Turbo Energy Announces Interim Results for the Period Ended June 30, 2023

Valencia, Spain, Dec. 27, 2023 (GLOBE NEWSWIRE) -- Turbo Energy, S.A. (NASDAQ: TURB), the leading energy-saving technology company, leveraging artificial intelligence software, today announced its unaudited interim financial results for the six months ended June 30, 2023.

- Turbo Energy reported revenues of €7,2 million and a net income of € (697) thousand for the six months ended June 30, 2023.

MANAGEMENT COMMENTARY

The year 2023 has been a period in which the residential and industrial self-consumption photovoltaic sector has been affected by a variety of external factors that have led to a reduction in volumes.

High interest rates, significant energy price decreases and subsidy reductions in some markets have resulted in weak demand for the period, which combined with high inventory levels in the distribution channels has contributed to a significant reduction in revenue volumes, especially in Europe, which is the main market of the Company, and affected Turbo Energy equally.

The Company, however, remains very optimistic about the coming years. This optimism comes from the strong development in Artificial Intelligence product lines and software that Turbo Energy has done and is doing.

The positioning of Turbo Energy products at residential, industrial, and utility level and the strong commitment to continuous software development combined with Artificial Intelligence that optimizes energy savings, will keep the Company at the forefront of the industry. In addition, the downward trend in the prices of components related to photovoltaic installations, especially batteries, has started again, which is increasing the already high profitability of these installations for end users. All sector forecasts issued by experts predict very significant growth in sales for the coming years. This is a global trend in all scales of installations.

Turbo Energy expects strong growth in the coming years, both due to sectoral expectations and to the international and product expansion plan initiated after the IPO last September. The company is relying on the strong competitive position of its Sunbox product line, which optimizes energy savings with Artificial Intelligence, to capture market share in several countries and thus consolidate the expected growth.

BUSINESS HIGHLIGHTS

On June, 2023, Turbo Energy announced its new SunBox Industry product line, a storage solution focused on the solar, commercial and industrial self-consumption market. SunBox Industry is presented as a complete lithium-ion battery electricity storage and smart solar power management system, which utilizes Turbo Energy's own artificial intelligence software.