Dutch electric bus manufacturer Ebusco has reduced its losses in the first half of 2026, although revenue and bus deliveries declined and the company continues to face working capital and liquidity constraints.
Ebusco reported revenue of 22.0 million EUR for the six months to 30 June 2026, down from 28.2 million EUR in the same period of 2025. Gross profit increased to 6.1 million EUR, compared with a gross loss of 6.2 million EUR a year earlier.
The company said the improvement reflects its transition from an original equipment manufacturer (OEM) model to an original equipment designer (OED) model, alongside ongoing cost reductions.
Operating expenses, excluding materials but including depreciation and amortisation, fell by 19.8% to 27.6 million EUR.
Ebusco’s EBITDA loss narrowed to 17.9 million EUR from 36.2 million EUR in H1 2025, while its loss for the period decreased from 46.1 million EUR to 24.9 million EUR.
Bus Deliveries
Despite the improvement in profitability, Ebusco delivered 16 buses during the first half of the year, compared with 47 in H1 2025.
The company attributed the lower delivery volume partly to continuing working capital constraints, which have affected production at its contract manufacturing partners.
Three further buses were delivered after the end of June, taking the year-to-date total to 19. Ebusco expects to deliver a further 77 buses from its fixed order book during the remainder of 2026, with most scheduled for the fourth quarter. Some deliveries are expected to move into the first quarter of 2027.
At 30 June, Ebusco’s order book contained 221 buses, comprising 103 firm orders and 118 call-off orders. Following the subsequent cancellation of a 23-bus order from ViP Verkehrsbetrieb Potsdam, the adjusted order book stands at 198 buses, including 80 firm orders and 118 call-off orders.
Ebusco has disputed the validity of the Potsdam cancellation.
Liquidity Concerns
Ebusco secured a 27.4 million EUR working capital package in April, but said this has not fully resolved its liquidity constraints.
The company is now working to establish a longer-term working capital solution through an approximately 30 million EUR letter of credit facility with an Asian partner. The facility would be backed by a corporate guarantee from Gotion.
Completion of the facility remains subject to final documentation.
Ebusco is also discussing a short-term liquidity solution with one of its shareholders.
The company warned that if it is unable to secure both the short-term funding solution and the letter of credit facility, it could face material difficulties in meeting its obligations.
Cash and cash equivalents stood at 2.1 million EUR at the end of June, compared with 7.4 million EUR at the end of 2025. Net equity had moved from 3.3 million EUR at the end of 2025 to negative 14.8 million EUR.
Net debt excluding lease liabilities was 26.1 million EUR at the end of June, down from 46.3 million EUR a year earlier.
Cost Reductions
Ebusco reduced its workforce from 282 full-time equivalent employees at the end of 2025 to 248 at the end of June, a reduction of around 12%.
Average monthly operating expenses fell to approximately 4.6 million EUR in H1 2026, compared with 5.7 million EUR in H1 2025.
Employee benefit expenses decreased to 10.5 million EUR from 16.1 million EUR, reflecting the lower average workforce. Other operating expenses were 13.5 million EUR, compared with 13.9 million EUR a year earlier.
Ebusco expects to identify further opportunities to reduce costs during the second half of 2026.
New Production and UAE Expansion
The first Ebusco 3.0 bus produced by Chinese contract manufacturer Golden Dragon was presented in July. The 18-metre vehicle is part of a larger batch for a European customer.
Ebusco also entered into a local agency agreement in the United Arab Emirates on 14 August. The arrangement is intended to allow the company to participate in future tender processes as public transport authorities in the country pursue bus fleet electrification.
The company said the arrangement represents an initial opportunity of approximately 230 electric buses, although any participation remains subject to prequalification and tender procedures.
Ebusco also had 173 buses in active tender processes for existing and new customers at the end of June.
Energy Solutions
The company’s Energy Solutions business accounted for approximately 13.6% of H1 2026 revenue.
This included 3.0 million EUR in revenue from software services related to a battery management system (BMS) contract with Gotion. Ebusco intends to pursue additional contracts covering BMS, battery energy storage systems and other energy solutions.
The business’s order book primarily comprises 11 Mobile Energy Containers.
Strategic Discussions
Ebusco said it remains in discussions with multiple parties regarding a potential strategic transaction involving its bus operations.
Possible structures include the sale of a controlling stake in the bus business or a joint venture. The discussions remain non-binding, with the structure, valuation and timing of any transaction yet to be agreed.
Any transaction that would represent a significant change in its identity or character would require approval from shareholders.
Ebusco also plans to propose changing its external auditor from EY Accountants B.V. to Portuguese audit firm Cravo, Fortes, Antão & Associados, LDA. The proposed appointment is subject to shareholder approval at an Extraordinary General Meeting, which Ebusco aims to hold in early Q4 2026.
Despite the reduction in losses and operating costs, Ebusco said its financial position remains heavily constrained and that there is a material uncertainty over its ability to continue as a going concern.
