Ebusco barely keeps liquidity afloat
The electric bus builder reports better margins but once again warns of uncertainty over its survival.
Ebusco reduced its losses in the first half of 2026, but its financial headroom remains very limited. At the end of June, the company had €2.1 million in cash and says its survival depends on new financing and working capital.
The Deurne-based manufacturer reported revenue of €22.0 million for the first six months of 2026, compared with €28.2 million in the same period a year earlier. Earnings before interest, taxes, depreciation and amortisation came to a loss of €17.9 million, compared with a loss of €36.2 million in the first half of 2025.
There were improvements too. Gross profit amounted to €6.1 million, whereas Ebusco reported a gross loss of €6.2 million a year earlier. The net loss fell from €46.1 million to €24.9 million. According to the company, these figures do not yet mean that the business is financially healthy.
Cash holdings fell from €7.4 million at the end of 2025 to €2.1 million on 30 June 2026. At that point, equity was negative by €14.8 million. Ebusco therefore says there is material uncertainty over whether the company can continue its activities as a going concern.
In April, the company announced a working-capital package of approximately €27.4 million. In addition, Ebusco is working on a credit facility of approximately €30 million with an Asian partner and is in talks with a shareholder about short-term liquidity. According to the half-year update, those solutions were still dependent on further agreements and documentation.
Operationally, Ebusco delivered sixteen buses in the first half of the year, compared with 47 a year earlier. After the cancellation of an order from Potsdam, the firm order book contained eighty buses. Ebusco is also in talks about strategic options for its bus operations. The sources consulted do not mention a bankruptcy, but the financial dependence is clear.
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The financial and operational figures cited appear in Ebusco's half-year results and were reported separately by Bus-News. The text distinguishes between liquidity problems and a formal bankruptcy.
- confirmed Ebusco had €2.1 million in cash at the end of June 2026. — This is stated in the financial review of the half-year results. source
- confirmed Revenue amounted to €22.0 million in the first half of 2026. — Ebusco reports revenue, gross profit, EBITDA and net result for H1 2026. source
- confirmed After the cancellation of Potsdam, the firm order book stood at eighty buses. — The half-year update lists 103 firm contracts at the end of June and 80 after the subsequent cancellation. source
- confirmed Ebusco warns of material uncertainty over its continuity. — The company uses this wording in the paragraph on going concern. source
Editor's note
The financial figures come from Ebusco's half-year update and are summarised by Bus-News. There is no public indication of a bankruptcy filing; the going-concern warning is explicit.Sources
More on this in Dutch media
- De Telegraaf — „ebusco deurne”
- Trouw — „ebusco deurne”
- RTL Nieuws — „ebusco deurne”