ADS-TEC Energy (NASDAQ:ADSE), a global leader in battery-based energy storage and fast-charging systems, today announced its audited financial results for full year 2024, covering the period ended December 31, 2024.

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ADS-TEC Energy reports 2024 financial results

Financial Highlights

Following the publication of '24 results earlier this year below we are reporting finalized and fully audited '24 results which do not deviate from the preliminary results.

Revenue: € 110.0 million for FY 2024, a 2.5 % increase compared to € 107.4 million in FY 2023
Gross Profit: € 19.4 million (17.7 % gross margin), up from a gross loss of € -2.9 million (-2.7 %) in FY 2023
Adjusted EBITDA (non-IFRS*): € 2.2 million, significant improvement from € -38.1 million in the prior year
Operating Loss: € -8.6 million, compared to € -44.5 million in FY 2023
Cash and Cash Equivalents: € 22.9 million as of December 31, 2024
Customer Growth: Customer base expanded by over 200 %, reaching 55 customers across Europe, the United States, and Canada

"2024 was a milestone year for ADS-TEC Energy, despite headwinds in the EV sector," said Thomas Speidel, CEO of ADS-TEC Energy. "We navigated market volatility while achieving our first-ever positive adjusted EBITDA and more than tripled our customer base. As we move into 2025, we are transitioning into a more resilient, long-term growth phase—supported by new capital and a business model that leverages multiple recurring revenue streams across Europe and North America."

Operational Highlights

$ 50 Million Financing Secured: On May 1, 2025, the company closed a $ 50 million funding round to support international growth and expansion of its business model
Shift to Resilient, Recurring revenues: Focus on long-term revenue streams backed by proven and proprietary technology
Global Project Pipeline: Active negotiations in securing over 300 sites at high-traffic locations such as supermarkets, DIY chains, convenience stores, gas stations, and more
Significant growth opportunities in Energy Storage: Leveraging over a decade of experience, with its first commercial & industrial (C&I) battery energy storage system (BESS) installed in 2012. Now participating in large-scale international BESS projects from 2025 onward
North American Expansion: Strengthened footprint in North America, including customer growth and a new strategic partnership with Parkland Corporation
Service Revenue Growth: Service business nearly tripled from € 2.0 million to € 5.6 million year-over-year, driven by a growing installed base

* Non-IFRS measures such as Adjusted EBITDA are used internally by management to evaluate operating performance and may differ from similarly titled measures used by other companies. Adjusted EBITDA is defined as operating loss adjusted by depreciation, amortization and effects from share-based payments.

Conference Call Information

The live webcast of the call will be available by clicking here. Please make sure to register ahead of the call and log in approximately 5-10 minutes prior to the scheduled start time.

The Investor Presentation will be available as a PDF document after the call within the section of the company's website.

About ADS-TEC Energy

Based on more than ten years of experience with lithium-ion technologies, ADS-TEC Energy develops and produces battery storage solutions and fast charging systems including their energy management systems. Its battery-based fast-charging technology enables electric vehicles to charge ultra-fast even with weak power grids and is characterized by a very compact design. The company, based in Nürtingen, Baden-Württemberg, was nominated for the German Future Prize by the Federal President and was included in the "Circle of Excellence" in 2022. The high quality and functionality of the battery systems is due to a particularly high level of in-depth development and in-house production. With its advanced system platforms, ADS-TEC Energy is a valuable partner for car manufacturers, energy supply companies and charging station operators.

More information at: www.ads-tec-energy.com

Forward-looking Statements

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 the delivery and installation of the PowerBoosters, 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 30, 2024, which is available on our website at https://www.ads-tec-energy.com 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.

Consolidated statements of profit or loss and comprehensive income (loss)

kEUR	Dec 31, 2024	Dec 31, 2023
*Continuing operations*
Revenue	110,013	107,384
Cost of sales	-90,585	-110,270
Gross profit (loss)	19,427	-2,886
Research and development expenses	-8,971	-2,832
Selling and general administrative expenses	-31,588	-27,823
Impairment gain (losses) on trade receivables, contract assets, and other investments	-58	104
Other income	14,530	667
Other expenses	-1,949	-11,755
Operating result	-8,609	-44,525
Finance income	24	190
Finance expenses	-88,883	-13,887
Net finance result	-88,858	-13,697
Result before tax	-97,467	-58,221
Income tax benefits (expenses)	-491	3,141
Result for the period	-97,958	-55,081

*Other comprehensive income*
Items that are or may be reclassified subsequently to profit or loss
Foreign operations – foreign currency translation differences	939	61
Other comprehensive income (loss) for the period, net of tax	939	61
Total comprehensive income (loss) for the period	-97,019	-55,020

**Earnings (loss) per share (in EUR)**
Diluted	-1.91	-1.13
Basic	-1.91	-1.13

EBITDA and adjusted EBITDA*

kEUR	Dec 31, 2024	Dec 31, 2023
Result for the period	-97,958	-55,081
+ Depreciation	6,699	4,850
+ Net finance result	88,858	13,697
+ Income tax benefits (expenses)	491	-3,141
EBITDA	-1,910	-39,674
+ share-based payments	4,090	1,561
Adjusted EBITDA	2,180	-38,113

*EBITDA (non-IFRS) defined as result for the period before net finance result, income tax benefits (expenses), net, depreciation and amortization; adjusted EBITDA (non-IFRS) defined as EBITDA adjusted by effects of share-based payments on profit

Consolidated statements of financial position

ASSETS
kEUR	Dec 31, 2024	Dec 31, 2023
Intangible assets	20,529	25,041
Right-of-use assets	3,273	3,286
Property, plant, and equipment	6,195	6,391
Other investments and other assets	179	179
Trade and other receivables (non-current)	6	4
Deferred tax assets	6	-
Non-current assets	30,188	34,900
Inventories	63,666	39,119
Trade and other receivables (current)	14,929	21,227
Contract assets	40	-
Other accrued items	13,447	-
Current tax assets	102	-
Cash and cash equivalents	22,858	29,162
Current assets	115,042	89,509
Total assets	145,230	124,408

EQUITY AND LIABILITIES
kEUR	Dec 31, 2024	Dec 31, 2023
Total equity	-42,809	33,919
Lease liabilities (non-current)	2,336	2,580
Warrant liabilities (non-current)	119,581	21,626
Trade and other payables (non-current)	209	169
Contract liabilities (non-current)	265	65
Other provisions (non-current)	2,132	4,513
Deferred tax liabilities	1,670	1,189
Non-current liabilities	126,192	30,142
Lease liabilities (current)	1,144	853
Loans and borrowings (current)	13,333	13,908
Trade and other payables (current)	34,963	22,021
Contract liabilities (current)	6,809	7,454
Income tax liabilities (current)	13	-102
Other provisions (current)	5,586	16,212
Current liabilities	61,847	60,347
Total liabilities	188,039	90,489
Total equity and liabilities	145,230	124,408

Consolidated statements of cash flows

kEUR	Dec 30, 2024	Dec 30, 2023
Result for the period	-97,958	-55,081
Depreciation and amortization	6,699	4,850
Finance result	82,198	13,699
Non-cash effective foreign currency gains	6,352	-35
Stock compensation	3,866	1,451
Gain (loss) on disposal of property, plant, and equipment	2	5
Change in working capital	-17,958	17,607
Income tax expenses	491	-3,141
Interest received	24	187
Interest taxes paid	-3	-203
Cash flow from operating activities	-16,285	-20,659
Purchase of property, plant, and equipment	-958	-2,297
Investments in intangible assets, including internally generated intangible asset	-445	-7,623
Proceeds from sale of property, plant, and equipment	107	-
Cash flow from investing activities	-1,296	-9,920
Proceeds from borrowings, shareholder contribution, and loans	13,966	12,033
Proceeds from issue of shares and other equity securities	776	15,333
Proceeds from the exercise of warrants	9,260	-
Repayment of shareholder loans	-11,225	-703
Repayment of lease liabilities	-996	-912
Interest paid	-1,183	-259
Cash flow from financing activities	-10,598	25,492
Net decrease (-) / increase in cash and cash equivalents	-6,984	-5,087
Net cash and cash equivalents at the beginning of the period	29,162	34,441
FX effects	680	-192
Net cash and cash equivalents at the end of the period	22,858	29,162

View source version on businesswire.com: https://www.businesswire.com/news/home/20250512762826/en/

For ADS-TEC Energy Europe:

Dennis Müller

SVP Product Marketing & Communication

press@ads-tec-energy.com

For ADS-TEC Energy United States:

Barbara Hagin

Breakaway Communications

bhagin@breakawaycom.com

+1 408-832-7626

ADS-TEC Energy Reports Full Year 2024 Financial Results and Provides Business Update