Forsee Power Reports High First-Half Sales of €78.8 Million
27 Juli 2023 - 7:30AM
Business Wire
- Continued strong growth in H1 2023: +58% compared with H1
2022
- Strong momentum in heavy vehicles: +70% vs H1 2022
- Continued growth in light vehicles: +18% vs H1 2022
- 2023 objectives confirmed: sales above €160 million and
significant improvement in adjusted EBITDA 1
Regulatory News:
Forsee Power (FR0014005SB3 - FORSEE) (Paris:FORSE), the
expert in smart battery systems for electric light and heavy
vehicles, announces today its sales for the first half of 2023,
ended June 30, 20232 .
Christophe Gurtner, Founder and Chief Executive Officer of
Forsee Power states: "The sales momentum recorded in the first
half of 2023 clearly illustrates our ability to convert our order
book into sales. The contracts we have signed in recent semesters
with leading players contribute directly to the development of our
activity, particularly in the heavy vehicle segment. With
electromobility now recognized as the norm in global transport,
Forsee Power will continue to benefit from its leading position in
its high value-added markets to maintain its pace of development.
We are more confident than ever in the execution of our roadmap and
confirm our annual targets of sales of more than €160 million and a
significant improvement in our adjusted EBITDA”.
Breakdown of sales by segment
IFRS, unaudited
(in € thousand)
Q2 2022
Q2 2023
Change
H1 2022
H1 2023
Change
Heavy vehicles
24,745
34,072
+38%
38,474
65,433
+70%
Light vehicles
6,461
6,934
+7%
11,253
13,323
+18%
Total sales
31,206
41,006
+31%
49,727
78,756
+58%
Forsee Power reported sales of €41.0 million in the second
quarter of 2023, up +31% compared to the same period in 2022. This
performance is the result of continued strong growth in sales
volumes in the heavy vehicle segment (+38%), which accounted for
83% of sales this quarter, and continued growth in the light
vehicle segment (+7%).
In the first half of 2023, the Company generated sales of
€78.8m, representing strong growth of 58% compared with 2022.
During this period, Forsee Power was able to take advantage of a
booming heavy vehicle market to significantly increase its sales in
this segment (+70%).
H1 2023 Key Facts
Business development
- Partnership with Iochpe-Maxion to offer integrated
zero-emission solutions for the electrification of commercial
vehicles;
- Contract with Mathieu – Fayat Group to electrify its street
sweepers and washers;
- Partnership with Canada's MTB to retrofit diesel buses to
electric in North America;
- Contract with Indian electric three-wheeler manufacturer 3ev
Industries;
- Partnership with Vensys Group and Parker Hannifin to retrofit
off-highway vehicles;
- Contract with Skoda to equip electric trains with its
high-power battery systems.
Innovation and development of new products
- Launch of ZEN LITE, a new very high energy density battery
system for heavy vehicles;
- Launch of FLEX PLUS, a flexible energy and power battery system
for heavy vehicles.
Financing
- Success of the capital increase for an amount of €49.3 million
to finance the acceleration of its commercial, industrial and
technological development.
Outlook: short- and medium-term financial targets
confirmed
Thanks to a solid order book fuelled by a large number of new
partnerships and a financial structure strengthened by the success
of its recent capital increase, the Group is able to confirm all
its short- and medium-term financial targets:
- 2023: Sales above €160m and significant improvement in adjusted
EBITDA
- 2024: Sales above €235m and break-even point 3
- 2028: Sales above €850m and adjusted EBITDA margin of 15%.
Next financial announcement: 2023 half-year results, on
September 14, 2023, after market close.
About Forsee Power
Forsee Power is a French industrial group specializing in smart
battery systems for sustainable electric transport (light vehicles,
off-highway vehicles, buses, trains and ships). A major player in
Europe, Asia and North America, the Group designs, assembles, and
supplies energy management systems based on cells that are among
the most robust in the market and provides installation,
commissioning, and maintenance on site and remotely. More than
2,000 buses and 100,000 LEV have been equipped with Forsee Power’s
batteries. The Group also offers financing solutions (battery
leasing) and second-life solutions for transport batteries. Forsee
Power and its 650 employees are committed to sustainable
development and the Group has obtained the Gold medal from leading
sustainability rating agency EcoVadis. For more information:
www.forseepower.com | @ForseePower
1 The Group considers Adjusted EBITDA, a non-GAAP measure, to be
a performance measure. It corresponds to operating income before
amortization and impairment of intangible assets, amortization of
rights of use on property, plant and equipment, depreciation and
amortization of property, plant and equipment and net impairment of
assets. It is also restated for share-based compensation expenses.
The Group considers that these expenses do not reflect its current
operating performance, in particular for equity-settled
compensation plans, as they do not have a direct impact on cash. 2
This press release presents unaudited consolidated sales figures
prepared in accordance with IFRS. 3 Adjusted EBITDA greater than or
equal to zero
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230726431553/en/
Forsee Power Sophie Tricaud VP Corporate affairs and
Sustainability investors@forseepower.com
NewCap Thomas Grojean Quentin Massé Investor Relations
forseepower@newcap.eu +33 (0)1 44 71 94 94
NewCap Nicolas Merigeau Media Relations
forseepower@newcap.eu +33 (0)1 44 71 94 98
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