LION E-Mobility AG (LION; ISIN: CH0560888270) has published its Q1 2026 results, reporting revenue of EUR 3.3 million (down from EUR 6.5 million in Q1 2025) and EBITDA of EUR 0.3 million (down from EUR 1.5 million), reflecting a strategic transition to battery packs with new high-performance NMC+ battery cells. Despite lower revenue, the company's EBITDA margin remained positive at 10.1%, and operating cash flow improved to EUR 3.0 million from EUR 1.0 million, driven by cost discipline and better supplier payment terms.
The Q1 results are in line with expectations as LION undergoes a planned two-month factory shutdown for conversion works, with production scheduled to resume at the end of June. The new NMC+ battery cells are expected to be available for sale starting Q3 2026. Dr. Joachim Damasky, CEO, stated, "The conversion of our production lines to the new high-performance battery cells is progressing well. This is an important step toward future growth. The demand for the new battery packs is already high and with production set to resume at the end of June, we expect a significant uplift in revenues in the second half of the year."
LION's Battery Energy Storage Systems (BESS) business is gaining momentum. The company successfully sold its first BESS project in Q4 2025, a 5 MW / 20 MWh installation scheduled to go into operation in summer 2026. This milestone marks LION's strategic expansion into large-scale energy storage solutions. The pipeline of BESS quotations exceeds 7.5 GWh, comprising more than ten customers, including a second project in Germany for 5 MW / 10 MWh in final negotiations, with delivery scheduled for 2026. To accelerate this momentum, LION has strengthened its sales team with three new hires dedicated to the BESS segment, and strategic partner LEAPENERGY is intensifying activities in the German market.
Additionally, the defense sector offers growth potential. LION is working on several defense-related inquiries, including a recent collaboration with Mandrill Engineering, where LION Smart’s high-performance battery technology powers an advanced unmanned ground vehicle (UGV). This demonstrates the versatility of LION's battery technology in demanding environments.
LION confirms its fiscal 2026 outlook, expecting revenue above EUR 35 million and strongly positive EBITDA. While Q2 2026 sales are anticipated to be higher than Q1 due to remaining inventories already sold, a significant portion of revenues is expected in the second half of the year following the factory conversion. The company’s annual production capacity of 2 GWh positions it well to address growing demand for high-performance energy storage solutions.
