• Fastned's revenue grew strongly, to €37.8 million (+45% vs. H1 2023), driven by the continued strong growth of electric vehicle fleets in Europe (+38% in Fastned's markets). This leads to increasing and recurring fast charging demand, which Fastned captures with its high-traffic locations and award-winning charging concept.
• Fastned has accelerated the acquisition of high-traffic locations, securing 79 locations in the first half of 2024, our fastest pace ever. With 509 locations signed, we reached the halfway mark in our planned number of secured locations and are fully on track to reach our goal of 1,000 stations by 2030.
• Fastned will expand its Management Board with a new Chief Operating Officer, Françoise Poggi. Previously responsible for Tesla's European supply chain and with similar roles at Sonos and Cisco Systems, Françoise will be of tremendous value to Fastned, helping us further scale the operating capabilities across geographies.
• Already a top 3 fast-charging company in Western Europe, Fastned is in prime position to charge the growing EV fleet on European roads.
Financial performance
• Profitability rose, with underlying company EBITDA growing by 12%, to €3.2 million. Net profit in H1 2024 was still negative, at -€11.4 million, a consequence of the ongoing large expansion effort.
• Fastned issued a record amount of €61 million in bonds in H1 2024 (including €15.7 million extensions of earlier tranches), funding its expansion effort and leading to an increased cash position of €145.8 million (vs. €132.6 million in H1 2023).
• With operating cash flow at -€1.0 million (vs. -€2.5 million in H1 2023), Fastned is on the verge of starting to self-fund investments in new stations.
"When looking at the facts, the electric transition is well on its way: the increasing number of electric vehicles across Europe shows drivers are embracing electric cars as they near price parity with fossil cars. The current battery development pace - still a relatively young technology - puts us on an unstoppable and accelerating path to a complete transition to electric mobility. Reports show that the price of battery cells from China was cut in half over the past year. As a result, a wave of more affordable, new models with more range is on our doorstep.
Fastned continues to grow its network, ensuring all these new electric drivers can charge wherever and whenever needed. With over 500 secured locations and 318 operational stations, we are more on track than ever to operate a network of 1,000 stations by 2030."
Michiel Langezaal, Fastned co-founder & CEO
Press release:
https://www.fastnedcharging.com/hq/en/fastned-grows-revenue-by-45-and-secures-record-high-number-of-new-locations-in-h1-2024
© 2024 GlobeNewswire (Europe)
