Forsee Power Outperforms Its 2023 Sales Target With Revenues up +54% to €171 Million
30 Janeiro 2024 - 1:45PM
Business Wire
- Continued strong sales momentum in the fourth quarter of
2023, with revenues up 27% to €44.7 million
- Heavy vehicles: another quarter of strong growth at €38.5m,
+31% vs. Q4 2022
- Light vehicles: sales up to €6.3m, +10% vs. Q4 2022
- Another year of strong growth, diversification of the
customer portfolio with the signing of new global references and an
extended geographical presence in new markets (Japan,
Australia).
- Short and medium terms adjusted EBITDA targets
confirmed
Regulatory News:
Forsee Power (Paris:FORSE) (FR0014005SB3 - FORSEE - the
"Company"), expert in smart battery systems for sustainable
electromobility, today announces its annual revenues for the year
ending December 31, 2023, data under audit.
Christophe Gurtner, Founder & CEO of Forsee Power
states: "Forsee Power closes 2023 with quarterly revenues up nearly
30%, benefiting from the good momentum of the heavy vehicle
segment. As a result, we achieved annual sales of over €171
million, exceeding our initial target. In addition to this
outperformance, 2023 enabled the Company to diversify its customer
portfolio by signing several partnerships with world leaders,
notably in Japan and Australia. We look forward to 2024 with a
stronger leadership position in our high value-added market
segments (bus, rail, truck, off-highway and light vehicles), in a
market context that remains as dynamic as ever. Indeed, the
democratization of zero-emission vehicles continues unabated across
all market segments, from electric scooters to heavy-duty trucks,
bolstering our sales prospects. In addition, the operational
development of our US manufacturing site will be one of the
highlights of 2024. Finally, all our teams remain focused on
pursuing our growth trajectory and improving our
profitability".
Breakdown of revenues by business segment
(in € thousand
Q4 2022
Q4 2023
Change
2022
2023
Change
Heavy vehicles
29,455
38,475
+30.6%
87,844
145,506
+65.6%
Light vehicles
5,666
6,258
+10.5%
23,175
25,831
+11.5%
Total sales
35,121
44,734
+27.4%
111,019
171,338
+54.3%
Forsee Power posted sales of €44.7 million in the final quarter
of 2023, up +27.4% on the fourth quarter of 2022. This solid
increase was driven by the heavy vehicles market, which grew by
+65.6% and benefited from continuing very favorable momentum. The
light vehicles segment also recorded an increase of +10.5% compared
with the fourth quarter of 2022.
Overall, Forsee Power posted 2023 sales of €171 million, up
+54.3%, outperforming its initial target of €160 million. As in
previous quarters, the share of heavy vehicles continues to grow,
and now represents 85% of sales at December 31, 2023, compared with
79% at the end of 2022.
More than 3,000 buses and over 135,000 light vehicles worldwide
are now equipped with Forsee Power batteries.
Recent key events
Business development and appointments
- Partnership with Toyota to equip its electric shuttles with
Forsee Power battery systems for zero-emission transport during the
major world sporting event to be held in Paris in the summer of
2024;
- Partnership with Peugeot Motocycles: Forsee Power's portable
batteries will be used to power the new e-Streetzone scooter;
- Appointment of Franck Meyer as Chief Financial Officer.
Strategy and outlook
Fiscal 2024 will be an opportunity for the Company to continue
its strong growth momentum by transforming its order book into
sales in its priority markets: buses and light vehicles. The heavy
vehicles segment should continue to drive the Group's growth.
In addition, the start-up of production at our North American
site in Columbus, Ohio, in the coming months will be a milestone in
the Company's industrial roadmap, as well as in its commercial
development.
Finally, Forsee Power will continue to expand its product and
service offering to provide its customers with ever more efficient
and sustainable solutions.
Thanks to a solid order book, fuelled in particular by the many
new customer signings in 2023 that will turn into substantial
revenue in the years ahead, the Group confirms its short- and
medium-term adjusted EBITDA target, and will specify its 2024 sales
target when it releases its 2023 annual results.
Next financial release: 2023 annual results, on April 23,
2024 before the stock market opens.
About Forsee Power
Forsee Power is a French industrial group specializing in smart
battery systems for sustainable electric transport (light vehicles,
off-highway vehicles, buses, trucks, and trains). A major player in
Europe, Asia and North America, the Group designs, assembles, and
supplies energy management systems based on cells that are among
the most robust in the market and provides installation,
commissioning, and maintenance on site and remotely. More than
3,000 buses and 135,000 LEV have been equipped with Forsee Power’s
batteries. The Group also offers financing solutions (battery
leasing) and second-life solutions for transport batteries. Forsee
Power and its 850 employees are committed to sustainable
development and the Group has obtained the Gold medal from leading
sustainability rating agency EcoVadis. For more information:
www.forseepower.com | @ForseePower
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version on businesswire.com: https://www.businesswire.com/news/home/20240130251540/en/
Forsee Power Sophie Tricaud VP Corporate affairs and
Sustainability investors@forseepower.com
NewCap Thomas Grojean Investor Relations
forseepower@newcap.eu +33 (0)1 44 71 94 94
NewCap Nicolas Merigeau Media Relations
forseepower@newcap.eu +33 (0)1 44 71 94 98
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