Turbo Energy Announces Financial Results for Year Ended December 31, 2023 - Seite 2

2023 BUSINESS HIGHLIGHTS

In June 2023, Turbo Energy announced its new SunBox Industry product line, a storage solution focused on the solar, commercial and industrial self-consumption market. SunBox Industry is a complete lithium-ion battery electricity storage and smart solar power management system utilizing Turbo's artificial intelligence software.

In September 2023, Turbo Energy priced its initial public offering of 1 million American Depositary Shares (ADSs), representing 5 million ordinary shares at a price of $5.00 per ADS to the public for a total of $5 million in gross proceeds to the company before deducting underwriting discounts and offering expenses. These ADSs began trading on the Nasdaq Capital Market under the symbol “TURB.”

In October 2023, Turbo announced it had obtained a patent, granted for Spain, for a software development that allows the company to offer SunBox as a combined AI-driven smart management home photovoltaic system and electric vehicle charger, thus positioning it among the most innovative residential photovoltaic solutions on the market.

In November 2023, Turbo announced a strategic alliance with the French multinational retailer, Leroy Merlin, to include Sunbox in that company’s range of photovoltaic products available in Spain.

In December 2023, Turbo Energy announced that Movistar, a Fortune 500 telecommunications leader in Spain and Latin America, had launched Turbo´s GoSolar offering for sale through Movistar´s energy branch, Solar360.

2024 BUSINESS HIGHLIGHTS

In January 2024, Turbo signed a collaboration agreement with Solar360 involving a major retailer focused on B2C photovoltaic installations. The agreement identified Sunbox as a strategic product for such installations.

In March 2024, after verifying the success of the Sunbox commercial and industrial product, Turbo added three senior professionals to its commercial sales team.

In April 2024, Turbo announced that El Corte Inglés S.A., the biggest department store group in Europe and third largest worldwide, had launched sales of GoSolar.

FINANCIALS SUMMARY FOR YEAR ENDED DECEMBER 31, 2023

• Revenue for the years ended December 31, 2023 and 2022 was €13,140,771 (approximately $14,536,321) and €31,146,376, respectively, representing an decrease of 58%.
• Our cost of revenue decreased to €12,043,563 (approximately $13,322,589), or 55%, for the year ended December 31, 2023 from €26,545,377 for the year ended December 31, 2022. Such a decrease was in line with our decreased revenue.
• Net income (loss) for the years ended December 31, 2023 and 2022 was €(2,013,789) (approximately $(2,227,651)) and €1,028,578, respectively.
• Selling and administrative expenses increased by €493,433, or 24% to €2,539,854 (approximately $2,809,588,) for the year ended December 31, 2023, from €2,046,411 for the year ended December 31, 2022. Such increase was in line with our strategy of continuing with the expansion process due mainly to the increase in outsourced professional services and growth process.
• Salaries and benefits increased by €238,494 or 28% to €1,105,128 (approximately $1,222,493) for the year ended December 31, 2023, from €866,634 for the year ended December 3, 2022. Such increase was primarily due to an increase in the headcount of the Company during 2023, following the post-IPO strategy and objective to grow the team and carry out international expansion.
• Interest expenses increased by €97,049, or 31% to €406,031 (approximately US$ 449,151) for the year ended December 31, 2023, from €308,982 for the year ended December 31, 2022. Such significant increase is due to the significant increase in interest rates during 2023.
• Foreign exchange net income (loss) increased by € (115,265), or 356% to €(82,881) (approximately US$ (91,683) ) for the year ended December 31, 2023 from €32,384 for the year ended December 31, 2022. Such a significant increase was primarily due to the fluctuation between the USD/EUR during the year.

About Turbo Energy, S.A.