Lotus Technology Reports Unaudited Second Quarter and First Half 2024 Financial Results

  • Robust start in 2024, marking the strongest first half-year performance in the brands history.
  • Balanced global allocation, with strong US deliveries1 contribution after the brand’s re-entry into the market.
  • Launched bespoke services and continued growing technology-related income, which are expected to be potential contributors of profit margin in the future.
  • Adjusted the annual delivery target due to near-term disruptions from trade uncertainties and tariff hikes.
  • Initiated theWin26 Plan aiming to achieve positive operating cashflow and EBITDA in 2026.

 

New York – August 28, 2024 – Lotus Technology Inc. (“Lotus Tech” or the “Company”), a leading global intelligent and luxury mobility provider, today announced its unaudited financial results for the second quarter and half year ended June 30, 2024.

Operating Highlights for the First Half of 2024
In the first half of 2024, the Company achieved total deliveries1 of 4,873 units, representing a 239% year-on-year (YoY) increase. The Company also achieved a balanced global allocation with each region contributing 20-30% of the total deliveries in the first half of 2024, powered by over 200 stores in prime locations worldwide. The US market recorded exceptional growth and contributed 26% of the total deliveries after Lotus’ re-entry into the market. The achievements reflect the Company’s steady transition from a traditional sportscar maker to an intelligent luxury mobility provider.

Deliveries1 by Model Type

 

1H 2024

1H 2023

%Change (YoY)

Lifestyle SUV and Sedan

2,389

871

174%

Sportscars

2,484

568

337%

Total

4,873

1,439

239%

 

Deliveries1 by Region

 

1H 2024

1H 2024%

1H 2023

1H 2023 %

Europe

1,459

30%

89

6%

China

1,208

25%

965

67%

North America

1,278

26%

-

-

Rest of the World

928

19%

385

27%

Total

4,873

100%

1,439

100%

 

In the first half of 2024, technology-related revenue began to scale as the Company started to provide intelligent driving solutions and R&D services to multiple leading automotive brands. As the fleet of models equipped with state-of-the-art hardware continues to expand, paid software subscriptions is a potential growth driver in the future.

The Chapman Bespoke service which provides customer personalization, design customizations, limited collection editions, and one-off models, was also launched to cater to growing demand. Deliveries of bespoke models are expected to further boost the brand’s luxury positioning and contribute to the Company’s long-term premium gross margin.

After assessment of the evolving market conditions, and uncertainties posed by new tariff policies in US and EU, the Company has revised its delivery target for 2024 to 12,000 units. The Company launched the “Win26” plan, aiming to achieve positive EBITDA in 2026 by further optimizing its internal processes and structures, implementing overall cost measures, and recalibrating its product plans to cater to globally diversified markets.

 

Financial Highlights for the First Half of 2024

  • Total revenues for the first half of 2024 were $398 million, a 206% YoY increase.
  • Sales of goods were $383 million, a 207% YoY increase.
  • Service revenues were $15 million, a 194% YoY increase.
  • Gross margin for the first half was 13%, versus 5% for the first half of 2023, driven by the growth in margin from both sales of goods and service revenues.
  • Gross margin of sales of goods for the first half of 2024 was 11%, versus 4% for the same period of 2023.
  • Gross margin of service revenues for the first half of 2024 was 58%, versus 16% for the same period of 2023.
  • Operating loss was $438 million for the first half of 2024, a 27% YoY increase.
  • Net loss was $460 million for the first half of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was $424 million for the first half of 2024, a 20% YoY increase.
  • Adjusted EBITDA (non-GAAP) was a loss of $382 million for the first half of 2024, a 15% YoY increase.

 

Key Financial Results

The table below summarizes key preliminary financial results for the half year ended June 30, 2024.

(in millions of U.S. dollars, unaudited)

 

 1H 2024

1H 2023

% Change (YoY)

Revenues

398

130

206%

Cost of revenues

347

124

180%

Gross profit

51

6

731%

Gross margin (%)

13%

5%

-

Operating loss

(438)

(344)

27%

Net loss

(460)

(353)

30%

       Adjusted net loss(A)

(424)

(353)

20%

Adjusted EBITDA(A)

(382)

(333)

15%

(A) Non-GAAP measure. See “Non-GAAP Financial Measures” and “Appendix D – Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)” for details and a reconciliation of adjusted metrics to the nearest GAAP measure.

 

Recent Developments

  • Delivery Updates:
    • Following Southeast Asia deliveries, Eletre (SUV) model started deliveries to new markets such as GCC, New Zealand, India, and Egypt.
    • Production orders for Eletre (SUV) model began for new markets such as Australia, Japan and Korea.
    • Emeya (GT, Sedan) model started deliveries in Europe.
    • Reservations of Emeya (GT, Sedan) model began in the GCC, Japan, Korea and Southeast Asia.
  • Lotus Robotics provides solutions to multiple OEMs: Lotus Robotics, a subsidiary for intelligent automobility technologies development, licenses several leading automakers to provide them with its intelligent driving technology and solutions, including Lynk&Co and Farizon Auto.
  • Strategic capital raised: As previously announced, in June 2024, the Company entered into a convertible note purchase agreement with an aggregate principal amount of approximately $110 million through a private placement from its existing strategic shareholder. 
  • Dual Red Dot Awards: In June 2024, two Red Dot Awards in Product Design were given to the ground-breaking hyper electric vehicles: the Eletre (SUV), and the Emeya (GT, Sedan).
  • Reuters Sustainability Awards 2024 Nomination: In July 2024, Lotus Tech was nominated as the finalist in the Reuters Sustainability Awards 2024 in the business transformation and Net Zero: operations transformation. Reuters Sustainability Awards are the world’s leading awards recognizing leadership in sustainable business.

 

CEO and CFO comments
"Through our unwavering pursuit to performance and excellence, we made steady progress with continuing operation growth in the first half of 2024," said Mr. Qingfeng Feng, Chief Executive Officer. "In the first half of 2024, the deliveries soared to nearly 4,900 vehicles, up 239% year-on-year. We achieved even more balanced distribution of deliveries in all key markets globally. The US market recorded extraordinary growth after Lotus’ re-entry into the market, contributing to 26% of total deliveries. We launched “Win26” plan to increase resilience, strengthen our brand, and strive for sustainable growth. Going forward, we will keep executing our plans, boosting our efficiencies and competitiveness, and remain committed to our customers, investors, and stakeholders.”

"We continued delivery of strong topline growth in the first half of 2024, with total revenues and gross profit up by 206% and 731% year-over-year respectively,” said Mr. Alexious Lee, Chief Financial Officer. "Gross margin for the first half of 2024 increased by 8 percentage points year-over-year but shrank 2 percentage points compared to year end of 2023 as a result of increased cost of Emira (sportscar) model due to inflation and seasonal variation in product sales mix. Our average selling price (ASP) remained above $100,000 in the first half of 2024 despite intensified competition. The execution of our “Win26” plan will enable the Company to achieve positive EBITDA and operating cash flow in 2026, to boost our financial performance, strengthen our balance sheet, and deliver our commitments to shareholders.”

 

Operating and Financial Results for the Second Quarter of 2024

  • Total deliveries1 for the second quarter of 2024 were 2,679 units, a 128% YoY increase.
  • Total revenues for the second quarter of 2024 were $225 million, a 103% YoY increase.
  • Gross margin for the second quarter of 2024 was 9%, versus 5% for the same period of 2023..
  • Net loss for the second quarter was $202 million, a 4% YoY increase. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was $201 million for the second quarter of 2024.
  • Adjusted EBITDA (non-GAAP) was a loss of $177 million for the second quarter of 2024, a 1% YoY decrease.

 

Deliveries1 by Model Type

 

2Q 2024

2Q 2023

% Change (YoY)

Lifestyle SUV and Sedan

1,342

637

111%

Sportscars

1,337

538

149%

Total

2,679

1,175

128%

 

Key Financial Results

The table below summarizes key preliminary financial results for the second quarter in 2024.

(in millions of U.S. dollars, unaudited)

 

 2Q 2024

2Q 2023

%Change  (YoY)

Revenues

225

111

103% 

Cost of Revenues

204

105

95% 

Gross profit

21

6

246% 

Gross margin (%)

9%

5%

Operating loss

(204)

(183)

 12% 

Net loss

(202)

(193)

4%

      Adjusted net loss(A)

(201)

(193)

4%

Adjusted EBITDA(A)

(177)

(178)

(1%) 

(A) Non-GAAP measure. See “Non-GAAP Financial Measures” and “Appendix D – Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)” for details and a reconciliation of adjusted metrics to the nearest GAAP measure.

 

Conference call
Lotus Tech management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Wednesday, August 28, 2024 (14:00 Central European Time / 20:00 China Standard Time on the same day).

There will be a live audio webcast and replay available following completion of the call on the Company’s investor relations website at https://ir.group-lotus.com/.

For participants who wish to join the call, please complete online registration prior to the scheduled call start time using the link provided below. Upon registration, participants will receive a confirmation email with conference call access information, including dial-in numbers and a unique PIN. Participant online registration link: https://register.vevent.com/register/BI77b3e952ef684e7bb15b8e522e023f0b

 

Note 1:  Invoiced deliveries, including commissioned deliveries in US market

 

– END –

 

About Lotus Technology Inc.

Lotus Technology Inc. has operations across the UK, the EU and China. The Company is dedicated to delivering luxury lifestyle battery electric vehicles, with a focus on world-class R&D in next-generation automobility technologies such as electrification, digitalisation and more. For more information about Lotus Technology Inc., please visit www.group-lotus.com.

 

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, including adjusted net loss and adjusted EBITDA in evaluating its operating results and for financial and operational decision-making purposes.  Adjusted net loss represents net loss excluding share-based compensation expenses, and such adjustment has no impact on income tax. Lotus Tech defines adjusted EBITDA as net loss excluding interest income, interest expense, income tax expenses, depreciation of property, equipment and software, and share-based compensation expenses. The Company believes that non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

Non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. Non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on non-GAAP financial measures, please see "Appendix C – Unaudited Reconciliation of GAAP and Non-GAAP Results (Adjusted net loss/Adjusted EBITDA)" set forth at the end of this press release.

 

Forward-Looking Statements

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain such terminology. Forward-looking statements involve inherent risks and uncertainties, including those identified under the heading “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Lotus Tech undertakes no obligation to update any forward-looking statement, except as required under applicable law.

 

Contact Information

For PR inquiries
Rana Khatun
rana.khatun@eu.lotuscars.com

For investor inquiries
Demi Zhang
ir@group-lotus.com

 

 

Appendix A

 Lotus Technology Inc.

Unaudited Condensed Consolidated Balance Sheets

 

(All amounts in thousands)

 

 

As of

 

June 30, 2024

 

December 31, 2023

 

US$

 

US$

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash

 

268,781

 

418,941

Restricted cash

 

373,887

 

7,873

Accounts receivable – third parties, net

 

72,798

 

76,664

Accounts receivable – related parties, net

 

19,674

 

22,430

Inventories

 

385,200

 

265,190

Prepayments and other current assets – third parties, net

 

118,492

 

63,870

Prepayments and other current assets – related parties, net

 

40,381

 

28,744

 

 

 

 

Total current assets

 

1,279,213

 

883,712

 

 

 

 

Non-current assets

 

 

 

 

Restricted cash

 

1,147

 

321

Investment securities – related parties

 

2,168

 

3,326

Securities pledged to an investor

 

310,477

 

-

Loan receivable from a related party

 

224,042

 

-

Property, equipment and software, net

 

345,336

 

354,617

Intangible assets

 

116,526

 

116,360

Operating lease right-of-use assets

 

158,864

 

173,103

Other non-current assets – third parties

 

65,792

 

50,533

Other non-current assets – related parties

 

2,689

 

2,706

 

 

 

 

Total non-current assets

 

1,227,041

 

700,966

 

 

 

 

Total assets

 

2,506,254

 

1,584,678

 

 

Lotus Technology Inc.

Unaudited Condensed Consolidated Balance Sheets (Con’d)

 (All amounts in thousands)

 

 

As of

 

June 30, 2024

 

December 31, 2023

 

US$

 

US$

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' DEFICIT

 

 

 

 

Current liabilities

 

 

 

 

Short‑term borrowings – third parties

 

518,479

 

226,772

Accounts payable – third parties

 

58,271

 

20,123

Accounts payable – related parties

 

413,779

 

340,419

Contract liabilities – third parties

 

50,054

 

44,184

Operating lease liabilities – third parties

 

14,526

 

16,760

Accrued expenses and other current liabilities – third parties

 

431,223

 

419,422

Accrued expenses and other current liabilities – related parties

 

243,024

 

290,686

Exchangeable notes

 

-

 

378,638

Convertible notes - related parties

 

110,661

 

-

Convertible notes - third parties

 

-

 

20,277

Put option liabilities – related parties

 

437

 

-

 

 

 

 

Total current liabilities

 

1,840,454

 

1,757,281

 

 

 

 

Non‑current liabilities

 

 

 

 

Contract liabilities – third parties

 

7,024

 

6,245

Operating lease liabilities – third parties

 

81,393

 

91,929

Operating lease liabilities – related parties

 

11,314

 

12,064

Put option liabilities – third parties

 

175,214

 

-

Put option liabilities – related parties

 

-

 

11,884

Warrant Liabilities

 

5,549

 

-

Exchangeable notes

 

77,087

 

75,678

Convertible notes - third parties

 

75,970

 

81,635

Deferred income

 

296,489

 

270,097

Other non-current liabilities – third parties

 

108,293

 

103,403

Other non-current liabilities – related parties

 

1,548

 

1,634

 

 

 

 

Total non‑current liabilities

 

839,881

 

654,569

 

 

 

 

Total liabilities

 

2,680,335

 

2,411,850

 

 

 

Lotus Technology Inc.

Unaudited Condensed Consolidated Balance Sheets (con’d)

(All amounts in thousands)

 

 

As of

 

June 30, 2024

 

December 31, 2023

 

US$

 

US$

MEZZANINE EQUITY

 

 

 

 

Series Pre-A Redeemable Convertible Preferred Shares

 

-

 

184,509

Series A Redeemable Convertible Preferred Shares

 

-

 

199,021

 

 

 

 

 

Total mezzanine equity

 

-

 

383,530

 

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ DEFICIT

 

 

 

 

Ordinary shares

 

7

 

21

Additional paid-in capital

 

1,855,063

 

358,187

Accumulated other comprehensive income

 

25,278

 

25,267

Accumulated deficit

 

(2,048,092)

 

(1,588,773)

 

 

 

 

 

Total shareholders' deficit attributable to ordinary shareholders

 

(167,744)

 

(1,205,298)

Noncontrolling interests

 

(6,337)

 

(5,404)

Total shareholders' deficit

 

(174,081)

 

(1,210,702)

 

 

 

 

Total liabilities, mezzanine equity and shareholders' deficit

 

2,506,254

 

1,584,678

 

 

 

 

 

 

 

Appendix B

Lotus Technology Inc.

Unaudited Condensed Consolidated Statements of Comprehensive loss

 

(All amounts in thousands, except for share and per share/ADS data)

 

For the Six Months Ended June 30,

 

 

2024

 

2023

 

US$

 

US$

Revenues:

 

 

 

 

Sales of goods

 

382,893

 

124,854

Service revenues

 

15,222

 

5,181

Total revenues

 

398,115

 

130,035

Cost of revenues:

 

 

 

 

Cost of goods sold

 

(340,882)

 

(119,557)

Cost of services

 

(6,321)

 

(4,351)

Total cost of revenues

 

(347,203)

 

(123,908)

Gross profit

 

50,912

 

6,127

Operating expenses:

 

 

 

 

Research and development expenses

 

(174,854)

 

(152,548)

Selling and marketing expenses

 

(204,274)

 

(118,236)

General and administrative expenses

 

(111,978)

 

(80,417)

Government grants

 

2,488

 

662

Total operating expenses

 

(488,618)

 

(350,539)

Operating loss

 

(437,706)

 

(344,412)

Interest expenses

 

(11,708)

 

(3,470)

Interest income

 

8,658

 

5,848

Investment income, net

 

3,496

 

2,770

Share of results of equity method investments

 

359

 

(626)

Foreign currency exchange losses, net

 

(4,429)

 

(3,619)

Changes in fair values of mandatorily redeemable noncontrolling
interest, exchangeable notes and convertible notes,
excluding impact of instrument-specific credit risk

 

 

 

8,801

 

(12,758)

Changes in fair values of warrant liabilities

 

6,317

 

-

Changes in fair values of put option liabilities

 

(33,685)

 

3,307

Loss before income taxes

 

(459,897)

 

(352,960)

Income tax benefit (expense)

 

(355)

 

18

Net loss

 

(460,252)

 

(352,942)

Less: Net loss attributable to noncontrolling interests

 

(933)

 

(5,779)

Net loss attributable to ordinary shareholders

 

(459,319)

 

(347,163)

Accretion of Redeemable Convertible Preferred Shares

 

(2,979)

 

(258)

Net loss available to ordinary shareholders

 

(462,298)

 

(347,421)

Loss per ordinary share1

 

 

 

 

—Basic and diluted

 

(0.75)

 

(0.74)

Weighted average number of ordinary shares
outstanding used in computing net loss
per ordinary share
1

 

 

 

 

—Basic and diluted

 

616,941,673

 

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 (cont’d)

 

(All amounts in thousands, except for share and per share/ADS data)

 

For the Six Months Ended June 30,

 

 

2024

 

2023

 

US$

 

US$

Net loss

 

(460,252)

 

(352,942)

 

 

 

 

 

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

 

(401)

 

(1,559)

Foreign currency translation adjustment,
net of nil income taxes

 

412

 

34,563

 

 

 

 

Total other comprehensive income

 

11

 

33,004

 

 

 

 

Total comprehensive loss

 

(460,241)

 

(319,938)

Less: Total comprehensive loss attributable
to noncontrolling interests

 

(933)

 

(5,589)

Total comprehensive loss attributable
to ordinary shareholders

 

 (459,308)

 

(314,349)

 

 

 

 

 

 

 

 

 

Appendix C

Lotus Technology Inc.

Unaudited Condensed Consolidated Statements of Comprehensive loss

 

(All amounts in thousands, except for share and per share/ADS data)

 

Three Months Ended

 

 

 June 30, 2024

 

 June 30, 2023

 

US$

 

US$

Revenues:

 

 

 

 

Sales of goods

 

222,109

 

108,371

Service revenues

 

2,924

 

2,543

Total revenues

 

225,033

 

110,914

Cost of revenues:

 

 

 

 

Cost of goods sold

 

(201,609)

 

(103,006)

Cost of services

 

(2,826)

 

(1,958)

Total cost of revenues

 

(204,435)

 

(104,964)

Gross profit

 

20,598

 

5,950

Operating expenses:

 

 

 

 

Research and development expenses

 

(70,162)

 

(87,054)

Selling and marketing expenses

 

(100,785)

 

(66,460)

General and administrative expenses

 

(55,008)

 

(35,133)

Government grants

 

969

 

57

Total operating expenses

 

(224,986)

 

(188,590)

Operating loss

 

(204,388)

 

(182,640)

Interest expenses

 

(7,761)

 

(3,036)

Interest income

 

6,993

 

3,079

Investment income, net

 

4,890

 

4,933

Share of results of equity method investments

 

158

 

(161)

Foreign currency exchange losses, net

 

2,238

 

(6,681)

Changes in fair values of mandatorily redeemable
noncontrolling interest, exchangeable notes and
convertible notes, excluding impact of
instrument-specific credit risk

 

 

 

397

 

 

 

(10,223)

Changes in fair values of warrant liabilities

 

1,464

 

-

Changes in fair values of put option liabilities

 

(5,805)

 

1,433

Loss before income taxes

 

(201,814)

 

(193,296)

Income tax expense

 

(213)

 

(71)

Net loss

 

(202,027)

 

(193,367)

Less: Net loss attributable to noncontrolling interests

 

(577)

 

(3,861)

Net loss attributable to ordinary shareholders

 

(201,450)

 

(189,506)

Accretion of Redeemable Convertible Preferred Shares

 

-

 

6,990

Net loss available to ordinary shareholders

 

(201,450)

 

(182,516)

Loss per ordinary share1

 

 

 

 

—Basic and diluted

 

(0.30)

 

(0.38)

Weighted average number of ordinary shares
outstanding used in computing net loss
per ordinary share
1

 

 

 

 

—Basic and diluted

 

675,454,342

 

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/ADS data)

 

Three Months Ended

 

 

 June 30, 2024

 

 June 30, 2023

 

US$

 

US$

Net loss

 

(202,027)

 

(193,367)

 

 

 

 

 

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

 

 

 

(226)

 

(517)

Foreign currency translation adjustment,
net of nil income taxes

 

1,827

 

41,600

 

 

 

 

Total other comprehensive income

 

1,601

 

41,083

 

 

 

 

Total comprehensive loss

 

(200,426)

 

(152,284)

Less: Total comprehensive loss attributable to
noncontrolling interests

 

(577)

 

(3,671)

Total comprehensive loss attributable to ordinary shareholders

 

(199,849)

 

(148,613)

 

 

Appendix D

Lotus Technology Inc.

Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)

(All amounts in thousands)

 

 

For Six Months Ended

 

 

June 30, 2024

 

June 30, 2023

 

 

US$

 

US$

Net loss

 

(460,252)

 

(352,942)

Share-based compensation expenses 

 

35,894

 

-

Adjusted net loss

 

(424,358)

 

(352,942)

Net loss

 

(460,252)

 

(352,942)

Interest expenses 

 

11,708

 

3,470

Interest income 

 

(8,658)

 

(5,848)

Income tax expense (benefit) 

 

355

 

(18)

Share-based compensation expenses 

 

35,894

 

-

Depreciation 

 

39,286

 

22,641

Adjusted EBITDA

 

(381,667)

 

(332,697)

 

 

 

Three Months Ended

 

June 30, 2024

 

June 30, 2023

 

US$

 

US$

Net loss

(202,027)

 

(193,367)

Share-based compensation expenses 

571

 

-

Adjusted net loss

(201,456)

 

(193,367)

Net loss

(202,027)

 

(193,367)

Interest expenses 

7,761

 

3,036

Interest income 

(6,993)

 

(3,079)

Income tax expense 

213

 

71

Share-based compensation expenses 

571

 

-

Depreciation 

23,112

 

15,037

Adjusted EBITDA

(177,363)

 

(178,302)