Ebusco narrows revenue guidance for 2023 and announces a bookbuild offering and cost measures to be implemented in 2024

“Based on the current production in Deurne and the development at our assembly partners, Ebusco narrows its revenue guidance for the full year 2023 to arrive in the range of EUR 145-155 million, which reflects the lower half of the guidance as provided at the Q3 update. Operational expansion outside of Deurne is on track with the first serial produced 3.0 buses successfully assembled at our assembly partners in China and ready to be shipped this year. Furthermore, the first cascos based on a local supply chain have been completed at our assembly partner and the commencement of production at our plant in Rouen is on track”. These information have been recently released by the Dutch manufacturer itself. The company “expects a significant improvement of EBITDA in 2H23 compared to 1H23”.

Ebusco expects positive EBITDA in 2024

The Dutch company is facing a though time on the stock exchange: its shares have today a value of 5.02 €, and witnessed a -63% decrease in the last 12 months. The loss compared to the time when the company went public (October 2021) is -77%, as Ebusco’s shares value at that time was around 23 euros.

In June 2023 Ebusco said that supply chain issues and labour shortages were still affecting the business, and the Dutch group was pushing to accelerate the scale-up of its production capacity with the help of three assembly partners in Europe and abroad.

Ebusco expects revenue to be in excess of EUR 300m for the full year 2024. And expects to achieve a positive EBITDA for the full year 2024. In the first half of 2023, according to CME Chatrou Solutions data, Ebusco had registered 121 e-buses.

As of the first quarter of 2024, “Ebusco will implement cost measures that have been developed in recent months to lower its indirect cost base and bring the direct cost base in line with the adapted assembly strategy”, the OEM says.

To cover the working capital need in relation to the 2024 guidance, Ebusco is launching an accelerated bookbuild offering and concurrent convertible bond private placement. Ebusco will convene an extraordinary general meeting on 29 January 2024 to request the required shareholder approvals.