Forsee Power records sales of €18.5m in the first quarter of 2022

  • Continued good sales momentum in the light vehicle segment, up 62% to €4.8m
  • Order book for 20221 confirms a sustained level of activity, especially in the heavy vehicle segment
  • Over 1,200 buses and 100,000 light vehicles now equipped with Forsee Power batteries worldwide

Paris, May 11th, 2022 – 7:30 am CEST – Forsee Power – (FR0014005SB3 – FORSE), the expert in smart battery systems for sustainable electromobility, announces today its sales for the first quarter of 2022.

Christophe Gurtner, Founder, Chairman and Chief Executive Officer of Forsee Power said: „During this first quarter of 2022, Forsee Power posted good commercial performances, particularly in the light vehicle segment. In a challenging environment marked by uncertainties related to the Covid-19 crisis in China, where the Group operates one of its four production sites, indirect consequences related to the conflict in Ukraine (logistical impacts between Asia and Europe, increase in raw material prices) and tension on the supply of certain electronic components, our quarterly revenues nevertheless grew by +11% and our order book for 2022 continues to strengthen. As a reminder, as of January, 31st 2022, the backlog was already higher than the revenue generated in 2021. Thus, we continue to build on our leading position in the expanding sector of zero-emission mobility by winning numerous tenders from new customers. We look forward to the rest of the year with confidence thanks to our close relationships with our customers and historical partners and we are committed to following our development plan with the necessary discipline in order to achieve our long-term financial objectives.

 

Breakdown of Q1 revenues by business segment

(in € thousand) 2022 2021 Change Change

in %

Heavy Vehicles 13,729 13,670 60 0%
Light Vehicles 4,792 2,967 1,825 62%
Total sales 18,521 16,637 1,885 11%

Forsee Power achieved sales of €18.5 million in the first quarter of 2022, up 11%. This growth was driven by the light vehicle segment (+62%), which benefits from a shorter commercial cycle than the heavy vehicle segment.

The heavy vehicle segment, which has a longer commercial cycle and accounts for 74% of quarterly activity, will accelerate during the year.

The level of the order book for 2022 continues to increase, with a good recovery in the bus segment, accelerated by the environmental and regulatory context, confirming the Group’s sustained growth momentum.

 

Continued deployment of the strategic plan unveiled at the time of the IPO

Since the beginning of the year, Forsee Power has been working on its development roadmap which, as a reminder, is based on:

  • the opening of an industrial site in the United States, for which the company is currently prospecting, with the aim of starting up operations by the end of 2022;
  • the development of commercial partnerships, particularly in the high value-added markets of off-highwayand rail vehicles;
  • the roll-out of the sustainable development roadmap, with the release of extra-financial performance statement, including a section on the European taxonomy, to be published in the coming weeks;
  • the ongoing R&D activities in order to consolidate its technological leadership and expand its product and service offering.

 

Financial calendar
– Annual General Meeting on June 24, 2022 at 10 am
– 2022 Half-year sales on July 27, 2022 at 7:30 am