Turbo Energy Announces Financial Results for Year Ended December 31, 2023

Valencia, Spain, April 18, 2024 (GLOBE NEWSWIRE) -- Turbo Energy, S.A. (NASDAQ: TURB), a leading energy-saving technology company leveraging artificial intelligence software, today announced that for the year ended December 31, 2023, the Company reported revenues of €13.14 million ($14.54 million) and a net loss of €2.01 million ($2.23 million).

MANAGEMENT COMMENTARY

The year 2023 was a period in which the residential and industrial photovoltaic sector was adversely affected by a variety of external factors including high interest rates, significant energy price decreases and subsidy reductions. Combined with unusually high inventory levels in distribution channels, these factors contributed to a significant reduction in photovoltaic sales volumes, especially in Spain, which is the main market of the company.

Despite experiencing the negative effects of this market downturn, the company remains optimistic about the coming years. During 2023, Turbo Energy launched a portable version of its photovoltaic product for home balconies, as well as a version for commercial and industrial scale, and signed agreements with major retailers for this entire product range, thus achieving the introduction of new sales channels with greater potential. All of these moves have produced positive sales results thus far in 2024.

During 2023, the company also progressed with the development of a Sunbox residential version for marketing in the U.S., a Sunbox utility scale version, and a new powerful software platform that will allow Turbo to offer a highly competitive software proposition. We expect these products to yield positive sales results sometime in 2024.

These investments are paving the way towards a business model in which income will be a combination of equipment sales and recurring income from services, supported by high added value for both end users and partners related to new sales channels.

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 to once again embark on strong growth resulting from good sector growth expectations and commercial and product/software expansion plans launched from 2023.