Ebusco significantly reduces its losses

Ebusco nearly halved its losses in the first half of 2026 and achieved a positive gross margin for the first time since 2022. However, deliveries remain weak: only 16 buses were delivered in the half-year compared to 47 in the previous year.

Ebusco recorded sales of 22.0 million euros in the first half of 2026, down from 28.2 million euros in the same period last year. The gross profit, according to the company, has improved significantly. In the first half of 2025, it was still negative at 6.2 million euros, but now it is positive at 6.1 million euros. This results in a gross margin of 27.8 percent. After excluding a one-time BMS order that contributed 3 million euros to sales, the margin drops to 16.3 percent.

Ebusco was also able to limit its losses: the EBITDA loss decreased from 36.2 million euros to 17.9 million euros, while the net loss fell from 46.1 million euros to 24.9 million euros. The ongoing cost-cutting program contributed to this: operating expenses dropped by nearly 20 percent to 27.6 million euros, and the number of full-time positions decreased from 282 at the end of 2025 to 248 by the end of June. However, delivery performance continued to reflect operational weaknesses: Ebusco delivered only 16 buses in the first half of the year, compared to 47 the previous year, with three more added by mid-August.

Of the 77 vehicles still pending from firm orders, most are expected to arrive in the fourth quarter, though some have already been pushed back to the first quarter of 2027. Ebusco cites a tight working capital and liquidity situation as the main reason, despite the company having secured a financing package of around 27.4 million euros as recently as April. Nevertheless, liquid assets dropped from 7.4 million euros to 2.1 million euros, while equity fell to minus 14.8 million euros.

Further financing and partial sales remain on the agenda

Ebusco is therefore seeking additional funding. A credit letter facility of around 30 million euros with an Asian partner is planned, backed by a guarantee from battery manufacturer and Ebusco shareholder Gotion. Discussions are also underway with one of the shareholders regarding a short-term liquidity solution. If neither option is realized, the company faces significant difficulties in meeting its obligations, according to its own statements, which is why Ebusco highlights a major uncertainty regarding the continuation of business operations.

The figures also represent an interim update on the ongoing transformation: Ebusco has largely completed its shift from a traditional vehicle manufacturer to what is known as an original equipment designer. Bus assembly is increasingly outsourced to contract manufacturers in Asia, while the company focuses on development, final finishing, and customer service. In July, Ebusco unveiled for the first time an Ebusco 3.0 produced by the Chinese contract manufacturer Golden Dragon—a 18-meter-long electric bus for a European customer. It is important to note that the final finishing work and delivery inspections still take place in the Netherlands and France.

Meanwhile, Ebusco is seeking a strategic solution for its bus business: Earlier this spring, the company confirmed talks with interested parties regarding a takeover as majority owner, with options including selling a controlling stake or forming a joint venture; however, no binding agreement has been reached yet. Additional pressure comes from the recent cancellation of an order for 23 electric buses by the Verkehrsbetriebe Potsdam, whose validity Ebusco disputes. After excluding this order, the current order book includes 198 vehicles, of which 80 are firm orders and 118 are pending orders, with no guarantee that they will be converted into firm orders.