Forsee Power (FORSE) Q3 2025 TU earnings summary

Executive summary

• Revenue for Q3 2025 was €24.1 million, a 16% decrease year-over-year, with nine-month revenue at €105.0 million, down 7% from the prior year.

• Strategic partnerships were established with Rolls-Royce and KGHM, expanding into industrial, transportation, and mining sectors.

• The company is executing the RePower27 plan to restore profitability and prepare for growth from 2027.

Financial highlights

• Heavy vehicle segment revenue in Q3 2025 was €21.4 million, down 16% year-over-year; light vehicle revenue was €2.7 million, down 17%.

• Total revenue for the first nine months of 2025 was €105.0 million, a 7% decline compared to the same period in 2024.

• Revenue decline attributed to lower cell prices and postponement of large-scale programs.

Outlook and guidance

• 2025 revenue target confirmed at €120–125 million, with adjusted EBITDA expected around -€3 million.

• Commercial pipeline stands at €1.2 billion, supporting expectations for recovery from late 2026.