Press release
ADS-TEC Energy Provides Preliminary Financial Results for Fourth Quarter and Full-Year 2023
NÜRTINGEN, Germany--(BUSINESS WIRE)-- ADS-TEC Energy plc (“ADS-TEC Energy”, “Company”, “we”, “our” or “us”) (NASDAQ: ADSE), a global leader in
About this update from Ads-tec Energy Plc
[{"type":"text","content":" NÜRTINGEN, Germany--(BUSINESS WIRE)--\nADS-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 preliminary unaudited financial results for the 3 and 12 months ended December 31st, 2023. This announcement comes ahead of ADS-TEC Energy’s Full-Year 2023 full financial results, to be announced in late April 2024.\n\n\nSelect Preliminary Unaudited Fourth Quarter 2023 Results\n\n\n\nFY 2023 revenue of approximately EUR 107.4m, representing 306% growth over FY 2022 and exceeding stated guidance of EUR 100m\n\n\n\nFY 2023 Adjusted EBITDA of approximately EUR -16.6m, compared to EUR -29.2m in FY 2022\n\n\n\nEnded FY2023 with approximately EUR 29.1m in cash\n\n\n\nFourth quarter 2023 revenue of approximately EUR 50.3m\n\n\n\nFourth quarter Adjusted EBITDA of approximately EUR 4.9m, representing the Company’s first profitable quarter\n\n\n\nReiterate FY24 guidance of approximately EUR 200m in revenues and positive EBITDA, underpinned by strong order intake in early 2024\n\n\n\nADS-TEC Energy performed very well in 2023, surpassing revenue guidance and driving strong financial growth compared to FY 2022. The Company experienced its first profitable quarter in Q4 2023, driven by an easing of previous supply chain issues and solid operational performance. The Company believes that this is a key inflection point towards sustained profitability in FY 2024.\n\n\nOn the customer front, ADS-TEC Energy experienced robust growth from both new and existing blue-chip customers. Demand in Europe was very strong in 2023, driven by continued investments in charging infrastructure, which was reflected in the solid performance of ADS-TEC Energy’s European client base.\n\n\nThomas Speidel, CEO of ADS-TEC Energy, states “Our 2023 performance and strong guidance for 2024 proves that our strategy of intelligent platform technology is finding its place in the decentralized energy supply. The ability to Super Charge on low-powered grids is just one example of the many functions our customers are able to monetize – the adaptability of our platforms and services and the variety of use-cases benefits a broad and growing spectrum of customers and partners.”\n\n\nIn 2024, ADS-TEC Energy plans to continue to grow its blue-chip customer base both in Europ...