Kiepe Electric, wholly-owned subsidiary of
Heramba Electric, Reports 2023 Revenues of €153 Million, with
strong North American growth
Heramba Electric Schedules Conference Call to
Discuss 2023 Financial Results and 2024 Operational Updates
scheduled for August 7, 2024 at
10:00 a.m. Eastern Time
DUBLIN, Aug. 5, 2024
/PRNewswire/ -- Heramba Electric plc (NASDAQ: PITA) ("Heramba
Electric" or the "Company"), a global technology company dedicated
to the acceleration of decarbonization trends for public and
commercial transportation across rail, road and other transport
modalities, with a focus on e-mobility, filed Form 20-F containing
consolidated 2023 financial results on August 2nd, 2024. Management has
scheduled a conference call on Wednesday,
August 7th, 2024 at 10:00
a.m. ET to discuss these financial results and provide 2024
operational update.
The Company is led by newly-named Chief Executive Officer
Michele Molinari, an industry
veteran in the rail transportation and e-mobility sectors. The
Company's management team is supported by board of directors with
significant public company governance experience and wide
operational execution capabilities, to drive profitable organic and
inorganic growth across transportation, logistics and e-mobility
sectors. The Company's directors are Michael Browning, Diego
Diaz, Hans-Jörg Grundmann, Nina
Jensen, Michele Molinari,
Srinath Narayanan, Avinash Rugboor and Eric Spiegel.
Background
- In February 2024, Heramba GmbH
("Heramba"), a special-purpose company focused on investing in
companies with advanced technologies and capabilities to accelerate
the decarbonization of commercial transportation, completed its
previously announced acquisition of Kiepe Electric, a one-stop
technology solutions provider focused on decarbonization of
commercial and public transport (the "Kiepe Acquisition").
- On July 26, 2024, Heramba
and Project Energy Reimagined Acquisition Corp. ("PERAC"), a
special purpose acquisition company, completed their previously
announced business combination (the "Business Combination").
- Heramba Electric, through the Kiepe Acquisition and closing of
the Business Combination, intends to create a global leader in
sustainable urban transportation and accelerate the decarbonization
of urban transportation globally.
- The ordinary shares and warrants of Heramba Electric
commenced trading on the Nasdaq Stock Market under the ticker
symbols "PITA" and "PITAW," respectively, on July 30, 2024.
2023 Financial Highlights for Kiepe Electric
- Revenues increased by 27.6%, or €33.0 million, to €152.8
million for the year ended December 31,
2023 as compared to €119.8 million for the same period in
2022.
-
- Driven primarily by an increase in revenues from execution of
projects driven by high backlog.
- 46.6% of revenues in 2023 were derived in Germany, 39.6% were derived in Europe (excluding Germany) and 12.0% were derived in
North America.
- Revenue grew by 57.5% and 24.7% in North America and Europe (including Germany) in 2023 as compared to 2022.
- Net Income was €407k for the year ended December 31, 2023 compared to a net loss of €21
million for the same period in 2022.
- Total order backlog at the end of CY 2023 exceeding €573.0
million, the highest order backlog in Company history
- Ended the year 2023 with cash and cash equivalents of €32.5
million and no debt on balance sheet.
"It has been a transformative year for Heramba Electric. With
the acquisition of Kiepe Electric in February 2024 and our recent listing on The
Nasdaq Stock Market following the consummation of our transaction
with PERAC, we are now well positioned to bring the quality and
sustainable technology inherent in German engineering to a global
marketplace. The drive by cities and commercial fleets around the
world to decarbonize their transportation has generated a
substantial client pipeline that will support our business growth
in the years ahead. These tailwinds have led to significant revenue
growth in 2023, and a strong year-end cash position. We are
laser-focused on North American growth and driving a cash flow
positive business," said Michele
Molinari, CEO of Heramba Electric.
Investor Call
The Company will host a conference call to discuss the 2023
results and provide a 2024 operational update.
Date: Wednesday, August 07, 2024,
10:00 a.m. EDT.
Join the live webcast at
https://www.webcaster4.com/Webcast/Page/3059/51026 or by
dialing +1 888-506-0062 (U.S. toll free) or +1 973-528-0011
(international), Participant Access Code: 893638. A replay will be
available two hours following the conference call.
For more information on financial results,
see https://www.sec.gov/edgar/browse/?CIK=1995194&owner=exclude
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements included in this communication that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
are accompanied by words such as "believe," "may," "will,"
"estimate," "continue," "anticipate," "intend," "expect," "should,"
"would," "plan," "predict," "potential," "seem," "seek," "future,"
"outlook," and similar expressions that predict or indicate future
events or trends or events that are not statements of historical
matters. These forward-looking statements include, but are not
limited to, statements regarding the plans and objectives of
management for future operations, business strategy, anticipated
growth and market opportunity. These statements are based on
various assumptions, whether or not identified in this
communication, and on the current expectations of Heramba Electric
management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on by
any investor as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of Heramba Electric. These forward-looking
statements are subject to a number of risks and uncertainties,
including (i) changes in domestic and foreign business, market,
financial, political and legal conditions; (ii) the ability to
continue to meet stock exchange listing standards following the
consummation of the Business Combination; (iii) failure to realize
the anticipated benefits of the Business Combination, which may be
affected by, among other things, competition, the ability of the
combined company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (iv) changes in applicable law or
regulations; (v) the outcome of any legal proceedings that may be
instituted against Heramba Electric, PERAC or Heramba; (vi) the
effects of competition on Heramba Electric's future business; (vii)
the ability of Heramba Electric to finance future operations;
(viii) the enforceability of Heramba Electric's intellectual
property rights, including its copyrights, patents, trademarks and
trade secrets, and the potential infringement on the intellectual
property rights of others; and (ix) those factors discussed under
the heading "Risk Factors" in the definitive proxy
statement/prospectus filed on March 19, 2024 by Heramba Electric
and other documents filed, or to be filed, by Heramba Electric with
the U.S. Securities and Exchange Commission. If any of these risks
materialize or the assumptions prove incorrect, actual results
could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
Heramba Electric does not presently know or that Heramba Electric
currently believes are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements.
In addition, forward-looking statements reflect Heramba
Electric's plans or forecasts of future events and views as of the
date of this communication. Heramba Electric anticipates that
subsequent events and developments may cause Heramba Electric's
assessments to change. However, while Heramba Electric may elect to
update these forward-looking statements at some point in the
future, Heramba Electric specifically disclaims any obligation to
do so. Nothing in this communication should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved.
Accordingly, undue reliance should not be placed upon the
forward-looking statements.
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SOURCE Heramba Electric