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Continued strong sales momentum in the fourth quarter of 2023, with revenues up 27% to €44.7 million
Heavy vehicles: another quarter of strong growth at €38.5m, +31% vs. Q4 2022
Light vehicles: up €6. 3 million, up 10% compared to the fourth quarter of 2022
Another year of growth, diversification of the visitor portfolio with the signing of new global references and a prolonged geographical presence in new markets (Japan, Australia).
Confirmation of short- and medium-term adjusted EBITDA targets
PARIS, January 30, 2024–(BUSINESS WIRE)–Regulatory News:
Forsee Power (Paris:FORSE) (FR0014005SB3 – FORSEE – the “Company”), specializing in smart battery systems for sustainable electromobility, announced its annual earnings for the year ended December 31, 2023, data under audit.
Christophe Gurtner, Founder & CEO of Forsee Power states: “Forsee Power closes 2023 with quarterly revenues up nearly 30%, benefiting from the good momentum of the heavy vehicle segment. As a result, we achieved annual sales of over €171 million, exceeding our initial target. In addition to this outperformance, 2023 enabled the Company to diversify its customer portfolio by signing several partnerships with world leaders, notably in Japan and Australia. We look forward to 2024 with a stronger leadership position in our high value-added market segments (bus, rail, truck, off-highway and light vehicles), in a market context that remains as dynamic as ever. Indeed, the democratization of zero-emission vehicles continues unabated across all market segments, from electric scooters to heavy-duty trucks, bolstering our sales prospects. In addition, the operational development of our US manufacturing site will be one of the highlights of 2024. Finally, all our teams remain focused on pursuing our growth trajectory and improving our profitability”.
Distribution of turnover by sector of activity
(in € thousand
Fourth Quarter 2022
Fourth Quarter 2023
Change
2022
2023
Change
Heavy vehicles
29 455
38 475
30. 6%
87 844
145 506
+65.6%
Light vehicles
5 666
6 258
10,5%
23,175
25. 831
+11.5%
Total Sales
35 121
44 734
27,4%
111,019
171 338
54,3%
Forsee Power posted sales of €44.7 million in the final quarter of 2023, up +27.4% on the fourth quarter of 2022. This solid increase was driven by the heavy vehicles market, which grew by +65.6% and benefited from continuing very favorable momentum. The light vehicles segment also recorded an increase of +10.5% compared with the fourth quarter of 2022.
Overall, Forsee Power made a profit of €171 million in 2023, an increase of 54. 3%, exceeding its initial target of €160 million. As in previous quarters, the percentage of heavy-duty cars continues to grow and now accounts for 85% of sales as of December 31. 2023, to 79% by the end of 2022.
More than 3,000 buses and more than 135,000 light-duty vehicles worldwide now receive Forsee Power batteries.
Recent Key Events
Business Development & Appointments
Partnering with Toyota to equip its electric shuttles with Forsee Power battery systems for zero-emission transportation at the world’s premier event to be held in Paris in the summer of 2024;
Partnership with Peugeot Motocycles: Forsee Power batteries will be used to power the new e-Streetzone scooter;
Appointment of Franck Meyer as Chief Financial Officer.
Strategy and outlook
Fiscal 2024 will be an opportunity for the Company to continue its strong growth momentum by transforming its order book into sales in its priority markets: buses and light vehicles. The heavy vehicles segment should continue to drive the Group’s growth.
In addition, the start of production at our North American plant in Columbus, Ohio, in the coming months will be a vital milestone in the Company’s advertising roadmap, as well as in its advertising development.
Finally, Forsee Power will continue to expand its product and service offering to provide its customers with ever more efficient and sustainable solutions.
Thanks to a well-built order book, driven in particular by new visitor signings in 2023 that will translate into truly substantial profits in the coming years, the Group confirms its short- and medium-term adjusted EBITDA target and will achieve its profit target for 2024. . when it publishes its 2023 annual results.
Next monetary release: 2023 annual results, on April 23, 2024 before the opening of the stock market.
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, trucks, and trains). 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 3,000 buses and 135,000 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 850 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
See the businesswire. com edition: https://www. businesswire. com/news/home/20240130251540/en/
Contacts
Forsee Power Sophie TricaudVP Corporate Affairs and durableinvestors@forseepower. com Development
NewCap Thomas GrojeanRelations Investisseursforseepower@newcap. eu 33 (0)1 44 71
NewCap Nicolas MerigeauRelations Médiasforseepower@newcap. eu 33 (0)1 44 71 98