Forsee Power

Strong sales momentum in Q1 2024: sales up 40% to €52.8 million

Regulatory News:

Forsee Power (FR0014005SB3 - FORSEE - the "Company"), expert in smart battery systems for sustainable electromobility, today announces its sales for the first quarter of 2024.

Christophe Gurtner, Founder & CEO of Forsee Power states: "The first quarter of 2024 has enabled us to post a good sales performance, in line with previous quarters. Sales are expected to slow down in the second half of the year, due to a more wait-and-see business environment than expected and lower component prices. However, this context will support volume growth and the launch of new electrical programs. Recent partnership agreements and our geographical expansion (Australia, Japan, North America) will enable us to return to a more sustained growth dynamic. At the same time, we are continuing to work on improving the Company's profitability profile, and confirm our objective of achieving break-even adjusted EBITDA for the full year 2024".

Breakdown of revenues by business segment

IFRS, unaudited

(in € thousands)	Q1 2024	Q1 2023	Change	% change
Heavy vehicles	47,027	31,361	15,666	+50.0%
Light vehicles	5,740	6,389	-649	-10.2%
Total sales	52,767	37,751	15,017	+39.8%

Forsee Power posted sales of €52.8 million in the first quarter of 2024, up +39.8% vs. the first quarter of 2023. This good performance was driven by strong sales momentum in the heavy vehicles segment, which reached €47.0 million, up +50% on Q1 2023. This market segment accounted for 89% of quarterly sales. Sales in the light vehicle segment fell slightly to €5.8 million, due to a less dynamic market than anticipated. At the same time, the firm order book for 2024 continues to grow, reaching €150 million.