Forsee Power (FORSE) Q4 2024 earnings summary

Executive summary

• Achieved positive adjusted EBITDA of €0.8 million in 2024, a first in company history, reflecting margin expansion and strict cost control.

• Revenue reached €151.8 million, meeting the 2024 target despite an 11% year-over-year decline due to lower cell prices and the phase-out of a major customer.

• Investment phase in production sites completed; ramp-up of new plants, including a U.S. facility compliant with Buy America Act, is underway.

• Strengthened cash position with new €10 million working capital financing and additional short-term lines.

Financial highlights

• Revenue for 2024: €151.8 million, down 11% year-over-year; heavy vehicles contributed €135.5 million, light vehicles €16.2 million.

• Adjusted EBITDA improved to €0.8 million from a loss of €6.8 million in 2023; EBITDA margin rose to 1.1% from -5.1%.

• Net income improved by 57% to €-12.1 million from €-28.0 million in 2023.

• Cash flow from operating activities turned positive at €9.6 million, up from €-27.3 million in 2023.

• Cash position at year-end 2024 was €5.4 million, down from €25.9 million, reflecting high investment and repayment of financing lines.

Outlook and guidance

• 2025 expected to mark a return to growth, driven by bus and off-highway markets and continued profitability improvement.

• Focus on ramping up production capacity, especially in North America, and diversifying the customer base through new global contracts.

• Expansion of product and service portfolio to reinforce technological leadership and address evolving customer needs.