French battery maker Forsee Power achieved EBITDA break-even in 2024 despite turnover drop by 11%
Forsee Power recored a turnover of €151.8 million, down 11% compared to €171.3 million recorded in 2023. “After two years of very strong growth, the market slowed down in 2024", stated Christophe Gurtner, Founder & CEO of Forsee Power. "We approach 2025 with confidence and intend to resume our growth trajectory while continuing to improve our profitability profile.”
French battery manufacturer Forsee Power managed to achieve EBITDA break-even in 2024. The company released an official communication about financial results, highlighting quite a challenging year as for the commercial vehicle business. As reported by our sister platform Sustainable Bus, Forsee Power recored a turnover of €151.8 million, down 11% compared to €171.3 million recorded in 2023.
More into details, the heavy vehicle segment remains predominant for the company’s business, with revenues of €135.5 million while the light vehicle segment reached €16.2 million. Forsee Power also highlighted that “The gradual end of activity with the company’s historic customer (Iveco) was offset by the gain of new customers, however the very sharp drop in the price of cells led to a reduction in annual turnover”.
Forsee Power: looking at the near future with confidence
This is what the French player stated as for the near future: “Forsee Power aims to return to a growth dynamic by focusing on its priority markets in Europe, Asia, and the United States, where the Group has strengthened its industrial capacity with the recent opening of its production site in Columbus, Ohio. The 2025 fiscal year is expected to mark a revival in Forsee Power’s commercial momentum, supported by strategic opportunities in priority markets in the heavy vehicle segment (buses, trucks, off-highway, rail) where margins are the highest”.
As highlighted during the visit we paid to Forsee’s main plant in Poitiers last year, the company’s plan is for a projected 15% positive EBITDA by 2028. “After two years of very strong growth, the market slowed down in 2024“, stated Christophe Gurtner, Founder & CEO of Forsee Power. “We continued to diversify our customer portfolio with international players to compensate for the drop-in activity with one of our historic customers and delivered excellent performance with the achievement of a turnover of more than 150 million euros and a positive adjusted EBITDA. We therefore approach 2025 with confidence and intend to resume our growth trajectory while continuing to improve our profitability profile.”
