ADS-TEC Energy Reports Half Year 2024 Financial Results and Trading Update

ADS-TEC Energy plc (NASDAQ: ADSE), a global leader in battery-buffered, ultra-fast charging technology, today announced its unaudited financial results for the first half of 2024, covering the period ended June 30, 2024.

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Financial Highlights

• Revenues: €79.3 million for the six months ended June 30, 2024, reflecting a growth of 107% compared to €38.3 million for the same period in 2023.
• Gross Margin: €15.7 million (19.8%), a significant improvement compared to a negative gross margin of €-0.5 million (-1.4%) in H1 2023.
• Operating Expenses: €20.0 million for the six months ended June 30, 2024, compared to €17.9 million in the same period of 2023, reflecting an 11.7% increase, underscoring the business leverage effect.
• Operating Result: €-5.0 million compared to €-20.0 million for the same period last year.
• Adjusted EBITDA (non-IFRS)*: €3.6 million for H1 2024, a substantial turnaround from €-14.3 million in H1 2023. This marks the third consecutive profitable quarter.
• Cash and Cash Equivalents: €23.0 million as of June 30, 2024, demonstrating strong liquidity management amid substantial year-over-year growth.
• Customer Base Expansion: The company reported significant growth (+295%) in its paying customer base compared to the same period in 2023.

ADS-TEC Energy continued its strong financial and operational performance in the first half of 2024, achieving key milestones that underscore the company’s ongoing growth trajectory. These include the acquisition of new customers, a notable improvement in gross margins, and achieving profitability for the third consecutive quarter. Revenues doubled in the first half of 2024, driven by an expanding customer base and deepening relationships with key blue chip clients.

Strategic Partnerships

In February 2024, ADS-TEC Energy entered into a partnership with Caverion to supply its ChargePost and ChargeBox solutions across Norway. This partnership has since expanded to Denmark and Sweden and is a critical element of ADS-TEC Energy’s growth strategy in the Nordic region.

Additionally, ADS-TEC Energy has secured a partnership with Porsche, becoming the preferred service partner for all Porsche dealer locations across Europe and North America. These strategic partnerships are expected to significantly contribute to the company’s future growth and market penetration.