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% Q4 2022
Light vehicles: sales up to €6.3m, +10% 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
Paris, January 30, 2024 – 5:45 pm CET – Forsee Power (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
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.