Energy Absolute Public Company Limited (SET: EA) expects its operating performance to continue improving in the third quarter of 2026, with commercial mass production of electric buses scheduled to begin in September.
Tanarat Rochanaviphart, Vice President of Strategy Development and Investment Planning Department at EA, said the electric vehicle business, particularly electric buses, would be a key driver of future revenue opportunities. However, third-quarter revenue is still expected to come primarily from existing core businesses.
EA plans to deliver 1,520 electric buses to the Bangkok Mass Transit Authority (BMTA) in three installments:
- 500 buses by March 30, 2027.
- 500 buses by April 30, 2027.
- 520 buses by May 30, 2027.
The company also expects new renewable energy projects to gradually begin contributing significant revenue from 2027, while prioritizing financial restructuring and debt reduction to strengthen its financial position.
Expected credit loss provisions and asset impairments recorded in the second quarter, particularly in the hire-purchase and battery businesses, are not expected to significantly pressure second-half operating performance. Tanarat said EA had already adjusted the value of its battery business assets to reflect market value.
The company is shifting its battery marketing strategy toward battery energy storage systems (BESS), rather than its previous focus on EV batteries. Negotiations are underway with several customer groups, with greater clarity on inventory management and business direction expected in the next quarter.
EA is accelerating new renewable energy projects to replace revenue from its Phitsanulok solar power plant—where the electricity purchasing premium, or “Adder,” has expired—and from 180 megawatts of wind power plants whose contracts are gradually expiring.
The planned commercial operation dates are:
- Phuket waste-to-energy power plant: Second quarter of 2027.
- Maha Sarakham 1 wind power plant: By the end of 2028.
- Khon Kaen 2 wind power plant: Mid-2029.
Under its 2026 – 2029 growth plan, EA aims to expand new businesses while maintaining revenue from core operations. The Koh Larn waste management project is scheduled to begin commercial operations and gradually generate revenue in 2026, alongside preparations for BMTA electric bus deliveries.
EA has shifted its pure biodiesel, or B100, business to an original equipment manufacturer (OEM) model to reduce exposure to raw material price volatility and sourcing risks, while lowering working capital requirements.
Although the change will reduce total revenue, the company said it would significantly improve gross profit and reduce quarterly earnings volatility, making the business’s revenue and profit structure more consistent.
EA reported a second-quarter 2026 net loss of THB 256.01 million, narrowing from a net loss of THB 721.45 million in the same period a year earlier.
