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 preliminary
unaudited financial results for the 3 and 12 months ended December
31st, 2023. This announcement comes ahead of ADS-TEC Energy’s
Full-Year 2023 full financial results, to be announced in late
April 2024.
Select Preliminary Unaudited Fourth Quarter 2023 Results
- FY 2023 revenue of approximately EUR 107.4m, representing 306%
growth over FY 2022 and exceeding stated guidance of EUR 100m
- FY 2023 Adjusted EBITDA of approximately EUR -16.6m, compared
to EUR -29.2m in FY 2022
- Ended FY2023 with approximately EUR 29.1m in cash
- Fourth quarter 2023 revenue of approximately EUR 50.3m
- Fourth quarter Adjusted EBITDA of approximately EUR 4.9m,
representing the Company’s first profitable quarter
- Reiterate FY24 guidance of approximately EUR 200m in revenues
and positive EBITDA, underpinned by strong order intake in early
2024
ADS-TEC Energy performed very well in 2023, surpassing revenue
guidance and driving strong financial growth compared to FY 2022.
The Company experienced its first profitable quarter in Q4 2023,
driven by an easing of previous supply chain issues and solid
operational performance. The Company believes that this is a key
inflection point towards sustained profitability in FY 2024.
On the customer front, ADS-TEC Energy experienced robust growth
from both new and existing blue-chip customers. Demand in Europe
was very strong in 2023, driven by continued investments in
charging infrastructure, which was reflected in the solid
performance of ADS-TEC Energy’s European client base.
Thomas Speidel, CEO of ADS-TEC Energy, states “Our 2023
performance and strong guidance for 2024 proves that our strategy
of intelligent platform technology is finding its place in the
decentralized energy supply. The ability to Super Charge on
low-powered grids is just one example of the many functions our
customers are able to monetize – the adaptability of our platforms
and services and the variety of use-cases benefits a broad and
growing spectrum of customers and partners.”
In 2024, ADS-TEC Energy plans to continue to grow its blue-chip
customer base both in Europe and the U.S. and is pleased to
reiterate its FY 2024 guidance of EUR 200m in revenues and positive
EBITDA.
Set forth above are certain estimated preliminary financial
results for the fourth quarter and fiscal year ended December 31,
2023. These estimates are based on the information available to us
at this time. Our actual results may vary from the estimated
preliminary results presented here due to final adjustments and
other developments that may arise between now and the time the
financial results for the fiscal year ended December 31, 2023 are
finalized. These financial figures have not been audited or
reviewed by the Company’s external auditors. These estimates should
not be viewed as a substitute for our full interim or annual
financial statements. Accordingly, you should not place undue
reliance 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 May 11, 2023, which is available on our website at
https://www.ads-tec-energy.com/en/company/invest 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.
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 EBITDA 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.
We have not provided the forward-looking IFRS equivalents for
the forward-looking non-IFRS financial measures EBITDA and Adjusted
EBITDA or an IFRS reconciliation as a result of the uncertainty
regarding, and the potential variability of, reconciling items
including but not limited to stock-based compensation expense,
foreign currency loss or gain, financial instruments related
expenses and inventory valuation losses. Accordingly, a
reconciliation of these non-IFRS guidance metrics to their
corresponding IFRS equivalents is not available without
unreasonable effort. However, it is important to note that material
changes to reconciling items could have a significant effect on
future IFRS results and, as such, we also believe that any
reconciliations provided would imply a degree of precision that
could be confusing or misleading to investors.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240208019335/en/
Media Contact: For ADS-TEC Energy –
Germany Dennis Müller SVP Product Marketing &
Communication press@ads-tec-energy.com For
ADS-TEC Energy – US Stephannie Depa Breakaway Communications
+1 530-864-0136 sdepa@breakawaycom.com
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