Highlights:
-Q1 2020 revenues of €44.1m, a growth of 58% versus Q1 2019 (€28.0m), driven by all business lines (Smart grids up 25%, EV charging up 194%, Energy storage up 144%)
-Gross margin at 34.8% compared with 36.2% in Q1 2019 (and 33.8% in Q4 2019)
-Adjusted EBITDA of €4.6m (10.4% of revenues), a growth of 169% from Q1 2019 (€1.7m, 6.1% of revenues)
-Net debt/adjusted EBITDA[1] ratio of 1.4, compared with 1.3 at year-end 2019
-Important new project and client wins, amongst which:
a new service contract for IONITY;
providing Deutsche Bahn with EV charge points for their offices; and
a contract for a 20MWh energy storage system for Vattenfall in Sweden.
-COVID-19 update: Until now order intake is reasonably strong with no cancelled orders, the supply chain is still functioning and production is up and running at this stage