Q2 2024 Lotus Technology Inc Earnings Call Transcript
Key Points
- Lotus Technology Inc (LOT) delivered approximately 4,900 units of vehicles and achieved total revenue of $398 million in the first half of 2024, marking a record in the company's 76-year history.
- Second-quarter sales revenue was $225 million, up 103% year-over-year and 30% quarter-on-quarter.
- Gross profit margin improved to 13% in the first half of 2024, compared to 5% in the same period last year.
- The company has seen notable growth in service revenue gross margin, which increased to 58% in the first half of 2024 from 16% in the same period last year.
- Lotus Technology Inc (LOT) has expanded its market presence in China, contributing 25% of total vehicle delivery and retail stores after six years of continuous investments.
- Operating loss for the first half of 2024 was $438 million, a 27% year-over-year increase.
- Net loss for the first half of 2024 was $460 million, with an adjusted net loss (non-GAAP) of $424 million, a 20% year-over-year increase.
- Gross profit margin declined to 13% in the first half of 2024 from 15% by the end of last year, primarily due to inflationary impacts on the cost of the Emira sports car.
- The company faces significant challenges from new tariffs in the US and EU markets, impacting sales forecasts and necessitating product repositioning.
- Adjusted EBITDA loss (non-GAAP) was $382 million, a 15% year-over-year increase, indicating ongoing financial challenges.
Good day and thank you for standing by. Welcome to Lotus Technology Inc., first-half 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the call over to your host today, Demi Zhang, from the company.
Thank you, Desmond. Good morning, good afternoon, and good evening, everyone. Thank you for joining Lotus Tech's second quarter and the first half 2024 earnings call. I'm Demi Zhang, the Head of IR at Lotus Tech. I'm honored to introduce company management with us today, CEO, Qingfeng Feng; and CFO, Alexious Lee. On today's call, we will start with prepared remarks from CFO, Alexious Lee and CEO, Mr. Feng will join for Q&A.
Before we continue, please be reminded that today's discussion will contain forward-looking statements pursuant to the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such,
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