Struggling Dutch electric bus manufacturer Ebusco is in discussions to sell a controlling stake in its core bus operations as the company seeks to stabilize its finances and accelerate its transition away from in-house manufacturing.
In its latest annual report, Ebusco said “strategic partners” had shown “serious, but at this stage non-binding, interest to purchase a controlling stake in Ebusco’s bus operations.”
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The company said a dedicated transaction committee within its supervisory board is overseeing the process while management continues implementing a strategic transition toward a development-focused operating model with outsourced production.
According to Ebusco, the shift from an original equipment manufacturer (OEM) to what it describes as an original equipment development (OED) model was largely completed during 2025.
“Ebusco has a number of contract manufacturers in Asia, who now exclusively perform the bus assembly activities, while Ebusco’s facilities in Deurne and Cléon focus on pre-delivery inspection and support functions,” the company said in the report.
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“As a result, Ebusco has become a much leaner and simpler organization,” it added.
The restructuring included consolidation of the company’s Deurne and Venray operations into a single facility, contributing to a 46% reduction in workforce numbers. Employee headcount fell from 522 at the end of 2024 to 282 by the end of 2025.
Ebusco reported revenue of 76.6 million euros ($87 million) for 2025, compared with around 11 million euros in 2024.
The company’s operating loss before interest, taxes, depreciation, and amortization (EBITDA) narrowed to 56.4 million euros from 132.6 million euros a year earlier, supported by a sharp reduction in operating costs excluding materials, which declined 55.1% to 72.6 million euros.
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However, bus deliveries fell from 157 units in 2024 to 123 units in 2025, while the company’s order backlog dropped significantly from 581 vehicles to 245 vehicles.
Ebusco said its energy storage business showed stronger momentum during the year, supported by Chinese partner and shareholder Gotion High-Tech.
“Ebusco’s Energy Storage Solutions business, supported by its strong partner and shareholder Gotion, clearly gained traction in 2025, securing the first contracts for its Energy Storage System proposition and further strengthening its Mobile Energy Containers business,” the company said.
Despite recent financing measures, Ebusco acknowledged continuing liquidity risks. The company secured approximately 27.4 million euros in new funding in April through loans from shareholders and Asian partners, following several bridge financing arrangements.
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However, a separate financing agreement with an international bank remains under negotiation and is expected to be finalized by the end of June 2026.
Ebusco warned in its annual report that the situation “indicate[s] the existence of a material uncertainty that may cast significant doubt about Ebusco’s ability to continue as a going concern.”
Management said the potential sale of a majority stake in the bus business is intended to support the company’s long-term survival.
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“Ebusco went through another extremely difficult time in 2025, while it continued transitioning its production setup and implementing the turnaround plan at the same time,” the executive board said.
“Although the path ahead remains demanding and challenging, largely due to the company’s financial condition and persistent liquidity constraints, management believes that the company is moving in the right direction,” it added.