Q2 2024 Zaptec ASA Earnings Call Transcript
Key Points
- Zaptec ASA (STU:6I4) achieved a strategic cooperation with Polestar across Europe, enhancing its market presence.
- The company announced the Zaptec Go 2, a new product expected to unlock EU markets and drive growth.
- Zaptec secured a pan-European contract with Spirii valued at EUR23 million, indicating strong future revenue potential.
- The company reported a significant improvement in EBITDA, more than doubling from the previous year.
- Zaptec maintained a strong gross margin of 38%, up from 35% in the same quarter last year, showcasing effective cost management.
- The EV market experienced a decline, with a 5% drop in EU plug-in vehicle sales and a 9% decline in Zaptec's core markets.
- Despite revenue growth, there was a slight decrease in sales compared to the second quarter of the previous year.
- The company faces price pressure from competitors, particularly those with large inventories, affecting market dynamics.
- Zaptec's OpEx reduction may not be sustainable long-term due to expected increases in costs, such as salary adjustments.
- The German market remains challenging with low sales and high competition, delaying significant growth until 2025.
Welcome to this presentation of the second quarter financial results for Zaptec. My name is Kurt Ãstrem. I am the CEO in Zaptec. Together with me this morning, I have the CFO, Eirik Hærem. And together, we will walk you through the figures and the highlights for the last quarter.
During the second quarter, we achieved several milestones, which support our European growth ambition. We have got into a strategic cooperation with Polestar across Europe. We have announced a new product, the Zaptec Go 2. This will unlock EU markets. And we have got into a pan-European contract with Spirii with a value of EUR23 million. We will come back to this milestone more in detail later on.
In a really challenging market, we're very proud of what we have performed when it comes to financial performance. I think you have to know how weak the EV market have been in the last quarter. And you also have to know about what our competitor performed to see how strong this financial result is for Zaptec in this quarter as we had a significantly improved
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