Finanzdokument (20260513 - LION E-Mobility prel Q1 2026)

REVENUE

(EURm)

Q1 2026

Q1 2025

3,3

6,5

EBITDA

(EURm)

Q1 2026 0,3

Q1 2025 1,5

OPERATING CASH FLOW

(EURm)

Q1 2026 3,0

Q1 2025 1,0

• Revenue totaled EUR 3.3m, reflecting the typical slower start to the year and the absence of the prior-year one-off effect related to the SE09 NMC fade-out announcement.

• Capitalized own work rose to EUR 0.8m, driven by the final R&D phase of

  NMC+.

• Cost of materials declined significantly to EUR 1.6m, primarily reflecting lower revenue levels compared to EUR 3.1m in Q1 2025, while gross margin remained stable at 52%.

• Personnel expenses decreased slightly to 1.5m EUR compared to 1.7m EUR in Q1 2025.

• Other operating expenses remained broadly stable year on year.

• As a result, EBITDA remained positive at 0.3m EUR, (Q1 2025: 1.5m EUR) despite lower revenue levels.

• Finance expenses were reduced to -0.3m EUR (Q1 2025: -0.5 EUR), reflecting the conversion of shareholder loans into equity.

  ‌CASHFLOW Q1 2026

  EURm
  Cash Flow Statement	Q1 2026	Q1 2025
  Cash and cash equivalents at beginning of period	-2.3	-2.8
  Cash flow from operating activities	3.0	1.0
  Cash flow from investing activities	-0.8	-0.9
  Cash flow from financing activities	-0.1	0.2
  Net change in cash and cash equivalents	2.1	0.2
  FX effect	0.0	0.0
  Cash and cash equivalents at end of period	-0.2	-2.6

  • Cash flow from operating activities strengthened to 3.0m EUR, reflecting the solid operating

    performance in the quarter and better payment conditions with suppliers.

  • Cash flow from investing activities amounted to -0.8m EUR, driven by continued investments in NMC+ modules and packs.

  • Cash flow from financing activities amounted to -0.1m EUR, mainly reflecting regular bank loan repayments.

• Total assets decreased slightly to EUR 38.2m from EUR 39.4m at year-end 2025, mainly driven by lower trade receivables, partly offset by higher inventories for the planned production shutdown and increased capitalized development costs related to NMC+.
• Equity remained stable at EUR 15.1m, compared to EUR 15.2m at year-end 2025.
• Non-current liabilities remained at a low level of EUR 0.7m, broadly in line with year-end 2025.
• Current liabilities decreased to EUR 22.4m from EUR 23.5m at year-end 2025, reflecting disciplined working capital management.

Production of SE09-Battery-pack is coming to an end

• Production of spare parts and final production finalized 7.5.26

• SE09 shipments to customers until July ´26

  
  
  

• Modules, Packs and other components (BMS, S-boxes) available as spare parts

  Production line modification has started for EOL- Testing and Module phase-in

• Cell stacking and module welding station set up ongoing

• Serial production will start in June ´26

Svolt cell serial production started in April, first cells on the way to LION Smart.

NMC+ prototype and C-samples have been sent out to

customers for integration (electric & electronic)

Main focus is communication between BMS and electronic vehicle bus system gateway

• First serial applications realised

  
  
  

• First buses shipped to end customers in Portugal and Lithuania

  Main sales 2026 for NMC+ battery 53 kWh is coming from bus customers in Europe, Canada and US

• Integration project ongoing for BMW i3 conversion First Defence projects started

  ‌MAIN BUS CUSTOMERS - KARSAN & LION ELECTRIC
  
  Karsan - Fast growing mini bus OEM - kept as customer:

  Due to backwards compability, high quality and trustful collaboration (customer orientation and service)

  Good price performance ratio and long life time

  
  
  Lion Electric - after restructuring very successful in acquiring new projects promising inquiries and growing substantial order pipeline

  Continue to rely on LION battery packs, own battery assembly in Canada not continued

  End customers trust in LION Smart´s technology

  Canada keeps boosting electrification in transportation of people and goods (funding)

  ‌ACTIVE ON ADDITIONAL MARKETS

• After cell update BMW battery has one of the highest gravimetric energy density in the

  commercial sector well prepared for competition, better chances at tenders

• As regional assembler and supplier a lot of interest of the defence sector Resilient supply chains, regional partner for defense

• Customers and end users appreciate robustness, quality and safety of our battery packs

keeping them loyal to LION products

Defense, automated transport, agriculture, mining, infrastructure, auxiliary power supply Several mechanical and electronical integration projects are ongoing.

1. UGV

   Designed-in; Serial production expected Q4 2026

2. UGV

   Defence vehicle release

   Using our battery packs in defence applications

3. UGV

   4x additional packs ordered

   Prototype & demo vehicles

   Production ramp up expected Q4 2026

4. Trailer

   Designed-in for trailer platform Defence trailer application

5. Energy Harvesting System: awaiting Series PO

   Key Takeaway: Defence is a large and growing market. While many UGV programs focus on low-cost batteries due to high wear and tear, platforms targeting long-term operational deployment require robust and durable battery systems - where we are already designed-in or strongly positioned.

   
   
   

   Battery trailer by Akku Trailer Hybrid E-Harvesting System

   for island grids by Go Electric

   UGV electric by Quantum

   UGV electric by Voltrac

   
   
   
   
   

   1. Ongoing projects with truck OEM

      Order intake in steps, simulation phase finalized soon, no final strategic decisions made yet

      Next step: Prototype immersion cooled module

   2. Technical feasibility discussions with high performance car OEM

      New requirements check, presentation engineering team in 2 weeks

   3. Partnership with Castrol

   Partnership for immersion cooling oil and shared public visibility at conferences

   and trade fairs, e.g. aabc in Mainz

KI generated

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