NHOA (NHOA) H2 2023 earnings summary

Executive summary

• FY2023 revenues and other income rose 65% YoY to €273m; gross margin increased to €55m from €15m, and net loss narrowed to €46m from €52m.

• Online storage capacity reached 846MWh, while charging infrastructure expanded to 3,651 PoCs online and under construction.

Financial highlights

• Revenues were €272m and other income €1m; total revenues and other income were €273m, versus €166m in FY2022.

• Gross margin was €55m, or 20% of revenues and other income, versus €15m and 9% in FY2022.

• EBIT improved to a loss of €35m from a loss of €50m; net loss was €46m versus €52m.

• EBITDA excluding stock option and incentive plan expenses was a loss of €14m, improving from a loss of €33m in FY2022.

Outlook and guidance

• 5,000 PoCs and EBITDA breakeven are targeted for 2025; the PoC objective was described as on track.

• Storage pipeline stood at €1.11bn, up 6% YoY; 12-month order intake was €131m, down 46% YoY.