ADS-TEC Energy (ADSE) Reports Full-Year Fiscal 2022 Results and Provides Business Update For 2023
11 Mai 2023 - 1:00PM
Business Wire
ADS-TEC Energy plc (NASDAQ: ADSE), a global leader in
battery-buffered, ultra-fast charging technology, today announced
audited financials for the full fiscal year 2022 and guidance for
2023. The company will be hosting a conference call to discuss the
results at 14:00h CET/ 8:00 a.m. ET today.
Full-Year 2022 operational highlights
- Successfully managed supply chain issues and produced systems
and performed services from the factory worth €45.6M
- New ultra-fast charging system, ChargePost, was successfully
launched in December 2022, as planned
- Focus on blue-chip partners and strategic customers, including
GP-Joule together with Mobilize Power Solutions, a subsidiary of
Groupe Renault aimed at expanding the EV fleet charging market, and
amperio GmbH, who have ordered their first 100 ChargePosts
Full-Year 2022 financial highlights
- Consolidated revenue of €26.4M, compared to €33.0M in FY21,
impacted by clients not taking product by 12/31; finished goods
still in the company’s Alabama facility and moved to 2023
- Operational expenses of €33.0M (2021: €15.3M)
- EBITDA of €-32.1M (2021: €-15.2M)
- Year-end cash of €34.4M
2023 outlook
- 2023 full year revenues expected to exceed €100M
- Expecting to be EBITDA break-even to positive in FY 2023
- Secured shareholder loan of €12.9M; no intention to raise
equity in foreseeable future
- Strong order backlog of €90.0M based on binding orders mainly
from solid customers underpinning revenue visibility
- Substantial growth anticipated in 2024 and beyond, driven by
very strong customer dynamics and market trends
Thomas Speidel, CEO of ADS-TEC Energy, said: “We are at
the beginning of a major transformation, focusing on well-funded,
blue-chip customers with very ambitious growth plans. These
customers and partners highly appreciate the managed eco-platform
business provided by ADS-TEC Energy combined with long-term
services optimizing the Total Cost of Ownership and securing their
business case”.
The combination of a growing, high-quality customer base with
the need for infrastructure operators to balance demand across
their grids will enable us to substantially scale our platform. I
am confident that we are well-positioned to capitalize on very
strong customer demand and positive market trends in 2023 and
beyond.”
Momentum in 2023
- New order from a first-class international corporation in the
range of €5M. ChargeBoxes and ChargePosts delivered in 2023 will
offer ultra-fast charging at sites in Europe and North
America.
- Service business will grow in 2023. Long term service
agreements are expected to be signed with existing customers as
well as with new platform partners. The value of ADS-TEC Energy’s
physical and digital services to optimize the total cost of
ownership are highly appreciated.
- ADS-TEC Energy partner JOLT Energy recently completed a large
funding round of €150M led by InfraRed Capital Partners and has
placed an initial order for a significant double-digit number of
ChargePosts for 2023. As announced by JOLT on May 5, 2023, its plan
is to deploy 1,000 charge-points in Europe within the next 18
months.
- ADS-TEC Energy continues to explore new market segments for its
technology. Initial systems are ordered by and will be shipped to
one of the biggest car rental companies in Europe and to one of the
leading mail-order courier companies worldwide.
- ADS-TEC Energy has signed a framework agreement with a
blue-chip listed oil & gas petrochemical company.
2024 outlook
Existing customers and partners are forecasting and expecting to
significantly increase their revenues in 2024, which confirms the
strong momentum and growth for ADS-TEC Energy business.
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.
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: 10178618. 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.
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 May 11, 2023, 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.
Use of Non-IFRS Financial Measures
ADS-TEC Energy has provided in this press release certain
financial information, such as EBITDA, that have 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 the following non-IFRS financial
measure: “”EBITDA”. ADSE believes this measure is 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.
ADSE defines EBITDA as result before tax before (i) finance
income / (expenses) and (ii) depreciation and amortization. This
measure should not be considered as a measure of financial
performance under IFRS, and the items excluded from or included in
these metrics are significant components in understanding and
assessing ADSE financial performance.
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version on businesswire.com: https://www.businesswire.com/news/home/20230511005269/en/
Media: ADS-TEC Energy Europe: Dennis Müller SVP Product
Marketing & Communication press@ads-tec-energy.com
Media – United States: Stephannie Depa Breakaway Communications
sdepa@breakawaycom.com +1 530 864 0136
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