Ebusco reports record order backlog

Thanks to a large order from BVG for 90 Ebusco 2.2 buses, the Dutch E-Bus manufacturer closed the year 2021 with a record order backlog of 325 vehicles. Due to additional orders for 2022 – including a large framework agreement with Deutsche Bahn – the order intake in the first quarter increased to 1,274 units.

New Plant in France

The plant in Deurne is expected to have a production capacity of 500 vehicles per year by the end of 2022. Additionally, the production hall will serve as a blueprint for the international roll-out of the new model 3.0. To meet the expected demand for the 3.0 and comply with local requirements, Ebusco is close to finalizing the establishment of a facility more than 21,000 m² in size in France. This facility is intended to double the production capacity of the 3.0.

Moreover, Ebusco significantly expanded its sales organization throughout 2021 and appointed sales managers for North America, the Middle East, Western Europe, and the Nordic countries to build and expand its presence in these regions.

Revenue Significantly Declined in 2021

The revenue of the Dutch company in 2021 was impacted by the lower order intake in 2020 and the Corona pandemic in the first half of 2021. The associated supply chain disruptions significantly affected the delivery schedule, causing many deliveries to be postponed to 2022 – which also explains the current high order backlog. Consequently, total revenue for the full year 2021 amounted to €24.3 million, a significant decline compared to revenue of around €100 million in 2020.

Declining Profit

The gross profit margin dropped from 39.7% in 2020 to 5.0% in 2021. Adjusted for a one-time effect, the gross profit margin last year was 21.1%. In the 2021 financial year, EBITDA amounted to -€34.2 million (adjusted -€20.5 million), compared to a positive EBITDA of €27.1 million in 2020. Earnings per share fell from €0.37 per share in 2020 to a loss of €0.56 per share in 2021. The average number of outstanding shares in 2021 was around 47.5 million (2020: nearly 45 million). At the end of 2021, the number of outstanding shares was approximately 59 million. The balance sheet total increased from €104.5 million as of December 31, 2020, to €332.7 million as of December 31, 2021. Equity increased by €275.9 million to €303.9 million as of December 31, 2021, mainly due to the net proceeds from the issuance of shares in the context of the IPO amounting to €315.5 million. Ebusco’s net debt – excluding lease liabilities – of €31.2 million as of December 31, 2020, turned into net liquidity of €207.2 million as of December 31, 2021.

The average number of full-time employees – including contractors – increased by 86% from 122 (2020) to 227 (2021) and 309 at the end of 2021.

What Does That Mean?

Ebusco is on the right track, even if it is a rocky one. But little by little, it is evolving from a niche player to an established provider of electric city buses, which are especially notable for their low weight.