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Commercial activity showed strong momentum in the bus segment, particularly in Australia and Turkey, where Forsee Power continued to gain market share.

Numerous contracts signed or under negotiation in the off-highway segment underscore the competitiveness of the Group’s product offering and its positioning in this growing market, which now includes more than ten active customers.

In the rail segment, where sales cycles are longer, many projects are under evaluation and represent a key growth driver in the coming quarters. These projects, although smaller in volume, are typically associated with high-margin sales.

To date, more than 4,500 buses and over 145,000 light electric vehicles worldwide are equipped with Forsee Power batteries.

In terms of financial performance, Adjusted EBITDA was positive in 2024 for the first time in the Company’s history, reaching €0.8 million versus a loss of €6.8 million in 2023 – a major milestone in the Group’s operational performance and a key objective for the year.

This improvement reflects disciplined cost management, lower operating expenses, optimized industrial management (including improved productivity and reduced procurement costs), and strict control of overheads and capital expenditure.

Margins improved significantly, with current operating income rising by +53% to €-10.8 million versus €-23.2 million in 2023.

Net income improved by nearly €16 million, reaching €-12.1 million compared to €-28.0 million the previous year.

Simplified consolidated balance sheet

Simplified consolidated cash-flow statement

In 2024, cash flow from operating activities became positive for the first time, amounting to €9.1 million, compared to €-27.3 million in 2023. This improvement mainly resulted from a reduction in working capital, driven by the implementation of client and supplier financing solutions (-€15.4 million and -€4.9 million respectively).

Working capital as a percentage of sales improved from 26% at year-end 2023 to 23% at year-end 2024, reflecting the Group’s efforts to optimize cash flow management.

Despite ongoing high investment levels (-€21.9 million), mainly related to the finalization of the Group’s industrial program (including the U.S. facility), and the repayment of financing lines (-€7.6 million), available cash stood at €5.5 million as of December 31, 2024, compared to €25.9 million at year-end 2023, when the Group had completed a €49.3 million capital increase. This cash position remains in line with Group expectations, as investments continue to be focused on innovation.

Forsee Power’s cash position has reinforced since December 2024. Moreover, the Group has since then completed several financing operations:

• New syndicated credit line with French banking partners for €10 million to finance working capital;

• Additional short-term financing lines with Chinese banking partners;

• Renegotiation and extension of payment terms with one of the Group’s main cell supplier;

The Group is currently finalizing the structuring of additional financing to support business development acceleration.

Q1 2025 Sales – Breakdown by segment

IFRS – unaudited

In Q1 2025, sales totaled €37.1 million, representing an increase versus the average of the last three quarters, but a decline from Q1 2024, which had been a record quarter for the Group due to strong volumes with Iveco. Heavy vehicles generated €33.1 million in sales versus €47.0 million in Q1 2024, while light vehicles contributed €4.0 million versus €5.7 million in Q1 2024.

Strategy & outlook

In the coming quarters, Forsee Power aims to return to a growth trajectory by focusing on its priority markets in Europe, Asia, and North America, where the Group recently reinforced its industrial capacity with the opening of its Columbus, Ohio plant. This strategic location enables the Group to address the needs of the North American market while complying with Buy America requirements and supporting local production, strongly encouraged by U.S. federal policy.

Investment programs in production sites are now finalized, and the Group is focusing on ramping up the factories, capable of absorbing a tripling of production without major investments.

Fiscal year 2025 is expected to mark a return to growth, driven by strategic opportunities in the Group’s key segments for heavy vehicles (buses, trucks, off-highway, and rail), which also generate the highest margins. Forsee Power will continue diversifying its customer base through new global contracts.

The expansion of the product and service portfolio will remain central to the Group’s strategy, reinforcing its technological leadership and addressing customer needs with increasingly high-performance and sustainable solutions.

About Forsee Power

Forsee Power is an industrial group specializing in smart battery systems for sustainable electric transport (light vehicles, off-highway vehicles, buses, trucks, and trains). A major player in Europe, Asia and North America, the Group designs, assembles, and supplies energy management systems based on cells that are among the most robust in the market and provides installation, commissioning, and maintenance on site and remotely. More than 4,500 buses and 145,000 LEV have been equipped with Forsee Power’s batteries. The Group also offers financing solutions (battery leasing) and second-life solutions for transport batteries. Forsee Power and its 750 employees are committed to sustainable development and the Group has obtained the Gold medal from leading sustainability rating agency EcoVadis. For more information: www.forseepower.com | @ForseePower

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¹ In 2023, the Group has decided to change the definition of Adjusted EBITDA by restating the non-cash recycling provision from operating income recurring. Adjusted EBITDA now corresponds to recurring operating income, restated:

• amortization and depreciation of intangible assets, amortization of rights of use on property, plant and equipment;

• depreciation and amortization of property, plant and equipment, and net impairment of inventories and receivables;

• the cost of share-based payments and related employer contributions;

• the provision for battery recycling, in line with the Group's new definition of adjusted EBITDA.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250409628936/en/

Contacts

Forsee Power
Sophie Tricaud
VP Corporate affairs and Sustainability
investors@forseepower.com

NewCap
Thomas Grojean
Jérémy Digel
Investor Relations
forseepower@newcap.eu
+33 (0)1 44 71 94 94

NewCap
Nicolas Merigeau
Elisa Play
Media Relations
forseepower@newcap.eu
+33 (0)1 44 71 94 98