ADS-TEC Energy Delivers First Quarter 2024 Trading Update

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 its trading update for the quarter ended March 31, 2024.

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ADS-TEC Energy delivers first quarter 2024 trading update (Photo: Business Wire)

Key Highlights from the First Quarter 2024:

• Revenue for the first quarter of 2024 totaled approximately EUR 37 million.

• Adjusted EBITDA for the first quarter of 2024 amounted to approximately EUR 1 million.

• This marks the company’s second consecutive profitable quarter, a testament to our resilience particularly during the traditionally slow first quarter and positions us well for sustained profitability as we anticipate revenues will ramp up through the remainder of the year.

• Cash reserves at the end of the quarter stood at approximately 23,0 million, demonstrating strong cash management despite significant year-over-year growth.

• The majority of revenues are expected to be recognized in the second half of 2024 based on our current order backlog.

• We anticipate 2024 full-year revenues to exceed EUR 200 million and positive EBITDA for the fiscal year, supported by robust order intake in early 2024.

Operational Highlights for the First Quarter of 2024:

• Continued expansion of our client base with the addition of a significant amount of new blue-chip customers, both in Germany and across Europe, are underpinning the strong growth momentum.

• ADS-TEC Energy’s customers usually work with a sales cycle of several months and typically conclude with significant follow up orders after having successfully tested the systems. This supports continued growth from a higher revenue base.

• Increased momentum in the US market as demand grows for upgrades to 50-70 kW chargers due to limitations in power grids.

• Strategic partnerships and key contract wins in pursuit of European expansion, including a significant collaboration with Caverion, a leading industrial player in the Nordic region.

• Securing contracts in the Netherlands as part of the NXT 50five project, highlighting our commitment to advancing sustainable energy solutions across Europe.

• Introduction of ultra-fast EV charging stations at the Marina Palms residential complex in Florida, underscoring our commitment to driving sustainable mobility solutions in the US.