(All amounts in thousands, except for share and per share)
For the Nine Months Ended September 30,
---------------------------------------------
2024 2023
US$ US$
Net loss (666,520) (526,524)
Other comprehensive
income:
Fair value changes of
mandatorily redeemable
noncontrolling interest,
exchangeable notes and
convertible notes due to
instrument-specific credit
risk, net of nil income
taxes 230 $(585.SI)$
Foreign currency
translation adjustment,
net of nil income taxes 118 24,077
------------------ -----------------
Total other comprehensive
income 348 23,492
------------------ -----------------
Total comprehensive loss (666,172) (503,032)
------------------ -----------------
Less: Total comprehensive
loss attributable to
noncontrolling interests (1,402) (7,587)
------------------ -----------------
Total comprehensive loss
attributable to ordinary
shareholders (664,770) (495,445)
================== =================
Appendix C
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss
(All amounts in thousands, except for share and per share)
Three Months Ended
----------------------------------------
September 30, 2024 September 30, 2023
------------------ --------------------
US$ US$
Revenues:
Sales of goods 241,356 180,626
Service revenues 13,352 7,280
----------------- -----------------
Total revenues 254,708 187,906
----------------- -----------------
Cost of revenues:
Cost of goods sold (239,938) (155,689)
Cost of services (6,567) (4,596)
----------------- -----------------
Total cost of revenues (246,505) (160,285)
----------------- -----------------
Gross profit 8,203 27,621
Operating expenses:
Research and development
expenses (52,671) (81,999)
Selling and marketing expenses (55,530) (72,995)
General and administrative
expenses (63,364) (37,786)
Government grants 3,323 1,695
----------------- -----------------
Total operating expenses (168,242) (191,085)
----------------- -----------------
Operating loss (160,039) (163,464)
Interest expenses (8,849) (3,897)
Interest income 6,618 1,410
Investment income (loss), net 7,303 (4,079)
Share of results of equity
method investments (398) (22)
Foreign currency exchange
gains, net 19,392 4,502
Changes in fair values of
mandatorily redeemable
noncontrolling interest,
exchangeable notes and
convertible notes, excluding
impact of instrument-specific
credit risk (4,884) (2,637)
Changes in fair values of
warrant liabilities 1,060 -
Changes in fair values of put
option liabilities (65,671) (4,027)
----------------- -----------------
Loss before income taxes (205,468) (172,214)
Income tax expense (800) (1,368)
----------------- -----------------
Net loss (206,268) (173,582)
================= =================
Less: Net loss attributable to
noncontrolling interests (469) (1,872)
Net loss attributable to
ordinary shareholders (205,799) (171,710)
================= =================
Accretion of Redeemable
Convertible Preferred Shares - (4,805)
Net loss available to ordinary
shareholders (205,799) (176,515)
================= =================
Loss per ordinary share(1)
--Basic and diluted (0.30) (0.37)
Weighted average number of
ordinary shares outstanding
used in computing net loss
per ordinary share(1)
--Basic and diluted 675,897,690 474,621,603
(1) Shares outstanding for all periods reflect the adjustment for recapitalization upon the consummation of merger transaction in February 2024.
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss (con'd)
(All amounts in thousands, except for share and per share)
Three Months Ended
------------------------------------------
September 30, 2024 September 30, 2023
-------------------- --------------------
US$ US$
Net loss (206,268) (173,582)
Other comprehensive income
(loss):
Fair value changes of
mandatorily redeemable
noncontrolling interest,
exchangeable notes and
convertible notes due to
instrument-specific credit
risk, net of nil income
taxes 631 974
Foreign currency translation
adjustment, net of nil income
taxes (294) (10,486)
Total other comprehensive
income (loss) 337 (9,512)
---------------- ----------------
Total comprehensive loss (205,931) (183,094)
---------------- ----------------
Less: Total comprehensive loss
attributable to
noncontrolling interests (469) (1,998)
---------------- ----------------
Total comprehensive loss
attributable to ordinary
shareholders (205,462) (181,096)
================ ================
Appendix D
Lotus Technology Inc.
Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)
(All amounts in thousands)
For Nine Months Ended
------------------------------------------
September 30, 2024 September 30, 2023
-------------------- --------------------
US$ US$
Net loss (666,520) (526,524)
Share-based compensation
expenses, net of tax effect
of nil(1) 33,565 -
Adjusted net loss (632,955) (526,524)
Net loss (666,520) (526,524)
Interest expenses 20,557 7,367
Interest income (15,276) (7,258)
Income tax expense 1,155 1,350
Share-based compensation
expenses 33,565 -
Depreciation 63,153 38,650
---------------- ----------------
Adjusted EBITDA (563,366) (486,415)
================ ================
Three Months Ended
------------------------------------------
September 30, 2024 September 30, 2023
-------------------- --------------------
US$ US$
Net loss (206,268) (173,582)
Share-based compensation
expenses, net of tax effect of
nil(1) (2,329) -
Adjusted net loss (208,597) (173,582)
Net loss (206,268) (173,582)
Interest expenses 8,849 3,897
Interest income (6,618) (1,410)
Income tax expense 800 1,368
Share-based compensation
expenses (2,329) -
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