(Alliance News) - Energy Spa reported Tuesday that it ended 2022 with revenues up triple digits year-on-year to EUR126 million from EUR51.5 million in the previous year.

As the company explains, the figure reflects the strategic market positioning achieved by the company in the energy storage systems sector. Energy has achieved the goals set out in the 2022 guidance disclosed at the IPO, with the consolidation and further expansion of its presence in the Small&Large storage systems market and the recording of significant growth in extra-large systems.

As of December 31, 2022, Energy reports an Ebitda margin of more than 20 percent, exceeding the estimates disclosed at the IPO. This figure reflects higher product prices than at the close of 2021, partly due to the global inflationary trend that characterized last year. The higher margin, compared with 2022 guidance-which forecast an Ebitda margin of between 16 percent and 18 percent-is partly due to an additional postponement of some raw material costs, recorded in the second half of 2022, which will then be reabsorbed during 2023.

The order backlog as of December 31, 2022 was EUR26 million, in line with the company's forecasts and growing further in the first weeks of 2023, "confirming the intense commercial activity developed during 2022, preparatory to the go-to-market phase to be implemented in 2023," the company commented.

In terms of growth by external lines, the interlocution and scouting activity with potential targets continues, according to the strategic lines declared at the IPO.

In light of the preliminary 2022 results, the commercial and new product launch initiatives implemented and in place, and the advanced stage of starting the process of internalizing production, the company's management believes it can confirm the 2023-2024 guidance communicated at the IPO.

Davide Tinazzi, co-founder and CEO of Energy, said, "2022 confirmed the company's significant growth in line with our expectations, with revenues more than doubling. We remain ambitious and very confident about the expansion of our business in 2023 as well, considering the growth estimates of our target market, the expansion of our production capacity, and the increase in the presidium of the supply chain related to advanced energy storage systems."

Energy's stock closed Tuesday down 1.8 percent at EUR2.70 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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