Forsee Power (FORSE) Q2 2024 TU earnings summary

Executive summary

• Half-year 2024 sales reached €84.4 million, up 7% year-over-year despite a global electromobility market slowdown.

• Q2 2024 sales were €31.6 million, down 23% compared to Q2 2023.

• Growth driven by heavy vehicles segment and new international partnerships, with diversification across target markets.

Financial highlights

• Heavy vehicles sales rose 17% year-over-year to €76.4 million in H1 2024.

• Light vehicles sales declined 40% year-over-year to €8.0 million in H1 2024.

• Q2 2024 total sales dropped 23% year-over-year to €31.6 million.

• H1 2024 total sales increased 7% year-over-year to €84.4 million.

Outlook and guidance

• 2024 sales expected between €180 and €200 million.

• Targeting break-even adjusted EBITDA for full year 2024.

• Anticipates major program launches from 2025 due to falling cell costs.