Press release
ADS-TEC Energy (ADSE) Reports Full-Year Fiscal 2022 Results and Provides Business Update For 2023
NÜRTINGEN, Germany--(BUSINESS WIRE)-- ADS-TEC Energy plc (NASDAQ: ADSE), a global leader in battery-buffered, ultra-fast charging technology, today announced
About this update from Ads-tec Energy Plc
[{"type":"text","content":" NÜRTINGEN, Germany--(BUSINESS WIRE)--\nADS-TEC Energy plc (NASDAQ: ADSE), a global leader in battery-buffered, ultra-fast charging technology, today announced audited financials for the full fiscal year 2022 and guidance for 2023. The company will be hosting a conference call to discuss the results at 14:00h CET/ 8:00 a.m. ET today.\n\n\nFull-Year 2022 operational highlights\n\n\n\nSuccessfully managed supply chain issues and produced systems and performed services from the factory worth €45.6M\n\n\n\nNew ultra-fast charging system, ChargePost, was successfully launched in December 2022, as planned\n\n\n\nFocus on blue-chip partners and strategic customers, including GP-Joule together with Mobilize Power Solutions, a subsidiary of Groupe Renault aimed at expanding the EV fleet charging market, and amperio GmbH, who have ordered their first 100 ChargePosts\n\n\n\nFull-Year 2022 financial highlights\n\n\n\nConsolidated revenue of €26.4M, compared to €33.0M in FY21, impacted by clients not taking product by 12/31; finished goods still in the company’s Alabama facility and moved to 2023\n\n\n\nOperational expenses of €33.0M (2021: €15.3M)\n\n\n\nEBITDA of €-32.1M (2021: €-15.2M)\n\n\n\nYear-end cash of €34.4M\n\n\n\n2023 outlook\n\n\n\n2023 full year revenues expected to exceed €100M\n\n\n\nExpecting to be EBITDA break-even to positive in FY 2023\n\n\n\nSecured shareholder loan of €12.9M; no intention to raise equity in foreseeable future\n\n\n\nStrong order backlog of €90.0M based on binding orders mainly from solid customers underpinning revenue visibility\n\n\n\nSubstantial growth anticipated in 2024 and beyond, driven by very strong customer dynamics and market trends\n\n\n\nThomas Speidel, CEO of ADS-TEC Energy, said: “We are at the beginning of a major transformation, focusing on well-funded, blue-chip customers with very ambitious growth plans. These customers and partners highly appreciate the managed eco-platform business provided by ADS-TEC Energy combined with long-term services optimizing the Total Cost of Ownership and securing their business case”.\n\n\nThe combination of a growing, high-quality customer base with the need for infrastructure operators to balance demand across their grids will enable us to substantially scale our platform. I am confident that we are well-positioned to capitalize on very strong customer...