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Heramba Electric (PITEF) investor relations material
Heramba Electric Q4 2023 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Acquisition of Quipe/Kiepe Electric completed in February 2024, with NASDAQ listing in July 2024, marking a new phase focused on decarbonizing commercial and public transportation.
Quipe/Kiepe Electric, with over 100 years of history, specializes in electrification solutions for rail and road, high-power charging, and smart fleet management, serving a global customer base.
The company is expanding rapidly in North America and Europe, targeting growth in commercial electric vehicles, charging infrastructure, and rail systems.
Focus on leveraging German engineering and technology to decarbonize public and commercial transportation globally.
Financial highlights
2023 revenues increased by 27.6% to €152.8 million, with Germany accounting for 46.6%, Europe (excluding Germany) 39.6%, and North America 12%.
North American revenue grew by 57.5% year-over-year, while Europe saw 24.7% growth.
Net income was €407k in 2023, reversing a €21 million net loss in 2022, which was impacted by a one-time project loss.
Order backlog at year-end 2023 reached €621 million, extending to 2032, with 80% from system integrator business and 20% from maintenance.
Ended 2023 with no debt and cash equivalents of €35.4 million.
Outlook and guidance
Facing revenue and profitability pressure in 2024 due to supply chain instability, project delays, and price pressure in Europe.
North America remains a growth engine, with plans to increase its revenue share and win new projects.
Strategic focus on shifting revenue mix toward higher-margin component, service, and modernization business to reduce risk and improve profitability.
Cost reduction initiatives underway, including supply chain optimization and SG&A cuts.
Management expects continued business growth, driven by global decarbonization trends and a substantial client pipeline.
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