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, Sept. 29, 2026 (GLOBE NEWSWIRE) -- 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.

About Turbo Energy, S.A.

Founded in 2013, Turbo Energy, S.A. (Nasdaq: TURB) is a global technology integrator specializing in AI-driven energy storage and energy management solutions. The Company integrates advanced battery storage, proprietary software and energy management systems into intelligent energy solutions that help residential, commercial and industrial customers optimize energy consumption, reduce costs, improve resilience and maximize the value of their energy assets.

As part of Umbrella Global Energy, Turbo Energy plays a strategic role in driving innovation in intelligent energy storage, electrification and software-defined energy management across Europe, North America and Latin America. For more information, please visit www.turbo-e.com.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control, including the risks described in the Company’s registration statements and annual reports under the heading "Risk Factors" as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statements contained in this press release speak only as of the date hereof, and Turbo Energy, S.A. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

For more information, please contact:

Turbo Energy | Investor Relations
Email: investors@turbo-e.com
Website: investors.turbo-e.com


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TURBO ENERGY, S.A.
Condensed Interim Consolidated Statements of Operations
(Unaudited)
(Expressed in Euro)

     Six Months Ended June 30, 
  Note  2026  2025 
Revenue  18  €7,835,027  €5,026,963 
Revenue - related parties  11,18   7,186,691   410,342 
Other operating income      11,520   75,153 
Total Revenue      15,033,238   5,512,458 
Cost and Expenses            
Cost of revenues  19   12,549,216   4,188,028 
Selling and administrative  20   1,378,224   1,137,050 
Selling and administrative - related parties  11,20   101,744   356,912 
Salaries and benefits      400,755   870,583 
Salaries and benefits - related parties  11   69,063   124,159 
Bad debt expense  4   23,694   - 
Total Cost and Expenses      14,522,696   6,676,732 
Income (loss) from operations      510,542   (1,164,274)
Other Income (Expense)            
Other income      -   208 
Interest income      -   3,457 
Interest expense      (351,691)  (157,432)
Interest expense - related party      (26,448)  (40,627)
Foreign exchange gain (loss)      (66,756)  (39,047)
Total Other Income (Expense)      (444,895)  (233,441)
Net Income (Loss) Before Income Tax      65,647   (1,397,715)
Income tax Expense (Recovery)            
- Current      -   - 
- Deferred      -   - 
Net Income (Loss)     €65,647  €(1,397,715)
Basic Net Income (Loss) per Ordinary Share     €0.00  €(0.03)
Diluted Net Income (Loss) per Ordinary Share     €0.00  €(0.03)
Weighted Average Number of Ordinary Shares Outstanding - Basic      59,415,835   55,085,700 
Weighted Average Number of Ordinary Shares Outstanding - Diluted      61,143,577   55,085,700 


TURBO ENERGY, S.A.
Condensed Interim Consolidated Statements of Financial Position
(Unaudited)
(Expressed in Euro)

     June 30,  December 31, 
As at Note  2026  2025 
          
Assets         
Current         
Cash and cash equivalent  2  €503,586  €493,129 
Accounts receivable and other receivables  4   3,274,020   1,739,775 
Inventories  5   4,830,099   3,444,184 
Amount due from related parties  11   5,942,031   10,443,887 
Prepaid expense  6   3,712,271   3,643,077 
Investments  7   34,557   34,557 
Total Current Assets      18,296,564   19,798,609 
Non- Current Assets            
Property and equipment, net  8   204,452   214,966 
Intangible assets, net  9   1,882,964   2,102,151 
Right-of-use assets  16   15,470   21,444 
Deferred tax assets      2,272,573   2,272,573 
Total Assets     €22,672,023  €24,409,743 
             
Liabilities and Shareholders’ Equity            
Current Liabilities            
Accounts payable and accrued liabilities  10  €6,848,799  €12,647,530 
Accrued interest payable  12   34,310   355,711 
Accrued interest payable - related party  11   26,448   - 
Amount due to related parties  11   3,400,635   2,929,117 
Lease liabilities - current portion  16   10,163   12,203 
Bank loans - current portion  13   1,175,408   4,510,831 
Debt bond - current portion  12   253,352   253,352 
Total Current Liabilities      11,749,115   20,708,744 
Non-Current Liabilities            
Lease liabilities  16   6,068   10,059 
Bank loans  13   3,433,687   - 
Deferred tax liabilities      30,595   30,595 
Debt bond - noncurrent portion  12   1,934,029   2,060,705 
Total Liabilities      17,153,494   22,810,103 
Shareholders’ Equity            
Share Capital  14   3,143,855   2,754,285 
Additional paid in capital  14   7,404,278   3,940,606 
Reserve  15   1,411,846   1,411,846 
Accumulated Deficit      (6,441,450)  (6,507,097)
Total Shareholders’ Equity      5,518,529   1,599,640 
Total Liabilities and Shareholders’ Equity     €22,672,023  €24,409,743 


TURBO ENERGY, S.A.
Condensed Interim Consolidated Statements of Cash Flows
(Unaudited)
(Expressed in Euro)

     Six Months Ended June 30, 
  Note  2026  2025 
Cash Provided by (Used in)         
Operating Activities         
Net income (loss) before income tax     €65,647  €(1,397,715)
Items not affecting cash:            
Stock-based compensation  2   67,220   63,682 
Bad debt expense  4   23,694   - 
Depreciation of property and equipment  8   10,514   5,937 
Amortization of intangible assets  9   244,527   48,763 
Amortization of right-of-use assets  16   5,974   38,250 
Accretion of lease liabilities  16   430   2,442 
Gain on lease cancellation  16   -   (137)
Changes in non-cash working capital items:            
Inventories  5   (1,385,915)  (636,450)
Accounts receivable and other receivables  4   (1,557,939)  1,934,794 
Deferred tax assets  17   -   3,390 
Due from related parties  11   5,097,469   (151,543)
Due to related parties  11   (67,154)  (1,329)
Prepaid expense  6   (69,194)  (580,865)
Accounts payable and accrued liabilities  10   (5,798,731)  (733,186)
Accrued interest payable  12   (321,401)  23,436 
Accrued interest payable - related party  11   26,448   40,627 
Net cash used in operating activities      (3,658,411)  (1,339,904)
Investing Activities            
Purchase of equipment  8   -   (9,008)
Purchase of intangible assets  9   (25,340)  (450,962)
Net cash used in investing activities      (25,340)  (459,970)
Financing Activities            
Net proceed from Issuance of common stock through public offering  13   3,786,022   - 
Proceeds from debt bond  12   -   1,667,638 
Repayment of debt bond  12   (126,676)  (126,676)
Repayment of bank loans  13   -   (90,374)
Net proceeds (repayment) from lines of credit  13   98,264   276,052 
Repayment of lease liabilities  16   (6,461)  (40,488)
Payments to related parties  11   (59,083)  (907,213)
Proceeds from related parties  11   2,142   370 
Net cash provided by financing activities      3,694,208   779,309 
Net change in cash      10,457   (1,020,565)
Cash - beginning of period      493,129   2,384,625 
Cash - end of period     €503,586  €1,364,060