Q1 2021 Highlights
- Organic revenue growth of 63% versus first quarter 2020 
- Significant increase in export share 
- Strong cash balance and total liquidity available of 241 MNOK 
- Gross margin of 33% is below our ambition, and as previously announced, due to
sales of a discontinued low margin product 
- Other operating expenses in share of revenue are reduced 3%
- Adjusted EBITDA of MNOK 5.5
- New sales of electric vehicles in Europe continue to be strong 
- Zaptec Go for single-family homes launched  
- Secured production volumes for 2021 and 2022  based on recently announced
agreement with Westcontrol
- New subsidiaries established in Germany and UK 
- Increased organic revenue growth guiding, revenues to grow more than 70% in
2021 

Outlook
The electric vehicle market is growing strongly in all our key markets. Zaptec
expects this growth to continue due to ESG and policy makers' push for lower
emissions, falling battery pack prices, and improved batteries allowing longer
distance travel and shorter charging times.

In addition, Zaptec is strengthening the organisation and its partnership with
Westcontrol to ensure sufficient production capacity and capacity to continue
the international growth. Risks related to the sourcing of components have been
managed well to date.

Our outlook for 2021 is above 70% sales growth with a gross margin +/- 40%


Please refer to the attached report and presentation for further details.

For more information:
Anders Thingbø, CEO, Zaptec AS
Tel: +47 934 88 385, e-mail: at@zaptec.com
 
Kurt Østrem, CFO, Zaptec AS
Tel: +47 404 04 700, e-mail: kurt@zaptec.com
 
About Zaptec:
Zaptec AS is a technology company within Electronic vehicle (EV) charging
systems in Europe. The company develops EV charging systems for multi and
single-family homes and office buildings. The product portfolio enables large
number of charging points at a low cost and includes Zaptec Pro, Zaptec Go,
Charge365 payment services, Charging columns, Zaptec Portal, and Zaptec APM. The
company accelerates the electrification of the transport sector to assist
European countries in reducing CO2 emissions from light-duty cars.