Forsee Power (FORSE) H1 2024 earnings summary

Executive summary

• Revenue grew 7% year-over-year to €84.4m in H1 2024, driven by strong heavy vehicle sales despite a decline in light vehicles.

• Adjusted EBITDA turned positive at €0.8m, up from a loss of €3.8m in H1 2023, reflecting improved margins and cost control.

• Net loss narrowed significantly to €3.0m from €16.0m year-over-year.

• Major product launches and new contracts, including with Wrightbus and Letenda, supported growth.

• Statutory auditors issued an unqualified review report on the interim financials.

Financial highlights

• Revenue: €84.4m (+7% year-over-year); Heavy Vehicles up 17%, Light Vehicles down 40%.

• Adjusted EBITDA: €0.8m (vs. -€3.8m); margin improved to 1% from -5%.

• Operating loss: €4.0m (vs. -€12.3m); net financial income: €1.9m (vs. -€3.8m).

• Net loss: €3.0m (vs. -€16.0m); EPS: -€0.04 (vs. -€0.27).

• Net cash: €24.6m at June 30, 2024.

Outlook and guidance

• Short- and medium-term targets confirmed: turnover €150–160m and breakeven adjusted EBITDA.

• No anticipated changes in risk profile for H2 2024.