2022 Year-end report

Third consecutive year of strong growth

We entered the fourth quarter with a record order and on the back of favourable forecasts, at the same announcing that customers had been forced to postpone production due to the shortage of components in the market. The turbulence in the market notwithstanding, we increase our net sales by 47 percent for the full year. We move into 2023 with an order book of MSEK 230 and additional orders for the existing product portfolio of MSEK 120 for delivery in 2024-25. The volumes we expect at the end of this year provide opportunities to reach profitability and a positive cash flow.

The fourth quarter 2022 in brief  

• Net sales increased to MSEK 15.1 (9.3)
• Order intake decreased to MSEK 0.0 (57.0)
• Operating costs for personnel, other external charges and depreciation increased to MSEK -25.5 (-20.1)
• Operating income amounted to MSEK -20.6 (-24.1)
• Net profit or loss amounted to MSEK -24.8 (-25.1)
• Cash flow from operating activities amounted to MSEK -10.1 (-21.2)

Full year 2022 in brief

• Net sales increased to MSEK 78.5 (53.2)
• Order intake decreased to MSEK 138.5 (183.9)
• Operating costs for personnel, other external charges and depreciation increased to MSEK -89.9 (-73.7)
• Operating income amounted to MSEK -64.8 (-61.5)
• Net profit or loss amounted to MSEK -73.0 (-65.0)
• Cash flow from operating activities amounted to MSEK -58.0 (-55.7).

Significant events in 2022

2022 was Alelion's third consecutive year of strong growth in the high-voltage battery market. The order book for 2023 totals MSEK 230 thus far, resulting from the battery systems ready for series production that now are on the market and reaching customers. Overall, the order backlog amounts to approximately MSEK 350. The largest share of it relates to our largest order to date, which, as disclosed on September 27, 2022, was placed by a European customer and amounted to MSEK 130. During 2022, deliveries were essentially made according to plan, except for a few occasions where customers were constrained to defer certain deliveries because of the material shortages prevailing in the market. Consequently, Alelion has not been able to dispatch products at the rate planned. All orders remain in the order book for future delivery, however. The manufacturing customers of the company have full order books and operate at intense levels of production.

Events after the end of the period

Alelion and Exide Technologies have engaged in discussions to explore the potential of long-term cooperation focusing on production and sales of high-voltage lithium-ion battery systems.

A shortage of components, both internally but above all affecting our customers, have caused dispatches to be delayed during November and December 2022. In turn, this has led to an unplanned increase of the working capital resulting in a lack of liquidity in the Company. The Board of Directors has reviewed the situation and established an action plan. As a first step of this action plan, Alelion has extended a previously approved loan of MSEK 30 as well as the previously granted overdraft of an additional MSEK 15 until March 2024. In view of the Company’s successful financing activities in the past, this report has been concluded based on the assumption of going concern since the management and the Board judge that additional financing will be secured in the near future.

This disclosure contains information that Alelion Energy Systems AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 15-02-2023 08:30 CET.

CEO Åsa Nordström  +46 702 90 18 58,
email: asa.nordstrom@alelion.com

CFO Christian Bergaust +46 702 93 50 40,
email: christian.bergaust@alelion.com

Chairman of the Board Alf Blomqvist +46 733 14 97 00,
email: alf@blomqvistunlimited.com

About Alelion Energy Systems AB (publ)
Alelion is a lithium-ion technology solution provider and developer and manufacturer of battery systems. Alelion makes clients succeed with their electrification of off-highway vehicles and transformation to more sustainable use of energy. Alelion invests to stay at the forefront and offers the latest proven technology, tailored to the specific needs of its customers and end users. Alelion is headquartered in Gothenburg, Sweden. Alelion’s share is traded on Nasdaq First North Growth Market (ALELIO).
We give the power to take climate action. alelion.com

Alelion’s major owners are Fouriertransform, Blomqvist Listed Sustainability and Pegroco Holding.  The company’s share (ALELIO) is traded on Nasdaq First North Growth Market, Stockholm, with G&W Fondkommission as Certified Adviser.

Alelion Energy Systems AB
Sörredsbacken 4, SE-418 78 Göteborg
info@alelion.com

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