Forsee Power: Revenue Down 20.6% and Net Loss Hits €28M in 2025
Forsee Power announced its annual 2025 results on Thursday, showing a business contraction of over a fifth, due to a slowdown in demand across its two main segments. Facing a net loss of €28.0M and a negative EBITDA of €3.1M, the company has strengthened its financial structure through a capital increase of €18.7M and continues to execute its strategic transformation plan aimed at restoring profitability by 2027.
Activity Decline Exacerbated by Order Reduction
During the 2025 fiscal year, Forsee Power recorded a revenue of €120.5M, down 20.6% from €151.8M in 2024. The heavy vehicles segment, which accounts for 88% of the activity, fell by 22% to €106.2M, notably due to reduced orders from two historic clients of the group. The light vehicles and industrial technologies segment saw a decline of 12% to €14.3M.
This contraction reflects a more constrained market environment. Despite this, the group continued its commercial developments by signing several structuring contracts with Rolls-Royce, Bozankaya, Innovation Rail Technologies, KGHM, MegaFlux, Westward Industries, and Connected Energy. Concurrently, Forsee Power launched two new product ranges: PULSE PLUS for heavy vehicles and GO 6, a lithium iron phosphate battery designed for compact machinery and light vehicles.
Negative Results Reflecting the Impact of Activity Decline
The EBITDA for fiscal year 2025 stands at −€3.1M compared to €0.8M a year earlier, representing a margin of −2.6% against +0.5% in 2024. This deterioration reflects the impact of the activity decline, partially mitigated by an improvement in gross margin and cost control efforts by the group. The current operating result is −€18.3M compared to −€10.8M in 2024. The consolidated net result reached −€28.0M compared to −€12.1M the previous year, more than doubling the loss year-over-year.
On the balance sheet, the group's equity decreased to €37.2M from €47.6M in 2024, with the year's loss partially offset by the capital increase of €18.7M carried out in June 2025. However, the cash position improved to €11.8M from €5.4M a year earlier.
Recovery Expected from 2027 with RePower27 Plan
Forsee Power continues the execution of its strategic plan RePower27, launched in the summer of 2025, which is based on three pillars: financial optimization through additional financing and renegotiations of credit lines already implemented in 2025; reduction of the break-even point with about €20M in savings expected from a cost reduction and industrial rationalization program; long-term value creation by refocusing on higher value-added segments (buses, off-highway, mining, rail). After the close, the group obtained from its banking partners an agreement to postpone the majority of its financial deadlines due in 2026 to 2027, amounting to €15M. The group's commercial pipeline is valued at €1.2B. The 2026 half-year results will be published on September 17, 2026.
