The luxury carmaker said its adjusted loss before tax and interest fell compared to the same period last year, according to multiple reports. Revenue jumped 16% to £270m, but net debt grew 15% to £1.5bn and available cash dropped 29% to £178m. Total car sales slipped to 939 vehicles from 950, with UK sales falling 26% to 131 cars. However, Americas sales rose 11% to 354, and the company sold 102 Valhalla models, priced from £850,000, and expects to sell 500 during the year. Aston Martin also secured £50m financing from Lawrence Stroll's investment vehicle and sold naming rights to its F1 team for £50m.
The job cuts, representing 20% of the workforce, are part of a restructuring. The company faces challenges from US tariffs, China's ultra-luxury car taxes, and global supply chain issues. Under a trade deal, up to 100,000 UK vehicles can be imported to the US at 10% tariff annually, with 27.5% above that. The Middle East conflict had no significant Q1 impact but is being monitored. CEO Adrian Hallmark stated the company is on track to deliver material financial improvement and is focused on executing its strategy. Following the announcement, Aston Martin's share price rose nearly 3% to 41p.