Ebusco significantly reduces its losses
Ebusco almost 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 in the half-year compared to 47 in the previous year.
In the first half of 2026, Ebusco achieved a turnover of €22.0 million euros, compared with €28.2 million in the same period the previous year. However, the company reported a significant improvement in its gross result. In the first half of 2025, this stood at a loss of €6.2 million, whereas it now shows a profit of €6.1 million euros. This translates to a gross margin of 27.8 per cent. Excluding a one-off battery management system (BMS) order – which contributed three million euros to turnover – the margin stands at 16.3 per cent.
Ebusco has also succeeded in reducing 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. This improvement is attributed to the ongoing cost-saving programme: operational expenses were reduced by nearly 20 per cent to €27.6 million euros, and full-time positions were cut from 282 at the end of 2025 to 248 by the end of June. However, delivery performance continues to reflect operational weaknesses: Ebusco handed over only 16 buses in the first half of the year, compared with 47 in the same period last year, with three additional buses delivered by mid-August.
Of the 77 outstanding vehicles from firm orders, the majority are expected to be delivered in the fourth quarter, though some have already been pushed back to the first quarter of 2027. Ebusco cites its strained working capital and liquidity situation as the primary reason, despite securing a financing package worth approximately €27.4 million euros in April. Nevertheless, liquid funds decreased from €7.4 million euros to €2.1 million euros, and equity fell to minus €14.8 million euros.
Additional financing – and a partial sale – both on the agenda
Ebusco is therefore now working to secure additional financing. Plans include a letter of credit facility worth around €30 million with an Asian partner, guaranteed by battery manufacturer and Ebusco shareholder Gotion. Discussions are also underway with a shareholder regarding a short-term liquidity solution. If neither option materialises, the company warns of significant difficulties in meeting its obligations, highlighting a material uncertainty regarding the continuation of its operations.
The figures also reflect the progress of Ebusco’s ongoing restructuring: the company has largely completed its transition from a traditional vehicle manufacturer to an so-called Original Equipment Designer (DE). Bus assembly is increasingly being outsourced to contract manufacturers in Asia, while Ebusco focuses on development, final assembly, and customer service. In July, Ebusco presented its first Ebusco 3.0, an 18-metre battery-electric bus produced by Chinese contract manufacturer Golden Dragon for a European customer. Importantly, final assembly and delivery inspections continue to take place in the Netherlands and France.
In parallel, Ebusco is seeking a strategic solution for its bus business. Earlier this year, the company confirmed discussions with potential investors regarding a majority stake acquisition. Options include the sale of a controlling interest or the formation of a joint venture, though no binding agreement has been reached so far. Additional pressure comes from the recent cancellation of an order for 23 battery-electric buses by Verkehrsbetriebe Potsdam, the validity of which Ebusco disputes. Excluding this order, the company’s current order book comprises 198 vehicles, including 80 firm orders and 118 call-off orders, with no guarantee of conversion into firm orders.