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

Financial & Operational Highlights

The below represents summary financial and operational figures for fiscal year 2021.

• 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

ADSE is introducing FY2022 guidance as follows:

• 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

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About ADS-TEC Energy

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 thatdraws 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

Forward-looking Statement

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/inve... 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.

Definition and Reconciliation of Non-IFRS Measures

The press release includes the following non-IFRS financial measures: “Adjusted Cost of sales”, “Adjusted Gross profit / (loss), “Adjusted EBITDA”, “Adjusted Result before tax”. ADSE believes these measures are useful to investors for evaluating period-to-period operational performance on a consistent basis by excluding items that we do not believe are indicative of our core operating performance, such as the one-time expenses incurred as a result of the business combination involving ads-tec Energy and European Sustainable Growth Acquisition Corp.

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.

Attached Document: 
ADS-TEC Energy (ADSE) Reports Fiscal Year 2021 Results and Provides 2022 Guidance - Press Release with Table part included (PDF)

Contacts:

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

Media - Europe:
Burkhard Leschke Brand Relations GmbH
Burkhard Leschke
b.leschke@blbr.de
+49 16093803331