Shares of Dutch electric bus maker Ebusco slid another 7.1% to €0.22 on August 18 as investors digested half-year results that read like a corporate contradiction: real operational progress wrapped in an existential liquidity crisis. The company reduced its losses in the first half of 2026, but revenue and bus deliveries declined while working capital constraints persisted.
The Cash Cupboard Is Nearly Bare
Cash and cash equivalents stood at just €2.1 million at the end of June, down from €7.4 million at year-end 2025. For a company burning roughly €4.6 million per month in operating expenses, that represents days — not months — of runway. Net equity has swung from positive €3.3 million to negative €14.8 million , meaning the company now technically owes more than it owns. Ebusco warned that if it cannot secure both a short-term funding solution and a planned letter-of-credit facility, it could face "material difficulties in meeting its obligations."
Losses Are Shrinking, but Revenue Is Shrinking Too
Revenue fell to €22.0 million, down from €28.2 million a year earlier.
Gross profit swung to a positive €6.1 million from a gross loss of €6.2 million — a legitimate turnaround in unit economics driven by the shift from manufacturing buses in-house to designing them and outsourcing production.
The net loss narrowed to €24.9 million from €46.1 million. But smaller losses matter little if the company runs out of cash before it can capitalize on them.
Lifelines Exist — But None Are Locked In
Ebusco is pursuing a roughly €30 million letter-of-credit facility backed by shareholder Gotion, but completion remains "subject to final documentation."
It is also in talks with a shareholder about short-term emergency funding.
Discussions with strategic buyers about possible transactions in the bus business remain non-binding. Every rescue avenue is conditional.
The Workforce Keeps Shrinking Alongside the Order Book
Headcount fell 12% to 248 employees in the first half.
The fixed order book has dwindled to just 119 buses for all of 2026. Cost cuts have been aggressive — roughly 55% below 2024 levels — but a leaner company still needs customers and cash to survive.
At a market capitalization of roughly €28 million, Ebusco is priced as a distressed option on its own survival. The coming weeks will determine whether Gotion's backing or a strategic sale materializes — or whether the turnaround story ends before it fully begins.