Ebusco has reported its financial results for the year ended 31 December 2025, outlining progress in operational restructuring alongside continued financial pressures.
The Netherlands-based electric bus manufacturer’s revenue for 2025 rose to 76.6 million EUR, compared with 10.7 million EUR in 2024. Operating expenses, excluding the cost of materials, fell to 72.6 million EUR from 161.8 million EUR the previous year.
The company recorded an EBITDA loss of 56.4 million EUR, an improvement on the 132.6 million EUR loss reported in 2024, while the net loss narrowed to 71.0 million EUR from 200.6 million EUR.
At year-end, Ebusco reported net equity of 3.3 million EUR, down from 27.5 million EUR a year earlier. Cash and cash equivalents increased to 7.4 million EUR.
Ebusco described 2025 as a period of continued transition, as it moved from an original equipment manufacturer (OEM) model to an original equipment design (OED) approach. Under this structure, assembly activities are outsourced to contract manufacturers, primarily in Asia, while European facilities focus on inspection and support functions.
Ebusco stated that the transition contributed to improved delivery performance in the second half of the year. A total of 123 buses were delivered in 2025, compared with 157 in 2024, with output weighted towards later months.
The workforce was reduced from 522 full-time equivalents at the end of 2024 to 282 at the end of 2025, following the consolidation of operations into a single facility in Deurne.
The company’s order book stood at 245 buses at year-end, down from 581 the previous year. This included 127 firm orders and 118 call-off orders, which are not guaranteed to convert into confirmed sales. After cancellations in early 2026, the fixed order book has reduced to 119 buses, which Ebusco expects to deliver during 2026.
Alongside its core bus operations, the company reported developments in its energy storage division, including initial contracts for energy storage systems and continued activity in mobile energy container products. This business is supported through a partnership with Gotion High-Tech.
During 2025, Ebusco completed a financial restructuring involving more than 32 million EUR of debt, largely through conversion into equity. Additional financing measures included bridge loans and working capital support agreements extending into 2026.
Despite these steps, the company said liquidity remains constrained. It is seeking to establish a new letter of credit facility with an international bank, although this remains uncertain. The firm acknowledged that these conditions create material uncertainty regarding its ability to continue as a going concern.
Ebusco also confirmed it is reviewing strategic options for its business. Following unsolicited approaches, the company is in discussions with parties that have expressed non-binding interest in acquiring a controlling stake in its bus operations. A committee of supervisory board members has been formed to assess these proposals.
Governance changes during the year included the appointment of a new chief financial officer and chief operating officer, alongside additions to the supervisory board. The company said it has begun strengthening internal controls, although improvements remain in progress.
An independent auditor’s report issued by EY Accountants B.V. included a disclaimer of opinion, citing uncertainties related to the company’s financial position, restructuring process and internal control framework.
Peter Bijvelds, Founder and member of the Management Board said:Due to the operational and financial challenges that we faced in 2025, we have been forced to focus our efforts on many different internal matters, such as the ongoing transition from OEM to OED, addressing our persistent liquidity and working capital concerns, right-sizing and strengthening the organization and all the work that we have put in, together with our partners, in terms of optimizing the production footprint and supply chain under the new OED model.
The impact has been that the company has deliberately limited its focus on winning new orders, despite the widely acknowledged quality of its technology and products, in order to prioritise execution discipline and mitigate potential risks, including contractual and delivery-related risks. Even though our liquidity and working capital concerns persist, thanks to all the hard work of our employees, and in close cooperation with our customers and suppliers Ebusco has been able to put itself in a better position from an operational point of view to capture the growing demand for zero-emission public transport.
This not only strengthens our position in zero-emission public transport, but also positions Ebusco well to participate in the rapid build-out of the Energy Storage Solutions market. Through our strategic cooperation with Gotion High-Tech, we are able to leverage high-quality battery technology in combination with our own integration and application expertise, at a time when geopolitical developments are fundamentally reshaping the demand for energy security and independence.
Lastly, as also stated last year, we believe both our businesses, bus and energy solutions, deserve focus, and we are currently exploring strategic options to ensure both businesses can thrive under the right governance to optimise value creation in the long term.
