Zaptec AS — Earnings Release 2023

Aug 23, 2023

Zaptec ASA: Second quarter 2023 financial results

Zaptec ASA: Second quarter 2023 financial results

Despite challenging market conditions marked with rising interest rates and sluggish growth in electric vehicle sales, Zaptec recorded record-breaking quarterly revenue 134 per cent above the same period in 2022. Over the past 12 months, Zaptec's total revenue has reached 1.1 billion NOK.

– Our record-breaking revenue and growth reflect our employees' dedication and ability to adapt to challenging market conditions. We have delivered strong results in a tough market because we remain committed to delivering quality and safety. Our focus on innovation and safety has been maintained through our continuous product development and over-the-air updates, bringing quality improvements to existing and new product owners, says Zaptec’s CEO, Peter Bardenfleth-Hansen.

– Quality, indeed, bears fruit. The success we now witness is not a stroke of luck; it is a testament to our preparedness and our ability to seize the right moments. As opportunities have arisen, we have risen to the occasion, leveraging our expertise and vision to turn possibilities into concrete achievements. Going forward we look forward to ramping up production levels further – we are on track to commence production of Zaptec Go at Sanmina which combined with increased production at Westcontrol will further ramp up Zaptec Go deliveries in the coming months, says Bardenfleth-Hansen.

Highlights from Q2 2023:

• All time high quarterly revenue of 355 mill NOK, 134% above Q2 2022

• Continued strong order intake of 445 mill NOK, 104% above Q2 2022

• Order backlog of 578 mill NOK for deliveries for Q3 2023 to Q1 2024

• Continued ramp-up in production volumes of both Zaptec Go and Zaptec Pro including commencement of MID-type approved Zaptec Pro

• Gross margin of 36%

• EBITDA of 23 mill NOK, up 96% from Q2 2022

Please refer to the attached Q2 2023 report and presentation for further details.

For more information:

Peter Bardenfleth-Hansen, CEO, Zaptec ASA

Tel: +47 40 10 31 78, e-mail: pbh@zaptec.com

Kurt Østrem, 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.