Ebusco has provided a brief business update ahead of its Extraordinary General Meeting of Shareholders.
The update, which was published on 9 October 2026, aims to give interested parties a glimpse at the manufacturer’s latest activity in an ongoing time of uncertainty, and focuses on working capital and liquidity, strategic options, operational updates and other key updates.
Liquidity
Heading the update; Ebusco has announced that Gotion, the company’s strategic partner and shareholder, has approved a 5.86 million EUR support package for the production of all remaining buses under the existing contract between itself and Rouen. This package is intended to support materials and manufacturing, and will be paid directly to both suppliers and the company’s contract manufacturers, representing an important lifeline for the continued realisation of the Rouen order whilst safeguarding the production of all remaining buses.
Ebusco has stated that this support has been specifically allocated to production, and will not fund Ebusco’s operating expenses. In order to fund these, Ebusco has revealed it is now in discussions with a number of shareholders, but confirmed that no binding commitment has been obtained to date. Despite this, the company has stated that its currently available liquidity is enough to fund operations for a short period.
Additionally, Ebusco has reported that it has begun working towards a sustainable working capital solution through a 30 million EUR LC (Letter of Credit) facility with one of its Asian partners, to be supported by a corporate guarantee from Gotion (the LC Facility). Gotion has stated that it will continue to support the provision of such a guarantee, however, the guarantee and the LC Facility can ‘only be effectuated in the context of a concrete new bus order’ and will be subject to Gotion’s internal approval and final documentation. As a result, completion and associated timing of the LC Facility remain uncertain.
If no operating expense funding has been sourced in the coming weeks, Ebusco has stated that there will be ‘material uncertainty’ about the company’s ability to continue as a going concern.
Potential Strategic Option
Elsewhere, Ebusco has stated that it remains open to the exploration of alternative strategic options for both its bus and energy businesses. Discussions on a potential strategic transaction are still ongoing, which may involve the company’s bus operations, via a joint venture structure or any other type of transaction. These discussions are in an early and non-binding stage.
Operational Update and Cost Reduction
In total, Ebusco delivered 3 buses in Q3 2026 – bringing its year-to-date total to 19. As of 30 September 2026, the company’s order book comprised 195 buses, and consists of 77 firm orders and 118 call-off orders.
Additionally, Ebusco has an active tender pipeline at the end of September 2026, comprising 173 buses in ongoing tender processes for existing and new clients.
The company has stated that further progress is continuing in terms of ‘rightsizing’ the organisation, as well as reducing operating expenditures as a result of the completed transition to an OED production model and a reduction in the number of employees. The number of FTEs at 30 September 2026 was 230, down from 248 at 30 June 2026 (or -7.3%).
Other Updates
Finally, Ebusco has confirmed that, under the terms of the 2023 36.8 million EUR convertible bond agreement with Heights Capital Management, Inc. (the Heights Convertible Bond) the final amount outstanding is approximately 3.1 million EUR. Heights has recently elected to defer the conversion of this final amount from 21 September 2026 to a later point in time.
