Forsee Power Reports Strong Sales Growth in Q1 2024

Forsee Power announced a significant 39.8% increase in sales for the first quarter of 2024, achieving €52.8 million compared to the same period last year. The growth was primarily driven by robust performance in the heavy vehicles sector, which saw a 50% rise in sales, contributing €47.0 million.

Despite a general momentum, the light vehicles segment experienced a slight decline, recording €5.7 million in sales, down by 10.2% from Q1 2023. The firm order backlog for 2024 is solid, standing at €150 million, aligning well with the company's full-year sales target. Additionally, Forsee Power projects its annual sales to range between €180 and €200 million for the year.

The company is optimistic about future growth, focusing on geographic and customer diversification, especially with the planned operational start of its North American industrial site and expansions into Australia and Japan. These initiatives, alongside improved profitability measures, are set to bolster Forsee Power's position in the market as it targets break-even adjusted EBITDA by the end of 2024.