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• Q2 2024: €31.6 million, down 23% from Q2 2023

• Confirmation of the development of the global electromobility market in the medium and long term, less dynamic than anticipated in the short term

• Strongly diversified customer portfolio in our target markets and geographies

• 2024 financial targets

  • Estimated sales of between €180 and €200 million

  • Break-even adjusted EBITDA for the full year 2024

PARIS, July 25, 2024--(BUSINESS WIRE)--Regulatory News:

Forsee Power (FR0014005SB3 – FORSE), the expert in smart battery systems for light and heavy electric vehicles, today announces its quarterly sales for the year ended June 30, 2024¹.

Christophe Gurtner, Founder and Chief Executive Officer of Forsee Power states:
"Forsee Power has maintained a healthy growth trajectory, with sales up +7% in the first half of 2024, in a context where the electromobility market is experiencing a slowdown worldwide, but whose medium and long-term trend is confirmed. In addition, falling cell costs should boost the launch of major programs from 2025 onwards. At the same time, the first six months of the year were marked by continued business development, with the signing of new international references and the diversification of our customer portfolio in all our promising target markets, such as North America and rail."

Breakdown of sales by segment

In the first half of 2024, sales of heavy vehicles were up 17% from H1 2023, reaching €76.4 million. Business levels in the light vehicles segment, on the other hand, were down, with half-year sales coming in at €8.0 million, down 40% from H1 2023. Overall, Forsee Power posted a +7% increase in half-year sales to €84.4 million. In the heavy vehicles segment, the Group more than offset the drop in Iveco orders.

First-half 2024 and post-closing highlights

• Partnership with Wrightbus, a world leader in zero-emission buses, to equip over 1,000 retrofitted buses over the next 3 years;

• Supply of ZEN PLUS high-energy battery systems to Letenda, a Canadian manufacturer of zero-emission buses;

• Numerous consultations in the railway sector in the three major regions of the world;

• First sales of a battery system for truck powertrains by BAE Systems, North America's leading supplier of heavy-duty electric powertrain solutions.

• Production of the first battery systems for Skoda's 100% battery trains

• The Group published its complete carbon footprint including scopes 1, 2, and 3. Discover the full 5^th sustainability report from Forsee Power on this link.