LONDON — Luxury carmaker Aston Martin on Wednesday reported widening losses in the first quarter, as the company stopped production of its core models ahead of a launch a new range of vehicles later this year.

Adjusted loss before tax nearly doubled to £110.5 million ($137.8 million) compared to a loss of £57.3 million in the previous year. Analysts had expected a £93 million first-quarter loss, according to Reuters.

Revenue fell 10% to £267.7 million, while net debt increased 20% to £1.04 billion. The company’s hefty debt pile is a long-running concern for investors which has contributed to a steep fall in Aston Martin’s share price since its listing in 2018.

Aston Martin said Wednesday that the delivery of four new models in 2024 would power “significant growth” in the second half of the year and beyond.

“Our first quarter performance reflects this expected period of transition, as we ceased production and delivery of our outgoing core models ahead of the ramp up in production of the new Vantage, upgraded DBX707 and our upcoming V12 flagship sports car which we’ve confirmed today,” Chairman Lawrence Stroll said.

Stroll added that the company had made a “significant step” in strengthening its balance sheet in the quarter, as it completed a refinancing with improved terms on five-year senior secured notes following a credit rating upgrade.

Aston Martin is preparing to welcome new chief executive officer Adrian Hallmark, current leader of Bentley, in the fall. Hallmark will be the company’s third new CEO since 2020.

This is a breaking news story and will be updated shortly.