Fastned increases turnover by 45 per cent
The turnover of 37.8 million euros was generated with 2.5 million charging processes (+42.1 per cent compared to H1 2023). In other words: on average, each charging session generated revenue of around 15 euros. In the process, 62.7 gigawatt hours of electricity were sold, an increase of 49.5 per cent on the previous year. This means that, on average, slightly more electricity was charged during each charging process. In the first half of 2024, it was around 25.1 kWh per charging process, in 2023 it was 24.7 kWh with 42.0 GWh and 1.7 million charging processes.
Fastned also points to above-average capacity utilisation at its own locations. “Our business model is proving to be highly efficient, as we are delivering 3 to 5 times more energy per station than many other players in Europe’s top 10 fast-charging companies,” the press release states. The turnover per station has increased fivefold over the past five years.
According to the statement, the turnover of 37.8 million euros resulted in a gross profit of 29.8 million euros (+52 per cent) – in the first half of 2023, turnover was still at 26.1 million euros and gross profit at 19.6 million euros. However, as Fastned continues to invest heavily in expansion, the bottom line of the 2024 half-year balance sheet is a net loss of 11.4 million euros. This is eleven per cent more than in the same period in 2023 (-10.3 million euros).
“On the verge of starting to self-fund investments in new stations”
Fastned refers to the “ongoing large expansion effort” that led to the net loss. Profitability in general has improved, however, as the company’s underlying EBITDA has increased by twelve per cent to 3.2 million euros. Growth is financed by corporate bonds, among other things, of which Fastned issued bonds totalling 61 million euros in the first half of the year. The cash on the balance sheet has thus increased to 145.8 million euros. As the operating cash flow is now ‘only’ -1.0 million euros (after -2.5 million euros in the previous year), Fastned is “on the verge of starting to self-fund investments in new stations,” according to Fastned.
On 30 June 2024, the Dutch company had 318 stations (+22) in operation with 1,863 charging points (+149). That is an average of 5.86 charging points per location. Important for further expansion: In the first half of the year, Fastned secured 79 additional locations where charging stations will soon be built. This represents an important milestone, as there are now 509 secured stations on the balance sheet – more than half of the 1,000 locations targeted by the company by 2030.
“When looking at the facts, the electric transition is well on its way: the increasing number of electric vehicles across Europe shows drivers are embracing electric cars as they near price parity with fossil cars,” said Fastned CEO Michiel Langezaal. “The current battery development pace – still a relatively young technology – puts us on an unstoppable and accelerating path to a complete transition to electric mobility.”
The Fastned Management Board has also recently undergone a change to make the company fit for further growth: The Dutch company has appointed Françoise Poggi as Chief Operating Officer (COO). She was previously responsible for Tesla’s European supply chain and, together with CEO Langezaal and CFO Victor van Dijk, forms the three-member management board.
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