Under current economic and technological constraints, it is rare for any E2W manufacturer to achieve a positive EBITDA. Stark Future has done that for three quarters in a row now. What makes them even more special is that Stark has achieved this only after eight years of operations.
For the full year 2025, Stark has announced a 77% jump in revenues to EUR 115 million. Throughout the year, the Spain-based manufacturer has been picking up momentum, with Q4 being its strongest quarter to date, with revenues jumping up by 97% in the quarter on a year-on-year basis.
It was only in the last quarter that Stark widened its product offerings with the introduction of two road-legal models. It seems that the reception has been very warm.
Even more impressive, Stark indicates that it now has a 3% share of the global enduro market. That indicates that the Stark e-motocrossers are making serious dents in the ICE motocrosser market. Stark wants to take this market share to 30% within the next five years. With motocrossers being the most malleable to electrification in all motorcycle classes, electric motocrossers are being well received, and the 30% market share goal is not unrealistic.
What helps Stark is that there are very few non-Chinese e-motocross manufacturers as of now, and the situation is unlikely to change in a hurry with funding dried up for new entrants. Meanwhile, the Japanese and KTM, the traditional big players in the enduro market, are still lazy about their electrification programs.
Stark wants to expand the range further to other motorcycle segments. This means developing more vehicle platforms and to adequately capitalise for that, the company raised more than EUR 45 million in 2025, with EUR 25 million coming from existing investors. This includes about EUR 17 million from India based Eicher Group, the owners of Royal Enfield. Incidentally, Royal Enfield has its own electric program under the Flying Flea sub-brand. They also unveiled the second model a few weeks back. Despite rumors of close cooperation, we find not much evidence of Stark helping RE with the Flying Flea. The FF is a low-voltage architecture with most sub-systems being sourced as modules from Tier-1. suppliers. In comparison, Stark uses an HV system, with the battery and motor, all developed in-house.
Stark has also indicated that it would raise more capital in 2026 and has plans for an IPO within the next three years. It remains to be seen which exchange Stark decides to list on.
