Forsee Power Misses Revenue Targets Amid Heavy Vehicle Slump
Event summary
- Forsee Power reported €120.9 million in revenue for 2025, down 20.3% from 2024.
- Heavy vehicle segment revenue fell 21.4%, while light vehicles declined 10.9%.
- Q4 2025 revenue dropped 58.5% year-over-year to €15.9 million.
- Company confirms adjusted EBITDA target of around €-3 million for 2025.
- Forsee Power secures €50 million in new financing as part of RePower27 plan.
The big picture
Forsee Power's revenue decline reflects broader industry challenges including falling cell prices, program delays in key markets like the US and Japan, and intensified competition from Asian players. The company's strategic shift toward higher-value segments and financial optimization aims to position it for a recovery starting in 2027, though execution risks remain significant.
What we're watching
- Market Recovery Timing
- Whether Forsee Power's commercial pipeline of €1.2 billion will translate into actual revenue growth from 2027 onwards.
- Competitive Positioning
- How the company will sustain its market share against Asian competitors in key segments like buses and heavy vehicles.
- Execution Risk
- The pace at which Forsee Power can implement cost savings and industrial rationalization under its RePower27 plan.