Forsee Power (FORSE) Q3 2024 TU earnings summary

Executive summary

• Sales reached €113.1 million for the first nine months of 2024, a 10.6% decrease year-over-year.

• Q3 2024 revenue was €28.7 million, down 40% compared to Q3 2023.

• The company remains focused on profitability-driven growth and confirms its 2024 financial targets.

Financial highlights

• Heavy vehicles segment sales declined 4.8% year-over-year for the nine-month period, totaling €101.9 million.

• Light vehicles segment sales dropped 42.8% year-over-year to €11.2 million for the same period.

• Q3 2024 heavy vehicles revenue was €25.5 million, down 38.7% from Q3 2023.

• Q3 2024 light vehicles revenue was €3.2 million, down 48.4% from Q3 2023.

Outlook and guidance

• Annual sales target for 2024 is reaffirmed at €150–160 million.

• Aims to achieve break-even adjusted EBITDA by year-end 2024 through cost and margin management.

• Plans to expand in Europe, Asia, and the US, leveraging new production capacity in Ohio.