Christophe Gurtner, Founder, Chairman & CEO of Forsee Power, stated: “Forsee Power achieved positive adjusted EBITDA for the first time in its history, in line with its guidance. The strong improvement in profitability indicators reflects both our margin expansion and strict control of overheads. With the investment phase in our production facilities now behind us, we approach 2025 with confidence and aim to return to growth while continuing to improve our profitability profile.”
Simplified consolidated income statement
Audit procedures on the consolidated financial statements have been carried out. The statutory auditors’ report will be issued following completion of the management report review and the ESEF-format verification of the 2024 accounts.
| In €m | 2024 | 2023 | Change (%) |
| Sales figures | 151.8 | 171.2 | -11% |
| Heavy vehicles | 135.5 | 145.4 | |
| Light vehicles | 16.2 | 25.8 | |
| Adjusted EBITDA | 0.8 | -6.8 | 111% |
| Adjusted EBITDA margin | 0.5% | -4% | +3.5 pts |
| EBITDA | 1.7 | -8.7 | 119% |
| Marge d’EBITDA | 1.1% | -5.1% | +6.2 pts |
| Current operating income | -10.8 | -23.2 | +53% |
| Financial result | 1.8 | -4.7 | |
| Consolidated net income | -12.1 | -28.0 | +57% |
In 2024, Forsee Power generated revenue of €151.8 million, compared to €171.2 million in 2023. The heavy vehicles segment remained predominant with €135.5 million in sales, while light vehicles contributed
€16.2 million. The gradual phase-out of business with the Company’s historical customer (Iveco) was offset by the acquisition of numerous new accounts. However, the significant drop in cell prices led to a slight decline in annual sales (-11%).
Commercial activity showed strong momentum in the bus segment, particularly in Australia and Turkey, where Forsee Power continued to gain market share.
Numerous contracts signed or under negotiation in the off-highway segment underscore the competitiveness of the Group’s product offering and its positioning in this growing market, which now includes more than ten active customers.
In the rail segment, where sales cycles are longer, many projects are under evaluation and represent a key growth driver in the coming quarters. These projects, although smaller in volume, are typically associated with high-margin sales.
To date, more than 4,500 buses and over 145,000 light electric vehicles worldwide are equipped with Forsee Power batteries.
In terms of financial performance, Adjusted EBITDA was positive in 2024 for the first time in the Company’s history, reaching €0.8 million versus a loss of €6.8 million in 2023 – a major milestone in the Group’s operational performance and a key objective for the year.
This improvement reflects disciplined cost management, lower operating expenses, optimized industrial management (including improved productivity and reduced procurement costs), and strict control of overheads and capital expenditure.
Margins improved significantly, with current operating income rising by +53% to €-10.8 million versus €-23.2 million in 2023.
Net income improved by nearly €16 million, reaching €-12.1 million compared to €-28.0 million the previous year.
Simplified consolidated balance sheet
| In €m – IFRS | 2024 | 2023 | Change (%) |
| Non-current assets | 82.1 | 68.2 | 20% |
| Current assets | 87.3 | 119.3 | -26% |
| Total assets | 169.4 | 187.4 | -9% |
| Shareholders’ equity | 47.5 | 59.2 | -19% |
| Non-current liabilities | 67.6 | 76.1 | -11% |
| Current liabilities | 54.3 | 52.1 | 4% |
| Total liabilities | 169.4 | 187.4 | -9% |
Simplified consolidated cash-flow statement
| In €m | 2024 | 2023 | Change |
| Cash flow from operating activities | 9.6 | -27.3 | 36.9 |
| Cash flow from investing activities | -20.4 | -24.5 | 4.1 |
| Cash flow from financing activities | -9.8 | 46.8 | -56.6 |
| Impact of conversion rates | 0.0 | -0.1 | 0.1 |
| Change in cash and cash equivalents | -20.5 | -5.1 | -15.4 |
| Cash position at end of period | 5.4 | 25.9 | -20.5 |
In 2024, cash flow from operating activities became positive for the first time, amounting to €9.1 million, compared to €-27.3 million in 2023. This improvement mainly resulted from a reduction in working capital, driven by the implementation of client and supplier financing solutions (-€15.4 million and -€4.9 million respectively).
Working capital as a percentage of sales improved from 26% at year-end 2023 to 23% at year-end 2024, reflecting the Group’s efforts to optimize cash flow management.
Despite ongoing high investment levels (-€21.9 million), mainly related to the finalization of the Group’s industrial program (including the U.S. facility), and the repayment of financing lines (-€7.6 million), available cash stood at €5.5 million as of December 31, 2024, compared to €25.9 million at year-end 2023, when the Group had completed a €49.3 million capital increase. This cash position remains in line with Group expectations, as investments continue to be focused on innovation.
Forsee Power’s cash position has reinforced since December 2024. Moreover, the Group has since then completed several financing operations:
- New syndicated credit line with French banking partners for €10 million to finance working capital;
- Additional short-term financing lines with Chinese banking partners;
- Renegotiation and extension of payment terms with one of the Group’s main cell supplier;
The Group is currently finalizing the structuring of additional financing to support business development acceleration.
Q1 2025 Sales – Breakdown by segment
IFRS – unaudited
| (In € thousand) | Q1 2025 | Q1 2024 | Change | Change (%) |
| Heavy vehicles | 33,095 | 47,027 | -13,933 | -29.6% |
| Light vehicles | 4,039 | 5,740 | -1,701 | -29.6% |
| Total sales | 37,133 | 52,767 | -15,634 | –29.6% |
In Q1 2025, sales totaled €37.1 million, representing an increase versus the average of the last three quarters, but a decline from Q1 2024, which had been a record quarter for the Group due to strong volumes with Iveco. Heavy vehicles generated €33.1 million in sales versus €47.0 million in Q1 2024, while light vehicles contributed €4.0 million versus €5.7 million in Q1 2024.
Strategy & outlook
In the coming quarters, Forsee Power aims to return to a growth trajectory by focusing on its priority markets in Europe, Asia, and North America, where the Group recently reinforced its industrial capacity with the opening of its Columbus, Ohio plant. This strategic location enables the Group to address the needs of the North American market while complying with Buy America requirements and supporting local production, strongly encouraged by U.S. federal policy.
Investment programs in production sites are now finalized, and the Group is focusing on ramping up the factories, capable of absorbing a tripling of production without major investments.
Fiscal year 2025 is expected to mark a return to growth, driven by strategic opportunities in the Group’s key segments for heavy vehicles (buses, trucks, off-highway, and rail), which also generate the highest margins. Forsee Power will continue diversifying its customer base through new global contracts.
The expansion of the product and service portfolio will remain central to the Group’s strategy, reinforcing its technological leadership and addressing customer needs with increasingly high-performance and sustainable solutions.