Forsee Power (FORSE) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €80.9M, down 4% year-over-year, mainly due to a 5% decline in heavy vehicles, partially offset by a 1% rise in light vehicles and industrial tech.

• Adjusted EBITDA improved to €2.2M (margin up to 2.8%–3%), up from €0.8M in H1 2024, driven by lower component costs and reduced external services.

• Net loss widened to €11.1M from €3.0M, impacted by a sharp drop in financial result and higher operating expenses.

• Significant capital increase of €18.7M completed in June 2025, strengthening liquidity.

• Strategic transformation plan "REPOWER27" launched to adapt to market conditions and prepare for growth from 2027.

Financial highlights

• Revenue: €80.9M (–4% to –4.1% YoY); Heavy Vehicles: €72.8M–€72.9M; Light Vehicles & Ind Tech: €8.1M.

• Adjusted EBITDA: €2.2M (+167% to +175% YoY); margin up to 2.8%–3%.

• Operating loss: €5.2M; Net loss: €11.1M (vs. €3.0M loss YoY).

• Net cash: €18.9M at June 30, 2025 (vs. €5.4M at Dec 2024); Shareholders' equity: €53.2M–€53.3M.

• Capex: €1.5M (2% of revenue), sharply down from €7.5M YoY.

Outlook and guidance

• FY 2025 revenue guidance revised to €120–125M, with Adjusted EBITDA expected around €(3)M.

• Cost control and margin protection measures implemented, including workforce reductions in France and China.

• Liquidity outlook supported by recent capital increase, stock financing, and renegotiated BEI/EIB debt.

• Recovery anticipated from late 2026, with growth trajectory expected from 2027.

• €1.2B RFQ pipeline signals potential for future rebound.