Forsee Power Outperforms Its 2023 Sales Target With Revenues up +54% to €171 Million

Regulatory News:

Forsee Power (Paris:FORSE) (FR0014005SB3 - FORSEE - the "Company"), expert in smart battery systems for sustainable electromobility, today announces its annual revenues for the year ending December 31, 2023, data under audit.

Christophe Gurtner, Founder & CEO of Forsee Power states: "Forsee Power closes 2023 with quarterly revenues up nearly 30%, benefiting from the good momentum of the heavy vehicle segment. As a result, we achieved annual sales of over €171 million, exceeding our initial target. In addition to this outperformance, 2023 enabled the Company to diversify its customer portfolio by signing several partnerships with world leaders, notably in Japan and Australia. We look forward to 2024 with a stronger leadership position in our high value-added market segments (bus, rail, truck, off-highway and light vehicles), in a market context that remains as dynamic as ever. Indeed, the democratization of zero-emission vehicles continues unabated across all market segments, from electric scooters to heavy-duty trucks, bolstering our sales prospects. In addition, the operational development of our US manufacturing site will be one of the highlights of 2024. Finally, all our teams remain focused on pursuing our growth trajectory and improving our profitability".

Breakdown of revenues by business segment

(in € thousand	Q4 2022	Q4 2023	Change	2022	2023	Change
Heavy vehicles	29,455	38,475	+30.6%	87,844	145,506	+65.6%
Light vehicles	5,666	6,258	+10.5%	23,175	25,831	+11.5%
Total sales	35,121	44,734	+27.4%	111,019	171,338	+54.3%

Forsee Power posted sales of €44.7 million in the final quarter of 2023, up +27.4% on the fourth quarter of 2022. This solid increase was driven by the heavy vehicles market, which grew by +65.6% and benefited from continuing very favorable momentum. The light vehicles segment also recorded an increase of +10.5% compared with the fourth quarter of 2022.