Revenue increased 172.7% to €15.0 million (approximately $17.2 million); operating income turned positive, representing a €1.7 million year-over-year improvement.
VALENCIA, Spain — (GLOBE NEWSWIRE) — September 29, 2026 — Turbo Energy, S.A. (Nasdaq: TURB) (“Turbo Energy” or the “Company”), a technology-driven integrator of energy storage and intelligent energy-management solutions, today reported its unaudited consolidated financial results for the six months ended June 30, 2026.
Total revenue for the first half of 2026 increased 172.7% to €15,033,238 (approximately $17.2 million), compared with €5,512,458 in the first half of 2025. The Company achieved positive operating income of €510,542 (approximately $0.58 million) in the first half of 2026, compared with an operating loss of €1,164,274 in the prior-year period, representing a year-over-year improvement of €1,674,816 (approximately $1.91 million). Turbo Energy also reported net income of €65,647 (approximately $75,000) in the first half of 2026, compared with a net loss of €1,397,715 in the first half of 2025.
Revenue growth reflected the continued expansion of the Company’s intelligent energy solutions business, including the execution of its 366 MWh industrial energy-storage project and continued activity across its broader product portfolio.
The results are consistent with the preliminary results announced in July 2026 and mark an important step in Turbo Energy’s transition from a period focused on technology investment and market expansion toward greater operating discipline and improved financial performance.
First Half 2026 Financial Highlights
- Record revenue: Total revenue increased 172.7% to €15,033,238 (approximately $17.2 million), from €5,512,458 in the first half of 2025.
- Higher gross profit: Gross profit increased 87.6% to €2,484,022 (approximately $2.8 million), from €1,324,430.
- Positive operating and net income: Operating income reached €510,542 (approximately $0.58 million), and net income was €65,647 (approximately $75,000), compared with an operating loss of €1,164,274 and a net loss of €1,397,715.
- Stronger equity position: Shareholders’ equity increased to €5,518,529 (approximately $6.3 million) as of June 30, 2026, from €1,599,640 as of December 31, 2025.
“The first half of 2026 marks an important financial milestone for Turbo Energy,” said Mariano Soria, the Chief Executive Officer of Turbo Energy. “We delivered record revenue and moved from an operating loss to positive operating income. This performance reflects the growing scale of our project execution and the investments we have made in technology and industrial energy-storage capabilities.”
“Our next priority is to build on this progress by improving project mix and margins, converting working capital more efficiently into cash and increasing the contribution of our proprietary energy-management technology and service-based business models. We believe these capabilities can create a more differentiated and higher-value energy-storage platform.”
Operating income reflects higher gross profit and lower operating expenses
Gross profit increased 87.6% to €2,484,022 (approximately $2.8 million), from €1,324,430 in the prior-year period. Cost of revenue increased 199.7% to €12,549,216 (approximately $14.3 million), from €4,188,028, reflecting the substantial increase in sales volume and the greater contribution of large-scale industrial project deliveries. As a result, gross margin was 16.5%, compared with 24.0% in the first half of 2025. Improving project mix and increasing the contribution of proprietary software and service-based revenue remain key priorities for the Company.
Total operating expenses decreased 20.7% to €1,973,480 (approximately $2.3 million), from €2,488,704. The combination of higher gross profit and lower operating expenses resulted in operating income of €510,542 (approximately $0.58 million), compared with an operating loss of €1,164,274 in the first half of 2025.
Total other expense increased to €444,895 (approximately $0.51 million), from €233,441, primarily due to higher interest expense and foreign-exchange losses. After these items, Turbo Energy reported net income of €65,647 (approximately $75,000), compared with a net loss of €1,397,715 in the prior-year period.
Strengthened financial position
Shareholders’ equity increased to €5,518,529 (approximately $6.3 million) as of June 30, 2026, from €1,599,640 as of December 31, 2025. The increase primarily reflected €3.78 million (approximately $4.32 million) in net proceeds from the Company’s registered direct offering and at-the-market issuances during the first half of 2026.
Working capital improved to €6,547,449 (approximately $7.5 million) as of June 30, 2026, from negative working capital of €910,135 as of December 31, 2025. The improvement primarily reflected the restructuring of €4,870,491 (approximately $5.6 million) of bank debt into long-term financing, the proceeds from Turbo Energy’s equity offerings and a reduction in current liabilities.
Toward a higher-value energy-storage platform
Turbo Energy is evolving its offering beyond the supply and integration of energy-storage systems toward a model combining project execution, intelligent energy management and service-based revenue opportunities. Turbo Energy believes this combination can increase the operational and economic value of deployed storage infrastructure while creating a more differentiated and scalable business over time.
Availability of financial information
Turbo Energy’s unaudited condensed interim consolidated financial statements and its Operating and Financial Review and Prospects for the six months ended June 30, 2026, and 2025 are included in a Report on Form 6-K furnished to the U.S. Securities and Exchange Commission.
The Company’s condensed interim consolidated financial statements are presented in euros, its functional currency. Unless otherwise indicated, all U.S. dollar amounts translated from euros in this press release are approximate and were calculated using an exchange rate of $1.1417 per euro, which was the June 30, 2026, exchange rate according to the U.S. Federal Reserve. These translations are provided solely for the convenience of readers and should not be construed as representations that the euro amounts could have been or could be converted into U.S. dollars at that or any other rate.
