ADS-TEC Energy Reports Full Year 2024 Financial Results and Provides Business Update
NÃoeRTINGEN, Germany--(BUSINESS WIRE)--May 12, 2025--
ADS-TEC Energy $(ADSE)$, a global leader in battery-based energy storage and fast-charging systems, today announced its audited financial results for full year 2024, covering the period ended December 31, 2024.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250512762826/en/
ADS-TEC Energy reports 2024 financial results
Financial Highlights
Following the publication of '24 results earlier this year below we are reporting finalized and fully audited '24 results which do not deviate from the preliminary results.
-- Revenue: EUR 110.0 million for FY 2024, a 2.5 % increase compared to EUR
107.4 million in FY 2023
-- Gross Profit: EUR 19.4 million (17.7 % gross margin), up from a gross
loss of EUR -2.9 million (-2.7 %) in FY 2023
-- Adjusted EBITDA (non-IFRS*): EUR 2.2 million, significant improvement
from EUR -38.1 million in the prior year
-- Operating Loss: EUR -8.6 million, compared to EUR -44.5 million in FY
2023
-- Cash and Cash Equivalents: EUR 22.9 million as of December 31, 2024
-- Customer Growth: Customer base expanded by over 200 %, reaching 55
customers across Europe, the United States, and Canada
"2024 was a milestone year for ADS-TEC Energy, despite headwinds in the EV sector," said Thomas Speidel, CEO of ADS-TEC Energy. "We navigated market volatility while achieving our first-ever positive adjusted EBITDA and more than tripled our customer base. As we move into 2025, we are transitioning into a more resilient, long-term growth phase--supported by new capital and a business model that leverages multiple recurring revenue streams across Europe and North America."
Operational Highlights
-- $ 50 Million Financing Secured: On May 1, 2025, the company closed a $ 50
million funding round to support international growth and expansion of
its business model
-- Shift to Resilient, Recurring revenues: Focus on long-term revenue
streams backed by proven and proprietary technology
-- Global Project Pipeline: Active negotiations in securing over 300 sites
at high-traffic locations such as supermarkets, DIY chains, convenience
stores, gas stations, and more
-- Significant growth opportunities in Energy Storage: Leveraging over a
decade of experience, with its first commercial & industrial (C&I)
battery energy storage system (BESS) installed in 2012. Now participating
in large-scale international BESS projects from 2025 onward
-- North American Expansion: Strengthened footprint in North America,
including customer growth and a new strategic partnership with Parkland
Corporation
-- Service Revenue Growth: Service business nearly tripled from EUR 2.0
million to EUR 5.6 million year-over-year, driven by a growing installed
base
* Non-IFRS measures such as Adjusted EBITDA are used internally by management to evaluate operating performance and may differ from similarly titled measures used by other companies. Adjusted EBITDA is defined as operating loss adjusted by depreciation, amortization and effects from share-based payments.
Conference Call Information
The live webcast of the call will be available by clicking here. Please make sure to register ahead of the call and log in approximately 5-10 minutes prior to the scheduled start time.
The Investor Presentation will be available as a PDF document after the call within the section of the company's website.
About ADS-TEC Energy
Based on more than ten years of experience with lithium-ion technologies, ADS-TEC Energy develops and produces battery storage solutions and fast charging systems including their energy management systems. Its battery-based fast-charging technology enables electric vehicles to charge ultra-fast even with weak power grids and is characterized by a very compact design. The company, based in Nürtingen, Baden-Württemberg, was nominated for the German Future Prize by the Federal President and was included in the "Circle of Excellence" in 2022. The high quality and functionality of the battery systems is due to a particularly high level of in-depth development and in-house production. With its advanced system platforms, ADS-TEC Energy is a valuable partner for car manufacturers, energy supply companies and charging station operators.
More information at: www.ads-tec-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 the delivery and installation of the PowerBoosters, 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 30, 2024, which is available on our website at https://www.ads-tec-energy.com 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.
Consolidated statements of profit or loss and comprehensive income (loss)
kEUR Dec 31, 2024 Dec 31, 2023 -------------------------------------------------- ------------ ------------ Continuing operations -------------------------------------------------- ------------ ------------ Revenue 110,013 107,384 -------------------------------------------------- ------------ ------------ Cost of sales -90,585 -110,270 -------------------------------------------------- ------------ ------------ Gross profit (loss) 19,427 -2,886 -------------------------------------------------- ------------ ------------ Research and development expenses -8,971 -2,832 -------------------------------------------------- ------------ ------------ Selling and general administrative expenses -31,588 -27,823 -------------------------------------------------- ------------ ------------ Impairment gain (losses) on trade receivables, contract assets, and other investments -58 104 -------------------------------------------------- ------------ ------------ Other income 14,530 667 -------------------------------------------------- ------------ ------------ Other expenses -1,949 -11,755 -------------------------------------------------- ------------ ------------ Operating result -8,609 -44,525 -------------------------------------------------- ------------ ------------ Finance income 24 190 -------------------------------------------------- ------------ ------------ Finance expenses -88,883 -13,887 -------------------------------------------------- ------------ ------------ Net finance result -88,858 -13,697 -------------------------------------------------- ------------ ------------ Result before tax -97,467 -58,221 -------------------------------------------------- ------------ ------------
Income tax benefits (expenses) -491 3,141 -------------------------------------------------- ------------ ------------ Result for the period -97,958 -55,081 -------------------------------------------------- ------------ ------------ Other comprehensive income -------------------------------------------------- ------------ ------------ Items that are or may be reclassified subsequently to profit or loss -------------------------------------------------- ------------ ------------ Foreign operations -- foreign currency translation differences 939 61 -------------------------------------------------- ------------ ------------ Other comprehensive income (loss) for the period, net of tax 939 61 -------------------------------------------------- ------------ ------------ Total comprehensive income (loss) for the period -97,019 -55,020 -------------------------------------------------- ------------ ------------ Earnings (loss) per share (in EUR) ----------------------------------- ----- ----- Diluted -1.91 -1.13 ----------------------------------- ----- ----- Basic -1.91 -1.13 ----------------------------------- ----- -----
EBITDA and adjusted EBITDA*
kEUR Dec 31, 2024 Dec 31, 2023 ------------------------------------ ------------ ------------ Result for the period -97,958 -55,081 ------------------------------------ ------------ ------------ + Depreciation 6,699 4,850 ------------------------------------ ------------ ------------ + Net finance result 88,858 13,697 ------------------------------------ ------------ ------------ + Income tax benefits (expenses) 491 -3,141 ------------------------------------ ------------ ------------ EBITDA -1,910 -39,674 ------------------------------------ ------------ ------------ + share-based payments 4,090 1,561 ------------------------------------ ------------ ------------ Adjusted EBITDA 2,180 -38,113 ------------------------------------ ------------ ------------
*EBITDA (non-IFRS) defined as result for the period before net finance result, income tax benefits (expenses), net, depreciation and amortization; adjusted EBITDA (non-IFRS) defined as EBITDA adjusted by effects of share-based payments on profit
Consolidated statements of financial position
ASSETS ------------------------------------------ ------------ ------------ kEUR Dec 31, 2024 Dec 31, 2023 ------------------------------------------ ------------ ------------ Intangible assets 20,529 25,041 ------------------------------------------ ------------ ------------ Right-of-use assets 3,273 3,286 ------------------------------------------ ------------ ------------ Property, plant, and equipment 6,195 6,391 ------------------------------------------ ------------ ------------ Other investments and other assets 179 179 ------------------------------------------ ------------ ------------ Trade and other receivables (non-current) 6 4 ------------------------------------------ ------------ ------------ Deferred tax assets 6 - ------------------------------------------ ------------ ------------ Non-current assets 30,188 34,900 ------------------------------------------ ------------ ------------ Inventories 63,666 39,119 ------------------------------------------ ------------ ------------ Trade and other receivables (current) 14,929 21,227 ------------------------------------------ ------------ ------------ Contract assets 40 - ------------------------------------------ ------------ ------------ Other accrued items 13,447 - ------------------------------------------ ------------ ------------ Current tax assets 102 - ------------------------------------------ ------------ ------------ Cash and cash equivalents 22,858 29,162 ------------------------------------------ ------------ ------------ Current assets 115,042 89,509 ------------------------------------------ ------------ ------------ Total assets 145,230 124,408 ------------------------------------------ ------------ ------------ EQUITY AND LIABILITIES --------------------------------------- ------------ ------------ kEUR Dec 31, 2024 Dec 31, 2023 --------------------------------------- ------------ ------------ Total equity -42,809 33,919 --------------------------------------- ------------ ------------ Lease liabilities (non-current) 2,336 2,580 --------------------------------------- ------------ ------------ Warrant liabilities (non-current) 119,581 21,626 --------------------------------------- ------------ ------------ Trade and other payables (non-current) 209 169 --------------------------------------- ------------ ------------ Contract liabilities (non-current) 265 65 --------------------------------------- ------------ ------------ Other provisions (non-current) 2,132 4,513 --------------------------------------- ------------ ------------ Deferred tax liabilities 1,670 1,189 --------------------------------------- ------------ ------------ Non-current liabilities 126,192 30,142 --------------------------------------- ------------ ------------ Lease liabilities (current) 1,144 853 --------------------------------------- ------------ ------------ Loans and borrowings (current) 13,333 13,908 --------------------------------------- ------------ ------------ Trade and other payables (current) 34,963 22,021 --------------------------------------- ------------ ------------ Contract liabilities (current) 6,809 7,454 --------------------------------------- ------------ ------------ Income tax liabilities (current) 13 -102 --------------------------------------- ------------ ------------ Other provisions (current) 5,586 16,212 --------------------------------------- ------------ ------------ Current liabilities 61,847 60,347 --------------------------------------- ------------ ------------ Total liabilities 188,039 90,489 --------------------------------------- ------------ ------------ Total equity and liabilities 145,230 124,408 --------------------------------------- ------------ ------------
Consolidated statements of cash flows
kEUR Dec 30, 2024 Dec 30, 2023 -------------------------------------------------- ------------ ------------ Result for the period -97,958 -55,081 -------------------------------------------------- ------------ ------------ Depreciation and amortization 6,699 4,850 -------------------------------------------------- ------------ ------------ Finance result 82,198 13,699 -------------------------------------------------- ------------ ------------ Non-cash effective foreign currency gains 6,352 -35 -------------------------------------------------- ------------ ------------ Stock compensation 3,866 1,451 -------------------------------------------------- ------------ ------------ Gain (loss) on disposal of property, plant, and equipment 2 5 -------------------------------------------------- ------------ ------------ Change in working capital -17,958 17,607 -------------------------------------------------- ------------ ------------ Income tax expenses 491 -3,141 -------------------------------------------------- ------------ ------------ Interest received 24 187 -------------------------------------------------- ------------ ------------ Interest taxes paid -3 -203 -------------------------------------------------- ------------ ------------ Cash flow from operating activities -16,285 -20,659 -------------------------------------------------- ------------ ------------ Purchase of property, plant, and equipment -958 -2,297 -------------------------------------------------- ------------ ------------ Investments in intangible assets, including internally generated intangible asset -445 -7,623
-------------------------------------------------- ------------ ------------ Proceeds from sale of property, plant, and equipment 107 - -------------------------------------------------- ------------ ------------ Cash flow from investing activities -1,296 -9,920 -------------------------------------------------- ------------ ------------ Proceeds from borrowings, shareholder contribution, and loans 13,966 12,033 -------------------------------------------------- ------------ ------------ Proceeds from issue of shares and other equity securities 776 15,333 -------------------------------------------------- ------------ ------------ Proceeds from the exercise of warrants 9,260 - -------------------------------------------------- ------------ ------------ Repayment of shareholder loans -11,225 -703 -------------------------------------------------- ------------ ------------ Repayment of lease liabilities -996 -912 -------------------------------------------------- ------------ ------------ Interest paid -1,183 -259 -------------------------------------------------- ------------ ------------ Cash flow from financing activities -10,598 25,492 -------------------------------------------------- ------------ ------------ Net decrease (-) / increase in cash and cash equivalents -6,984 -5,087 -------------------------------------------------- ------------ ------------ Net cash and cash equivalents at the beginning of the period 29,162 34,441 -------------------------------------------------- ------------ ------------ FX effects 680 -192 -------------------------------------------------- ------------ ------------ Net cash and cash equivalents at the end of the period 22,858 29,162 -------------------------------------------------- ------------ ------------
View source version on businesswire.com: https://www.businesswire.com/news/home/20250512762826/en/
CONTACT: For ADS-TEC Energy Europe:
Dennis Müller
SVP Product Marketing & Communication
press@ads-tec-energy.com
For ADS-TEC Energy United States:
Barbara Hagin
Breakaway Communications
bhagin@breakawaycom.com
+1 408-832-7626
(END) Dow Jones Newswires
May 12, 2025 07:03 ET (11:03 GMT)
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