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Issuer: ADS-TEC Energy GmbH
/ Key word(s): Annual Results
Photo: ADS-TEC Energy
ADS-TEC Energy (ADSE) Reports Fiscal Year 2021 Results and Provides 2022 Guidance - Consummation of business combination with European Sustainable Growth Acquisition Corp. ("EUSG") on December 22, 2021 provided ADSE with significant cash for future growth - Order Backlog was more than €60 million by end of March 2022, largely driven by the expansion into the U.S. - H2 2021 international expansion and diversification of revenue in additional geographies have created significant growth opportunities - Completion of the intial Porsche order in early 2021 resulted in a revenue decrease of approximately 30% year-over-year - IFRS gross loss in FY2021 was (€2.2) million - Adjusted gross profit in FY2021 was €0.8 million through this company transformation year - Adjusted EBITDA decreased to (€15.2) million for FY2021 - FY2021 closed with €102 million cash and, as of this announcement, no debt - FY2022 Guidance includes a more than doubling of FY2021 revenue - Growth continues in core segments of automotive dealerships and "smart" municipalities in North America, Continental Europe and the United Kingdom NÜRTINGEN, Germany - April 28, 2022 - (NASDAQ: ADSE), a global leader in battery-buffered, ultra-fast charging technology, today announced audited financials for fiscal year 2021 and guidance for 2022. The company also announced strong performance and continued growth in its key segments with contracted business in municipalities, oil and gas, hospitality, big box retail, charging network operators, EV fleets, automotive OEM dealerships, and large last-mile delivery services since its business combination with EUSG at the end of December 2021. ADS-TEC Energy made announcements in each of these segments, starting with an initial order by Porsche for more than 400 ADS-TEC Energy ChargeBox stations, which was completed in Q2 2021. In March of 2022, ADS-TEC Energy signed GenZ EV Solutions (GenZ EV) as its designated distributor of electric vehicle (EV) charging solutions to the automotive market in North America and South America. GenZ EV, a new company founded by automotive industry veterans with deep expertise, will be distributing ADS-TEC Energy charging technology to automotive OEMs, automotive dealerships and automotive fleet companies. There are over 18,000 automotive dealers in the U.S. alone, representing a multi-billion dollar market opportunity. In the retail segment, ADS-TEC Energy is preparing the implementation of a two-site trial for ChargeBox systems. The first is in a retail outlet mall in Miami-Dade County, Florida. The second is with a leading specialty outdoor sporting goods company located in the Midwest U.S. ADS-TEC Energy also continues its negotiations with both Tier 1 and Tier 2 oil and gas companies as well as charge-point operators across North America and Europe. To meet this continued growth, ADS-TEC Energy has narrowed its search to three states for sites to establish a US-based factory and executive offices. A public announcement is expected following the close of negotiations.
- Revenue of €33.0 million - Gross loss of €2.3 million - Net loss of €87.6 million - Adjusted gross profit of €0.8 million - Adjusted EBITDA of (€15.2) million - Adjusted Result before tax of (€21.4) million - Cash Flow from Operations of (€18.3) million - Capital Expenditure of €5.6 million 2022 Financial & Operating Guidance - Total revenue of €80 - €100 million for FY2022 - Revenue in FY2022 will be backloaded to second half based on confirmed order backlog Additionally, ADSE is initiating charging unit sales target guidance: during FY 2022, ADSE expects to sell a total of 400 to 500 units. Conference Call information /register/8547501562267283723 More information on -energy.com
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include statements regarding our financial outlook for 2022, our expectations with respect to future performance and the anticipated timing of certain commercial activities. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: the impact of the COVID-19 pandemic, geopolitical events including the Russian invasion of Ukraine, macroeconomic trends including changes in inflation or interest rates, or other events beyond our control on the overall economy, our business and those of our customers and suppliers, including due to supply chain disruptions and expense increases; our limited operating history as a public company; our dependence on widespread acceptance and adoption of EVs and increased installation of charging stations; our current dependence on sales to a limited number of customers for most of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of EVs or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; supply chain interruptions and expense increases; unexpected delays in new product introductions; our ability to expand our operations and market share in Europe and the U.S.; the effects of competition; changes to battery energy storage standards; and the risk that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under "Item 3. Key Information - 3.D. Risk Factors" in our annual report on Form 20-F filed with the Securities and Exchange Commission (the "SEC") on April 28, 2022, which is available on our website at -energy.com/investor-relations-corporate-governance/ and on the SEC's website at Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law. Use of Non-IFRS Financial Measures ADS-TEC Energy has provided in this press release financial information that has not been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). ADS-TEC Energy uses these non-IFRS financial measures internally in analyzing its financial results and believes that the use of these non-IFRS financial measures is useful to investors to evaluate ongoing operating results and trends, and in comparing ADS-TEC Energy's financial results with other companies in its industry as well other technology companies, many of which present similar non-IFRS financial measures. The presentation of these non-IFRS financial measures is not meant to be considered in isolation or as a substitute for comparable IFRS financial measures and should be read only in conjunction with ADS-TEC Energy's consolidated financial statements prepared in accordance with IFRS. A reconciliation of ADS-TEC Energy's historical non-IFRS financial measures to their most directly comparable IFRS measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations. ADSE defines Adjusted Cost of sales ("COGS") as COGS plus depreciation and amortization reported within COGS. Adjusted Gross profit / (loss) is defined as revenue less adjusted COGS. ADSE defines EBITDA as result before tax before (i) finance income / (expenses) and (ii) depreciation and amortization. ADSE defines Adjusted EBITDA as EBIDTA plus Listing fee. ADSE defines Adjusted Result before tax as result before tax plus Listing fee. These measures should not be considered as measures of financial performance under IFRS, and the items excluded from or included in these metrics are significant components in understanding and assessing ADSE financial performance. Contacts: Media - United States: Media - Europe: Additional features: File:
Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English |
| Company: | ADS-TEC Energy GmbH |
| Heinrich-Hertz-Str. 1 | |
| 72622 Nürtingen | |
| Germany | |
| Internet: | -tec.de |
| EQS News ID: | 1338647 |
| End of News | DGAP News Service |
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