Slide 1: Zaptec Powers Adventure – Q1 2023 Financial Results
Zaptec Powers Adventure Q1 2023 Financial Results 10 May 2023
Slide 2: Financial highlights | Q1 2023
Financial highlights | Q1 2023 Order intake Order backlog Revenue 587 489 271 +204% vs. Q1 2022 +702% vs Q1 2022 +105% vs. Q1 2022 Gross margin EBITDA margin Share capital increase 41% 2% 300 vs. 46% for Q1 2022 vs. 0% for Q1 2022 raised in gross proceeds Figures in NOK million unless otherwise spec
Slide 3: Record breaking order intake
Record breaking order intake Quarterly order intake, MNOK +204% • Record-breaking order intake, up 204% compared to Q1 2022 and up 113% compared to Q4 2022 • Significant portion of order intake in 587 Q1’23 will be delivered later in 2023 233 276 • Zaptec Pro MID-type approval arriving 193 218 118 1
Slide 4: Significant production ramp-up
Significant production ramp-up • Zaptec Pro and Zaptec Go production increased significantly Q1’23 in line with our plans • Zaptec Pro production ramp-up at Sanmina in Q1’23 following production start in Q4’22 • Zaptec Go production being prepared for 2H’23 start-up at Sanmina to further ramp up Zap
Slide 5: 105% revenue growth in the first quarter
105% revenue growth in the first quarter Quarterly revenue, MNOK +105% • Revenue increased 105% in Q1 2023 compared to Q1 2022 271 248 • This is all time high quarterly revenue, 226 193 despite that first quarter historically has 132 152 131 been a slow quarter in terms of revenue 73 92 Q1-21 Q2-21
Slide 6: Mixed electric vehicle sales figures
Market development Mixed electric vehicle sales figures • Plug-in vehicle sales in Zaptec’s largest Plug-in vehicles sales in Q1 2023 vs Q1 2022 market, Norway, declined 12% compared to Battery electric vehicles (BEV) & Plug-in hybrid electric vehicles (PHEV) Q1 2022, following introduction of VAT f
Slide 7: Electrification megatrend intact on the back of strong key drivers
Market development Electrification megatrend intact on the back of strong key drivers • Governments incentivise electric vehicles • Customers demand environmentally friendly solutions • Automakers transition to electric • Increased availability of models • Reduced battery cost and improved range • R
Slide 8: Export share decreased in Q1, but is expected to increase in the future
Export share decreased in Q1, but is expected to increase in the future Sales outside Norway, NOK million +97% • Strong sales in Norway led to reduced export share of 65% in Q1 • 97% sales growth outside Norway compared to Q1 2022 171 176 157 • Expecting increased export share going forward, driven
Slide 9: Increased demand after Swedish Electrical Safety Authority review of charging stations
Other Q1 Highlights Increased demand after Swedish Electrical Safety Authority review of charging stations • In 2022, the Swedish Electrical Safety Authority (SESA) reviewed several charging stations available in the market including Zaptec Go • The purpose of the review is to help customers select
Slide 10: MID-type approval for Zaptec Pro
Other Q1 Highlights MID-type approval for Zaptec Pro • On 30th March 2023, the Zaptec Pro MID-type approval was completed • This approval shows that Zaptec Pro complies to the energy measurement accuracy and documentation requirements in major European markets • MID certified version of Zaptec Pro i
Slide 11: Zaptec granted a patent for phase balancing charging technology
Other Q1 Highlights Zaptec granted a patent for phase balancing charging technology • In March 2023, Zaptec was granted its patent application for phase balancing and has protected its charging technology by this • The patent makes the Norwegian technology for smart power utilization unique • The te
Slide 12: Gross margin improvement started to materialize in Q1
Gross margin improvement started to materialize in Q1 Gross margin development 60% 51% • The gross margin increased to 41% in Q1’23, 50% 46% 45% compared to 38% in Q4’22 42% 41% 39% 39% 39% 38% 40% 38% 36% • Expect to maintain gross margin level going forward 35% 33% 30% o Higher price point for MID
Slide 13: EBITDA reflects production ramp-up and continued investment in new markets
EBITDA reflects production ramp-up and continued investment in new markets EBITDA MNOK margin (%) • EBITDA margin increased to 2% in Q1 2023 compared to 0% in Q1 14,9 15 11,6 10% 2022. EBITDA margin negatively impacted by production ramp-up 10 8% 7% and continued growth investments 4,6 5% 5 0,1 2% o
Slide 14: Summary
Summary Record breaking order intake of 587 MNOK – European patent for dynamic phase a 204% increase compared to Q1’22 balancing granted – separates Zaptec from the crowd All time high quarterly revenue of 271 MNOK – 105% higher than Q1’22 MID compliance for Zaptec Pro reached unlocking key market s
Slide 15: Q&A / Disclaimer – forward looking statements
Q&A Disclaimer – forward looking statements Cautionary Statement Regarding Forward-Looking Statements In addition to historical information, this presentation contains statements relating to our future business and/or results. These statements include certain projections and business trends that are