Zaptec AS — Earnings Release 2023

Nov 15, 2023

Zaptec ASA: Third quarter 2023 financial results

Zaptec ASA: Third quarter 2023 financial results

Record-breaking performance by Zaptec

The electric vehicle charging company achieved revenue growth of 86% in the third quarter, compared to the same period in 2022, and surpasses 1 billion NOK in revenue so far this year. The quarter is the best and signifies impressive growth for the company.

"We are very pleased to achieve these results in today's market," says Acting CEO and CFO of Zaptec, Kurt Østrem.

"The growth we have achieved reflects our dedicated employees and our ability to adapt to a temporarily challenging market with low new car sales. I expect the flattening we currently see in electric car sales to be temporary, and we are well prepared for the coming year."

According to the CEO, electric car sales are a megatrend that cannot be reversed.

"We focus on delivering quality products, and we continue with thorough product testing as evidence that safety is a top priority at Zaptec. We address a temporarily challenging market with a flexible production volume, strong liquidity, and clear cost control. With this, we are positioned for further growth in a market with a megatrend here to stay."

Strong order intake of 326 million NOK, which is 37% higher than in the same period the previous year. The company also has an order reserve of 483 million NOK while production ramped up.

Zaptec delivered a record-high quarterly EBITDA of 53 million NOK, an increase of 253% compared to the third quarter of 2022.

• 1 billion NOK revenue YTD milestone reached

• All time high quarterly revenue of 421 mill NOK, 86% above Q3 2022

• Continued strong order intake of 326 mill NOK, 37% above Q3 2022

• Order backlog of 483 mill NOK

• Production ramp-up delivered according to plan

• Gross margin of 41%

• Strong EBITDA of 53 mill NOK, up 253% from Q3 2022

Please refer to the attached Q3 2023 report and presentation for further details.

For more information:

Kurt Østrem, Acting CEO and CFO, Zaptec ASA

Tel: + 47 40 40 47 00, e-mail: kurt@zaptec.com

Kristian Sæther, Finance Director & IR, Zaptec ASA

Tel: + 47 90 70 85 12, e-mail: investor@zaptec.com

About Zaptec ASA:

Zaptec is a technology company within Electric 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 Sense. The company accelerates the electrification of the transport sector to assist European countries in reducing CO2 emissions from light-duty cars.