Breakdown of sales by segment
IFRS, unaudited
| (in € thousand)) | Q3 2024 | Q3 2023 | Change | 30/09/2024 | 30/09/2023 | Change |
| Heavy vehicles | 25,488 | 41,606 | -38.7% | 101,932 | 107,031 | -4.8% |
| Light vehicles | 3,246 | 6,284 | -48.4% | 11,203 | 19,573 | -42.8% |
| Total revenue | 28,734 | 47,890 | -40.0% | 113,135 | 126,604 | -10.6% |
Forsee Power posted sales of €28.7 million in the third quarter of 2024, down 40% on the same period in 2023. The heavy vehicles segment contributed €25.5 million, down 38.7% on the €41.6 million achieved in Q3 2023, while light vehicles sales contracted by 48.4% to €3.2 million from €6.3 million a year earlier.
In the first nine months of 2024, sales totalled €113.1 million, down 10.6% on the same period in 2023, with declines of 4.8% for heavy vehicles and 42.8% for light vehicles respectively.
Recent highlights
- Launch of ZEN LFP RAIL 1500 V
Forsee Power presented its new ZEN LFP RAIL 1500 V high-energy battery system for the rail market at InnoTrans. Designed for locomotives on non-electrified tracks, this system enables flexible recharging via catenaries, charging stations or energy recovery during braking. - Certification Great Place To Work®
Forsee Power has been awarded Great Place To Work® certification, reflecting a high level of employee satisfaction.
Strategy and outlook
In the coming quarters, Forsee Power intends to pursue its profitability-driven growth strategy by focusing on its priority markets in Europe, Asia and the United States, where the Group recently strengthened its industrial capacity with the opening of its production site in Columbus, Ohio.
At sector level, diversification and the acquisition of new customers will be marked in the short and medium term in the bus, light 3 to 4 wheelers and rail segments.
The product range continues to be strengthened and adapted, with the roll-out of new battery systems. The offering also includes integrated solutions covering after-sales, retrofit and financing options, to meet the diverse needs of customers.
The Group is confirming its annual sales target of between €150 million and €160 million, and to achieve break-even adjusted EBITDA by 2024, thanks to rigorous management of its cost structure and margins.