Forsee Power (FORSE) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €80.9M, down 4% year-over-year, mainly due to a 5% decline in heavy vehicles, partially offset by a 1% rise in light vehicles and industrial tech.

• Adjusted EBITDA improved to €2.2M (up from €0.8M in H1 2024), with margin rising to 3%, driven by cost control, lower component costs, and reduced external services.

• Net loss widened to €11.1M from €3.0M, impacted by a negative financial result and higher operating expenses.

• Strategic transformation plan and cost reduction initiatives launched, including restructuring and product portfolio optimization.

• Significant capital increase of €18.7M completed in June 2025, strengthening liquidity.

Financial highlights

• Revenue declined to €80.9M in H1 2025 from €84.4M in H1 2024, with heavy vehicles at €72.8M (–5%) and light vehicles & industrial tech at €8.1M (+1%).

• Adjusted EBITDA rose to €2.2M (3% margin), up 167% year-over-year.

• Operating loss widened to -€5.2M from -€4.0M.

• Net loss increased to -€11.1M from -€3.0M.

• Net cash at period end was €18.9M, with a restated position of €28.4M after working capital financing.

Outlook and guidance

• FY 2025 revenue guidance revised to €120–125M, with adjusted EBITDA expected around -€3M.

• Strong tender pipeline of €1.2B, with significant opportunities expected from 2026–2028.

• Market rebound anticipated post-2026 as new projects ramp up and growth trajectory expected from 2027.

• Cost control and margin protection measures implemented, including workforce reductions.

• Liquidity outlook supported by capital increase, stock financing, and debt renegotiations.