Ads-Tec Energy(US:ADSE)2023-05-14 08:13Financial Data and Key Metrics Changes - Full-year revenue for 2022 was €26.4 million, down €6.6 million from €33 million in 2021, primarily due to lower sales in the U.S. and supply chain pressures [23][24][25] - Gross profit for 2022 was negative €4.5 million, a decline from negative €2.3 million in 2021, attributed to higher supply chain costs and lower output [25] - Operating result for 2022 was negative €36.4 million, compared to negative €18.6 million in 2021 [27] - Cash balance decreased to €34.4 million from €101.8 million at the end of 2021, driven by higher working capital and operating losses [28] - For 2023, the company expects revenues to exceed €100 million, supported by a strong order book of €90 million [29] Business Line Data and Key Metrics Changes - Charging products, including ChargeBox and ChargePost, accounted for 74% of total revenue in 2022, while commercial and industrial products made up 26% [24] - The ChargePost was launched in 2022 and has been well received, contributing to the product portfolio alongside ChargeBox [15][19] Market Data and Key Metrics Changes - In 2022, 74% of revenue came from Germany, with 26% from other European countries and the U.S. [24] - The company anticipates that in 2023, U.S. revenue will account for 10% to 15% of total revenue, reflecting the slower growth in the U.S. market compared to Europe [68][69] Company Strategy and Development Direction - The company focuses on providing platforms that include hardware, software, and long-term services rather than just being a component supplier [6][9] - Strategic partnerships with blue-chip companies and infrastructure investors are emphasized to scale business operations [15][37] - The company aims to expand into various segments, including electric boating and rental car services, to diversify its offerings [58] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from supply chain issues and geopolitical factors but expressed confidence in overcoming these obstacles [2][20] - The outlook for 2024 and beyond is positive, driven by strong customer dynamics and market trends towards electrification and CO2 reduction initiatives [30] Other Important Information - The company entered into an unsecured shareholder loan totaling $12.9 million to strengthen its balance sheet [30] - The company is not planning to raise equity in the foreseeable future [30] Q&A Session Summary Question: What is the outlook for 2023 regarding revenue expectations? - Management indicated that the €100 million revenue target for 2023 is conservative, considering issues faced in 2022 [61][63] Question: Can you provide approximate revenue for the March quarter? - Management refrained from sharing quarterly information, focusing instead on half-year numbers [64][65] Question: What is the anticipated geographic revenue mix for 2023? - The expectation is that U.S. revenue will be between 10% and 15%, with the remainder coming from Germany and other European countries [68][69] Question: Can you provide an update on the residential energy product? - No specific updates were provided during the call regarding the residential energy product [71]