NHOA (NHOA) Q3 2024 TU earnings summary

Executive summary

• Q3 2024 sales reached €124.3m, down 23% year-over-year, reflecting lower unit system costs and delayed equipment deliveries, with revenue accrual expected to shift to Q4 2024.

• Group cash and deposits stood at €149.6m as of September 30, 2024, with net cash at €44.7m and available cash and credit lines at €134.0m.

• NHOA Energy's backlog was €130m, slightly down from Q2, but the project pipeline doubled year-over-year, with eight projects shortlisted.

• Atlante surpassed 2,500 points of charge online, with Italy and Portugal leading, and achieved a 102% year-over-year sales increase.

• Free2move eSolutions posted €43.3m in YTD Q3 2024 revenues, up 6% year-over-year, driven by strong growth in EV charger sales in Europe and North America.

Financial highlights

• Group sales for Q3 2024 were €124.3m, a 23% decrease compared to Q3 2023.

• NHOA Energy sales dropped 33% year-over-year to €101.2m, mainly due to battery price reductions passed to clients.

• Atlante sales rose 102% year-over-year to €5.0m, with improved utilization and occupancy rates.

• Free2move eSolutions sales increased 6% year-over-year to €43.3m, with over 42,000 EV charging devices sold YTD.

• Group net cash position was €44.7m, and cash and credit lines available totaled €134.0m as of September 30, 2024.

Outlook and guidance

• Revenue recognition is expected to be significantly higher in Q4 2024 due to timing of equipment deliveries.

• Atlante revised its 2025 targets downward in response to slower EV sales in Europe, focusing on strategic sites.

• Guidance for 3,000 charging points online by 2025 remains, but some secured projects may be put on hold.