First quarter financial results, 2023: Zaptec ASA
Zaptec delivered record-breaking order intake, over 100% revenue growth, an all-time high order backlog, and significantly higher production volumes in the first quarter of 2023. In addition, the company achieved several key milestones in the quarter, including MID-type approval for Zaptec Pro and a European patent for its charging technology. As in the previous quarter, Zaptec continued investing in future growth based on the large order intake in Q1, including product developments targeting new markets.
"Q1 has been a busy quarter for us, and I am thrilled to report strong performance demonstrating that this quarter was another step in the right direction in our growth trajectory" says Zaptec’s CEO, Peter Bardenfleth-Hansen.
"I am also proud of the milestones we reached related to our striving to provide customers with safe, high-quality charging solutions. The Zaptec Pro MID-type approval is a massive achievement, and I am confident this will be a game-changer for our customers and help us continue growing and succeeding in Europe. We also received a European patent for our dynamic phase-balancing charging technology, demonstrating our uniqueness. The patented technology allows for lower installation cost and optimized power distribution among vehicles charging in the same system, leading to an improved charging experience with increased charging speed" says Bardenfleth-Hansen.
Highlights from Q1 2023:
• Record-breaking order intake of 587 mill NOK, 204% above Q1 2022
• Order backlog of 489 mill NOK for deliveries for the remainder of 2023, up 702% compared to Q1 2022
• Strong revenue growth to 271 mill NOK, an increase of 105% from Q1 2022
• Significant ramp-up in production volumes of both Zaptec Go and Zaptec Pro
• Gross margin of 41%
• EBITDA of 4.6 mill NOK, equivalent to a 2% margin
• Successful share capital increase, raising 300 mill NOK in gross proceeds to secure liquidity for continued international growth
Read more about Zaptec's Q1 results here.