ADS-TEC Energy plc (“ADS-TEC Energy,” “Company,” “we,” “our” or
“us”) (NASDAQ: ADSE), a global leader in battery-buffered,
ultra-fast charging technology, today announced its trading update
for the quarter ended March 31, 2024.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240514304142/en/
ADS-TEC Energy delivers first quarter
2024 trading update (Photo: Business Wire)
Key Highlights from the First Quarter 2024:
• Revenue for the first quarter of 2024 totaled approximately
EUR 37 million.
• Adjusted EBITDA for the first quarter of 2024 amounted to
approximately EUR 1 million.
• This marks the company’s second consecutive profitable
quarter, a testament to our resilience particularly during the
traditionally slow first quarter and positions us well for
sustained profitability as we anticipate revenues will ramp up
through the remainder of the year.
• Cash reserves at the end of the quarter stood at approximately
23,0 million, demonstrating strong cash management despite
significant year-over-year growth.
• The majority of revenues are expected to be recognized in the
second half of 2024 based on our current order backlog.
• We anticipate 2024 full-year revenues to exceed EUR 200
million and positive EBITDA for the fiscal year, supported by
robust order intake in early 2024.
Operational Highlights for the First Quarter of 2024:
• Continued expansion of our client base with the addition of a
significant amount of new blue-chip customers, both in Germany and
across Europe, are underpinning the strong growth momentum.
• ADS-TEC Energy’s customers usually work with a sales cycle of
several months and typically conclude with significant follow up
orders after having successfully tested the systems. This supports
continued growth from a higher revenue base.
• Increased momentum in the US market as demand grows for
upgrades to 50-70 kW chargers due to limitations in power
grids.
• Strategic partnerships and key contract wins in pursuit of
European expansion, including a significant collaboration with
Caverion, a leading industrial player in the Nordic region.
• Securing contracts in the Netherlands as part of the NXT
50five project, highlighting our commitment to advancing
sustainable energy solutions across Europe.
• Introduction of ultra-fast EV charging stations at the Marina
Palms residential complex in Florida, underscoring our commitment
to driving sustainable mobility solutions in the US.
• Establishment of partnerships with companies such as Nouria,
Alabama Power, and Ford dealerships, showcasing our technological
innovation and commitment to sustainable mobility in the US
market.
• Added highly competent personnel, including the appointment of
Dr. Andreas Fabritius and Alwin Epple to our Board of Directors,
and the addition of Renato Gross as Senior Vice President in our US
office, enhancing our expertise and leadership capabilities.
• These developments bolster confidence in our continued growth
trajectory for 2025 and beyond.
Thomas Speidel, CEO of ADS-TEC Energy, commented, “ADS-TEC
Energy is gaining momentum as our systems demonstrate strong
operational performance, with highest availabilities and uptimes.
More and more customers are signing service contracts with
availability commitments of 95% and even above. In practice, we are
seeing usage rates of well over 20 fast charging sessions per day,
delivering more than one MWh to EVs, which significantly exceeds
even our expectations and those of our customers. This is because
all of this takes place on the existing power-limited grid
connection. Our ultra-high-power battery-buffered systems are
therefore also used for upgrades and replacements of low power
50-70KW chargers and provide a seamless and cost-effective upgrade
path without the need for grid expansion.
“Our second consecutive profitable quarter marks a significant
milestone towards what we anticipate to be sustained profitability
in FY 2024 and beyond and makes me very proud of our strong and
unique team. Our expanding partnerships with blue-chip clients and
our growth across Europe and the US reaffirm our confidence in our
platform's scalability, robust customer growth, and continued
success in the charging ecosystem for 2025 and beyond.”
The estimated preliminary financial results provided above are
based on the information available to us at this time. Actual
results may differ from these estimates due to final adjustments
and other developments that may arise before the completion of the
financial results for the first half of 2024. These financial
figures have not been audited or reviewed by the Company’s external
auditors and should not be considered a substitute for our full
interim or annual financial statements. Therefore, undue reliance
should not be placed on this preliminary data.
About ADS-TEC Energy
ADS-TEC Energy plc, a public limited company incorporated in
Ireland and publicly listed on NASDAQ (“ADS-TEC Energy”), serves as
a holding company for ads-tec Energy GmbH, our operating company
incorporated in Germany (“ADSE GM”) and ads-tec Energy Inc., a US
subsidiary of ads-tec Energy GmbH (“ADSE US” and together with
ADS-TEC Energy and ADSE GM, “ADSE”). Based on more than ten years
of experience with lithium-ion technologies, ADS-TEC Energy
develops and manufactures battery storage solutions and fast
charging systems including their energy management systems. Its
battery-based, fast charging technology enables electric vehicles
to ultrafast charge even on low powered grids and features a very
compact design. It was most recently nominated by the President of
the Federal Republic of Germany for the German Future Prize and
elevated to the "Circle of Excellence" in 2022. The high quality
and functionality of the battery systems are due to a particularly
high depth of development and in-house production. With its
advanced system platforms, ADS-TEC Energy is a valuable partner for
automotive, OEMs, utility companies and charge-operators.
More information: www.ads-tec-energy.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Words such as “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions are
intended to identify such forward-looking statements. These
forward-looking statements include statements regarding our
financial outlook for 2024, our expectations with respect to future
performance and the anticipated timing of certain commercial
activities. There are a significant number of factors that could
cause actual results to differ materially from the statements made
in this press release, including: the geopolitical events including
the Russian invasion of Ukraine; macroeconomic trends including
changes in inflation or interest rates, or other events beyond our
control on the overall economy; our business and those of our
customers and suppliers, including due to supply chain disruptions
and expense increases; our limited operating history as a public
company; our dependence on widespread acceptance and adoption of
EVs and increased installation of charging stations; our current
dependence on sales to a limited number of customers for most of
our revenues; overall demand for EV charging and the potential for
reduced demand for EVs if governmental rebates, tax credits and
other financial incentives are reduced, modified or eliminated or
governmental mandates to increase the use of EVs or decrease the
use of vehicles powered by fossil fuels, either directly or
indirectly through mandated limits on carbon emissions, are
reduced, modified or eliminated; supply chain interruptions and
expense increases; unexpected delays in new product introductions;
our ability to expand our operations and market share in Europe and
the U.S.; the effects of competition; changes to battery energy
storage standards; and the risk that our technology could have
undetected defects or errors. Additional risks and uncertainties
that could affect our financial results are included under “Item 3.
Key Information – 3.D. Risk Factors” in our annual report on Form
20-F filed with the Securities and Exchange Commission (the “SEC”)
on April 30, 2024, which is available on our website at
https://www.ads-tec-energy.com and on the SEC’s website at
www.sec.gov. Additional information will also be set forth in other
filings that we make with the SEC from time to time. All
forward-looking statements in this press release are based on
information available to us as of the date hereof, and we do not
assume any obligation to update the forward-looking statements
provided to reflect events that occur or circumstances that exist
after the date on which they were made, except as required by
applicable law.
Use of Non-IFRS Financial Measures.
ADS-TEC Energy has provided in this press release financial
information that has not been prepared in accordance with
International Financial Reporting Standards as issued by the
International Accounting Standards Board (“IFRS”). ADS-TEC Energy
uses these non-IFRS financial measures internally in analyzing its
financial results and believes that the use of these non-IFRS
financial measures is useful to investors to evaluate ongoing
operating results and trends, and in comparing ADS-TEC Energy’s
financial results with other companies in its industry as well
other technology companies, many of which present similar non-IFRS
financial measures.
The presentation of these non-IFRS financial measures is not
meant to be considered in isolation or as a substitute for
comparable IFRS financial measures and should be read only in
conjunction with ADS-TEC Energy’s consolidated financial statements
prepared in accordance with IFRS. A reconciliation of ADS-TEC
Energy’s historical non-IFRS financial measures to their most
directly comparable IFRS measures has been provided in the
financial statement tables included in this press release, and
investors are encouraged to review these reconciliations.
Definition and Reconciliation of Non-IFRS Measures
The press release includes certain non-IFRS financial measures
such as “EBITDA” and “Adjusted EBITDA”. ADS-TEC Energy believes
these measures are useful to investors for evaluating
period-to-period operational performance on a consistent basis by
excluding items that we do not believe are indicative of our core
operating performance.
ADS-TEC Energy defines EBITDA as result before tax before (i)
finance income / (expenses) and (ii) depreciation and amortization.
ADS-TEC Energy defines Adjusted EBITDA as EBIDTA plus listing fee.
These measures should not be considered as measures of financial
performance under IFRS, and the items excluded from or included in
these metrics are significant components in understanding and
assessing ADS-TEC Energy financial performance.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240514304142/en/
Media: For ADS-TEC Energy –
International Juliane Kunz Senior Press Officer
press@ads-tec-energy.com For ADS-TEC Energy –
US Stephannie Depa Breakaway Communications +1 530-864-0136
sdepa@breakawaycom.com
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