ADS-TEC Energy (ADSE) reports full-year fiscal 2022 results and provides business update for 2023

NÜRTINGEN, Germany – May 11, 2023 – ADS-TEC Energy plc (NASDAQ: ADSE), a global leader in battery-buffered, ultra-fast charging technology, today announced audited financials for the full fiscal year 2022 and guidance for 2023. The company will be hosting a conference call to discuss the results at 14:00h CET/ 8:00 a.m. ET today.

Full-Year 2022 operational highlights

• Successfully managed supply chain issues and produced systems and performed services from the factory worth €45.6M
• New ultra-fast charging system, ChargePost, was successfully launched in December 2022, as planned
• Focus on blue-chip partners and strategic customers, including GP-Joule together with Mobilize Power Solutions, a subsidiary of Groupe Renault aimed at expanding the EV fleet charging market, and amperio GmbH, who have ordered their first 100 ChargePosts

Full-Year 2022 financial highlights

• Consolidated revenue of €26.4M, compared to €33.0M in FY21, impacted by clients not taking product by 12/31; finished goods still in the company’s Alabama facility and moved to 2023
• Operational expenses of €33.0M (2021: €15.3M)
• EBITDA of €-32.1M (2021: €-15.2M)
• Year-end cash of €34.4M

2023 outlook

• 2023 full year revenues expected to exceed €100M
• Expecting to be EBITDA break-even to positive in FY 2023
• Secured shareholder loan of €12.9M; no intention to raise equity in foreseeable future
• Strong order backlog of €90.0M based on binding orders mainly from solid customers underpinning revenue visibility
• Substantial growth anticipated in 2024 and beyond, driven by very strong customer dynamics and market trends

Thomas Speidel, CEO of ADS-TEC Energy, said: “We are at the beginning of a major transformation, focusing on well-funded, blue-chip customers with very ambitious growth plans. These customers and partners highly appreciate the managed eco-platform business provided by ADS-TEC Energy combined with long-term services optimizing the Total Cost of Ownership and securing their business cases.

The combination of a growing, high-quality customer base with the need for infrastructure operators to balance demand across their grids will enable us to substantially scale our platform. I am confident that we are well-positioned to capitalize on very strong customer demand and positive market trends in 2023 and beyond.”

Momentum in 2023

• New order from a first-class international corporation in the range of €5M. ChargeBoxes and ChargePosts delivered in 2023 will offer ultra-fast charging at sites in Europe and North America.
• Service business will grow in 2023. Long term service agreements are expected to be signed with existing customers as well as with new platform partners. The value of ADS-TEC Energy’s physical and digital services to optimize the total cost of ownership are highly appreciated.
• ADS-TEC Energy partner JOLT Energy recently completed a large funding round of €150M led by InfraRed Capital Partners and has placed an initial order for a significant double-digit number of ChargePosts for 2023. As announced by JOLT Energy on May 5, 2023, its plan is to deploy 1,000 charge-points in Europe within the next 18 months.
• ADS-TEC Energy continues to explore new market segments for its technology. Initial systems are ordered by and will be shipped to one of the biggest car rental companies in Europe and to one of the leading mail-order courier companies worldwide.
• ADS-TEC Energy has signed a framework agreement with a blue-chip listed oil & gas petrochemical company.

2024 outlook

Existing customers and partners are forecasting and expecting to significantly increase their revenues in 2024, which confirms the strong momentum and growth for ADS-TEC Energy business.

Conference Call Information

Participants may access the call by dialing 1-412-317-5195 or 1-844-826-3035 (US). A live webcast of the call will also be available by clicking here. Please log in approximately 5-10 minutes prior to the scheduled start time.

A replay of the call will be available for two weeks by dialing 1-844-512-2921 for US callers or 1-412-317-6671 for international callers and using Conference ID: 10178618. The archived webcast will be available in the Investor Presentations and White Papers section of the company's website.

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”). Based on more than ten years of experience with lithium-ion technologies, ADS-TEC Energy develops and manufactures battery storage solutions and fast charging systems including their 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. It was most recently nominated by the President of the Federal Republic of Germany for the German Future Prize and elevated to the "Circle of Excellence" in 2022. 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, ADS-TEC Energy is a valuable partner for automotive, OEMs, utility companies and charge-operators.

More information: 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 our financial outlook for 2023, 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 May 11, 2023, which is available on our website at https://www.ads-tec-energy.com/en/company/invest 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 certain financial information, such as EBITDA, that have 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 measure: “”EBITDA”. ADSE believes this measure is 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.

ADSE defines EBITDA as result before tax before (i) finance income / (expenses) and (ii) depreciation and amortization. This measure should not be considered as a measure 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.

Media Contacts:

ADS-TEC Energy Europe:

Dennis Müller
SVP Product Marketing & Communication
press@ads-tec-energy.com

Media – United States:

Stephannie Depa
Breakaway Communications
sdepa@breakawaycom.com

+1 530 864 0136