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ADS-TEC Energy (ADSE) reported record revenue in FY 2023, with EUR 107.4 million, compared to EUR 26.4 million in FY 2022. The company achieved its first profitable quarter with a fourth-quarter revenue of approximately EUR 50.3 million and an Adjusted EBITDA of EUR 4.6 million. Operational highlights include the installation of over 1,500 DCFC charging points and the formation of key partnerships. ADS-TEC anticipates revenues exceeding EUR 200 million in 2024 and expects to be EBITDA positive. The company's systems boast over 97% uptime, positioning them for continued growth and success.
ADS-TEC Energy (ADSE) ha segnalato un fatturato record nel FY 2023, arrivando a 107,4 milioni di euro rispetto ai 26,4 milioni di euro del FY 2022. L'azienda ha registrato il suo primo trimestre di profitto con entrate nel quarto trimestre di circa 50,3 milioni di euro e un EBITDA corretto di 4,6 milioni di euro. Tra i punti salienti operativi, si annoverano l'installazione di oltre 1.500 punti di ricarica DCFC e la formazione di partnership chiave. ADS-TEC prevede entrate superiori ai 200 milioni di euro nel 2024 e si aspetta di essere positiva in termini di EBITDA. I sistemi della compagnia vantano più del 97% di uptime, posizionandoli per una crescita e un successo continui.
ADS-TEC Energy (ADSE) reportó ingresos récord en el FY 2023, con 107,4 millones de euros, en comparación con los 26,4 millones de euros en el FY 2022. La empresa logró su primer trimestre rentable con ingresos en el cuarto trimestre de aproximadamente 50,3 millones de euros y un EBITDA ajustado de 4,6 millones de euros. Los aspectos operativos destacados incluyen la instalación de más de 1.500 puntos de carga DCFC y la formación de asociaciones clave. ADS-TEC anticipa ingresos superiores a los 200 millones de euros en 2024 y espera ser positiva en EBITDA. Los sistemas de la compañía cuentan con más del 97% de tiempo de actividad, lo que los posiciona para un crecimiento y éxito continuos.
ADS-TEC 에너지 (ADSE)는 FY 2023에 1억 740만 유로의 기록적인 매출을 보고했습니다. 이는 FY 2022의 2천 640만 유로와 비교됩니다. 회사는 약 5천 30만 유로의 매출과 4.6백만 유로의 조정 EBITDA를 기록하며 첫번째로 수익성 있는 분기를 달성했습니다. 운영 하이라이트로는 1,500개 이상의 DCFC 충전 포인트 설치와 주요 파트너십 구축이 있습니다. ADS-TEC은 2024년에 2억 유로 이상의 수익을 예상하며 EBITDA가 긍정적일 것으로 기대하고 있습니다. 회사의 시스템은 97% 이상의 가동 시간을 자랑하며, 지속적인 성장과 성공을 위한 위치를 확보하고 있습니다.
ADS-TEC Energy (ADSE) a rapporté un chiffre d'affaires record pour l'exercice 2023, avec 107,4 millions d'euros, comparé à 26,4 millions d'euros en 2022. La société a réalisé son premier trimestre rentable avec un revenu de quart de trimestre d'environ 50,3 millions d'euros et un EBITDA ajusté de 4,6 millions d'euros. Les faits marquants opérationnels incluent l'installation de plus de 1 500 points de charge DCFC et la formation de partenariats clés. ADS-TEC prévoit des revenus dépassant 200 millions d'euros en 2024 et s'attend à être positive en EBITDA. Les systèmes de l'entreprise affichent plus de 97 % de disponibilité, les positionnant pour une croissance et un succès continus.
ADS-TEC Energy (ADSE) meldete für das Geschäftsjahr 2023 einen Rekordumsatz von 107,4 Millionen Euro, verglichen mit 26,4 Millionen Euro im Geschäftsjahr 2022. Das Unternehmen erreichte sein erstes profitables Quartal mit einem Umsatz von etwa 50,3 Millionen Euro im vierten Quartal und einem bereinigten EBITDA von 4,6 Millionen Euro. Zu den Betriebshöhepunkten gehören die Installation von über 1.500 DCFC-Ladepunkten und die Bildung von Schlüsselpartnerschaften. ADS-TEC rechnet für 2024 mit einem Umsatz von über 200 Millionen Euro und erwartet ein positives EBITDA. Die Systeme des Unternehmens weisen eine Verfügbarkeit von über 97% auf, was sie für anhaltendes Wachstum und Erfolg positioniert.
Positive
Record revenue in FY 2023, totaling approximately EUR 107.4 million, a significant increase from FY 2022.
First profitable quarter achieved with a fourth-quarter revenue of approximately EUR 50.3 million and an Adjusted EBITDA of EUR 4.6 million.
Over 1,500 battery-based DCFC charging points installed, with strong momentum in onboarding new blue-chip clients.
Anticipated 2024 revenues to exceed EUR 200 million, with expectations of being EBITDA positive.
ADS-TEC's systems boast over 97% uptime, showcasing successful user cases and accelerating demand.
Negative
None.
Insights
ADS-TEC Energy's significant revenue growth from EUR 26.4 million in FY 2022 to EUR 107.4 million in FY 2023 is a testament to the company's expanding market presence and improved operational efficiency. The record-breaking fourth quarter not only exemplifies a strategic milestone but also shows a positive trajectory towards achieving a profitable year, with expectations set to hit at least EUR 200 million in revenue for FY 2024. This surge in earnings is particularly impressive given that it is the first year the company has reported a profitable quarter, indicating a potential turning point in its financial health. However, investors should remain cautiously optimistic, as the Adjusted EBITDA, despite improving, is still negative at EUR -16.3 million. The climb towards EBITDA positivity is a critical marker for the company's fiscal stability and should be closely monitored in the coming year.
ADS-TEC Energy's operational update underscores a substantial penetration in the ultra-fast charging market, with over 1,500 DCFC charging points installed. Geographical expansion into 15+ countries, particularly the strategic moves in the US market, signify a diverse and growing customer base. The technological superiority of ADS-TEC's systems, which boast over a 97% uptime, places the company in an advantageous position in the ultra-fast charging technology race. However, with technological advancements comes the risk of obsolescence. As the market transitions from 50-70 kW chargers to higher-capacity solutions, ADS-TEC's battery-buffered systems present a scalable opportunity, though this space remains highly competitive and subject to rapid change. Investors should note that market leadership in technology can be fleeting and continuous innovation is important for maintaining a competitive edge.
The strategic partnerships forged by ADS-TEC, including those with Caverion and Ford dealerships, point to a robust commercial strategy and potential for recurring revenue through service agreements. The anticipated launch of the ChargePost system in early 2025 is poised to provide a significant boost to the company’s growth trajectory. It’s important to note the increasing relevance of battery-buffered charging infrastructure within the broader context of the electric vehicle (EV) market expansion. However, challenges such as the potential for delays and resistance during transformative scaling, as mentioned by the CEO, must not be underestimated. The company’s proactive steps towards optimizing production processes, evidenced by the capacity to produce several thousand ChargeBoxes and other systems annually, indicate readiness for anticipated demand, which investors should view as a positive indicator of operational scalability.
NÜRTINGEN, Germany--(BUSINESS WIRE)--
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.
ADS-TEC Energy reports full-year fiscal 2023 results (Photo: Business Wire)
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
Anticipate 2024 full-year revenues to exceed EUR 200 million.
Expect to be Adjusted EBITDA positive in FY 2024.
Majority of revenues anticipated to be recognized in 2H 2024 based on current order backlog.
ADS-TEC's systems boast over 97% uptime, best in class, evidencing successful user cases that accelerate demand from existing customers and onboard new ones.
Increasingly clear that 50-70 kW chargers are becoming outdated as new EVs can charge at higher speeds. This will lead to a replacement cycle benefiting ADS-TEC, as 50 kW chargers mainly at limited access grids can be easily upgraded with ADS-TEC’s battery-buffered systems, instead of costly conversions.
Above factors instill confidence in strong momentum in the second half, as well as continued high growth for 2025 and beyond.
Thomas Speidel, CEO of ADS-TEC Energy, commented “I am extremely pleased with our record revenue growth in 2023 and strong guidance for 2024. We had our first EBITDA positive quarter in Q4 2023, and I am confident that this is an inflection point towards EBITDA positive in FY 2024. We are in the midst of a major transformation with continued focus on scaling our platform. Such a huge transformation will not happen without resistance or delays. The winners will be those who persevere, and we are delighted with our strongly growing customer base. The future will be electric that’s for sure. We were able to drive robust growth from both new and existing blue-chip customers. Demand in Europe was very strong in 2023, driven by continued investments in charging infrastructure, which was reflected in the solid performance of our European client base, and we are very confident about our activities in North America, which are being driven by our US team and management. We anticipate this strong demand to continue in 2024 and are very optimistic about our position within the battery buffered charging ecosystem.”
Conference Call Information
Participants may access the call by dialing 1-412-317-5195 or 1-844-826-3035 (US). A live webcast of the call will also be available by clicking here. Please log in approximately 5-10 minutes prior to the scheduled start time. The call starts at 8:30 a.m. ET / 14:30 p.m. CET.
A replay of the call will be available for two weeks by dialing 1-844-512-2921 for US callers or 1-412-317-6671 for international callers and using Conference ID: 10188376. The archived webcast will be available in the Investor Presentations and White Papers 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.
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 2024, 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 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 May 11, 2023, which is available on our website at https://www.ads-tec-energy.com... 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.
Use of Non-IFRS Financial Measures
ADS-TEC Energy has provided in this press release financial information that has not been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). ADS-TEC Energy uses these non-IFRS financial measures internally in analyzing its financial results and believes that the use of these non-IFRS financial measures is useful to investors to evaluate ongoing operating results and trends, and in comparing ADS-TEC Energy’s financial results with other companies in its industry as well other technology companies, many of which present similar non-IFRS financial measures.
The presentation of these non-IFRS financial measures is not meant to be considered in isolation or as a substitute for comparable IFRS financial measures and should be read only in conjunction with ADS-TEC Energy’s consolidated financial statements prepared in accordance with IFRS. A reconciliation of ADS-TEC Energy’s historical non-IFRS financial measures to their most directly comparable IFRS measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.
Definition and Reconciliation of Non-IFRS Measures
The press release includes certain non-IFRS financial measures such as “EBITDA” and “Adjusted EBITDA”. ADS-TEC Energy believes these measures are useful to investors for evaluating period-to-period operational performance on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.
ADS-TEC Energy defines EBITDA as result before tax before (i) finance income / (expenses) and (ii) depreciation and amortization. ADS-TEC Energy defines Adjusted EBITDA as EBITDA plus listing fee. These measures should not be considered as measures of financial performance under IFRS, and the items excluded from or included in these metrics are significant components in understanding and assessing ADS-TEC Energy financial performance.
