PARIS: French battery systems manufacturer Forsee Power reported first-half 2025 revenue of €80.8 million ($87.8 million), a 4% decrease compared to the same period last year, the company announced Thursday.
The company, specializing in batteries for commercial and industrial electric vehicles (EVs), cited a “softer market momentum” driven by industrial customer caution for the H1 decline. However, second-quarter revenue showed significant improvement, reaching €43.7 million ($47.5 million), a 38% year-over-year increase.
Forsee Power CEO Christophe Gurtner acknowledged a “mixed market environment” in the first half, characterized by limited visibility in some segments, customer hesitation, and heightened competition from Asian manufacturers. “In this context, Forsee Power has continued to implement its diversification strategy towards higher value-added markets,” Gurtner stated.
He credited the company’s teams and shareholders for their support, highlighted by a successful capital increase completed in June 2025. Gurtner said the company approaches the second half, marked by “low visibility and a challenging, highly competitive market,” with “determination and pragmatism.”
Revenue Breakdown:
- Heavy Vehicles (incl. new Rail/Storage): Q2 revenue surged 32% to €38.9 million. H1 revenue was €72.0 million, down 6% year-over-year. The Q2 growth was primarily attributed to the inclusion of new railway and stationary storage activities.
- Light Vehicles: Q2 revenue jumped 117% to €4.8 million. H1 revenue rose 11% to €8.9 million.
The company emphasized that its diversification into railway and stationary storage, while currently small in volume, represents the initial results of its strategic shift.
Key H1 2025 Developments:
- Launched PULSE PLUS battery for heavy vehicles and GO 6 battery for light/compact vehicles.
- Secured supply deals in Turkey (Otokar e-buses, Bozankaya trolleybuses) and Australia (Custom Denning buses).
- Partnered with Connected Energy (UK) on second-life bus battery storage.
- Expanded in North America: Battery supply for locomotive retrofits (Innovative Rail Tech), Westward Industries EVs, and a major U.S. city tramway contract (110 PULSE 26 PLUS RAIL units).
Forsee Power stated it remains focused on executing its strategy targeting high value-added markets like buses, off-highway/mining vehicles, and rail applications. The company aims to diversify further and convert its order book into revenue amidst the ongoing mixed economic climate.