Forsee Power opened on a positive note on Thursday morning following the publication of its 2022 results, marked by sustained business growth and improved profitability.

Last night, the manufacturer of intelligent batteries for electromobility reported 53% growth in annual sales, to 111 million euros.

Its adjusted operating profit (Ebitda) showed a loss of 13.9 million euros, compared with a shortfall of 14.4 million euros at the end of the previous financial year.

Forsee - which claims a cash position of 41 million euros at the end of December 20222 - points out that its firm order book for 2023 is already well in excess of sales in 2022.

Under these conditions, the Group is aiming for sales in excess of 160 million euros this year, with a marked improvement in adjusted Ebitda.

For 2024, it anticipates sales in excess of 235 million euros, as well as break-even, before achieving sales in excess of 850 million euros by 2028, with an adjusted Ebitda margin of 15%.

Listed on the Paris Bourse, Forsee Power's share price rose by 2.2% on Thursday morning following the publication of these figures, deemed to be in line with expectations, after having gained up to 4.5% at the start of the day.

It should be noted that Forsee announced this morning a partnership with Brazilian automotive equipment manufacturer Iochpe-Maxion with a view to offering integrated zero-emission solutions for the electrification of commercial vehicles.

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