Lotus Technology Q3 Loss Narrows
(RTTNews) - Lotus Technology Inc. (LOTWW), a Chinese electric vehicle distributor, Monday reported a narrower net loss in the third quarter, mainly supported by reduced operating expenses despite a revenue decline.
For the three months ended on September 30, the net loss attributable to shareholders narrowed to $65.42 million from a loss of $ 205.80 million in the prior year.
On a per share basis loss shrank to $0.10 from per share loss of $0.30 in the last year.
Adjusted EBITDA loss came down 70 percent to $54.39 million from loss of $181.70 million in the prior year.
Total operating expenses narrowed to $104.54 million from $168.24 million a year ago.
However, for the third quarter, total revenue slipped 46 percent to $137.43 million from $254.71 million in the prior year.
The total number of vehicle deliveries shrank 35 percent to 1799 from 2769 in the prior year.
On Friday, the shares had closed at $0.065 on the Nasdaq.
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