Zaptec (ZAP) Q1 2025 earnings summary

Executive summary

• Achieved all-time high Q1 revenue of NOK 347 million, up 16% year-over-year, with strong EBITDA growth and improved KPIs.

• Maintained strong order intake of NOK 366 million, up 20% year-over-year, resulting in a firm order backlog of NOK 507 million.

• Recognized as the largest home charging provider in Europe in 2024, with an 11% market share and significant momentum in Benelux, UK, and Germany.

• Ongoing ramp-up of new products (Zaptec Go 2 and Pro) in large European markets, supporting expansion and innovation.

• Inventory reduced and liquidity improved, supporting operational flexibility.

Financial highlights

• Q1 revenue reached NOK 347 million, a 16% increase year-over-year and an all-time high for the quarter.

• Gross margin was 39%, up from 38% year-over-year, despite currency headwinds.

• EBITDA was NOK 14 million, a NOK 16 million improvement year-over-year, with a 4% margin.

• Opex totaled NOK 120 million, including NOK 5 million in one-off reorganization costs for a 25% headcount reduction in marketing.

• Available liquidity increased to NOK 327 million, with positive cash flow and inventory reduced by NOK 36 million in Q1.

Outlook and guidance

• Strong visibility for 2025 sales with a robust backlog and continued order momentum.

• Expectation of even stronger order intake in Q2 and higher revenue in the second half of 2024.

• Anticipates improved gross margin as lower production costs and new product ramp-up materialize.

• 2025 projected to be an all-time high year, with profitable growth and market expansion.

• European EV market is recovering, with plug-in vehicle sales up 20% year-over-year in Q1 2025.