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Heramba Electric Q4 2023 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2023 earnings summary7 Aug, 2024
Executive summary
Heramba Electric completed the acquisition of Kiepe Electric in February 2024 and went public on NASDAQ in July 2024, focusing on decarbonizing commercial and public transportation globally.
Kiepe Electric, with over 100 years of history, specializes in electrification solutions for rail and road vehicles, including high-power charging and smart fleet management.
The company operates globally, with strong bases in Europe and North America, and aims to expand further, especially in the U.S. market.
Leveraging German engineering and technology, the company is positioned for further expansion.
Financial highlights
2023 revenues increased by 27.6% to €152.8 million, with Germany accounting for nearly 50% and the U.S. 12% of total revenue.
North American revenue grew by 57.5%, while European revenue increased by 24.7% year-over-year.
Net income was €407k in 2023, reversing a net loss of €21 million in 2022.
Order backlog reached €621 million, extending to 2032, with 80% from system integrator business and 20% from maintenance.
Ended 2023 with no debt and €32.5 million in cash equivalents.
Outlook and guidance
2024 faces revenue and profitability pressure due to project delays and supply chain instability in Europe, but North America remains a growth driver.
Strategic focus on increasing higher-margin component, service, and modernization business to reduce risk and improve profitability.
Targeting a reduction in system integrator business share to 50-60% of revenue.
Cost reduction initiatives underway, including sourcing from low-cost countries and reducing administrative expenses.
Management expects continued business growth driven by global decarbonization trends and aims for cash flow positivity.
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Heramba Electric
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Frequently asked questions
Heramba Electric plc, through its subsidiary Kiepe Electric GmbH, specializes in providing systems and components for the electrification of rail vehicles and buses, primarily serving urban public transport networks. The company also offers advanced charging infrastructure solutions for electric buses, including technology that enhances in-motion charging capabilities. This allows electric trolleybuses to extend their range between overhead wire connections, improving efficiency and supporting the transition to greener public transport systems. Heramba Electric is headquartered in Düsseldorf, Germany, and its shares are listed on the NASDAQ.
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