Forsee Power: Strong sales momentum in Q1 2024: sales up 40% to €52.8 million
May 14 2024 - 1:30AM
Business Wire
- Q1 2024 sales up +39.8% to €52.8 million
- Continued strong performance in heavy vehicles: +50% vs. Q1
2023 to €47.0 million
- Slight decline in Light Vehicle sales vs. Q1 2023 to €5.7
million
- Firm order backlog1 for 2024 at €150 million, in line with
2024 sales target
Regulatory News:
Forsee Power (FR0014005SB3 - FORSEE - the "Company"),
expert in smart battery systems for sustainable electromobility,
today announces its sales for the first quarter of 2024.
Christophe Gurtner, Founder & CEO of Forsee Power
states: "The first quarter of 2024 has enabled us to post a
good sales performance, in line with previous quarters. Sales are
expected to slow down in the second half of the year, due to a more
wait-and-see business environment than expected and lower component
prices. However, this context will support volume growth and the
launch of new electrical programs. Recent partnership agreements
and our geographical expansion (Australia, Japan, North America)
will enable us to return to a more sustained growth dynamic. At the
same time, we are continuing to work on improving the Company's
profitability profile, and confirm our objective of achieving
break-even adjusted EBITDA for the full year 2024".
Breakdown of revenues by business segment
IFRS, unaudited
(in € thousands)
Q1 2024
Q1 2023
Change
% change
Heavy vehicles
47,027
31,361
15,666
+50.0%
Light vehicles
5,740
6,389
-649
-10.2%
Total sales
52,767
37,751
15,017
+39.8%
Forsee Power posted sales of €52.8 million in the first quarter
of 2024, up +39.8% vs. the first quarter of 2023. This good
performance was driven by strong sales momentum in the heavy
vehicles segment, which reached €47.0 million, up +50% on Q1 2023.
This market segment accounted for 89% of quarterly sales. Sales in
the light vehicle segment fell slightly to €5.8 million, due to a
less dynamic market than anticipated. At the same time, the firm
order book for 2024 continues to grow, reaching €150 million.
Strategy and outlook
In 2024, Forsee Power intends to maintain dynamic activity by
transforming its order book into sales in its priority high
value-added markets: buses, off-highway vehicles (agricultural,
construction and industrial vehicles), railways, and light
vehicles.
The battery industry is currently facing a sharp drop in
material costs, which will weigh on sales from the second half of
2024. This drop in costs should stimulate demand and accelerate
certain programs in the coming months, in a context of market
consolidation that will favor Forsee Power's position as a
benchmark player in all the geographies where the Group is
present.
Overall, the Company expects to generate annual sales of between
€180 and €200 million.
Growth drivers, in particular strong development with Japanese
customers, in Australia and the effective launch of the North
American industrial site planned over the next few months (the
first batteries were assembled at the beginning of April 2024),
will enable us to continue diversifying our customer references and
achieve further growth in 2025.
At the same time, Forsee Power will focus on continuing to
improve its profitability indicators, favouring a healthy growth
trajectory. The Company thus confirms its objective of achieving
break-even adjusted EBITDA for the full year 2024.
Next financial events
- Annual General Meeting, June 21, 2024
- Half-year sales 2024, July 25, 2024 at 7:30 am
About Forsee Power
Forsee Power is a French industrial group specializing in smart
battery systems for sustainable electric transport (light vehicles,
off-highway vehicles, buses, trucks, and trains). A major player in
Europe, Asia, and North America, the Group designs, assembles, and
supplies energy management systems based on cells that are among
the most robust in the market and provides installation,
commissioning, and maintenance on site and remotely. More than
3,000 buses and 135,000 LEV have been equipped with Forsee Power’s
batteries. The Group also offers financing solutions (battery
leasing) and second-life solutions for transport batteries. Forsee
Power and its 750 employees are committed to sustainable
development and the Group has obtained the Gold medal from leading
sustainability rating agency EcoVadis. For more information:
www.forseepower.com | @ForseePower
1 Orders booked on April 1, 2024, that have been invoiced since
January 1st, 2024 or will be invoiced by December 31, 2024.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240513962637/en/
Forsee Power Sophie Tricaud VP Corporate affairs and
Sustainability investors@forseepower,com
NewCap Thomas Grojean Investor Relations
forseepower@newcap,eu +33 (0)1 44 71 94 94
NewCap Nicolas Merigeau Media Relations
forseepower@newcap,eu +33 (0)1 44 71 94 98
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