NÜRTINGEN, Germany--(BUSINESS WIRE )--ADS-TEC Energy plc (NASDAQ: ADSE), a global leader in battery-buffered, ultra-fast charging technology, today announced audited financials for H1 2022 and guidance for FY 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 point operators, EV fleets, automotive OEM dealerships, and large last-mile delivery services since launching its U.S. business in January.
ADS-TEC Energy announced a key strategic partnership with JOLT, a Dublin and Munich-based technology company focused on owning and operating ultra-fast charging solutions in urban areas. Installations have already begun at ESSO service stations in Munich, Berlin, Hamburg, Frankfurt, Stuttgart, Dresden, Duesseldorf, and Nuremberg as well as TAMOIL stations in the Netherlands. They aim to install and operate up to 5,000 ultra-fast charging stations over the next five years.
On the product side, ADS-TEC Energy extends its battery-buffered, ultra-fast charging technology with the addition of ChargePost. Unlike the currently-available, battery-buffered ChargeBox, which consists of a separate battery-booster module and two charging dispensers, the ChargePost consolidates battery-buffering and dispensers into a single “all-in-one” system with a large display that provides revenue-generating advertising opportunities. In conjunction with this addition to the company’s portfolio, the company has completed a framework agreement with a European company that will receive the first 50 ChargePost systems in 2022. As part of the agreement, ADS-TEC Energy expects to deliver increasing volumes of products to encompass thousands of ChargePost units over the next few years.
Also, ADS-TEC Energy announced in August, that the company has significantly increased the order volume for its products in fiscal year 2022 since the publication of the first financial forecast on April 28, 2022. The orders primarily involve the company’s battery-buffered, ultra-fast EV charging systems, but also include stationary storage systems for commercial and industrial applications. For contractual reasons, specific customers and projects cannot be publicly announced at this time. Our sales guidance of €80 to €100 million will not be affected by the increased order backlog, as sales from the new orders are planned for 2023.
After much due diligence and site work, the company has identified the location of its U.S. manufacturing plant and expects it to be operational in Q4 2022.
The below represents summary financial and operational figures for H1 2022:
ADSE is introducing FY2022 guidance as follows:
https://www.webcast-eqs.com/adstec20220912
ADS-TEC Energy plc, a public limited company incorporated in Ireland and publicly listed on NASDAQ (“ADS-TEC Energy”), serves as a holding company for ADS-TEC Energy GmbH, our operating company incorporated in Germany (“ADSE GM”) and ADS-TEC Energy Inc., a US subsidiary of ADS-TEC Energy GmbH (“ADSE US” and together with ADS-TEC Energy and ADSE GM, “ADSE”). ADSE is a global leader in battery-buffered, ultra-fast charging technology that draws on more than 10 years of experience with lithium-ion technologies, storage solutions and fast charging systems, including the corresponding energy management systems. Its battery-based, fast charging technology enables electric vehicles to ultrafast charge even on low powered grids and features a very compact design. The high quality and functionality of the battery systems are due to a particularly high depth of development and in-house production. With its advanced system platforms, ADSE is a valuable partner for automotive, OEMs, utility companies and charge-operators.
More information on www.adstec-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 https://adstec-energy.com/investor-relations-corporate-governance/ and on the SEC’s website at www.sec.gov. 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.
Unaudited interim condensed consolidated statements of comprehensive income
For the six months ended June 30:
Selling and general administrative expenses
Impairment losses on trade receivables and contract assets
Items that are or may be reclassified subsequently to profit or loss
Foreign operations – foreign currency translation differences
Other comprehensive income for the period, net of tax
Total comprehensive income for the period
Total comprehensive income attributable to:
Earnings (loss) per share (in EUR)
Due to rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.
Unaudited interim condensed consolidated statements of financial position
Trade and other receivables (non-current)
Trade and other receivables (current)
Due to rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.
Equity attributable to owners of the Company
Trade and other payables (non-current)
Trade and other payables (current)
Due to rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.
Unaudited interim condensed consolidated statements of cash flows
For the six months ended June 30:
Finance income excluding the FX valuation of USD bank accounts
Non-cash effective foreign currency gains
Gain/loss on disposal of property, plant and equipment
Change in trade receivables not attributable to investing or financing activities
Cash flow from operating activities
Purchase of property, plant and equipment
Investments in intangible assets, including internally generated intangible asset
Cash flow from investing activities
Proceeds from borrowings and shareholder contribution and loans
Repayment of loans and borrowings
Cash flow from financing activities
Net decrease in cash and cash equivalents
Net cash and cash equivalents at the beginning of the period
Net cash and cash equivalents at the end of the period
Due to rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.
ADS-TEC Energy Investor Relations – Cary Segall ADS-TEC Energy c.segall@ads-tec-energy.com +1 845-224-8180 Media – United States: Scott Gamm Strategy Voice Associates scott@strategyvoiceassociates.com +1 917-626-9515 ADS-TEC Energy Europe: Dennis Müller SVP Product Marketing & Communication press@ads-tec-energy.com
ADS-TEC Energy Investor Relations – Cary Segall ADS-TEC Energy c.segall@ads-tec-energy.com +1 845-224-8180 Media – United States: Scott Gamm Strategy Voice Associates scott@strategyvoiceassociates.com +1 917-626-9515 ADS-TEC Energy Europe: Dennis Müller SVP Product Marketing & Communication press@ads-tec-energy.com