Cibox: Revenue Doubled Over Nine Months, Loss Narrows in First Half

First-Half Revenue Multiplied by 2.5, Reaching €10.7 Million

In the first half of 2026, Cibox achieved revenue of €10.7 million, compared to €4.3 million a year earlier, representing a 149% increase. During the period, the Revin site assembled nearly 28,000 bicycles and the company sold 23,000. Production activity now represents the preponderant share of revenues. Gross margin increased by 121%, to €2.6 million compared to €1.2 million, but its rate fell from 27.3% to 22.5% of revenue. The company attributes this decline to changes in the business mix, driven primarily by industrial activity. Operating surplus amounts to -€1.2 million, compared to -€1.5 million a year earlier. It includes a non-recurring charge of €0.3 million related to a dispute with a service provider since replaced.

Operating income stands at -€1.5 million, compared to -€1.8 million, after €0.6 million in depreciation and provisions charges (€0.3 million a year earlier), related to investments at the Revin site. After a negative financial result of €0.1 million, compared to a positive result of €19k in the first half of 2025, net loss stands at -€1.6 million, compared to -€1.7 million.

Operating Expenses and Working Capital Needs Rising With Volumes

The ramp-up of the plant was accompanied by an increase in operating expenses. Other purchases and external charges reached €2.0 million, compared to €1.6 million, due to significant use of temporary staff in anticipation of recruitment. Personnel costs amounted to €2.0 million, compared to €1.1 million a year earlier. The balance sheet reflects the same dynamic. Inventories reached €11 million on June 30, 2026, compared to €6.3 million on December 31, 2025, to prepare for production of summer orders. Supplier debt rose from €7.1 million to €12.9 million, a level the company directly links to its activity. Gross cash stood at €2.2 million, compared to €1.0 million at the end of 2025. Bank debt declined by €0.2 million to €1.4 million, while convertible bonds rose from €0.6 million to €0.8 million. According to the company, these movements reflect a partial shift in financing from banks to shareholders and bondholders. The financial situation also includes a bond issue of €1.9 million conducted via the LITA.co crowdfunding platform, for a net amount received of €1.8 million. Cibox indicated it continues to study additional financing solutions. These must cover its needs before reaching operating profitability as well as the working capital requirement linked to the industrial tool.

Target of at Least 60,000 Bicycles Assembled in 2026 Confirmed

In the third quarter of 2026, revenue reached €8.5 million, up 63% from €5.2 million in the third quarter of 2025. Production for the quarter amounted to nearly 18,000 bicycles. Since the beginning of the year, Cibox has assembled 45,300 bicycles and sold 41,250, a position the company describes as slightly ahead of its order book. Direct-to-consumer sales are progressing. Their third-quarter revenue alone exceeds that of the entire first half, and this channel represents 10% of revenues over nine months. On September 21, 2026, Cibox raised its annual production target to at least 60,000 electric-assisted bicycles. The group confirmed this on the occasion of this publication. Its stated priorities are securing supplies, operational efficiency, direct sales, and controlling working capital requirements. The half-yearly financial report will be available from October 31, 2026, and 2026 annual revenue will be published on January 20, 2027. With 45,300 bicycles assembled over nine months, Cibox has achieved the bulk of its target of at least 60,000 units for the fiscal year.