Ebusco reduced its net loss by almost half in the first half of 2026 and recorded a positive gross margin for the first time since 2022, although deliveries of its electric buses declined significantly. The company delivered 16 buses during the period, compared with 47 in the first half of 2025.
Revenue fell to €22.0 million from €28.2 million a year earlier. Despite the lower turnover, Ebusco’s gross result improved from a €6.2 million loss to a €6.1 million profit.
Gross Margin Turns Positive
Ebusco reported a gross margin of 27.8% for the first half of 2026. The figure includes a one-off battery management system order that generated €3 million in revenue.
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Excluding that order, the company’s gross margin was 16.3%.
The improvement in gross profitability came despite lower overall revenue and reflects changes made as part of Ebusco’s restructuring programme.
Losses Decline as Costs Are Reduced
Ebusco’s EBITDA loss narrowed to €17.9 million from €36.2 million in the first half of 2025. Net loss declined to €24.9 million from €46.1 million.
The company attributed part of the improvement to its cost-saving programme. Operating expenses fell by almost 20% to €27.6 million.
Ebusco also reduced its workforce. Full-time positions declined from 282 at the end of 2025 to 248 at the end of June 2026.
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Despite the lower costs, vehicle deliveries remained well below the previous year’s level. Ebusco delivered 16 buses during the first half and three additional buses by mid-August.
Most Outstanding Buses Expected in Fourth Quarter
Ebusco has 77 vehicles remaining from firm orders, with most expected to be delivered during the fourth quarter. Some deliveries have already been postponed to the first quarter of 2027.
The company cited working capital and liquidity constraints as the main factors affecting delivery performance, despite securing a financing package of approximately €27.4 million in April.
Liquid funds declined from €7.4 million to €2.1 million, while shareholders’ equity fell to negative €14.8 million.
Additional Financing Under Consideration
Ebusco is seeking additional financing to address its liquidity position.
One option involves a proposed letter of credit facility of approximately €30 million with an Asian partner, with a guarantee from battery manufacturer and Ebusco shareholder Gotion. The company is also discussing a short-term liquidity solution with a shareholder.
Ebusco warned that if these financing options do not materialise, it could face significant difficulties meeting its obligations. The company said this creates material uncertainty regarding the continuation of its operations.
Ebusco Moves Toward Asset-Light Production Model
The financial results also reflect Ebusco’s ongoing transition from a conventional bus manufacturer toward an Original Equipment Designer model.
Under the restructuring, bus assembly is increasingly being outsourced to contract manufacturers in Asia, while Ebusco focuses on vehicle development, final assembly and customer service.
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In July, the company presented its first Ebusco 3.0, an 18-metre battery-electric bus manufactured by Chinese contract manufacturer Golden Dragon for a European customer.
Final assembly and delivery inspections for the vehicle continue to be carried out in the Netherlands and France.
Strategic Options for Bus Business
Ebusco is also exploring strategic options for its bus business, including discussions with potential investors over the acquisition of a majority stake.
The company has said possible structures include a sale of a controlling interest or the creation of a joint venture. No binding agreement has been reached.
Additional pressure came from the cancellation of an order for 23 battery-electric buses by Verkehrsbetriebe Potsdam. Ebusco disputes the validity of the cancellation.
Excluding that order, Ebusco’s current order book comprises 198 vehicles, consisting of 80 firm orders and 118 call-off orders. The company noted that the call-off orders are not guaranteed to be converted into firm orders.
The first-half results show improvement in Ebusco’s gross profitability and operating losses, while deliveries and liquidity remain key challenges as the company continues its restructuring and seeks additional financing.