Forsee Power achieved EBITDA break-even in 2024, amid turnover drop
Forsee Power announces achievement of the 2024 target of EBITDA break-even, highlighted also during our visit at the company’s plant in Poitiers, France in July 2024 (the plan is for a projected 15% positive EBITDA by 2028). Overall, Forsee Power’s batteries now equip over 4,200 buses and more than 145,000 light vehicles worldwide, according to company’s figures. The […]
Forsee Power announces achievement of the 2024 target of EBITDA break-even, highlighted also during our visit at the company’s plant in Poitiers, France in July 2024 (the plan is for a projected 15% positive EBITDA by 2028).
Overall, Forsee Power’s batteries now equip over 4,200 buses and more than 145,000 light vehicles worldwide, according to company’s figures.
The company stresses that in 2024 it increased its delivery volumes in Australia for a local bus manufacturer (unspecified), while began to deliver bus battery systems “to the Turkish market”.
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Forsee Power sales went down -11% in 2024
Last year the French battery specialist has recored a turnover of €151.8 million, down 11% compared to €171.3 million recorded in 2023. The heavy vehicle segment remains predominant with revenues of €135.5 million while the light vehicle segment reached €16.2 million. Forsee Power highlights that “The gradual end of activity with the company’s historic customer (Iveco) was offset by the gain of new customers, however the very sharp drop in the price of cells led to a reduction in annual turnover”. The commercial vehicles OEM chose indeed to rely on in-house developed FPT-made batteries.
| (€ thousand) | Q4 2024 | Q4 2023 | Change | 2024 | 2023 | Change |
| Heavy Vehicles | 33,314 | 38,475 | -13.4% | 135,584 | 145,506 | -6.8% |
| Light Vehicles | 5,031 | 6,258 | -19.6% | 16,243 | 25,831 | -37.1% |
| Total sales | 38,344 | 44,733 | -14.3% | 151,827 | 171,338 | -11.4% |
In the coming quarters, “Forsee Power aims to return to a growth dynamic by focusing on its priority markets in Europe, Asia, and the United States, where the Group has strengthened its industrial capacity with the recent opening of its production site in Columbus, Ohio, held in September 2024. The 2025 fiscal year is expected to mark a revival in Forsee Power’s commercial momentum, supported by strategic opportunities in priority markets in the heavy vehicle segment (buses, trucks, off-highway, rail) where margins are the highest”.
Christophe Gurtner, Founder & CEO of Forsee Power, states: “After two years of very strong growth, the market slowed down in 2024. Forsee Power continued to diversify its customer portfolio with international players to compensate for the drop-in activity with one of our historic customers and delivered excellent performance with the achievement of a turnover of more than 150 million euros and a positive adjusted EBITDA. We therefore approach 2025 with confidence and intend to resume our growth trajectory while continuing to improve our profitability profile.”
