Zaptec AS — Earnings Release 2021

May 7, 2021

Zaptec increases organic revenue growth guiding to at least 70% for 2021

Zaptec increases organic revenue growth guiding to at least 70% for 2021

Q1 2021 Highlights

- Organic revenue growth of 63% versus first quarter 2020 ​

- Significant increase in export share ​

- Strong cash balance and total liquidity available of 241 MNOK ​

- Gross margin of 33% is below our ambition, and as previously announced, due to sales of a discontinued low margin product ​

- Other operating expenses in share of revenue are reduced 3%​

- Adjusted EBITDA of MNOK 5.5

- New sales of electric vehicles in Europe continue to be strong ​

- Zaptec Go for single-family homes launched ​

- Secured production volumes for 2021 and 2022 based on recently announced agreement with Westcontrol​

- New subsidiaries established in Germany and UK ​

- Increased organic revenue growth guiding, revenues to grow more than 70% in 2021

Outlook

The electric vehicle market is growing strongly in all our key markets. Zaptec expects this growth to continue due to ESG and policy makers’ push for lower emissions, falling battery pack prices, and improved batteries allowing longer distance travel and shorter charging times.​

In addition, Zaptec is strengthening the organisation and its partnership with Westcontrol to ensure sufficient production capacity and capacity to continue the international growth. Risks related to the sourcing of components have been managed well to date.​

Our outlook for 2021 is above 70% sales growth with a gross margin +/- 40%​

Please refer to the attached report and presentation for further details.

For more information:

Anders Thingbø, CEO, Zaptec AS

Tel: +47 934 88 385, e-mail: at@zaptec.com

Kurt Østrem, CFO, Zaptec AS

Tel: +47 404 04 700, e-mail: kurt@zaptec.com

About Zaptec:

Zaptec AS is a technology company within Electronic vehicle (EV) charging systems in Europe. The company develops EV charging systems for multi and single-family homes and office buildings. The product portfolio enables large number of charging points at a low cost and includes Zaptec Pro, Zaptec Go, Charge365 payment services, Charging columns, Zaptec Portal, and Zaptec APM. The company accelerates the electrification of the transport sector to assist European countries in reducing CO2 emissions from light-duty cars.