Aston Martin reported a £77 million (R1.7 billion) pretax loss for the third quarter, underscoring the challenge the luxury-car maker faces in trying to get a handle on its large debt pile.
The British company has now lost roughly £2.3 billion (R51 billion) after tax since billionaire Lawrence Stroll took over some six years ago.
The quarterly loss was narrower than a year earlier but nudged net debt up to £1.57 billion (R35 billion).
Aston Martin shares rose as much as 4.7% in early London trading on Wednesday before paring gains, giving the company a market valuation of less than £400 million (R8.9 billion). The stock is down 40% this year.
Canadian billionaire Stroll led a rescue of Aston Martin, but has struggled to make the company profitable.
Since the deal, the carmaker has issued a series of profit warnings, been hit by model delays and tapped investors for capital on multiple occasions. US tariffs and a China slump have added to the pressure.
More recently, the company faced a backlash from some creditors after it struck a £550 million (R12 billion) debt deal with HPS Investment Partners that sidelined them.
Bondholders like Arini Capital Management have sought discovery in US courts to support their case in the UK against the deal.
On a call with analysts, Chief Financial Officer Doug Lafferty said there wasn’t any more to say on conversations with bondholders.
Revenue rose 36% in the quarter from a year earlier to £389 million (R8.6 billion) after the automaker sold more higher-priced vehicles like the $1 million (R16.7 million) Valhalla plug-in hybrid supercar.
Earlier Wednesday, the company unveiled the Valhalla Spider, a convertible version of the model that will cost about 20% more, Lafferty said.
Aston Martin said it was making progress in reducing cash burn and stuck to its guidance.
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