ADS-TEC Energy (ADSE) investor relations material

Executive summary

• Revenue declined 71% year-over-year to €31.6 million in 2025, driven by the insolvency of a key customer and a strategic shift toward new business lines that have not yet generated significant revenue.

• Net loss improved to €55.2 million in 2025 from €98.0 million in 2024, but the company continues to report recurring losses and negative cash flows from operations.

• The company is transitioning from hardware sales to a diversified model including recurring service revenues, Own & Operate (O&O) charging infrastructure, and large-scale battery energy storage projects.

• Management and auditors highlight substantial doubt about the company’s ability to continue as a going concern due to ongoing losses and reliance on external financing.

Financial highlights

• Revenue: €31.6 million in 2025 (down from €110.0 million in 2024).

• Gross profit: -€16.3 million in 2025 (down from €19.4 million in 2024), impacted by inventory write-downs of €13.2 million.

• Net loss: €55.2 million in 2025 (improved from €98.0 million in 2024).

• Cash and cash equivalents: €7.0 million at year-end 2025 (down from €22.9 million in 2024).

• Shareholder loans outstanding: €5.0 million at year-end 2025 (down from €13.3 million in 2024).

• Warrant liabilities reduced to €54.8 million at year-end 2025 (from €119.6 million in 2024) following significant warrant exercises and capital structure simplification.

Outlook and guidance

• Management expects 2026 to be challenging due to geopolitical instability, supply chain disruptions, and the need for a start-up phase in new business lines.

• The company plans to intensify sales efforts, reduce working capital, and invest in product development and operational scaling.

• Ongoing efforts to secure additional financing, including a potential Nordic bond and equity partners for large-scale battery projects.