14 September 2023

Forsee Power reports 2023 half-year results in line with financial targets

Forsee Power
Paris, September 14, 2023 - 5:45 p.m. CEST - Forsee Power (FR0014005SB3 - FORSE - the "Company"), an expert in smart battery systems for sustainable electromobility, today announced its half-year results 2023, as approved by the Board of Directors on September 14, 2023. Christophe Gurtner, Founder & CEO of Forsee Power states: "During this first half of 2023, we have reported strong sales momentum coupled with good cost control and an improvement in our adjusted EBITDA margin in line with the trajectory announced at the time of our capital increase last spring. Our business has continued to grow since the start of the H2, with already 730 electric buses fitted with Forsee Power batteries at the end of August, out of the target of 1,000 for 2023. These good commercial performances, combined with the successful execution of our strategic plan and our solid financial structure, show that we are fully in line with our financial targets, both in the short and long term, with our first objective being to achieve sales of more than €160 million in 2023 and a significant improvement in our adjusted EBITDA.”
  • Very strong business momentum, with half-year sales growth of +58% compared with H1 2022
  • Already 730 buses fitted this year with Forsee Power battery systems: in line with the annual target of 1,000 buses
  • Significant improvement in adjusted EBITDA[1]: +38% compared with H1 2022
  • Solid financial structure: liquidity position of €56.7 million at the end of June 2023[2]
  • Continued deployment of the strategic plan and confirmation of short-and medium-term financial targets


Key figures from the consolidated financial statements

In €m – IFRS standards

H1 2023

H1 2022

Change (%)

Sales figures




Heavy vehicles




Light vehicles




Adjusted EBITDA




Adjusted EBITDA margin




Current operating income




Operating margin




Financial result




Consolidated net income




A limited review of the 2023 consolidated financial statements was carried out and the certification report will be issued following approval of the half-year activity report.

The reconciliation of this aggregate with the IFRS accounts is presented in the table below:


In €m – IFRS standards

H1 2023

H1 2022

Current operating income



Amortization and impairment of intangible assets



Amortization of rights of use on property, plant and equipment



Amortization and impairment of property, plant and equipment



Net impairment losses



Share-based compensation expenses



Employer’s contribution to share-based compensation



Adjusted EBITDA





2023 half-year results     

In H1 2023, the Company posted sales of €78.8 million, up +58% compared with H1 2022. This very good sales performance is the result of strong momentum in the heavy vehicle market (+70% vs. H1 2022) and continued growth in the light vehicle segment (+18% vs. H1 2022).

Thanks to this strong growth in sales combined with tight control of its operating costs, Forsee Power posted a marked improvement in adjusted EBITDA (+38% vs H1 2022). As a percentage of sales, the Group’s adjusted EBITDA margin was -5%, compared with -12% for the same period a year earlier.

Current operating income for H1 2023 amounted to (€12.3 million): while stable in absolute value compared with H2 2022, it now represents only (16%) of sales.

The difference between Adjusted EBITDA and Current Operating Profit is mainly due to Depreciation & Amortization of €7.8 million, up 95% compared with the first half of 2022, impacted mainly by a €2.5 million increase in net write-downs on inventories & receivables, in particular following the write-down of obsolete product and component inventories at our Chasseneuil du Poitou plant.

Net financial result amounted to €3.8 million, compared with €2.5 million in H1 2022. This change is mainly due to the variation in the fair value of the BSA BEI Warrant A and BSA BEI Warrant C derivatives (-€5.0m) and the increase in bank charges and commissions (€0.4m), mainly linked to the increase in factoring volumes.                                    

All in all, after taking the above items into account, the net loss for the first half of 2023 amounts to -€16.0m.


Balance sheet

In €m – IFRS standards




Non-current assets




Current assets




Total assets




Shareholders’ equity




Non-current liabilities




Current liabilities




Total liabilities





 Consolidated cash flow of the Group

In €m

H1 2023



Cash flow from operating activities




Cash flow from investing activities




Cash flow from financing activities




Impact of conversion rates




Change in cash and cash equivalents




A solid balance sheet with a good cash position          

During the first half of 2023, Forsee Power continued to optimize the components of its working capital requirement, with the balance now representing 55% of half-year sales, compared with 62% a year earlier.

At the same time, capital expenditure (excluding the impact of IFRS 16) over the past six months amounted to €2.6 million, or 3% of sales, a lower level than last year (4%).       

At 30 June 2023, the Group’s cash position amounted to €46.7m, compared with €31.0m at 31 December 2022. This increase was mainly due to the capital increase carried out on 9 May 2023. The liquidity position stood at €56.7m.

Gross financial debt was relatively stable at €58.0m at 30 June 2023, compared with €60.2m at 31 December 2022.

At 30 June 2023, the Company had a solid balance sheet, with shareholders’ equity of €71.0m, compared with €39.7m at 31 December 2022.           


Continued deployment of the strategic plan and confirmation of short- and medium-term financial targets

In the second half of 2023, Forsee Power intends to maintain its high growth rate by transforming its order book into sales in its priority high value-added markets: buses, off-highway vehicles (agricultural, site and industrial vehicles), rail and light vehicles.

At the same time, Forsee Power will continue to roll out its strategic plan, with priority given to:

  • setting up its production unit in the United States, with the aim of marketing its first products as early as 2024;
  • continuing to build up its order book, while continuing to benefit from its strategic positioning in its priority markets;
  • continue to expand its product and service offering.


On the strength of improvements in its business indicators and adjusted EBITDA margin, the successful deployment of its strategic plan and its solid financial structure, Forsee Power confirms all its short- and medium-term financial targets:           

  • 2023: Sales above €160m and significant improvement in adjusted EBITDA
  • 2024: Sales above €235m and breakeven[1] point achieved
  • 2028: Sales above €850m and an adjusted EBITDA margin of 15%.


Next financial publication: Q3 2023 sales, on 9 November 2023 before the opening of the stock market.

The half-yearly financial report will be available on the Company’s website, in the investors section: https://www.forseepower-finance.com/en/documentation/financial-report

[1] Adjusted EBITDA greater or equal to zero

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