In This Article:
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Half-year sales of €84.4 million, up +7% vs. H1 2023, diversification of customer portfolio in target markets and geographies
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Adjusted EBITDA positive at +0.8 M€, vs. (3.8) M€ in H1 2023 thanks to business growth, improved margins and continued control of overheads
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Sharp rise in net income to €(3.0)m in H1 2024 vs. €(16.0)m in H1 2023
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Strong cash position of €24.6 million at June 30, 2024
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2024 financial targets
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Adjustment of estimated sales to between €150 and €160 million
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Target of breakeven adjusted EBITDA1 maintained
PARIS, September 20, 2024--(BUSINESS WIRE)--Regulatory News:
Forsee Power (FR0014005SB3 – FORSE), the expert in battery systems for light and heavy electric vehicles, announces its half-year results for 2024, approved by the Board of Directors on September 19, 2024.
Christophe Gurtner, Founder & CEO of Forsee Power states: "Forsee Power reported a solid financial performance, posting positive adjusted EBITDA (+0.8 M€) for the first time in the past six months and net income up +81% to (-3.0) M€, compared with (-16.0) M€ in the first half of 2023. In addition, our cash position stood at 24.6 M€ at June 30, versus 25.9 M€ at January 1 this year. These strong performances demonstrate the relevance of our business model, and reinforce our confidence in achieving our target of breakeven adjusted EBITDA for the full year 2024."
Simplified consolidated income statement
The limited review procedures applicable to the interim consolidated financial statements for the six months ended June 30, 2024 have been performed.
| In €m | H1 2024 | H1 2023 | Change (%) |
| Sales figures | 84.4 | 78.8 | +7% |
| Adjusted EBITDA | 0.8 | (3.8) | +122% |
| Adjusted EBITDA margin | 1% | (5)% | +6 pts |
| Current operating income | (4.0) | (12.3) | +132% |
| Consolidated net income | (3.0) | (16.0) | +81% |
In the first half of 2024, Forsee Power posted sales of €84.4 million, up +7% on H1 2023.
Thanks to rigorous management of overheads and improved margins (sharply lower cost of materials from the second quarter of 2024, product mix effect, improved efficiency of our industrial processes), the Company recorded a positive adjusted EBITDA, reaching €0.8 million in H1 2024 compared with a loss of €(3.8) million in H1 2023.
Operating income recurring for the first half of 2024 amounted to €(4.0) million. This represents a significant increase on the H1 2023 operating income recurring of €(12.3) million.
Lastly, net income for the first half of 2024 came to €(3.0) million, compared with €(16.0) million for the first half of 2023.
Simplified consolidated balance sheet
| In €m | 30/06/2024 | 31/12/2023 |
| Non-current assets | 78.0 | 68.2 |
| Current assets | 103.0 | 119.3 |
| Total assets | 181.0 | 187.4 |
| Shareholders' equity | 56.3 | 59.2 |
| Non-current liabilities | 70.7 | 76.1 |
| Current liabilities | 54.0 | 52.1 |
| Total liabilities | 181.0 | 187.4 |
Simplified consolidated cash-flow statement
| In €m | H1 2024 |
| Cash position at beginning of period | 25.9 |
| Cash flow from operating activities | 17.2 |
| Cash flow from investing activities | (14.1) |
| Cash flow from financing activities | (4.5) |
| Impact of conversion rates | 0.03 |
| Change in cash and cash equivalents | (1.3) |
| Cash position at end of period | 24.6 |
A solid financial structure
Available cash at June 30, 2024 remains solid at €24.6 million, showing minimal variation compared with December 2023 (€25.9 million), illustrating efficient and controlled management of financial resources. This performance is underpinned by optimized working capital requirements (+€15.6m), partly offsetting the significant investments made over the period (-€14.4m), including the final tranche of the US production site inaugurated on September 12.