- Consummation of business combination with European Sustainable
Growth Acquisition Corp. (“EUSG”) on December 22, 2021 provided
ADSE with significant cash for future growth
- Order Backlog was more than €60 million by end of March 2022,
largely driven by the expansion into the U.S.
- H2 2021 international expansion and diversification of revenue
in additional geographies have created significant growth
opportunities
- Completion of the initial Porsche order in early 2021 resulted
in a revenue decrease of approximately 30% year-over-year
- IFRS gross loss in FY2021 was (€2.2) million
- Adjusted gross profit in FY2021 was €0.8 million through this
company transformation year
- Adjusted EBITDA decreased to (€15.2) million for FY2021
- FY2021 closed with €102 million cash and, as of this
announcement, no debt
- FY2022 Guidance includes a more than doubling of FY2021
revenue
- Growth continues in core segments of automotive dealerships and
“smart” municipalities in North America, Continental Europe and the
United Kingdom
ADS-TEC Energy plc (NASDAQ: ADSE), a global leader in
battery-buffered, ultra-fast charging technology, today announced
audited financials for fiscal year 2021 and guidance for 2022.
The company also announced strong performance and continued
growth in its key segments with contracted business in
municipalities, oil and gas, hospitality, big box retail, charging
network operators, EV fleets, automotive OEM dealerships, and large
last-mile delivery services since its business combination with
EUSG at the end of December 2021.
ADS-TEC Energy made announcements in each of these segments,
starting with an initial order by Porsche for more than 400 ADS-TEC
Energy ChargeBox stations, which was completed in Q2 2021.
In March of 2022, ADS-TEC Energy signed GenZ EV Solutions (GenZ
EV) as its designated distributor of electric vehicle (EV) charging
solutions to the automotive market in North America and South
America. GenZ EV, a new company founded by automotive industry
veterans with deep expertise, will be distributing ADS-TEC Energy
charging technology to automotive OEMs, automotive dealerships and
automotive fleet companies. There are over 18,000 automotive
dealers in the U.S. alone, representing a multi-billion dollar
market opportunity.
In the retail segment, ADS-TEC Energy is preparing the
implementation of a two-site trial for ChargeBox systems. The first
is in a retail outlet mall in Miami-Dade County, Florida. The
second is with a leading specialty outdoor sporting goods company
located in the Midwest U.S. ADS-TEC Energy also continues its
negotiations with both Tier 1 and Tier 2 oil and gas companies as
well as charge-point operators across North America and Europe.
To meet this continued growth, ADS-TEC Energy has narrowed its
search to three states for sites to establish a US-based factory
and executive offices. A public announcement is expected following
the close of negotiations.
Financial & Operational Highlights
The below represents summary financial and operational figures
for fiscal year 2021.
- Revenue of €33.0 million
- Gross loss of €2.3 million
- Net loss of €87.6 million
- Adjusted gross profit of €0.8 million
- Adjusted EBITDA of (€15.2) million
- Adjusted Result before tax of (€21.4) million
- Cash Flow from Operations of (€18.3) million
- Capital Expenditure of €5.6 million
2022 Financial & Operating Guidance
ADSE is introducing FY2022 guidance as follows:
- Total revenue of €80 - €100 million for FY2022
- Revenue in FY2022 will be backloaded to second half based on
confirmed order backlog
Additionally, ADSE is initiating charging unit sales target
guidance: during FY 2022, ADSE expects to sell a total of 400 to
500 units.
Conference Call information
https://attendee.gotowebinar.com/register/8547501562267283723
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”). ADSE is a global leader in
battery-buffered, ultra-fast charging technology that draws on more
than 10 years of experience with lithium-ion technologies, storage
solutions and fast charging systems, including the corresponding
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. 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, ADSE is a valuable partner for
automotive, OEMs, utility companies and charge-operators.
More information on www.adstec-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 2022, 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 impact of the COVID-19
pandemic, 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 28, 2022, which is available on our
website at
https://adstec-energy.com/investor-relations-corporate-governance/
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 the following non-IFRS financial
measures: “Adjusted Cost of sales”, “Adjusted Gross profit /
(loss), “Adjusted EBITDA”, “Adjusted Result before tax”. ADSE
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, such as the one-time expenses incurred as a
result of the business combination involving ads-tec Energy and
European Sustainable Growth Acquisition Corp.
ADSE defines Adjusted Cost of sales (“COGS”) as COGS plus
depreciation and amortization reported within COGS. Adjusted Gross
profit / (loss) is defined as revenue less adjusted COGS. ADSE
defines EBITDA as result before tax before (i) finance income /
(expenses) and (ii) depreciation and amortization. ADSE defines
Adjusted EBITDA as EBITDA plus Listing fee. ADSE defines Adjusted
Result before tax as result before tax 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 ADSE financial performance.
kEUR
2021
2020
2019
IFRS Cost of sales
(35,310)
(45,548)
(22,219)
Less:
Depreciation and Amortization
3,103
1,515
470
Adjusted Cost of Sales
(32,207)
(44,033)
(21,749)
kEUR
2021
2020
2019
IFRS Gross profit / (loss)
(2,275)
1,822
(3,132)
Less:
Depreciation and Amortization
3,103
1,515
470
Adjusted Gross Profit
828
3,337
(2,662)
kEUR
2021
2020
2019
IFRS Result before tax
(87,227)
(10,325)
(10,559)
Less:
Share listing expense
65,759
0
0
Adjusted Result before tax
(21,431)
(10,325)
(10,559)
kEUR
2021
2020
2019
IFRS Result before tax
(87,227)
(10,325)
(10,559)
Less:
Finance income / (expenses)
2,787
2,135
884
Depreciation and amortization
3,485
1,641
573
EBITDA
(80,955)
(6,549)
(9,103)
Less:
Listing Fee
65,759
0
0
Adjusted EBITDA
(15,159)
(6,549)
(9,103)
Financial Statements
Consolidated statements of financial position
ASSETS
kEUR
Dec. 31, 2021
Dec. 31, 2020
Intangible assets (excl. Goodwill)
17,038
15,337
Right-of-use asset
1,988
2,503
Property, plant and equipment
2,958
2,019
Other investments (long term)
2,084
140
Trade and other receivables (long
term)
4
4
Deferred tax assets
-
-
Non-current assets
24,072
20,003
Inventories
13,063
21,605
Contract assets
973
1,627
Trade and other receivables (short
term)
11,304
2,075
Cash and cash equivalents
101,813
18
Current assets
127,152
25,325
Total assets
151,224
45,328
Due to rounding, the sum of the numbers presented in the table
above might not precisely equal the totals we provide.
EQUITY AND LIABILITIES
kEUR
Dec. 31, 2021
Dec. 31, 2020
Share capital
4
32
Capital reserves
214,100
20,950
Other equity
-2
-
Retained earnings
-29,571
-19,291
Profit/Loss
-87,640
-10,280
Equity attributable to owners of the
Company
96,892
-8,589
Non-controlling interests
-
-
Total equity
96,892
-8,589
Lease Liabilities (long term)
1,537
2,004
Warrant liability (long term)
12,767
-
Trade and other payables (long term)
158
25,457
Contract liabilities (long term)
132
-
Other provisions (long term)
7,438
1,543
Deferred tax liabilities
1,859
1,446
Non-current liabilities
23,892
30,450
Lease Liabilities (short term)
528
551
Loans and borrowings (short term)
7,522
354
Trade and other payables (short term)
14,000
12,455
Contract liabilities (short term)
6,208
8,142
Other provisions (short term)
2,182
1,964
Current liabilities
30,440
23,467
Total liabilities
54,332
53,917
Total equity and liabilities
151,224
45,328
Due to rounding, the sum of the numbers presented in the table
above might not precisely equal the totals we provide.
Consolidated statements of profit or loss and other
comprehensive income
kEUR
2021
2020
2019
Continuing Operations
Revenue
33,035
47,370
19,087
Cost of sales
-35,310
-45,548
-22,219
Gross profit (loss)
-2,275
1,822
-3,132
Research and development expenses
-2,012
-749
-473
Selling and general administrative
expenses
-13,321
-7,570
-5,924
Impairment losses on trade receivables and
contract assets
-171
-9
-63
Other income
4,538
541
1,026
Other expenses
-5,402
-2,224
-1,110
Operating Result
-18,643
-8,190
-9,676
Finance income
47
-
1
Finance expenses
-2,835
-2,135
-885
Share listing expenses
-65,796
-
-
Net finance costs
-68,583
-2,135
-884
Result before tax
-87,227
-10,325
-10,559
Income tax benefits / (expenses)
-413
45
-1,490
Result for the period
-87,640
-10,280
-12,050
Other comprehensive income
Items that are or may be reclassified
subsequently to profit or loss
Foreign operations – foreign currency
translation differences
-2
-
-
Other comprehensive income for the
period, net of tax
-2
-
-
Total comprehensive income for the
period
-87,642
-10,280
-12,050
Total comprehensive income attributable
to:
Shareholders of the parent
-87,642
-10,280
-12,050
Non-controlling interests
-
-
-
Earnings (loss) per share (in
EUR)
-
-
-
Diluted
-3.46
-0.32
-0.38
Basic
-3.46
-0.32
-0.38
Due to rounding, the sum of the numbers presented in the table
above might not precisely equal the totals we provide.
Consolidated statements of cash flows
kEUR
2021
2020
Result for the period
-87,640
-10,280
Depreciation and amortization
3,485
1,641
Finance income
-47
-
Finance expense
2,835
2,135
Share listing expense
58,523
-
Gain/loss on disposal of property, plant
and equipment
55
70
Change in trade receivables not
attributable to investing or financing activities
-10,540
1,380
Change in inventories
8,572
13,887
Change in trade payables
785
5,936
Change in contract assets
654
-565
Change in contract liabilities
-1,802
-29,686
Change in other investments
-2,577
-140
Change in other provisions
6,112
3,082
Change in other liabilities
3,283
-45
Cash flow from operating
activities
-18,304
-12,584
Purchase of property, plant and
equipment
-1,576
-1,059
Investments in intangible assets,
including internally generated intangible asset
-4,009
-5,564
Proceeds from sale of property, plant and
equipment
-
-
Cash flow from investing
activities
-5,585
-6,623
Proceeds from borrowings and shareholder
contribution and loans
26,409
10,354
Repayment of loans and borrowings
-354
-
Proceeds from issuance of shares to equity
holders of the parent
265,372
-
Cash election by shareholders in lieu of
shares
-84,112
-
Transaction cost deducted from equity
-14,991
-
Repayment of shareholder loans
-43,257
-
Redemption of equity
-19,976
-
Payment of lease liabilities
-569
-454
Interest paid
-2,571
-
Cash flow from financing
activities
125,950
9,900
Net increase in cash and cash
equivalents
102,062
-9,307
Net cash and cash equivalents at the
beginning of the period
18
9,325
FX effects
-267
-
Net cash and cash equivalents at the
end of the period
101,813
18
Due to rounding, the sum of the numbers presented in the table
above might not precisely equal the totals we provide.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220428005413/en/
ADS-TEC Energy Investor Relations – Cary Segall ADS-TEC
Energy c.segall@ads-tec-energy.com +1 845-224-8180
Media – United States: Scott Gamm Strategy Voice
Associates scott@strategyvoiceassociates.com +1 917-626-9515
Media - Europe: Burkhard Leschke Brand Relations GmbH
Burkhard Leschke b.leschke@blbr.de +49 16093803331
ADD TEC Energy (NASDAQ:ADSE)
Historical Stock Chart
From Jul 2024 to Jul 2024
ADD TEC Energy (NASDAQ:ADSE)
Historical Stock Chart
From Jul 2023 to Jul 2024