | 557K |
| Gross Margin % | 3.2% | 8.71% | 3.21% | 15.05% | -270.57% | 15.11% |
| Gross Profit Growth % | - | 52.6% | -71.01% | 494.98% | -4744.55% | - |
| Operating Expenses | 816.89M | 416.61M | 815.95M | 838.12M | 689.72M | 113.5M |
| OpEx % of Revenue | - | 80.26% | 88.27% | 123.43% | 7213.52% | 3078.36% |
| Selling, General & Admin | 549.43M | 284.11M | 549.78M | 473.47M | 299.7M | 92.83M |
| SG&A % of Revenue | - | 54.73% | 59.48% | 69.73% | 3134.45% | 2517.74% |
| Research & Development | 274.21M | 170.96M | 267.47M | 368.73M | 445.84M | 511.36M |
| R&D % of Revenue | - | 32.93% | 28.94% | 54.3% | 4662.91% | 13869.38% |
| Other Operating Expenses | -2.97M | -38.46M | -1.31M | -4.08M | -55.82M | -490.69M |
| Operating Income | -787.33M | -371.4M | -786.32M | -735.94M | -743.59M | -112.94M |
| Operating Margin % | -85.21% | -71.55% | -85.07% | -108.38% | -7776.89% | -3063.25% |
| Operating Income Growth % | - | 52.77% | -6.85% | 1.03% | -558.38% | - |
| EBITDA | -712.69M | -316.66M | -709.88M | -680.98M | -715.37M | -110.89M |
| EBITDA Margin % | -77.13% | -61% | -76.8% | -100.29% | -7481.78% | -3007.49% |
| EBITDA Growth % | -284.55% | 55.39% | -4.24% | 4.81% | -545.14% | - |
| D&A (Non-Cash Add-back) | 74.63M | 54.74M | 76.44M | 54.96M | 28.22M | 2.06M |
| EBIT | -1.04B | -386.93M | -1.05B | -738.94M | -716.07M | -112.94M |
| Net Interest Income | -32.29M | -35.2M | -35.93M | -996K | 3.65M | 22.97K |
| Interest Income | 25.64M | 28.14M | 22.29M | 9.2M | 12.19M | 22.97K |
| Interest Expense | 57.93M | 63.34M | 58.22M | 10.2M | 8.54M | 0 |
| Other Income/Expense | -314.61M | -76.88M | -318.26M | -13.2M | 18.97M | 4.26M |
| Pretax Income | -1.11B | -448.28M | -1.1B | -749.14M | -724.61M | -108.68M |
| Pretax Margin % | -119.62% | -86.36% | -119.5% | -110.33% | -7578.44% | -2947.6% |
| Income Tax | 304.19K | 15.95M | -2.01M | 1.11M | 292.14K | 1.85M |
| Effective Tax Rate % | -0.03% | -3.56% | 0.18% | -0.15% | -0.04% | -1.71% |
| Net Income | -1.1B | -464.22M | -1.1B | -742M | -723.92M | -110.53M |
| Net Margin % | -119.22% | -89.43% | -119.46% | -109.28% | -7571.21% | -2997.86% |
| Net Income Growth % | -93.06% | 57.96% | -48.82% | -2.5% | -554.95% | - |
| Net Income (Continuing) | -1.1B | -464.22M | -1.1B | -750.25M | -724.56M | -110.53M |
| Discontinued Operations | 0 | 0 | -1.5K | 0 | 0 | 0 |
| Minority Interest | -7.36M | -7.75M | -7.36M | -5.4M | -642K | 0 |
| EPS (Diluted) | -1.64 | -0.72 | -1.72 | -1.60 | -1.08 | -0.33 |
| EPS Growth % | -73.38% | 58.14% | -7.5% | -48.15% | -227.27% | - |
| EPS (Basic) | - | -0.72 | -1.72 | -1.12 | -1.08 | -0.33 |
| Diluted Shares Outstanding | 670.51M | 648.54M | 645.23M | 474.62M | 673.48M | 35.81M |
| Basic Shares Outstanding | 670.51M | 648.54M | 645.23M | 673.48M | 673.48M | 35.81M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Liquidity and scaling failure
As reported in recent financial filings, Lotus Technology experienced a 25.3% year-over-year revenue decline in 2024Q4, signaling a significant loss of commercial momentum that suggests the company is struggling to maintain its luxury EV market penetration amidst a highly competitive and volatile global automotive landscape.
The sharp revenue deceleration from previous periods indicates that the initial product launch cycle for the Eletre and Emeya models may be failing to sustain long-term demand. Investors should monitor whether this contraction reflects broader luxury spending fatigue or specific execution failures in the company's global delivery strategy.
Based on the company's latest income statement, gross margins deteriorated to -10.9% in 2024Q4, a stark reversal from the 17.5% levels observed in early 2024, which suggests that production costs are currently outpacing the company's ability to command a premium price for its electric vehicle lineup.
The shift into negative gross margin territory implies that the cost of goods sold is no longer being adequately covered by vehicle sales, potentially due to aggressive discounting or inefficient manufacturing scale. This trend warrants further investigation into whether the company possesses the pricing power necessary to survive as a luxury brand.
According to the provided quarterly data, Lotus Technology's operating margin plummeted to -69.5% in 2024Q4, demonstrating that the company's fixed cost structure, particularly in R&D and SG&A, is currently far too heavy to be supported by the existing, shrinking revenue base of $271.5 million.
The inability to scale operating income alongside revenue suggests that the company's asset-light model is not yet yielding the expected efficiency gains. Without a significant increase in delivery volume, the current overhead appears to be a structural burden that threatens the company's long-term viability.
Financial statements reveal a net loss of $436.5 million in 2024Q4, representing a significant deterioration in earnings quality that highlights the company's reliance on external capital to fund operations, as evidenced by the massive gap between reported revenue and the bottom-line performance of the business.
The erratic nature of net income, which has swung from positive to deeply negative, suggests that non-operating items and accounting adjustments may be obscuring the underlying cash-burn reality. Investors should be wary of the sustainability of these losses, as they appear to be driven by fundamental operational inefficiencies rather than temporary accounting anomalies.
Analysis of the income statement shows that SG&A and R&D expenses remain elevated at $161.5 million combined in 2024Q4, which, when compared to the declining revenue, indicates a lack of expense discipline that may be unsustainable given the company's current liquidity constraints and market position.
The persistence of high R&D and SG&A spending despite falling sales suggests that management is prioritizing growth at any cost, which may be ill-advised in the current interest rate environment. This cost structure appears to be a primary driver of the company's ongoing liquidity crisis.
Quick answers to the most common questions about buying LOT stock.
For fiscal year 2025, Lotus Technology Inc. American Depositary Shares (LOT) reported total revenue of $519.1M. This represents a 13979.1% increase compared to $3.7M in 2021.
Lotus Technology Inc. American Depositary Shares (LOT) reported a net loss of $464.2M for the fiscal year ending 2025.
Lotus Technology Inc. American Depositary Shares (LOT) reported an operating income of $-371.4M, resulting in an operating profit margin of -71.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Lotus Technology Inc. American Depositary Shares (LOT) generated $45.2M in gross profit for the year, representing a gross profit margin of 8.7%. This demonstrates the company's core pricing power and production efficiency.