ADS-TEC Energy Reports Half Year 2024 Financial Results and Trading Update
ADS-TEC Energy plc (NASDAQ: ADSE) reported strong financial results for H1 2024. Revenues doubled to €79.3 million, a 107% increase from H1 2023. Gross margin improved significantly to €15.7 million (19.8%) from a negative margin in H1 2023. The company achieved Adjusted EBITDA of €3.6 million, marking its third consecutive profitable quarter. Operating expenses increased by 11.7% to €20.0 million, while the operating result improved to €-5.0 million.
ADS-TEC Energy expanded its customer base by 295% compared to H1 2023 and formed strategic partnerships with Caverion and Porsche. The company anticipates continued growth in H2 2024 and expects to be adjusted EBITDA positive for the full year 2024.
ADS-TEC Energy plc (NASDAQ: ADSE) ha riportato risultati finanziari robusti per il primo semestre del 2024. I ricavi sono raddoppiati, raggiungendo i 79,3 milioni di euro, con un aumento del 107% rispetto al primo semestre del 2023. Il margine lordo è migliorato significativamente, attestandosi a 15,7 milioni di euro (19,8%), rispetto a un margine negativo nel primo semestre del 2023. L'azienda ha raggiunto un EBITDA rettificato di 3,6 milioni di euro, segnando il suo terzo trimestre consecutivo in attivo. Le spese operative sono aumentate dell'11,7% a 20,0 milioni di euro, mentre il risultato operativo è migliorato a -5,0 milioni di euro.
ADS-TEC Energy ha ampliato la sua base clienti del 295% rispetto al primo semestre del 2023 e ha instaurato partnership strategiche con Caverion e Porsche. L'azienda prevede una continua crescita nel secondo semestre del 2024 e si aspetta di essere positiva in EBITDA rettificato per l'intero anno 2024.
ADS-TEC Energy plc (NASDAQ: ADSE) reportó resultados financieros sólidos para el primer semestre de 2024. Los ingresos se duplicaron a 79,3 millones de euros, un aumento del 107% en comparación con el primer semestre de 2023. El margen bruto mejoró significativamente a 15,7 millones de euros (19,8%) en comparación con un margen negativo en el primer semestre de 2023. La compañía logró un EBITDA ajustado de 3,6 millones de euros, marcando su tercer trimestre consecutivo en ganancias. Los gastos operativos aumentaron un 11,7% a 20,0 millones de euros, mientras que el resultado operativo mejoró a -5,0 millones de euros.
ADS-TEC Energy expandió su base de clientes en un 295% en comparación con el primer semestre de 2023 y formó alianzas estratégicas con Caverion y Porsche. La compañía anticipa un crecimiento continuo en el segundo semestre de 2024 y espera tener un EBITDA ajustado positivo para todo el año 2024.
ADS-TEC Energy plc (NASDAQ: ADSE)는 2024년 상반기 강력한 재무 결과를 보고했습니다. 매출은 두 배로 증가하여 7,930만 유로에 이르렀고, 이는 2023년 상반기보다 107% 증가한 수치입니다. 총수익률은 1,570만 유로(19.8%)로 개선되었으며, 2023년 상반기에는 부정적인 수치였습니다. 회사는 360만 유로의 조정 EBITDA를 기록하며 세 번째 연속 흑자 분기 달성했습니다. 운영비용은 11.7% 증가하여 2,000만 유로에 도달했으며, 운영 결과는 -500만 유로로 개선되었습니다.
ADS-TEC Energy는 2023년 상반기 대비 고객 기반을 295% 확장하고 Caverion 및 Porsche와 전략적 파트너십을 형성했습니다. 회사는 2024년 하반기 계속적인 성장을 예상하며, 2024년 전체에 대한 조정 EBITDA에서 긍정적인 결과를 기대하고 있습니다.
ADS-TEC Energy plc (NASDAQ: ADSE) a annoncé de solides résultats financiers pour le premier semestre 2024. Les revenus ont doublé pour atteindre 79,3 millions d'euros, soit une augmentation de 107 % par rapport au premier semestre 2023. La marge brute s'est significativement améliorée à 15,7 millions d'euros (19,8 %) par rapport à une marge négative au premier semestre 2023. L'entreprise a atteint un EBITDA ajusté de 3,6 millions d'euros, marquant son troisième trimestre consécutif bénéficiaire. Les dépenses d'exploitation ont augmenté de 11,7 % pour atteindre 20,0 millions d'euros, tandis que le résultat opérationnel s'est amélioré à -5,0 millions d'euros.
ADS-TEC Energy a élargi sa base de clients de 295 % par rapport au premier semestre 2023 et a formé des partenariats stratégiques avec Caverion et Porsche. L'entreprise anticipe une croissance continue au deuxième semestre 2024 et s'attend à être positive en EBITDA ajusté pour l'année complète 2024.
ADS-TEC Energy plc (NASDAQ: ADSE) hat starke Finanzkennzahlen für das erste Halbjahr 2024 gemeldet. Der Umsatz hat sich auf 79,3 Millionen Euro verdoppelt, was einem Anstieg von 107% im Vergleich zum ersten Halbjahr 2023 entspricht. Der Bruttomargin verbesserte sich erheblich auf 15,7 Millionen Euro (19,8%) im Vergleich zu einem negativen Margin im ersten Halbjahr 2023. Das Unternehmen erzielte ein bereinigtes EBITDA von 3,6 Millionen Euro und verzeichnete damit das dritte aufeinanderfolgende Quartal mit Gewinn. Die Betriebskosten stiegen um 11,7% auf 20,0 Millionen Euro, während das Betriebsergebnis auf -5,0 Millionen Euro verbessert wurde.
ADS-TEC Energy hat seine Kundenbasis im Vergleich zum ersten Halbjahr 2023 um 295% erweitert und strategische Partnerschaften mit Caverion und Porsche geschlossen. Das Unternehmen erwartet weiterhin Wachstum im zweiten Halbjahr 2024 und geht davon aus, dass es für das gesamte Jahr 2024 ein positives bereinigtes EBITDA erzielen wird.
- Revenue doubled to €79.3 million, a 107% increase from H1 2023
- Gross margin improved to €15.7 million (19.8%) from a negative margin in H1 2023
- Achieved Adjusted EBITDA of €3.6 million, marking third consecutive profitable quarter
- Customer base expanded by 295% compared to H1 2023
- Formed strategic partnerships with Caverion and Porsche
- On track to be adjusted EBITDA positive for full year 2024
- Operating result still negative at €-5.0 million, despite improvement from previous year
- Operating expenses increased by 11.7% to €20.0 million
Insights
ADS-TEC Energy's H1 2024 results show impressive growth and financial improvement. Revenue doubled to
The
ADS-TEC Energy's ultra-fast charging technology, integrating battery storage, is a game-changer in the EV infrastructure space. The ChargePost solution offers multiple revenue streams beyond charging, including energy trading and grid services. This versatility addresses key challenges in EV adoption: charging speed and grid stability.
The partnership with Porsche as a preferred service partner across Europe and North America is a significant vote of confidence in ADS-TEC's technology. As the EV market grows, the demand for such advanced charging solutions is likely to surge. However, investors should monitor the pace of EV adoption and potential technological disruptions in the fast-evolving charging landscape.
ADS-TEC Energy's market position is strengthening, evidenced by its expanding blue-chip client base and geographic diversification. The company's strategy of starting with small orders (1-5 chargers) and growing year-over-year aligns well with the cautious but accelerating EV infrastructure rollout.
The Nordic expansion through the Caverion partnership is particularly noteworthy, given the region's advanced EV adoption. However, investors should be aware of the competitive landscape in ultra-fast charging, with numerous players vying for market share. ADS-TEC's ability to maintain its technological edge and expand its partnerships will be important for long-term success in this rapidly evolving market.
NÜRTINGEN,
(Photo: Business Wire)
Financial Highlights
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Revenues:
€79.3 million for the six months ended June 30, 2024, reflecting a growth of107% 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 an11.7% 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
Additionally, ADS-TEC Energy has secured a partnership with Porsche, becoming the preferred service partner for all Porsche dealer locations across
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
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
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
*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.
View source 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
Source: ADS-TEC Energy plc
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