ADS-TEC Energy plc (NASDAQ: ADSE) saw its shares gallop Thursday, as the global leader in battery-buffered, ultra-fast charging technology, announced preliminary unaudited financial results for the three and 12 months ended December 31, 2023. This announcement comes ahead of ADS-TEC Energy’s Full-Year 2023 full financial results, to be announced in late April 2024.
FY 2023 revenue of approximately EUR 107.4m, representing 306% growth over FY 2022 and exceeding stated guidance of EUR 100m; FY 2023 Adjusted EBITDA of approximately EUR -16.6m, compared to EUR -29.2m in FY 2022
The company ended FY2023 with approximately EUR 29.1m in cash. Fourth-quarter 2023 revenue of approximately EUR 50.3m
Fourth-quarter Adjusted EBITDA of approximately EUR 4.9m, representing the Company’s first profitable quarter
The company also reiterated FY24 guidance of approximately EUR 200m in revenues and positive EBITDA, underpinned by strong order intake in early 2024.
“ADS-TEC Energy,” to quote Thursday’s news release, “performed very well in 2023, surpassing revenue guidance and driving strong financial growth compared to FY 2022. The Company experienced its first profitable quarter in Q4 2023, driven by an easing of previous supply chain issues and solid operational performance. The Company believes that this is a key inflection point towards sustained profitability in FY 2024.”
ADSE began trading Thursday up 19 cents, or 2.4%, to $8.09.
