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LION E-Mobility Earnings Release 2023
7282_10-q_2023-12-13_0264fd21-e048-4e6f-afef-432b0d746180.pdf
Earnings Release
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LION E-Mobility AG today published its consolidated, unaudited financial figures for the third quarter 2023 and provides an update on the FY 2023 guidance
Zug (Switzerland), 14.12.2023 – LION E-Mobility AG (LION; Symbol: LMIA), today publishes the consolidated Q3 financials and updates its FY 2023 guidance.
- Guidance update (EUR >55m) underpinned by strong Q4 sales development
- EBITDA positive after 9M, despite extraordinary costs borne this year
- 9M '23 revenues below 9M '22 due to destocking and production ramp-up
- Further achievements with immersion cooling development
- Appointment of new CEO to be announced soon
- Increased focus on IR activities
Guidance Within the Previously Communicated Range, Driven by Strong Q4 Sales Development
LION is pleased to provide more specific guidance, with expecta�ons now surpassing just over EUR 55 million for the current fiscal year. This outlook is supported by robust sales developments in Q4 so far, and the remaining shipments to be completed by year end.
The graph below illustrates the visibility of the full year results.
EBITDA Posi�ve A�er 9M Despite Extraordinary Costs
Despite facing extraordinary costs throughout the year, LION once again managed to operate reaching EBITDA posi�vity a�er nine months. This accomplishment underscores the company's commitment to financial sustainability and opera�onal efficiency.
9M '23 Revenues Reflect Destocking and Produc�on Ramp-Up
While 9M '23 revenues are below the figures recorded in the same period last year, this is mainly atributed to the pull-forward effect LION saw last year in light of the takeover of the produc�on from BMW paired with the destocking in Q1 and Q2 before we ramped-up the produc�on star�ng in May.
Advancements in Immersion Cooling Development
The company con�nues to make strides with the immersion cooling development, showcasing the company's dedica�on to product innova�on. The most recent progress in this area is based on func�onal prototypes successfully tested by a large OEM.
New CEO Appointment Expected Soon
LION's Board is in encouraging talks with a candidate that will bring in a wealth of experience and fresh perspec�ves to guide the company through its next phase of growth and development.
Increased Focus on Investor Rela�ons Ac�vi�es
Recognizing the importance of transparent communica�on with stakeholders, LION is intensifying its focus on Investor Rela�ons ac�vi�es. This ini�a�ve aims to strengthen rela�onships with investors and provide them with comprehensive insights into the company's strategy, performance, and future outlook. While the company has ini�ated the first steps such as group consolidated repor�ng on a regular basis as of today LION acknowledges there's addi�onal room for improvement. The company will release the new IR deck on Friday and will have a new IR website in Q1 2024. LION is preparing for a more comprehensive capital market day providing strategic updates on LION in Q1 2024.
LION remains op�mis�c about its posi�oning in the market and the poten�al for con�nued success. The company looks forward to upda�ng stakeholders on further developments in the coming months.
APPENDIX
Profit and Loss YTD Q3 2023 (unaudited, IFRS 16)
EURm
| Income Statement | FY 2022 | 9M 2023 |
|---|---|---|
| Revenues | 53.8 | 29.8 |
| Increase in contract assets por�olio | -0.3 | 0.0 |
| Other own work capitalised | 0.8 | 0.4 |
| Total Revenues | 54.2 | 30.2 |
| Other opera�ng income | 0.3 | 1.8 |
| Cost of materials | -46.7 | -24.5 |
| Personnel expenses | -3.9 | -4.3 |
| Other opera�ng expenses | -4.2 | -3.1 |
| EBITDA | -0.2 | 0.1 |
| EBITDA margin % | -0.4% | 0.3% |
| Deprecia�on and amor�za�on | -0.4 | -0.6 |
| EBIT | -0.6 | -0.5 |
| EBIT margin % | -1% | -2% |
| Finance income | 0.1 | 0.1 |
| Finance expenses | -0.1 | -1.0 |
| Share of profits of associated subsidiaries | 0.0 | 0.0 |
| EBT | -0.7 | -1.3 |
| Income taxes | -0.2 | 0.6 |
| Other taxes | 0.0 | 0.0 |
| Net income / (loss) | -0.8 | -0.7 |
| Net income margin % | -2% | -2% |
Balance Sheet YTD Q3 2023 (unaudited, IFRS 16)
EURm
| Balance Sheet | FY 2022 | 9M 2023 |
|---|---|---|
| Total Assets | 29.8 | 43.2 |
| A. Non-current assets | 14.8 | 24.4 |
| B. Current assets | 15.0 | 18.8 |
| Equity and liabili�es | 29.8 | 43.2 |
| A. Equity | 14.4 | 13.8 |
| B. Non-current liabili�es | 2.1 | 10.8 |
| C. Current liabili�es | 13.3 | 18.6 |
Cash Flow Statement YTD Q3 2023 (unaudited, IFRS 16)
EURm
| Cash Flow Statement | FY 2022 | 9M 2023 |
|---|---|---|
| Cash and cash equivalents at beginning of period | 1.2 | 3.0 |
| Cash flow from opera�ng ac�vi�es | -6.8 | 1.1 |
| Cash flow from inves�ng ac�vi�es | -2.7 | -10.3 |
| Cash flow from financing ac�vi�es | 11.4 | 9.6 |
| Net change in cash and cash equivalents | 1.8 | 0.4 |
| FX effect | 0.0 | 0.0 |
| Cash and cash equivalents at end of period | 3.0 | 3.5 |
For further informa�on and inquiries, please contact:
LION E-Mobility Investor Relations
Frank Schönrock Phone: +49 (0) 173.70 25 315 E-mail: [email protected] | [email protected] | www.lionemobility.com
About LION E-Mobility AG:
LION E-Mobility AG is a listed Swiss holding company founded in 2011 with promising strategic investments in the e-mobility sector, especially in the field of electrical energy storage and lithiumion batery system technology. The company holds 100% of the German LION Smart Produc�on GmbH, a manufacturer of batery packs, LION Smart GmbH, a developer of batery packs and batery management systems and LION Smart North America Inc. LION Smart GmbH also holds a 30% stake in TÜV SÜD Batery Tes�ng GmbH, a successful joint venture with TÜV SÜD AG.