Ebusco is still on the brink of insolvency due to “overdue payables exceeding its available liquidity”

Ebusco faces overdue payables exceeding its available liquidity, as written black on white in a press release issued on 30th April 2025, accompanying the presentation of the yearly results.

One supplier has already filed for bankruptcy due to (amongst others) non-payment of overdue invoices, with a court hearing scheduled for 6 May 2025, the press communication adds. However, on 5th May, the Dutch company announced that it has received a remaining €5 million from Green Innovation, and therefore “the petition for bankruptcy and associated court case as announced on 30 April 2025 have been withdrawn”.

In any case, still in Ebusco’s words shared on 5th May, “the company remains reliant on a significant short-term capital injection and continued support from suppliers through deferred payment arrangements or alternative settlements. These measures are essential for Ebusco to maintain its going concern status”.

Ebusco urgently requires a short-term liquidity injection to continue as a going concern. In February 2025, Ebusco announced €22 million in debt financing, but part of the funds has not yet been received, triggering defaults under its bank agreements. Without the remaining funds, Ebusco risks insolvency. Discussions with banks and suppliers are ongoing, but significant uncertainty remains regarding the company’s ability to continue operations.

In Ebusco’s words, the company’s future “currently depends on third-party suppliers agreeing to payment schedules and alternative settlement options on overdue accounts“. The company “is therefore dependent upon a significant short-term liquidity injection in order to be able to continue as a going concern. If Ebusco is not able to (timely) attract the required liquidity injection it could directly face insolvency”.

Ebusco results 2024 and the risk of insolvency

Ebusco’s turnover for FY 2024 arrived at only €10.7 million, well below the turnover as reported in Ebusco’s interim financial statements per 30 June 2024 (of €38 million). Compared to the 102.4 million of 2023, the company’s revenue dropped 89%.

On 24 February 2025 Ebusco announced that it had obtained commitments for a debt financing of €22 million from Green Innovation International Co. Ltd. (€10 million, of which the Groups still needs to receive €5 million), CVI Investments Inc., an entity managed by Heights Capital Management, Inc. (€10 million) and De Engh B.V. (€2 million). These loans (including interest of €2.2 million) must be fully repaid by Ebusco by 15 August 2025. In addition, Green Innovation International Co. Ltd. and De Engh have agreed an option to convert the full loan amount plus the fee at their election into Ebusco shares.

Ebusco says it secured the extension of €9 million in letters of credit until 14 August 2025, but triggered a default due to Green Innovation transferring only €5 million of the agreed €10 million loan. This missing payment critically affects Ebusco’s liquidity and prevents access to further credit, Ebusco said on 30th April, before announcing the transferral of the financing on 5th May.