The AKASOL AG reported revenue growth of 201% to EUR 24.1 million in the first quarter of 2021 (Q1 2020: EUR 8.0 million). Earnings before interest, taxes, depreciation and amortisation (EBITDA) improved by EUR 2.0 million to EUR 0.3 million compared to the same quarter last year due to the positive development of revenue, thus returning to positive territory (Q1 2020: EUR –1.7 million). Business development was at the upper range of the Management Board’s expectations for the first quarter.
On the revenue side, the positive development in the first quarter was supported by the fact that AKASOL’s economic environment was significantly less affected by COVID-19 restrictions in the current year than in the same quarter of the previous year. In the first quarter of 2020, some of AKASOL’s series customers had taken block breaks and interrupted their production to contain the spread of the virus. At that time, AKASOL was temporarily unable to deliver battery systems and therefore only posted lower sales.
As EBITDA, earnings before interest and taxes (EBIT) also improved compared to the first quarter of the previous year. EBIT rose by EUR 1.1 million to EUR –1.3 million for the first quarter of 2021 (Q1 2020: EUR –2.4 million).
“For the first quarter, we look back on an all in all good and promising business development, so that revenue, EBITDA and EBIT have developed according to our expectations. Particularly noteworthy here are the now reliable call-offs from our customers in relation to the forecasts communicated to us. We are also receiving more and more orders from small and medium-sized vehicle manufacturers in all segments that we supply. This is where it pays off that AKASOL has built up a very good reputation as a reliable supplier of high-performance and high-energy battery systems in recent years and has also consistently addressed the still young and small market segments such as railways, construction machinery or marine," said Sven Schulz, CEO of AKASOL AG.
“The beginning of construction work on the fully automated production line for our high-energy modules with cylindrical cells at our new headquarters in Darmstadt was yet another important milestone of the first quarter. We are currently fully on schedule with the construction of the production line, despite ongoing corona restrictions. For this reason, we currently expect the first battery systems to come off the production line there by the end of the second quarter. We will then be able to start with the series ramp-up for the first customer from the new production before the end of the year,” explained Carsten Bovenschen, CFO of AKASOL AG.
Positive outlook for 2021
Against the backdrop of the global economic recovery currently expected for 2021, the Management Board of AKASOL considers the prospects for financial year 2021 to be fundamentally positive. The Management Board considers a significant increase in consolidated sales of up to 50% compared to the previous year to be within the realm of possibility. Provided that sales can be increased to this level, AKASOL AG also expects a significantly improved EBIT.
The quarterly report for the first quarter of 2021 is available for download online here.
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