EQS-News
ADS-TEC Energy (ADSE) Reports Full-Year Fiscal 2023 Results and Provides Business Update
- ADS-TEC Energy reports record revenue in FY 2023.
- Achieved first profitable quarter in Q4 2023.
- Anticipates revenue to exceed EUR 200 million in 2024.
Issuer: ADS-TEC Energy GmbH / Key word(s): Annual Results NÜRTINGEN, Germany – April 30th, 2024 – ADS-TEC Energy plc (plc (“ADS-TEC Energy,” “ADS-TEC ,” “Company,” “we,” “our” or “us”) (NASDAQ: ADSE), a global leader in battery-buffered, ultra-fast charging technology, today announced audited financials for FY 2023 and is pleased to provide an operational update on the recent financial performance and key developments for the company. |
FY 2023 Financial Highlights
- Fourth quarter 2023 set a record in the company’s history with revenue of approximately EUR 50.3 million.
- Fourth quarter Adjusted EBITDA was approximately EUR 4.6 million, marking the Company’s first profitable quarter.
- FY 2023 revenue totalled approximately EUR 107.4 million, compared to approximately EUR 26.4 million in FY 2022.
- FY 2023 Adjusted EBITDA of approximately EUR -16.3 million, compared to FY 2022 Adjusted EBITDA of approximately EUR -29.4 million
- FY 2023 operational expenses amounted to approximately EUR 30.7 million, compared to approximately EUR 33.0 million in FY 2022.
- Ended FY 2023 with approximately EUR 29.2 million in cash and cash equivalents.
- Reiterating 2024 revenue guidance of at least EUR 200 million.
2023-2024 Operational Highlights
- Over 1,500 battery-based DCFC charging points installed.
- More than 2,500 battery-based DCFC charging points shipped and delivered.
- Exceeded customer expectations at sites with very high utilization.
- Experienced strong momentum in onboarding new blue-chip clients, with the potential for future growth, leading to recurring service revenue becoming increasingly significant as a percentage of sales and profits.
- Optimized production processes, with yearly production capacity now at 5,000 ChargeBoxes, 10,000 Dispensers and more than 6,000 ChargePost systems.
- Geographical expansion gaining momentum, with activity in 15+ countries after growth primarily driven by Germany.
- Indications of adoption in the US market with increasing interest in ADS-TEC products. Launch of ChargePost expected in early 2025 to provide a significant boost to growth.
- Formed strong new partnerships with companies such as Caverion, Greenman Energy, Paragon, Nouria, Ford dealerships and Alabama Power.
- Strong personnel growth with several key appointments to the Board and management: Dr. Sonja Harms, Dr. Andreas Fabritius, and Alwin Epple, along with a new SVP, Renato Gross, in ADS-TEC Energy’s US office.
2024 Outlook