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Forsee Power: 2028 targets suspended, share price falls

( - Forsee Power announced last night that it had suspended its 2028 targets, despite a very good commercial and financial performance last year.

The manufacturer of intelligent batteries for electromobility justifies its decision by the lack of maturity of its markets, which it considers to be still in the start-up phase.

However, the Group stresses that this suspension does not call into question its growth prospects, nor the relevance of its strategy, which remains focused on a profitable growth trajectory.

In fiscal 2023, revenues rose by 54% to ?171.2 million, driven mainly by strong growth in its heavy-duty vehicle business.

At the same time, its adjusted EBITDA loss narrowed to 6.8 million euros, compared with -13 million euros in 2022.

With regard to its outlook for 2024, Forsee says it intends to focus on profitability, with the aim of achieving a break-even adjusted EBITDA and an annual sales target of between 180 and 200 million euros.

Production at the North American site is scheduled to start at the end of the 1st half of 2024.

At around 12:00, Forsee's share price fell by 12%, hitting its lowest level since its IPO in 2021.

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