Strong revenue growth following high order intake in 2H21


Strong revenue growth following high order intake in 2H21

Growth of the organisation in line with medium term objectives

Financial Highlights H1 2022

  • Revenue showed strong recovery to €37.1 million following high order intake in 2H21
  • Gross margin improved to 16.2% (+10.7%-points) despite several headwinds
  • EBITDA of negative €15.2 million due to continued ramp-up
  • Result for the period of negative €14.1 million
  • Cash and cash equivalents of €151.4 million to execute roll-out plan
  • Orderbook[1] YTD at 1,307 buses with continued high tender activity


Operational Highlights H1 2022

  • Successful retention and recruitment of employees as the headcount more than doubled
  • Capacity ramp up for Ebusco 3.0 production and Ebusco 2.2 deliveries for 2H22 on track
  • First Ebusco 3.0 bus 18 meter successfully put into the homologation process
  • First tenders entered in North America and first right-hand drive arrived in Australia
  • Letter of Intent (LOI) signed for new facility in France in July and first equipment ordered


Outlook FY 2022

  • Management reiterates that the order intake, tender activity and anticipated shipments and deliveries are expected to result in a sharp revenue increase in 2022


Peter Bijvelds, founder and CEO: “The performance of Ebusco has been very encouraging with especially a strong order intake YTD. Besides the large Deutsche Bahn framework contract announced in April we welcomed new customers in Sweden and Spain.

The reception of the Ebusco 3.0 bus has been positive, supported by the unrivalled low energy consumption of our revolutionary design. The data from the Ebusco 3.0 buses on the road in Munich as well as from independent testing authorities are consistently better than anticipated. Another important milestone was reached as the first Ebusco 3.0 18 meter bus has successfully entered the homologation process.

We also continue the expansion of our company as evidenced by the growth in headcount despite the tight labour market. While we recognise this comes at the expense of short-term profitability, we continue to invest in anticipation of future growth and to provide optimal service to both existing and new clients alike. An important step in our expansion strategy was the Letter of Intent we signed in July for a production facility in the city of Rouen, France. The local production and assembly facility should enable us to meet the growing demand for our Ebusco 3.0 buses and improve our position in the French and Southern European markets.

Although the focus has been on getting all components in the warehouse on time, we have also invested significant time and effort in further optimising our supply chain with a strong focus on identifying dual suppliers to lower risks and scale advantages to lower cost of goods sold.

Looking ahead, as we have said before, we are not immune to the geopolitical uncertainty and the continued strain on the global supply chain. Uncertainty in the supply chain continues, we have to cope with delayed deliveries and higher costs. We are making every effort to stick to agreed delivery deadlines with our clients which for example leads to higher transport costs when parts are delivered by air instead of sea.

Despite these uncertainties, management reiterates that based on the order intake, tender activity and anticipated shipments and deliveries are expected to result in a sharp revenue increase in 2022, assuming the current geopolitical, supply chain and COVID-19 situation does not deteriorate further.”

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[1] These orders can be divided into three categories: fixed (325), call of contracts (253), additional options within won contract (729) and includes contract assets