PRESS RELEASE




Forsee Power achieves sales of €113.1 million
as of September 30, 2024 and
confirms its 2024 financial targets

Paris, November 12, 2024 – 07:30 a.m. CET – Forsee Power (FR0014005SB3 – FORSE), the
expert in battery systems for light and heavy electric vehicles, announces its sales for the third quarter
of 2024.


Breakdown of sales by segment

IFRS, unaudited


(in € thousand) Q3 2024 Q3 2023 Change 30/09/2024 30/09/2023 Change

Heavy vehicles 25,488 41,606 -38.7% 101,932 107,031 -4.8%

Light vehicles 3,246 6,284 -48.4% 11,203 19,573 -42.8%

Total revenue 28,734 47,890 -40.0% 113,135 126,604 -10.6%



Forsee Power posted sales of €28.7 million in the third quarter of 2024, down 40% on the same period
in 2023. The heavy vehicles segment contributed €25.5 million, down 38.7% on the €41.6 million
achieved in Q3 2023, while light vehicles sales contracted by 48.4% to €3.2 million from €6.3 million
a year earlier.
In the first nine months of 2024, sales totalled €113.1 million, down 10.6% on the same period in 2023,
with declines of 4.8% for heavy vehicles and 42.8% for light vehicles respectively.


Recent highlights

- Launch of ZEN LFP RAIL 1500 V
Forsee Power presented its new ZEN LFP RAIL 1500 V high-energy battery system for the rail market
at InnoTrans. Designed for locomotives on non-electrified tracks, this system enables flexible
recharging via catenaries, charging stations or energy recovery during braking.

- Certification Great Place To Work®
Forsee Power has been awarded Great Place To Work® certification, reflecting a high level of
employee satisfaction.




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Strategy and outlook

In the coming quarters, Forsee Power intends to pursue its profitability-driven growth strategy by
focusing on its priority markets in Europe, Asia and the United States, where the Group recently
strengthened its industrial capacity with the opening of its production site in Columbus, Ohio.

At sector level, diversification and the acquisition of new customers will be marked in the short and
medium term in the bus, light 3 to 4 wheelers and rail segments.

The product range continues to be strengthened and adapted, with the roll-out of new battery systems.
The offering also includes integrated solutions covering after-sales, retrofit and financing options, to
meet the diverse needs of customers.

The Group is confirming its annual sales target of between €150 million and €160 million, and
to achieve break-even adjusted EBITDA by 2024, thanks to rigorous management of its cost
structure and margins.



About Forsee Power
Forsee Power is an industrial group specializing in smart battery systems for sustainable electric transport (light
vehicles, off-highway vehicles, buses, trucks, and trains). A major player in Europe, Asia and North America, the Group
designs, assembles, and supplies energy management systems based on cells that are among the most robust in the
market and provides installation, commissioning, and maintenance on site and remotely. More than 3,500 buses and
140,000 LEV have been equipped with Forsee Power’s batteries. The Group also offers financing solutions (battery
leasing) and second-life solutions for transport batteries. Forsee Power and its 750 employees are committed to
sustainable development and the Group has obtained the Gold medal from leading sustainability rating agency
EcoVadis. For more information: www.forseepower.com | @ForseePower


Contacts

Forsee Power NewCap NewCap
Sophie Tricaud Thomas Grojean Nicolas Merigeau
VP Corporate affairs and Jérémy Digel Media Relations
Sustainability Investor Relations forseepower@newcap,eu
investors@forseepower,com forseepower@newcap,eu +33 (0)1 44 71 94 98
+33 (0)1 44 71 94 94




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