Forsee Power Achieves Historic Milestone with Positive Adjusted EBITDA in 2024

In the ever-evolving landscape of electric vehicle (EV) technology, Forsee Power has emerged as a beacon of innovation and resilience. The company, renowned for its smart battery systems for commercial and industrial electric vehicles, recently announced its full-year results for 2024. The standout achievement? Forsee Power recorded a positive adjusted EBITDA for the first time in its history, marking a significant turning point in its financial trajectory.



The journey to this milestone has been anything but smooth. After two years of robust growth, the market for electric vehicles experienced a slowdown in 2024. This downturn was exacerbated by a sharp decline in cell prices, which posed a significant challenge for Forsee Power. However, the company's strategic diversification of its customer portfolio across key markets and geographies helped mitigate the impact of this market volatility. By securing new international players, Forsee Power was able to compensate for the drop in activity with its historic customer, Iveco, and achieve a turnover of over €150 million.

The financial results speak for themselves. Forsee Power's sales for the full year 2024 amounted to €151.8 million, a slight decrease from the €171.3 million recorded in 2023. However, this decline was offset by a positive adjusted EBITDA of €0.8 million, a stark contrast to the €6.8 million loss in 2023. This improvement in profitability was driven by disciplined cost management, lower operating expenses, and optimized industrial processes. The company's current operating income also saw a significant increase, rising by 53% to €-10.8 million from €-23.2 million in 2023.

The heavy vehicle segment remained the predominant contributor to Forsee Power's revenue, generating €135.5 million in sales. The light vehicle segment, while smaller, also showed resilience, contributing €16.2 million. The company's batteries now equip over 4,200 buses and more than 145,000 light vehicles worldwide, a testament to its technological leadership and market reach.

Looking ahead to 2025, Forsee Power is optimistic about renewed growth momentum. The company plans to capitalize on opportunities in the bus and off-highway markets, where margins are the highest. This strategy is supported by the recent opening of its production site in Columbus, Ohio, which addresses growing demand in the North American market while meeting "Buy America" standards. The site is expected to enhance local industrial capacity and strengthen Forsee Power's position in the region.

In addition to its strategic focus on key markets, Forsee Power is committed to expanding its product and service offerings. This includes new battery systems and integrated solutions covering after-sales, retrofit, and financing options. By addressing customer needs with increasingly efficient and sustainable solutions, Forsee Power aims to reinforce its technological leadership and drive growth in the coming years.

Forsee Power's achievement of a positive adjusted EBITDA in 2024 is a testament to its resilience and strategic acumen. As the company looks to the future, its focus on cost control, margin improvement, and market diversification positions it well for sustained growth and profitability. Investors and stakeholders alike can take comfort in Forsee Power's ability to navigate market challenges and emerge stronger, paving the way for a promising 2025.