Kempower released weak Q2 2024 (and half 2024) financial results

Finland-based chargers supplier Kempower reported weak second quarter results for the year 2024, with a decrease in terms of order intake, revenue, operative EBIT considering the first half of the year.

Indeed, the Finnish company, which has recently inaugurated its brand-new factory in Durham, North Carolina, has got ambitious plans for the near future, although the current electrification trends in the CV sector seems to slow down.

Kempower, very challenging Q2 2024 results

In figures, the first half of the year saw Kempower decrease it order intake to EUR 99.0 million (EUR 147.7 million last year), as well as revenue by 22% to EUR 99.7 million (EUR 128.2 million). Operative EBIT decreased to EUR -19.3 million (EUR 20.8 million), -19.3% of revenue (16.2%). Overall loss for the period was EUR 16.6 million (EUR 16.7 million profit).

“The first half of the year 2024 was challenging, and we expect the slow market situation for the DC charging market to prevail until the beginning of next year”, commented CEO Tomi Ristimäki. “When looking at the long and mid-term, the electrification of transportation is just getting started. In the beginning of 2024, an average ratio between the number of existing DC charging points and registered EVs in Europe was 1:60, which indicates significant investment debt in DC charging infrastructure, as the desired ratio is 1:20.”

“Rapid actions towards greener transport are needed from governments and companies to reduce GHG emissions and to curb global warming. At the same time, we are taking decisive actions to improve profitability and developing our customerships to return Kempower to its profitable growth track”, Kempower’s CEO added.