- Strong order momentum with booked orders up over 100% YOY for
H1 2022 and demand across multiple market segments
- Order backlog was more than €176 million for end of August
2022, largely driven by strong growth in Europe and the U.S.
- H1 2022 international expansion and diversification into other
geographies has led to revenue outside of Germany increasing 4x
from H1 2021
- Growth in U.S. business since launch in January
- Completed due diligence and identification of U.S. plant
location with a scheduled opening in H2 2022
- Revenue in H1 2022 was €9.4 million
- Gross Profit (loss) in H1 2022 was -€4.8 million
- EBIT in H1 2022 was -€18.5 million for H1 2022
- H1 2022 closed with €65.7 million cash-on-hand and, as of this
announcement, no debt
- FY 2022 revenue guidance of €80 to €100 million more than
doubles FY 2021 revenue
- Growth continues in core segments across North America,
Continental Europe, and the United Kingdom
- Increased order backlog already includes planned deliveries for
2023
ADS-TEC Energy plc (NASDAQ: ADSE), a global leader in
battery-buffered, ultra-fast charging technology, today announced
audited financials for H1 2022 and guidance for FY 2022.
The company also announced strong performance and continued
growth in its key segments with contracted business in
municipalities, oil and gas, hospitality, big box retail, charging
point operators, EV fleets, automotive OEM dealerships, and large
last-mile delivery services since launching its U.S. business in
January.
ADS-TEC Energy announced a key strategic partnership with JOLT,
a Dublin and Munich-based technology company focused on owning and
operating ultra-fast charging solutions in urban areas.
Installations have already begun at ESSO service stations in
Munich, Berlin, Hamburg, Frankfurt, Stuttgart, Dresden,
Duesseldorf, and Nuremberg as well as TAMOIL stations in the
Netherlands. They aim to install and operate up to 5,000 ultra-fast
charging stations over the next five years.
On the product side, ADS-TEC Energy extends its
battery-buffered, ultra-fast charging technology with the addition
of ChargePost. Unlike the currently-available, battery-buffered
ChargeBox, which consists of a separate battery-booster module and
two charging dispensers, the ChargePost consolidates
battery-buffering and dispensers into a single “all-in-one” system
with a large display that provides revenue-generating advertising
opportunities. In conjunction with this addition to the company’s
portfolio, the company has completed a framework agreement with a
European company that will receive the first 50 ChargePost systems
in 2022. As part of the agreement, ADS-TEC Energy expects to
deliver increasing volumes of products to encompass thousands of
ChargePost units over the next few years.
Also, ADS-TEC Energy announced in August, that the company has
significantly increased the order volume for its products in fiscal
year 2022 since the publication of the first financial forecast on
April 28, 2022. The orders primarily involve the company’s
battery-buffered, ultra-fast EV charging systems, but also include
stationary storage systems for commercial and industrial
applications. For contractual reasons, specific customers and
projects cannot be publicly announced at this time. Our sales
guidance of €80 to €100 million will not be affected by the
increased order backlog, as sales from the new orders are planned
for 2023.
After much due diligence and site work, the company has
identified the location of its U.S. manufacturing plant and expects
it to be operational in Q4 2022.
Financial & Operational Highlights
The below represents summary financial and operational figures
for H1 2022:
- Revenue of €9.4 million
- Gross profit (loss) of -€4.8 million
- Net loss of -€7.1 million
- Operating Result of -€18.5 million
- Result before tax of -€7.1 million
- Cash Flow from Operations of -€31,4 million
- Capital Expenditure of €3.3 million
2022 Financial & Operating Guidance
ADSE is introducing FY2022 guidance as follows:
- Total revenue of €80 - €100 million for FY2022
- Revenue in FY2022 will be backloaded to second half based on
confirmed order backlog
Conference Call information
https://www.webcast-eqs.com/adstec20220912
About ADS-TEC Energy
ADS-TEC Energy plc, a public limited company incorporated in
Ireland and publicly listed on NASDAQ (“ADS-TEC Energy”), serves as
a holding company for ADS-TEC Energy GmbH, our operating company
incorporated in Germany (“ADSE GM”) and ADS-TEC Energy Inc., a US
subsidiary of ADS-TEC Energy GmbH (“ADSE US” and together with
ADS-TEC Energy and ADSE GM, “ADSE”). ADSE is a global leader in
battery-buffered, ultra-fast charging technology that draws on more
than 10 years of experience with lithium-ion technologies, storage
solutions and fast charging systems, including the corresponding
energy management systems. Its battery-based, fast charging
technology enables electric vehicles to ultrafast charge even on
low powered grids and features a very compact design. The high
quality and functionality of the battery systems are due to a
particularly high depth of development and in-house production.
With its advanced system platforms, ADSE is a valuable partner for
automotive, OEMs, utility companies and charge-operators.
More information on www.adstec-energy.com
Forward-looking Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Words such as “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions are
intended to identify such forward-looking statements. These
forward-looking statements include statements regarding our
financial outlook for 2022, our expectations with respect to future
performance and the anticipated timing of certain commercial
activities. There are a significant number of factors that could
cause actual results to differ materially from the statements made
in this press release, including: the impact of the COVID-19
pandemic, geopolitical events including the Russian invasion of
Ukraine, macroeconomic trends including changes in inflation or
interest rates, or other events beyond our control on the overall
economy, our business and those of our customers and suppliers,
including due to supply chain disruptions and expense increases;
our limited operating history as a public company; our dependence
on widespread acceptance and adoption of EVs and increased
installation of charging stations; our current dependence on sales
to a limited number of customers for most of our revenues; overall
demand for EV charging and the potential for reduced demand for EVs
if governmental rebates, tax credits and other financial incentives
are reduced, modified or eliminated or governmental mandates to
increase the use of EVs or decrease the use of vehicles powered by
fossil fuels, either directly or indirectly through mandated limits
on carbon emissions, are reduced, modified or eliminated; supply
chain interruptions and expense increases; unexpected delays in new
product introductions; our ability to expand our operations and
market share in Europe and the U.S.; the effects of competition;
changes to battery energy storage standards; and the risk that our
technology could have undetected defects or errors. Additional
risks and uncertainties that could affect our financial results are
included under “Item 3. Key Information – 3.D. Risk Factors” in our
annual report on Form 20-F filed with the Securities and Exchange
Commission (the “SEC”) on April 28, 2022, which is available on our
website at
https://adstec-energy.com/investor-relations-corporate-governance/
and on the SEC’s website at www.sec.gov. Additional information
will also be set forth in other filings that we make with the SEC
from time to time. All forward-looking statements in this press
release are based on information available to us as of the date
hereof, and we do not assume any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were made,
except as required by applicable law.
Use of Non-IFRS Financial Measures
ADS-TEC Energy has provided in this press release financial
information that has not been prepared in accordance with
International Financial Reporting Standards as issued by the
International Accounting Standards Board (“IFRS”). ADS-TEC Energy
uses these non-IFRS financial measures internally in analyzing its
financial results and believes that the use of these non-IFRS
financial measures is useful to investors to evaluate ongoing
operating results and trends, and in comparing ADS-TEC Energy’s
financial results with other companies in its industry as well
other technology companies, many of which present similar non-IFRS
financial measures.
The presentation of these non-IFRS financial measures is not
meant to be considered in isolation or as a substitute for
comparable IFRS financial measures and should be read only in
conjunction with ADS-TEC Energy’s consolidated financial statements
prepared in accordance with IFRS. A reconciliation of ADS-TEC
Energy’s historical non-IFRS financial measures to their most
directly comparable IFRS measures has been provided in the
financial statement tables included in this press release, and
investors are encouraged to review these reconciliations.
Financial Statements
Unaudited interim condensed consolidated statements of
comprehensive income
For the six months ended June
30:
kEUR
Note
2022
2021
Continuing operations
Revenue
4.1.1
9,431
20,947
Cost of sales
4.1.2
-14,255
-19,433
Gross profit (loss)
-4,824
1,514
Research and development expenses
4.1.2
-1,030
-1,583
Selling and general administrative
expenses
4.1.2
-12,706
-4,083
Impairment losses on trade receivables and
contract assets
-141
0
Other income
599
549
Other expenses
-384
-467
Operating result
-18,484
-4,069
Finance income
4.1.3
11,502
-
Finance expenses
-161
-1,108
Net finance result
11,341
-1,108
Result before tax
-7,143
-5,177
Income tax benefits (expenses)
4.1.4
-165
-
Result for the period
-7,309
-5,177
Other comprehensive income
Items that are or may be reclassified
subsequently to profit or loss
Foreign operations – foreign currency
translation differences
43
-
Other comprehensive income for the
period, net of tax
43
-
Total comprehensive income for the
period
-7,266
-5,177
Profit (loss) attributable to:
Shareholders of the parent
-7,309
-5,177
Non-controlling interests
-
-
Total comprehensive income attributable
to:
Shareholders of the parent
-7,266
-5,177
Non-controlling interests
-
-
Earnings (loss) per share (in
EUR)
4.1.5
-
-
Diluted
-0.15
-161.59
Basic
-0.15
-161.59
Due to rounding, the sum of the numbers presented in the table
above might not precisely equal the totals we provide.
Unaudited interim condensed consolidated statements of
financial position
ASSETS
kEUR
Note
Jun. 30, 2022
Dec. 31, 2021
Intangible assets (excl. Goodwill)
4.2.1
18,342
17,038
Right-of-use assets
4.2.2
1,808
1,988
Property, plant and equipment
4.2.3
3,221
2,958
Other investments (non-current)
2,582
2,084
Trade and other receivables
(non-current)
4
4
Deferred tax assets
-
-
Non-current assets
25,958
24,072
Inventories
4.2.4
28,462
13,063
Contract assets
1,195
973
Trade and other receivables (current)
17,770
11,304
Cash and cash equivalents
65,720
101,813
Current assets
113,148
127,152
Total assets
139,106
151,224
Due to rounding, the sum of the numbers presented in the table
above might not precisely equal the totals we provide.
EQUITY AND LIABILITIES
kEUR
Note
Jun. 30, 2022
Dec. 31, 2021
Share capital
4
4
Capital reserves
215,291
214,100
Other equity
42
-2
Retained earnings
-117,211
-29,571
Profit (loss)
-7,309
-87,640
Equity attributable to owners of the
Company
90,817
96,892
Non-controlling interests
-
-
Total equity
90,817
96,892
Lease liabilities (non-current)
4.2.2
1,341
1,537
Warrant liability (non-current)
7,755
12,767
Trade and other payables (non-current)
198
158
Contract liabilities (non-current)
132
132
Other provisions (non-current)
7,544
7,438
Deferred tax liabilities
2,022
1,859
Non-current liabilities
18,992
23,892
Lease liabilities (current)
4.2.2
553
528
Loans and borrowings (current)
-
7,522
Trade and other payables (current)
20,370
14,000
Contract liabilities (current)
6,208
6,208
Other provisions (current)
2,166
2,182
Current liabilities
29,297
30,440
Total liabilities
48,288
54,332
Total equity and liabilities
139,106
151,224
Due to rounding, the sum of the numbers presented in the table
above might not precisely equal the totals we provide.
Unaudited interim condensed consolidated statements of cash
flows
For the six months ended June 30:
kEUR
Note
Jun. 30, 2022
Jun. 30, 2021
Result for the period
-7,309
-5,177
Depreciation and amortization
4.1.2
2,010
1,681
Finance income excluding the FX valuation
of USD bank accounts
-5,022
-
Non-cash effective foreign currency
gains
-6,479
-
Finance expense
161
1,108
Stock compensation
4.3
1,192
-
Gain/loss on disposal of property, plant
and equipment
4.2.3
39
-
Change in trade receivables not
attributable to investing or financing activities
-5,620
25
Change in inventories
4.2.4
-15,202
5,544
Change in trade payables
8,881
-1,534
Change in contract assets
-222
386
Change in contract liabilities
-1
-6,108
Change in other investments
-1,345
-13
Change in other provisions
91
528
Change in other liabilities
-2,523
-
Cash flow from operating
activities
-31,351
-3,558
Purchase of property, plant and
equipment
4.2.3
-760
-360
Investments in intangible assets,
including internally generated intangible asset
4.2.1
-2,568
-1,535
Interest received
10
-
Cash flow from investing
activities
-3,318
-1,895
Proceeds from borrowings and shareholder
contribution and loans
-
5,742
Repayment of loans and borrowings
-7,525
-
Payment of lease liabilities
4.2.2
-280
-307
Interest paid
-161
-
Cash flow from financing
activities
-7,966
5,435
Net decrease in cash and cash
equivalents
-42,636
-18
Net cash and cash equivalents at the
beginning of the period
101,813
18
FX effects
6,542
-
Net cash and cash equivalents at the
end of the period
65,720
-
Due to rounding, the sum of the numbers presented in the table
above might not precisely equal the totals we provide.
Consolidated
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220912005516/en/
ADS-TEC Energy Investor Relations – Cary Segall ADS-TEC
Energy c.segall@ads-tec-energy.com +1 845-224-8180 Media –
United States: Scott Gamm Strategy Voice Associates
scott@strategyvoiceassociates.com +1 917-626-9515 ADS-TEC Energy
Europe: Dennis Müller SVP Product Marketing & Communication
press@ads-tec-energy.com
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