Forsee Power (FORSE) H1 2024 earnings summary

Executive summary

• Revenue grew 7% year-over-year to €84.4M in H1 2024, driven by strong heavy vehicle sales, customer diversification, and geographic expansion.

• Adjusted EBITDA turned positive at €0.8M, up from a loss of €3.8M in H1 2023, reflecting improved margins and cost control.

• Net result improved significantly to a loss of €3.0M versus €16.0M in H1 2023, an 81% year-over-year increase.

• Major product launches, new contracts with partners such as Wrightbus and Letenda, and the inauguration of the US production site in Columbus, Ohio supported growth.

• Statutory auditors issued an unqualified review report on the interim financials.

Financial highlights

• Revenue: €84.4M (+7% year-over-year); Heavy Vehicles up 17%, Light Vehicles down 40%.

• Adjusted EBITDA: €0.8M (vs. -€3.8M); margin improved to 1% from -5%.

• Net consolidated result at €(3.0)M, up €13.0M from H1 2023; EPS: -€0.04 (vs. -€0.27).

• Equity at €56.3M as of June 30, 2024; cash position at €24.6M at period end.

• Gross financial debt at €64.7M; net debt (excluding IFRS 16) at €22.4M.

Outlook and guidance

• 2024 revenue guidance set between €150M and €160M, revised due to order postponements.

• Targeting breakeven adjusted EBITDA for the full year.

• Focus on profitable growth in targeted markets and regions, with expanded production capacity in Ohio.

• No anticipated changes in risk profile for H2 2024.