Zaptec third quarter 2022

Zaptec delivers 73% revenue growth and continues to invest significantly in preparations for continued international expansion, future-proof EV charging software, and a new production line in Germany.

Peter Bardenfleth-Hansen, CEO of Zaptec:

“During Q3, the uncertainty in the global economy increased as Central Banks’ were fighting high inflation with increased interest rates. This led to a challenging market with a temporary slowdown in EV sales in our core markets. However, despite the market headwind, Zaptec delivered strong revenue growth. We continued to invest significantly in building the organization and preparing for further expansion. We entered a strategic partnership with Switch EV, highlighting Zaptec as AC charging frontrunner to explore the full scope of ISO 15118, unlocking seamless charging and bi-directional charging possibilities. Another highlight was production – both through successful test production at Sanmina’s factory in Germany and a significant ramp-up at Westcontrol. Going forward we remain committed to delivering on our growth ambitions, changing the world with our cutting-edge, safe, high-quality EV charging solutions. “

Highlights from Q3 2022:

• Strong revenue growth of 73% to 226 MNOK and 58% increase in order intake to 233 MNOK compared to Q3 2021

• Continued international expansion including the opening of a subsidiary in the Netherlands. The export share increased to 70% vs 56% in Q3 2021 • Gross margin of 38.8% and EBITDA of 14.9 MNOK

• Electrification continues to be a predictable megatrend with increasing EV adoption in all markets, however EV sales weakened in some countries as the macroeconomic outlook worsened

• Launched software prototype with Plug&Charge functionality for seamless charging (without credit card/app) and future-proof vehicle-to-grid (V2G) capability

• Successful Sanmina test production and ramp-up of production at Westcontrol, combined with components sourced to deliver significant growth.

Find the latest quarterly report on Zaptec’s investor relations page.