Booming BEV sales and higher appetite for kW in new models drives Fastned's business up.
Fastned's fast-charging network continues to expand its business at a rapid pace, basically tripling major factors like revenues, energy dispensed and active customers.
As of the end of June 2019, the mostly Dutch network included 102 stations (17 new), including the first in the UK and 12 in Germany. We like to take a quick look at the results to check what to expect from charging networks these days.
For H1 2019 Fastned reports:
- Revenues: €1,780,000 (+230%), on average at €0.57/kWh
- Volume: 3,119,000 kWh (+195%), on average customers used 120 kWh/customer (H1)
- Active customers: 26,085 (+174%), on average spent €68.2/customer (H1)
As often is the case of startups, the growth comes at a net loss of €5.258 million (€4.432 million excluding €826 thousand non-recurring costs related to the listing on Euronext Amsterdam), but in general, the situation of the company is improving as revenues are increasing quicker than losses:
"The loss of €4.432 million excluding the above mentioned incidental cost compares to a loss of €2.686 million (+65%) for H1 2018. At the same time, revenues grew 230%. Comparing the two figures clearly shows the exponential nature of our revenue growth and the much more linear development of our costs."
- Fastned sold more electricity in H1 2019 than in the whole of 2018, avoiding 2,698 tons of CO2 emissions during the first half of the year.
- Fastned opened 17 new stations in the first 6 months of the year - including its first station in the UK - bringing the total up to 102 operational stations by the end of June (currently 106 stations).
- Fastned won a tender awarded by the Swiss Federal Roads Office (FEDRO) for 20 fast charging stations for a period of 30 years and a second tender in the UK led by the North East Joined Transport Committee.
- In the latter, Fastned will build and operate five fast charging stations (hubs) for electric vehicles across the region.
- Fastned passed the EBITDA break-even point during the first quarter of 2019 on an operating level. Gross profit for H1 2019 was €1.411 million (+269)% vs H1 2018.
- In March, Fastned raised €10.689 million via an issue of bonds.
- Fastned listed on Euronext Amsterdam on June 21st. Thereby gaining access to more and larger investors to finance future expansion as well as improving liquidity for existing certificate holders.
- Fastned as expected reports a net loss of €4.432 million excluding €826 thousand non-recurring costs related to the listing on Euronext Amsterdam.
See the detailed report here.