Forsee Power increases sales by 60 percent to 75.9 million euros

Thanks to a strong acceleration in sales in the third quarter of 2022 (+152 percent compared to the same period in 2021 ) and revenues from heavy vehicles more than quadrupled compared to the third quarter of 2021, Forsee Power as of September 30, 2022, brought revenues to close to 76 million euros (75.9 to be exact), thus registering a 60 percent growth, which will lead the company to meet its forecast of more than 100 million euros in revenues in 2022.

Christophe Gurtner, Chairman and Chief Executive Officer of Forsee Power comments: «The strong growth this past quarter confirms the very good trend in our business. With a more than fourfold increase in sales in the heavy vehicle segment and continued strong growth in light vehicles, Forsee Power is taking full advantage of its position as the leader in smart battery systems. Despite tensions in the supply of certain electronic components, the agility of our teams and our industrial tools have enabled us to meet the exponential demand of the electromobility market. While remaining cautious about the current context, we are confidently looking forward to the end of 2022 and are focused on the continued diversification and internationalization of our customer portfolio, our expansion into the U.S. market, and the extension of our range of innovative products and services. Based on this good momentum and favorable outlook, we confirm our 2022 revenue target of more than €100 million and our financial objectives for 2027».

Forsee Power’s numbers

Forsee Power achieved sales of 26.2 million in the third quarter of 2022, an increase of 152% over the same period in 2021. This good performance comes mainly from the boom in the heavy vehicle market, with sales up +312% compared to the third quarter of 2021, as the post-Covid recovery has been longer in this segment. The light vehicle segment maintained its good momentum with +13% growth.

In the first nine months of the year, Forsee Power generated revenues of 75.9 million euros, up 60 percent from 2021. As envisaged in the Group’s strategic plan, the share of sales in the heavy vehicle segment within total revenues is increasing and accounted for 77 percent of revenues at the end of September 2022 compared to 72 percent at the end of September 2021. In terms of revenue breakdown by geography, international markets account for 51 percent of revenues as of September 30, 2022. Forsee Power is further expanding its customer base internationally, which is reflected in a strong increase in sales in the rest of Europe, accounting for 41 percent of revenues at the end of September 2022, compared to 11 percent at the end of September 2021. Growth in this region is due in particular to the strong contribution of the Wrightbus customer in the heavy vehicle segment.

Forsee Power confirms its 2022 revenue target of more than 100 million euros. In addition, during the year, the Group will focus on:
– starting the expansion of the production unit in the United States, with the goal of reaching a production capacity of 3 GWh by 2027;
– developing business partnerships, particularly in the market segments of buses, off-road vehicles and light vehicles;
– expansion of product and service offerings.