reports
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Kempower: FY24 results, back to growth trajectory in 2025
This morning, Kempower published FY24 results. FY24 revenue came in at EUR223.7m (-21% YoY vs. EUR283.6m in FY23). This is in line with updated revenue guidance of EUR220-230m and with consensus expecting EUR221m for FY24. While gross margin stood at 48.7% in FY24 (-3.4ppt YoY), Kempower suffered f
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Kempower: slower than expected market recovery
This morning, Kempower published Q3 2024 results. Q3 2024 revenue came in at EUR52m (-28% YoY vs. EUR73m in Q3 2023, -12% vs. consensus at EUR60m) which points to EUR152m YTD (-24% YoY). While gross margin stood at 51.3% in Q3 (+3.1ppt QoQ, -1.6ppt YoY), Kempower suffered from operational deleverag
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Kempower: restoring profitability by the year-end
This morning Kempower announced it has completed short and mid-term cost adjustment measures to improve profitability, in response to the temporary slowdown in DC/HPC charger demand. As a result and in line with previous announcements, from September 2024 onwards Kempower will reduce FTE by approxi
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Kempower: H1 results, temporary slowdown
Following yesterday's Q2 results, we have updated our estimates to reflect Kempower's profit warning and the revised FY 2024 guidance. Guidance for FY24 (EUR220-260m revenue, negative EBIT), suggests a temporary slowdown in demand for fast chargers. This is created by high excess inventory and purc
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Kempower: FY24 profit warning
Yesterday evening, Kempower adjusted its earning outlook for 2024, now eyeing EUR220-260m revenue (-38% vs previous guidance range at EUR360-410m) and a negative operating FY EBIT margin with breakeven in Q4 (vs 5-10% previous guidance). This compares with consensus at EUR356m revenue with 7% opera
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Kempower: Strong growth recovery in sights
Yesterday, Kempower published Q1 2024 results in line with the guidance provided in March. Q1 revenue came in at EUR42.6m (-49% QoQ, -24% YoY), mostly down on grid connection delays and Finnish strikes accompanied by low order intake EUR44.9m (-33% QoQ, -27% YoY) and flattish EUR111.9m backlog (+1%
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Kempower: No reason to worry
Last week, Kempower published a profit warning for the Q1 2024, currently impacted by national strikes in Finland which are hampering deliveries to customers. As a result, Kempower decreased its Q1 2024 guidance and now expects Q1 revenue to be significantly below Q1 2023 (EUR55.8m) and negative op
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Kempower: powering forward
Yesterday, Kempower published FY 2023 results in line with the guidance update in October 2023 (EUR283.6m revenues and 14.3% EBIT vs EUR280-310m and >14%), albeit missing consensus expectations (EUR298m and 15.4% respectively). Kempower now targets revenues of EUR360-410m with EBIT margin of 5-1
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
At the heart of the (Lathi) reactor
Yesterday, we organised a field trip to Kempower's Lahti site with specialised investors. Along the visit, we learned much about the manufacturing process and obtained a better understanding of Kempower’s strengths. Supported by steady momentum in BEV registrations at the European level, Kempower c
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Buy the dip
Last week, Kempower published Q3 2023 results in line with the guidance provided in July. With EUR73m revenue in Q3 (flat QoQ, more than doubling YoY) and already EUR201m YTD (+205% YoY), Kempower has maintained its revenue guidance of EUR280-310m for FY 2023 while upgrading its EBIT margin expecta
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Satisfying the power thirst
Yesterday, Kempower published H1 2023 results in line with the positive profit warning released last week. With no surprise in the numbers communicated, Kempower is eyeing revenues of EUR280-310m for FY 2023 with EBIT margin of more than 10%, vs EUR240-270m revenues and 5-10% EBIT in previous guida
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
EV pulse never stops, the industry powers up
While official numbers for Q2 2023 have not been communicated yet, BEV (battery-electric vehicle) registrations have accelerated in recent months and should: (i) directly benefit both slow charger OEMs (original equipment manufacturers) and CPOs (charging point operators), (ii) indirectly fuel CPO
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
Surfing on the world's HPC wave
We take advantage of the publication of our industry note called "EV pulse never stops, the industry powers up", to reiterate our positive stance on Kempower. Indeed, we continue to prefer DC/HPC charger OEMs compared to slow charger OEMs based on (i) higher exposure to public and semi-public infra
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
- Paul de Froment
- Sebastián Marroquin Mérida
- Thomas Mordelle
An expert house in DC and HPC charging
Founded in 1990 as a subsidiary of Kemppi, a 70 year old Finnish family-run industrial business, Kempower is an industrial group based in Finland (Lahti) focusing on fast charging EV solutions (hardware and software). Listed since 2021, Kempower aims to generate sales of EUR230-270m in 2023 and EBI
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