Lotus Technology Inc. (LOT)
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We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
As long as the audited going-concern qualification stands, the quarterly reports are suspended and every financing round creates new convertible claims, LOT is not a valuation story but a survival-and-dilution story — the outcome depends on Geely, not on the free shareholder. Whoever loves the brand can follow the story free of charge: through the half-year 2026 report, through the closing and final shape of the Lotus UK acquisition, and through the 20-F for 2026 (expected in spring 2027) — that is where it shows whether sales turn, how much dilution occurred and whether the going-concern qualification falls away. The decision is yours.
symbol.quality_note
The name Lotus conjures featherweight sports cars and racing glory — and that halo now hangs on a Nasdaq ticker: LOT. We read what Lotus Technology itself reported to the U.S. securities regulator — in the annual report for foreign private issuers (20-F) for 2025 and the interim reports (6-K) through June 2026: revenue down 44 percent, deliveries down 46 percent, an accumulated loss hole of $3.16 billion, an audited going-concern warning — and a majority owner named Geely that sits at every junction of the system as lender, manufacturer, chairman supplier and convertible-note buyer. Not investment advice — just the cash count behind a legendary badge.
Read the analysis
Stock Watch
This analysis is as of July 15, 2026. Stock Watch will tell you what's changed at LOT since then.
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This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 0.83 $ — 0% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AIDie Berichte belegen operativen KI-Einsatz, aber keine KI-Umsatzquelle: Das 20-F für 2025 beschreibt ein F&E-Team mit ausgewiesener KI-Kompetenz als Basis der Fahrzeug-Intelligenz und nennt NVIDIA als Lieferanten der KI-Chips für die Fahrassistenz (ADAS) der eigenen Fahrzeuge. Monetarisiert werden laut Bericht F&E-Leistungen, IP- und Software-Lizenzen (Service-Umsatz 2025: 56,3 Mio. US-Dollar) — eine eigene KI-Produktlinie oder als KI ausgewiesene Umsätze führen die Filings nicht aus; die KI-Erwähnungen in den Risk Factors (Outbound Investment Rule, intelligentes Fahren) sind regulatorischer Kontext, kein konkretes Bedroht-Kriterium fürs Geschäftsmodell.
View the full file — quotes, sources, reviewed filings
„As of December 31, 2025, our R&D team consisted of 582 professionals with extensive knowledge in automotive, engineering, software, AI as well as diversified working experiences from leading vehicle manufacturers globally. Such composition ensures solid technology development capabilities, especially in intelligence and digitalization."
Zum 31. Dezember 2025 bestand unser F&E-Team aus 582 Fachkräften mit umfassenden Kenntnissen in Automobiltechnik, Ingenieurwesen, Software und KI sowie vielfältiger Berufserfahrung von weltweit führenden Fahrzeugherstellern. Diese Zusammensetzung sichert solide Technologie-Entwicklungsfähigkeiten, insbesondere bei Intelligenz und Digitalisierung.
„These include NVIDIA, a global leader in AI computing, which provides its chips for the ADAS used in our vehicles; Qualcomm, a world’s leading developer of semiconductor technologies, which provides 8155 smart cockpit chips; and CATL, a world’s leading manufacturer of lithium-ion battery, which provides batteries for our EVs."
Dazu gehören NVIDIA, ein weltweit führender Anbieter von KI-Computing, der die Chips für die in unseren Fahrzeugen eingesetzten Fahrassistenzsysteme (ADAS) liefert; Qualcomm, ein weltweit führender Entwickler von Halbleitertechnologien, der die 8155-Smart-Cockpit-Chips liefert; und CATL, ein weltweit führender Hersteller von Lithium-Ionen-Batterien, der die Batterien für unsere E-Fahrzeuge liefert.
„We intend to continually develop cutting-edge technologies, including our 800-volt EPA architecture and hardware, X-Hybrid Architecture, algorithms, and software system to enhance the competitiveness of our vehicles. We also plan to monetize our R&D capabilities by licensing our IPs and software via subscriptions to other luxury auto brands."
Wir beabsichtigen, fortlaufend Spitzentechnologien zu entwickeln, darunter unsere 800-Volt-EPA-Architektur samt Hardware, die X-Hybrid-Architektur, Algorithmen und das Software-System, um die Wettbewerbsfähigkeit unserer Fahrzeuge zu steigern. Zudem planen wir, unsere F&E-Fähigkeiten zu monetarisieren, indem wir unsere Schutzrechte und Software per Abonnement an andere Luxus-Automarken lizenzieren.
Filings Reviewed: 20-F 2026-04-28 · 6-K 2026-06-15 · 6-K 2026-06-12 · 6-K 2026-04-10 · 6-K 2025-12-31 · 20-F 2025-04-30
Rated on July 15, 2026 · How the Rating Is Built
Growth Score
5 of 10 Solid growthTen checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 278.5% passed
- More than 10% revenue growth is expected for the coming year 40.3% passed
- Share count grows by less than 3% a year -1.3% passed
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -123.5% failed
- Gross margin at 40% or higher and without meaningful erosion 8.7% failed
- Goodwill from acquisitions does not grow faster than revenue 0.0% passed
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years 741 m failed
- Return on capital at 15% or higher, or up versus two years ago no data
- Insiders hold at least 10% or are net buyers 86.9% passed
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 189.2% above the current price.
- Consensus
- Hold
- Analyst Ratings
- 1
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.69 | -0.71 – -0.67 | 728 | 2.9% | 2 |
| 12/31/2027 | -0.47 | -0.61 – -0.34 | 1,370 | 31.6% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- -0.18 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.30 | -493.00 | 225 | 102.90 | -89.50 | – | – |
| 2024: Q3 | -0.31 | -800.20 | 255 | -7.20 | -80.80 | – | – |
| 2024: Q4 | – | – | 272 | -25.30 | -162.00 | – | – |
| 2025: Q1 | -0.66 | -41.60 | 93 | -46.30 | -197.00 | -849 | -906 |
| 2025: Q2 | -0.20 | 33.10 | 127 | -43.70 | -103.80 | – | – |
| 2025: Q3 | -0.10 | 67.30 | 137 | -46.30 | -47.60 | – | – |
| 2025: Q4 | -0.14 | – | 163 | -39.80 | -52.50 | – | – |
| 2026: Q1 | -0.28 | 57.60 | 163 | 76.00 | -52.50 | – | – |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2022 | 4 | -113 | -111 | -3.09 | -127 | 195 | 1,317 |
| 2023 | 10 | -744 | -724 | -1.07 | -352 | -84 | 1,579 |
| 2024 | 679 | -736 | -742 | -1.56 | -387 | -822 | 1,585 |
| 2025 | 924 | -786 | -1,104 | -1.71 | -849 | -853 | 2,286 |
| 2026 | 519 | -371 | -464 | -0.72 | -334 | -1,323 | 1,953 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
A world brand with real technology: the Eletre electric SUV (certified under UN R171.01 as the first China-built model, March 2026), the Emeya electric sedan, the first PHEV For Me (since March 2026), plus a technology services business up 69 percent ($56.3 million) — but only 6,520 vehicles delivered in 2025 carry the fixed costs of a global automaker.
Deliveries down 46 percent in 2025, revenue down 44 percent to $519.1 million; gross margin did swing from 3 to 9 percent and the net loss more than halved from $1,107.3 million to $464.2 million (6-K of April 10, 2026) — but operations still bled $333.9 million of cash, and there has never been a profitable year since inception.
An audited going-concern qualification for the third year running (20-F for 2025): accumulated deficit of $3,157.9 million, a $1,487 million working-capital hole, equity of minus $1,330.2 million; of $550.3 million of cash, only $73.4 million is free, while $1,263.7 million of borrowings come due within twelve months (December 31, 2025).
Controlled company: Geely founder Shufu Li holds more than 50 percent of the votes, Geely builds the cars, has supplied the chairman since June 3, 2026 (Joe Quan Zhang, CFO of Geely Holding) and is at once the biggest lender; add the KPMG-to-Grant-Thornton auditor change (December 31, 2025), five only recently remediated material weaknesses and a corrected arithmetic error in the Q3 2025 release.
Geely convertible notes of $70, $119.3 and $128.3 million convert at the 10-day average price with no premium, the ATW program runs up to $300 million (conversion price $2.19), default clauses swap debt into shares at market price, and $374.5 million of loans is secured by intellectual property carried at nil — the next dilution round is built into the structure (20-F for 2025, 6-K of June 15, 2026).
The mandatory acquisition of Lotus UK (put options of Geely and Etika, closing expected in 2026) unites the whole brand for the first time ("One Lotus"), and Geely demonstrably keeps injecting funds — at the same time, the Q1 and Q3 2026 reports are suspended (6-K of June 12, 2026), so investors accompany the integration largely blind.
Lotus Technology is no empty shell: real cars, measurably better margins, growing technology revenue and a brand no startup could buy. But the market value of about $713 million (July 15, 2026) pays for a company with an audited going-concern qualification in its third year, $3.16 billion of accumulated losses, negative equity, $73.4 million of free cash — and a majority owner who delivers every rescue against convertible claims on fresh shares. Whoever invests here bets on Geely's patience and against their own dilution. Not investment advice.
- LOT landed on our research list through our Reddit hype scanner (ApeWisdom data): 5 mentions in 24 hours as of July 15, 2026. Forum mentions are sentiment signals, not quality signals. Our fundamental scanners (Russell 3000 universe) do not cover the foreign ADS by design.
- Lotus Technology is registered as a foreign private issuer and files Forms 20-F (annual report, filed for 2025 on April 28, 2026) and 6-K (interim reports) instead of 10-K/10-Q; the Q1 and Q3 2026 releases were suspended per the 6-K of June 12, 2026.
- A going-concern qualification is a documented risk statement by the auditors, not an insolvency verdict. The market value figure is dated July 15, 2026 (about $713 million); analyses are evergreen, daily prices are not a buy argument.
About the Company
Lotus Technology Inc. engages in the design, development, and sale of battery electric lifestyle vehicles worldwide. It distributes and sells sports cars under the Lotus brand. The company is based in Shanghai, China.
| Employees | 1,132 |
|---|---|
| Headquarters | Shanghai, China |
| Address | No.800 Century Avenue, 200120 Shanghai, China |
| Phone | 86 21 5466 6258 |
| Website | ir.group-lotus.com |
| IPO Date | 22. Feb 2024 |
| ISIN | US54572F1012 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Qingfeng Feng | CEO & Director | 1973 |
| Daxue Wang | Chief Financial Officer | 1976 |
| Jun Chen | Financial Controller | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.