ADS-TEC Energy (ADSE) Reports Full-Year Fiscal 2023 Results and Provides Business Update

ADS-TEC Energy plc (plc (“ADS-TEC Energy,” “ADS-TEC ,” “Company,” “we,” “our” or “us”) (NASDAQ: ADSE), a global leader in battery-buffered, ultra-fast charging technology, today announced audited financials for FY 2023 and is pleased to provide an operational update on the recent financial performance and key developments for the company.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240430159801/en/

ADS-TEC Energy reports full-year fiscal 2023 results (Photo: Business Wire)

FY 2023 Financial Highlights

• Fourth quarter 2023 set a record in the company’s history with revenue of approximately EUR 50.3 million.
• Fourth quarter Adjusted EBITDA was approximately EUR 4.6 million, marking the Company’s first profitable quarter.
• FY 2023 revenue totalled approximately EUR 107.4 million, compared to approximately EUR 26.4 million in FY 2022.
• FY 2023 Adjusted EBITDA of approximately EUR -16.3 million, compared to FY 2022 Adjusted EBITDA of approximately EUR -29.4 million
• FY 2023 operational expenses amounted to approximately EUR 30.7 million, compared to approximately EUR 33.0 million in FY 2022.
• Ended FY 2023 with approximately EUR 29.2 million in cash and cash equivalents.
• Reiterating 2024 revenue guidance of at least EUR 200 million.

2023-2024 Operational Highlights

• Over 1,500 battery-based DCFC charging points installed.
• More than 2,500 battery-based DCFC charging points shipped and delivered.
• Exceeded customer expectations at sites with very high utilization.
• Experienced strong momentum in onboarding new blue-chip clients, with the potential for future growth, leading to recurring service revenue becoming increasingly significant as a percentage of sales and profits.
• Optimized production processes, with yearly production capacity now at 5,000 ChargeBoxes, 10,000 Dispensers and more than 6,000 ChargePost systems.
• Geographical expansion gaining momentum, with activity in 15+ countries after growth primarily driven by Germany.
• Indications of adoption in the US market with increasing interest in ADS-TEC products. Launch of ChargePost expected in early 2025 to provide a significant boost to growth.
• Formed strong new partnerships with companies such as Caverion, Greenman Energy, Paragon, Nouria, Ford dealerships and Alabama Power.
• Strong personnel growth with several key appointments to the Board and management: Dr. Sonja Harms, Dr. Andreas Fabritius, and Alwin Epple, along with a new SVP, Renato Gross, in ADS-TEC Energy’s US office.

2024 Outlook