LION E-Mobility AG

Latest Results (01.09.2026):

LION E-Mobility AG — Q2 2026 / H1 2026 (first half 2026) results show a revenue decline and tight profitability: H1 2026 revenue fell to EUR 6.9m (H1 2025: EUR 10.4m) after a production shutdown and prior-year customer inventory build; EBITDA remained marginally positive at EUR 0.1m, while the group reported a net loss of EUR 0.8m and closing cash of EUR 1.1m. The company continued capital investment in NMC+ development and began initial serial production and shipments for NMC+ in mid‑2026.

Revenue and profitability

Revenues: EUR 6.9m in H1 2026 (down from EUR 10.4m). EBITDA: EUR 0.1m (EBITDA margin 1.0% vs 12.1% prior). EBIT: -EUR 0.7m; EBT: -EUR 1.1m; Net result: -EUR 0.8m. Decline driven by factory shutdown in Q2 2026 and earlier-year customer order timing.

Cash flow and liquidity

Operating cash flow fell to EUR 1.3m (H1 2025: EUR 3.3m) due to higher working capital from upfront supplier payments and stretched customer payments. Cash and cash equivalents at end‑June 2026: EUR 1.1m. Financing cash flow improved to EUR 0.8m after shareholder funding.

Balance sheet and capitalisation

Total assets slightly increased to EUR 39.9m (Dec 31, 2025: 39.6m), driven by capitalised R&D (own work EUR 2.1m). Equity narrowed to EUR 13.8m (reflecting the period loss). Non‑current liabilities rose to EUR 11.1m, current liabilities stable at EUR 14.9m.

Cost structure and funding

Cost of materials decreased to EUR 4.2m but the materials ratio worsened due to procurement price increases and mix shifts. Personnel expenses reduced to EUR 2.8m. Finance expenses fell to EUR 0.4m (improved after loan repayment).

Production and product progress

SE09 production ended (last packs 24 Apr 2026; spare parts through Apr 30); NMC+ serial production started in June 2026 with first shipments to bus customers in July 2026. Cell deliveries from SVolt began in June and are recurring roughly biweekly.

BESS, sales and operational pipeline

BESS business shows momentum with multiple projects (Finsterwalde connected; Northern Bavaria contract signed) and sales team build‑out. Customer base and prospect lists expanded; supplier strategy and cost‑reduction measures underway.

Key near‑term implications and risks

Revenue recovery depends on NMC+ ramp and customer uptake; working capital pressure and low cash buffer (EUR 1.1m) increase sensitivity to operational delays. Positive signs: initial NMC+ shipments, reduced finance costs, and shareholder support, but forward‑looking risks remain.