Turbo Energy, S.A. (NASDAQ: TURB), a leading energy-saving
technology company leveraging artificial intelligence software,
today announced that for the year ended December 31, 2023, the
Company reported revenues of €13.14 million ($14.54 million) and a
net loss of €2.01 million ($2.23 million).
MANAGEMENT COMMENTARY
The year 2023 was a period in which the
residential and industrial photovoltaic sector was adversely
affected by a variety of external factors including high interest
rates, significant energy price decreases and subsidy reductions.
Combined with unusually high inventory levels in distribution
channels, these factors contributed to a significant reduction in
photovoltaic sales volumes, especially in Spain, which is the main
market of the company.
Despite experiencing the negative effects of this market
downturn, the company remains optimistic about the coming years.
During 2023, Turbo Energy launched a portable version of its
photovoltaic product for home balconies, as well as a version for
commercial and industrial scale, and signed agreements with major
retailers for this entire product range, thus achieving the
introduction of new sales channels with greater potential. All of
these moves have produced positive sales results thus far in
2024.
During 2023, the company also progressed with
the development of a Sunbox residential version for marketing in
the U.S., a Sunbox utility scale version, and a new powerful
software platform that will allow Turbo to offer a highly
competitive software proposition. We expect these products to yield
positive sales results sometime in 2024.
These investments are paving the way towards a
business model in which income will be a combination of equipment
sales and recurring income from services, supported by high added
value for both end users and partners related to new sales
channels.
In addition, the downward trend in the prices of
components related to photovoltaic installations, especially
batteries, has started again, which is increasing the already high
profitability of these installations for end users. All sector
forecasts issued by experts predict very significant growth in
sales for the coming years. This is a global trend in all scales of
installations.
Turbo Energy expects to once again embark on
strong growth resulting from good sector growth expectations and
commercial and product/software expansion plans launched from
2023.
2023 BUSINESS HIGHLIGHTS
In June 2023, Turbo Energy announced its new
SunBox Industry product line, a storage solution focused on the
solar, commercial and industrial self-consumption market. SunBox
Industry is a complete lithium-ion battery electricity storage and
smart solar power management system utilizing Turbo's artificial
intelligence software.
In September 2023, Turbo Energy priced its
initial public offering of 1 million American Depositary Shares
(ADSs), representing 5 million ordinary shares at a price of $5.00
per ADS to the public for a total of $5 million in gross proceeds
to the company before deducting underwriting discounts and offering
expenses. These ADSs began trading on the Nasdaq Capital Market
under the symbol “TURB.”
In October 2023, Turbo announced it had obtained
a patent, granted for Spain, for a software development that allows
the company to offer SunBox as a combined AI-driven smart
management home photovoltaic system and electric vehicle charger,
thus positioning it among the most innovative residential
photovoltaic solutions on the market.
In November 2023, Turbo announced a strategic
alliance with the French multinational retailer, Leroy Merlin, to
include Sunbox in that company’s range of photovoltaic products
available in Spain.
In December 2023, Turbo Energy announced that
Movistar, a Fortune 500 telecommunications leader in Spain and
Latin America, had launched Turbo´s GoSolar offering for sale
through Movistar´s energy branch, Solar360.
2024 BUSINESS HIGHLIGHTS
In January 2024, Turbo signed a collaboration
agreement with Solar360 involving a major retailer focused on B2C
photovoltaic installations. The agreement identified Sunbox as a
strategic product for such installations.
In March 2024, after verifying the success of
the Sunbox commercial and industrial product, Turbo added three
senior professionals to its commercial sales team.
In April 2024, Turbo announced that El Corte
Inglés S.A., the biggest department store group in Europe and third
largest worldwide, had launched sales of GoSolar.
FINANCIALS SUMMARY FOR YEAR ENDED DECEMBER
31, 2023
- Revenue for the years ended December 31, 2023 and 2022 was
€13,140,771 (approximately $14,536,321) and €31,146,376,
respectively, representing an decrease of 58%.
- Our cost of revenue decreased to €12,043,563 (approximately
$13,322,589), or 55%, for the year ended December 31, 2023 from
€26,545,377 for the year ended December 31, 2022. Such a decrease
was in line with our decreased revenue.
- Net income (loss) for the years ended December 31, 2023 and
2022 was €(2,013,789) (approximately $(2,227,651)) and €1,028,578,
respectively.
- Selling and administrative expenses increased by €493,433, or
24% to €2,539,854 (approximately $2,809,588,) for the year ended
December 31, 2023, from €2,046,411 for the year ended December 31,
2022. Such increase was in line with our strategy of continuing
with the expansion process due mainly to the increase in outsourced
professional services and growth process.
- Salaries and benefits increased by €238,494 or 28% to
€1,105,128 (approximately $1,222,493) for the year ended December
31, 2023, from €866,634 for the year ended December 3, 2022. Such
increase was primarily due to an increase in the headcount of the
Company during 2023, following the post-IPO strategy and objective
to grow the team and carry out international expansion.
- Interest expenses increased by €97,049, or 31% to €406,031
(approximately US$ 449,151) for the year ended December 31, 2023,
from €308,982 for the year ended December 31, 2022. Such
significant increase is due to the significant increase in interest
rates during 2023.
- Foreign exchange net income (loss) increased by € (115,265), or
356% to €(82,881) (approximately US$ (91,683) ) for the year ended
December 31, 2023 from €32,384 for the year ended December 31,
2022. Such a significant increase was primarily due to the
fluctuation between the USD/EUR during the year.
About Turbo Energy, S.A.
Turbo Energy is a leading photovoltaic energy
storage technology company based in Valencia, Spain. The Company
develops innovative solutions that allow end users to harness the
full potential of solar energy and reduce their electricity costs.
With a combination of artificial intelligence and advanced
technology, Turbo Energy is paving the way towards a more
sustainable and energy-efficient future. For more information,
please visit www.turbo-e.com.
Forward-Looking Statements
Statements in this press release about future
expectations, plans and prospects, as well as any other statements
regarding matters that are not historical facts, may constitute
"forward-looking statements" within the meaning of The Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are neither historical facts nor assurances of future
performance. Instead, they are based only on current beliefs,
expectations and assumptions regarding the future of the business
of the Company, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. The words "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "potential,"
"predict," "project," "should," "target," "will," "would" and
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Because forward-looking statements relate
to the future, they are subject to inherent uncertainties, risks
and changes in circumstances that are difficult to predict and many
of which are outside of our control, including the risks described
in our registration statements and reports under the heading "Risk
Factors" as filed with the Securities and Exchange Commission.
Actual results and financial condition may differ materially from
those indicated in the forward-looking statements. Therefore, you
should not rely on any of these forward-looking statements. Any
forward-looking statements contained in this press release speak
only as of the date hereof, and Turbo Energy, S.A. specifically
disclaims any obligation to update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
For more information, please contact:
Skyline Corporate Communications Group, LLCScott
Powell, President1177 Avenue of the Americas, 5th FloorNew York, NY
10036Office: (646) 893-5835 x2Email: info@skylineccg.com
Turbo Energy (NASDAQ:TURB)
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Turbo Energy (NASDAQ:TURB)
過去 株価チャート
から 12 2023 まで 12 2024