ADS-TEC Energy plc (NASDAQ: ADSE), a global leader in
battery-buffered, ultra-fast charging technology, today announced
its unaudited financial results for the first half of 2024,
covering the period ended June 30, 2024.
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Financial Highlights
- Revenues: €79.3 million for the six months ended June 30, 2024,
reflecting a growth of 107% compared to €38.3 million for the same
period in 2023.
- Gross Margin: €15.7 million (19.8%), a significant improvement
compared to a negative gross margin of €-0.5 million (-1.4%) in H1
2023.
- Operating Expenses: €20.0 million for the six months ended June
30, 2024, compared to €17.9 million in the same period of 2023,
reflecting an 11.7% increase, underscoring the business leverage
effect.
- Operating Result: €-5.0 million compared to €-20.0
million for the same period last year.
- Adjusted EBITDA (non-IFRS)*: €3.6 million for H1 2024, a
substantial turnaround from €-14.3 million in H1 2023. This marks
the third consecutive profitable quarter.
- Cash and Cash Equivalents: €23.0 million as of June 30, 2024,
demonstrating strong liquidity management amid substantial
year-over-year growth.
- Customer Base Expansion: The company reported significant
growth (+295%) in its paying customer base compared to the same
period in 2023.
ADS-TEC Energy continued its strong financial and operational
performance in the first half of 2024, achieving key milestones
that underscore the company’s ongoing growth trajectory. These
include the acquisition of new customers, a notable improvement in
gross margins, and achieving profitability for the third
consecutive quarter. Revenues doubled in the first half of 2024,
driven by an expanding customer base and deepening relationships
with key blue chip clients.
Strategic Partnerships
In February 2024, ADS-TEC Energy entered into a partnership with
Caverion to supply its ChargePost and ChargeBox solutions across
Norway. This partnership has since expanded to Denmark and Sweden
and is a critical element of ADS-TEC Energy’s growth strategy in
the Nordic region.
Additionally, ADS-TEC Energy has secured a partnership with
Porsche, becoming the preferred service partner for all Porsche
dealer locations across Europe and North America. These strategic
partnerships are expected to significantly contribute to the
company’s future growth and market penetration.
CEO Commentary
“Our performance in the first half of the year demonstrates that
we are on the right track with our portfolio of hardware, software,
and services,” said Thomas Speidel, CEO of ADS-TEC Energy. “Through
our intelligent platform solutions, we empower our partners to
generate multiple revenue streams from a single asset. For
instance, a charge point operator can offer ultra-fast charging for
various vehicle types. When not in use, the integrated battery
storage in our ChargePost solution allows for energy trading,
frequency regulation, peak shaving, and marketing. These systems
can also form virtual networks, providing important tools for
energy companies and grid operators.”
Outlook for 2024
Looking ahead, ADS-TEC Energy anticipates continued positive
momentum in the second half of 2024, with expectations for
increased sales revenues compared to the first half of the year.
The company remains on track to be adjusted EBITDA positive for the
full year 2024, reinforcing its position as a leader in the
ultra-fast charging market.
“We are seeing rapid growth in the number of blue chip clients,”
added Speidel. “Many start with small orders of 1-5 chargers, but
we expect these orders to expand significantly year over year. By
2025, we anticipate that revenues will be spread across a much
larger customer base, with geographic diversification strengthening
the compounding effect of our long-term strategy.”
ADS-TEC Energy is well-positioned to sustain its growth and
capitalize on the expanding demand for battery-buffered, ultra-fast
charging solutions in Europe, North America, and beyond.
Conference Call Information
Management will host a webcast call Thursday, September 12, 2024
at 02:00 PM CET/08:00 AM ET.
The live webcast of the call will be available by clicking here.
Please make sure to register ahead of the call and log in
approximately 5-10 minutes prior to the scheduled start time.
The Investor Presentation will be available after the call
within the section of the company's website.
About ADS-TEC Energy
ADS-TEC Energy plc, a public limited company incorporated in
Ireland and publicly listed on NASDAQ (“ADS-TEC Energy”), serves as
a holding company for ads-tec Energy GmbH, our operating company
incorporated in Germany (“ADSE GM”) and ads-tec Energy Inc., a US
subsidiary of ads-tec Energy GmbH (“ADSE US” and together with
ADS-TEC Energy and ADSE GM, “ADSE”). Based on more than ten years
of experience with lithium-ion technologies, ADS-TEC Energy
develops and manufactures battery storage solutions and fast
charging systems including their energy management systems. Its
battery-based, fast charging technology enables electric vehicles
to ultrafast charge even on low powered grids and features a very
compact design. It was most recently nominated by the President of
the Federal Republic of Germany for the German Future Prize and
elevated to the "Circle of Excellence" in 2022. The high quality
and functionality of the battery systems are due to a particularly
high depth of development and in-house production. With its
advanced system platforms, ADS-TEC Energy is a valuable partner for
automotive, OEMs, utility companies and charge-operators.
More information: www.ads-tec-energy.com
Forward-looking Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Words such as “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions are
intended to identify such forward-looking statements. These
forward-looking statements include statements regarding our
financial outlook for 2023, our expectations with respect to future
performance and the anticipated timing of certain commercial
activities. There are a significant number of factors that could
cause actual results to differ materially from the statements made
in this press release, including: the impact of the COVID-19
pandemic, geopolitical events including the Russian invasion of
Ukraine, macroeconomic trends including changes in inflation or
interest rates, or other events beyond our control on the overall
economy, our business and those of our customers and suppliers,
including due to supply chain disruptions and expense increases;
our limited operating history as a public company; our dependence
on widespread acceptance and adoption of EVs and increased
installation of charging stations; our current dependence on sales
to a limited number of customers for most of our revenues; overall
demand for EV charging and the potential for reduced demand for EVs
if governmental rebates, tax credits and other financial incentives
are reduced, modified or eliminated or governmental mandates to
increase the use of EVs or decrease the use of vehicles powered by
fossil fuels, either directly or indirectly through mandated limits
on carbon emissions, are reduced, modified or eliminated; supply
chain interruptions and expense increases; unexpected delays in new
product introductions; our ability to expand our operations and
market share in Europe and the U.S.; the effects of competition;
changes to battery energy storage standards; and the risk that our
technology could have undetected defects or errors. Additional
risks and uncertainties that could affect our financial results are
included under “Item 3. Key Information – 3.D. Risk Factors” in our
annual report on Form 20-F filed with the Securities and Exchange
Commission (the “SEC”) on April 30, 2024, which is available on our
website at https://www.ads-tec-energy.com/en/company/invest and on
the SEC’s website at www.sec.gov. Additional information will also
be set forth in other filings that we make with the SEC from time
to time. All forward-looking statements in this press release are
based on information available to us as of the date hereof, and we
do not assume any obligation to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made, except as
required by applicable law.
*Non-IFRS Financial Measures
In addition to our results determined in accordance with
International Financial Reporting Standards (“IFRS”), as issued by
the International Accounting Standards Board (IASB), we review
financial measures that are not calculated and presented in
accordance with IFRS (“non-IFRS financial measures”). We believe
our non-IFRS financial measures are useful in evaluating our
operating performance. We use the following non-IFRS financial
information, collectively, to evaluate our ongoing operations and
for internal planning and forecasting purposes. We believe that
non-IFRS financial information, when taken collectively, may be
helpful to investors, because it provides consistency and
comparability with past financial performance and assists in
comparisons with other companies, some of which use similar
non-GAAP financial information to supplement their IFRS or US-GAAP
results. The non-IFRS financial information is presented for
supplemental informational purposes only, should not be considered
a substitute for financial information presented in accordance with
IFRS, and may be different from similarly titled non-IFRS measures
used by other companies. A reconciliation of each historical
non-IFRS financial measure to the most directly comparable
financial measure stated in accordance with IFRS is provided above.
Reconciliations of forward- looking non-IFRS financial measures are
not provided because we are unable to provide such reconciliations
without unreasonable effort due to the uncertainty regarding, and
potential variability of, certain items, such as stock-based
compensation expense and other costs and expenses that may be
incurred in the future. Investors are encouraged to review the
related IFRS financial measures and the reconciliation of these
non-IFRS financial measures to their most directly comparable IFRS
financial measures.
Our non-IFRS financial measures include adjusted EBITDA defined
as result for the period before net finance result, income tax
benefits (expenses), net, depreciation and amortization,
stock-based compensation, other (expense) income, net, and special
items. Our management team ordinarily excludes special items from
its review of the results of the ongoing operations. Special items
are comprised of (1) provisions for onerous contracts, (2)
significant asset impairments and write-offs, and (3) other items
that we do not necessarily consider to be indicative of earnings
from ongoing operating activities.
We have not provided the forward-looking IFRS equivalents for
the forward-looking non-IFRS financial measures EBITDA and Adjusted
EBITDA or an IFRS reconciliation as a result of the uncertainty
regarding, and the potential variability of, reconciling items
including but not limited to stock-based compensation expense,
foreign currency loss or gain, financial instruments related
expenses and inventory valuation losses. Accordingly, a
reconciliation of these non-IFRS guidance metrics to their
corresponding IFRS equivalents is not available without
unreasonable effort. However, it is important to note that material
changes to reconciling items could have a significant effect on
future IFRS results and, as such, we also believe that any
reconciliations provided would imply a degree of precision that
could be confusing or misleading to investors.
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version on businesswire.com: https://www.businesswire.com/news/home/20240912073182/en/
Media Contact
For ADS-TEC Energy Europe: Dennis
Müller SVP Product Marketing & Communication
press@ads-tec-energy.com
For ADS-TEC Energy United States:
Stephannie Depa Breakaway Communications sdepa@breakawaycom.com +1
530-864-0136
Investor Contact Jennifer Drew-Bear
Jdrew-bear@edisongroup.com
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