Exhibit 99.2
Unaudited Interim Condensed Consolidated Financial Statements
ADS-TEC Energy PLC
as at and for the halfyear ended
June 30, 2025
Prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB)
Unaudited Interim Condensed Consolidated Financial Statements
Unaudited interim condensed consolidated statements of profit or loss and comprehensive income (loss) | 1 | |
Unaudited interim condensed consolidated statements of financial position | 2 | |
Unaudited interim condensed consolidated statements of cash flows | 4 | |
Unaudited interim condensed consolidated statements of changes in equity | 6 | |
Notes to the unaudited interim condensed consolidated financial statements | 8 | |
1. Reporting entity and group information | 8 | |
1.1 | Reporting entity | 8 |
1.2 | Group information | 8 |
2. Accounting policies | 9 | |
2.1 | Basis of preparation | 9 |
2.2 | Material uncertainty regarding the ability to continue as a going concern | 9 |
2.3 | New accounting standards and interpretations | 10 |
3. Significant events and transactions | 11 | |
4. | Disclosure on individual items of the consolidated financial statements | 12 |
4.1 | Statements of comprehensive income | 12 |
4.2 | Statements of financial position | 15 |
5. Seasonal business | 21 | |
6. Segment reporting | 21 | |
7. Related party transactions | 23 | |
8. Authorization of the financial statements | 23 |
i
Unaudited interim condensed consolidated statements of profit or loss and comprehensive income (loss)
For the six months ended June 30, | ||||||||||
kEUR | Note | 2025 | 2024 | |||||||
Continuing operations | ||||||||||
Revenue | 4.1.1 | |||||||||
Cost of sales | 4.1.1 | - | - | |||||||
Gross profit (loss) | - | |||||||||
Research and development expenses | - | - | ||||||||
Selling and general administrative expenses | 4.1.1 | - | - | |||||||
Impairment gains (losses) on trade receivables, contract assets, and other investments | - | |||||||||
Other income | ||||||||||
Other expenses | - | - | ||||||||
Operating result | - | - | ||||||||
Finance income | 4.1.2 | |||||||||
Finance expenses | 4.1.2 | - | - | |||||||
Net finance result | - | |||||||||
Result before tax | - | - | ||||||||
Income tax benefits (expenses) | - | |||||||||
Result for the period | - | - | ||||||||
Other comprehensive income | ||||||||||
Items that are or may be reclassified subsequently to profit or loss | ||||||||||
Foreign operations – foreign currency translation differences | - | - | ||||||||
Other comprehensive income (loss) for the period, net of tax | - | - | ||||||||
Total comprehensive income (loss) for the period | - | - | ||||||||
Profit (loss) attributable to: | ||||||||||
Shareholders of the parent | - | - | ||||||||
Non-controlling interests | ||||||||||
Total comprehensive income (loss) attributable to: | ||||||||||
Shareholders of the parent | - | - | ||||||||
Non-controlling interests | ||||||||||
Earnings (loss) per share (in EUR) | ||||||||||
Diluted | - | - | ||||||||
Basic | - | - |
Due to rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.
1
Unaudited interim condensed consolidated statements of financial position
ASSETS | ||||||||||||
kEUR | Note | Jun. 30, 2025 | Dec.31, 2024 | |||||||||
Intangible assets | ||||||||||||
Right-of-use assets | ||||||||||||
Property, plant and equipment | ||||||||||||
Other investments and other assets (non-current) | ||||||||||||
Trade and other receivables (non-current) | ||||||||||||
Deferred tax assets | ||||||||||||
Non-current assets | ||||||||||||
Inventories | 4.2.1 | |||||||||||
Trade and other receivables (current) | ||||||||||||
Contract assets | ||||||||||||
Other accrued items | 4.2.2 | |||||||||||
Current tax assets | ||||||||||||
Cash and cash equivalents | 4.2.3 | |||||||||||
Current assets | ||||||||||||
Total assets |
Due to rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.
2
EQUITY AND LIABILITIES | ||||||||||
kEUR | Note | Jun. 30, 2025 | Dec.31, 2024 | |||||||
Share capital | 4.2.4 | |||||||||
Capital reserves | 4.2.4 | |||||||||
Other equity | 4.2.4 | |||||||||
Retained earnings | 4.2.4 | - | - | |||||||
Profit (loss) | 4.2.4 | - | - | |||||||
Equity attributable to owners of the Company | - | - | ||||||||
Non-controlling interests | ||||||||||
Total equity | - | - | ||||||||
Lease liabilities (non-current) | ||||||||||
Warrant liabilities (non-current) | 4.2.5 | |||||||||
Loans and borrowings (non-current) | 4.2.6 | |||||||||
Trade and other payables (non-current) | ||||||||||
Contract liabilities (non-current) | ||||||||||
Other provisions (non-current) | ||||||||||
Deferred tax liabilities | ||||||||||
Non-current liabilities | ||||||||||
Lease liabilities (current) | ||||||||||
Loans and borrowings (current) | 4.2.6 | |||||||||
Trade and other payables (current) | ||||||||||
Contract liabilities (current) | ||||||||||
Income tax liabilities (current) | ||||||||||
Other provisions (current) | ||||||||||
Current liabilities | ||||||||||
Total liabilities | ||||||||||
Total equity and liabilities |
Due to rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.
3
Unaudited interim condensed consolidated statements of cash flows
For the six months ended June 30, | ||||||||||||
kEUR | Note | 2025 | 2024 | |||||||||
Result for the period | - | - | ||||||||||
Depreciation and amortization | ||||||||||||
Finance income excluding foreign currency gains | 4.1.2 | - | - | |||||||||
Finance expense excluding foreign currency losses | 4.1.2 | |||||||||||
Non-cash effective foreign currency (gains) losses | 4.1.2 | - | ||||||||||
Share-based payments | ||||||||||||
Change in trade receivables not attributable to investing or financing activities | - | |||||||||||
Change in inventories | 4.2.1 | - | ||||||||||
Change in write-downs on inventories | 4.2.1 | |||||||||||
Change in trade payables | - | |||||||||||
Change in contract assets | - | - | ||||||||||
Change in contract liabilities | - | |||||||||||
Change in other investments and other assets | - | - | ||||||||||
Change in other provisions | ||||||||||||
Change in other liabilities | - | |||||||||||
Income tax expenses (benefits) | - | |||||||||||
Interest received | ||||||||||||
Cash flow from operating activities | - | - |
Due to rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.
4
For the six months ended June 30, | ||||||||||||
kEUR | Note | 2025 | 2024 | |||||||||
Purchase of property, plant, and equipment | - | - | ||||||||||
Investments in intangible assets, including internally generated intangible asset | - | - | ||||||||||
Proceeds from sale of property, plant and equipment | ||||||||||||
Interest received | ||||||||||||
Cash flow from investing activities | - | - | ||||||||||
Proceeds from Issue of Convertible Note and Warrants | 4.2.6 | |||||||||||
Proceeds from issuance of shares and other equity securities | 4.2.4 | |||||||||||
Proceeds from the exercise of warrants | 4.2.5 | |||||||||||
Repayment of loans and borrowings | 4.2.6 | - | - | |||||||||
Repayment of lease liabilities | - | - | ||||||||||
Interest paid | - | - | ||||||||||
Cash flow from financing activities | - | |||||||||||
Net decrease (-) / increase in cash and cash equivalents | - | |||||||||||
Net cash and cash equivalents at the beginning of the period | 4.2.3 | |||||||||||
FX effects | - | |||||||||||
Net cash and cash equivalents at the end of the period |
Due to rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.
5
Unaudited interim condensed consolidated statements of changes in equity
Other reserves | ||||||||||||||||||||||||||||
kEUR | Subscribed capital | Capital reserves | Retained earnings | Currency translation reserve | Total other reserves | Equity attributable to shareholders | Total equity | |||||||||||||||||||||
Balance as of Jan. 01, 2025 | | - | - | - | - | |||||||||||||||||||||||
Result for the period | - | - | - | - | ||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | - | - | ||||||||||||||||||||||||
Total comprehensive income (loss) | - | - | - | - | - | |||||||||||||||||||||||
Exercise of warrants | ||||||||||||||||||||||||||||
Exercise of options | ||||||||||||||||||||||||||||
Stock compensation | ||||||||||||||||||||||||||||
Conversion of shares | ||||||||||||||||||||||||||||
Balance as of Jun. 30, 2025 | - | - | - | - |
6
Other reserves | ||||||||||||||||||||||||||||
kEUR | Subscribed capital | Capital reserves | Retained earnings | Currency translation reserve | Total other reserves | Equity attributable to shareholders | Total equity | |||||||||||||||||||||
Balance as of Jan. 01, 2024 | | - | - | |||||||||||||||||||||||||
Result for the period | - | - | - | - | ||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | - | - | - | |||||||||||||||||||||||
Total comprehensive income (loss) | - | - | - | - | - | |||||||||||||||||||||||
Exercise of warrants | ||||||||||||||||||||||||||||
Exercise of options | ||||||||||||||||||||||||||||
Stock compensation | ||||||||||||||||||||||||||||
Balance as of Jun. 30, 2024 | - | - | - | - |
Due to rounding, the sum of the numbers presented in the table above might not precisely equal the totals we provide.
7
Reporting entity and group information
Notes to the unaudited interim condensed consolidated financial statements
1. | Reporting entity and group information |
1.1 | Reporting entity |
ADS-TEC Energy PLC and its subsidiaries (“ADSE”) provide intelligent and decentralized energy storage systems to municipalities, automotive OEMs (Original Equipment Manufacturers), charging operators, dealerships, fleets, residential areas, offices, and industrial sites in North America and Europe. Its scalable systems are designed for use in private homes, public buildings, commercial enterprises, industrial and infrastructure solutions, and self-sufficient energy supply systems, with capacities up to the multi-megawatt range.
ADS-TEC Energy PLC (“ADSE Holdco” or “the Company”) is domiciled in 10 Earlsfort Terrace, Dublin 2 D02 T380, Ireland. The Company is a public limited company incorporated in Ireland. The main operating company is ads-tec Energy GmbH which is located in Heinrich-Hertz-Str. 1, 72622 Nürtingen, Germany.
The board of directors of ADSE Holdco authorized the unaudited interim condensed consolidated financial statements on September 16, 2025.
1.2 | Group information |
The consolidated financial statements of ADSE include:
Jun. 30, 2025 | Shareholding Direct | |||||||
Group companies | City | Country | or indirect | |||||
ADS-TEC Energy PLC (“ADSE Holdco”) | ||||||||
ads-tec Energy GmbH (“ADSE GM”) | % | |||||||
ads-tec Energy, INC. (“ADSE US”) | % | |||||||
ads-tec Energy Service GmbH (“ADSE Service”) | % | |||||||
ads-tec Energy Schweiz GmbH (“ADSE CH”) | % | |||||||
ads-tec Energy Austria GmbH (“ADSE Austria”) | % |
Ads-tec Energy Austria GmbH was founded on April 23, 2025, and is a wholly owned subsidiary of ADSE GM. The purpose of ADSE Austria is the sale of products and services in the fields of energy management, energy storage, e-mobility and renewable energy in Austria and eastern parts of Europe.
8
Accounting policies
2. | Accounting policies |
2.1 | Basis of preparation |
Applied IFRS
The unaudited interim condensed consolidated financial statements of ADSE for the six months ended June 30, 2025, have been prepared in accordance with IAS 34 - Interim Financial Reporting. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the Company’s last annual financial statements as at and for the years ended December 31, 2024 (“last annual financial statements”). However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in ADSE’s financial position and performance since the last annual financial statements.
ADSE’s interim financial statements have been prepared on a going concern basis. The reporting period is the six months ended June 30, 2025 and six months ended June 30, 2024. The interim financial statements are presented in Euro, which is the functional currency of ADSE. All amounts have been rounded to the nearest thousand, unless otherwise indicated. In some cases, rounding could mean that values in this report do not add up to the exact sum given or percentages do not equal the values presented.
2.2 | Material uncertainty regarding the ability to continue as a going concern |
Management assessed the Company’s ability to continue
as a going concern and evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial
doubt about the Company’s ability to continue as a going concern using all information available about the future, focusing on the twelve-month
period after the issuance date of the financial statements. Historically, the Company has funded its operations primarily through capital
raises and with loans from shareholders. Since the inception the Company has incurred recurring losses and negative cash flows from operations
including net losses of kEUR
The Company has improved the cash flow from operating
activities from kEUR -
Management of the Company agreed to issue (i)
senior secured convertible notes in the aggregate original principal amount of kUSD
As of June 30, 2025, the Company had outstanding
shareholder loans in a nominal amount of kUSD
For future growth and expansion in other geographical areas such as the U.S. management targets to raise additional equity and debt if required. The Management and its advisers are constantly monitoring the relevant equity and debt capital markets which are important to the company.
9
Accounting policies
There can be no assurance that the Company will be successful in achieving its operational and strategic plans, that any additional financing will be available in a timely manner or on acceptable terms.
The Company’s management deems a successful business development and an improvement of cash flow generation and operating result to be very likely. In addition, the financial resources have significantly improved compared to the previous year as a result of the recent issue of convertible notes and the extended credit line. Nevertheless, based on its recurring losses from operations since inception, the Company has concluded that there is still substantial doubt about its ability to continue as a going concern as cash flows generated by its operating activities may deviate significantly from the company’s forecast and securing additional financing is uncertain. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Accordingly, the financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.
2.3 | New accounting standards and interpretations |
ADSE applied all the effective standards and interpretations issued by the IASB and the IFRS IC for preparation of the consolidated financial statements if their application was required for annual periods beginning on or after January 01, 2025. However, none of the new accounting standards impacts ADSE as they are either not relevant to ADSE’s activities or did not require accounting which is inconsistent with ADSE’s current accounting policies.
New accounting standards and amendments to standards or interpretations effective as of January 01, 2025:
Standard | Name | Effective date | ||
IAS 21 |
The standards and amendments to standards and interpretations below have been published by the IASB but are not mandatorily effective for annual periods beginning on or after January 01, 2025 and therefore have not been early adopted in these consolidated financial statements by ADSE.
Standard | Name | Effective date | ||
IFRS 9 & IFRS 7 | ||||
IFRS 9 & IFRS 7 | ||||
IFRS 18 | ||||
IFRS 19 |
On April 09, 2024, the IASB published IFRS 18 – Presentation and Disclosure in Financial Statements which is effective for periods beginning on or after January 01, 2027. ADSE is currently analyzing the impact expected from the initial application of IFRS 18. Other accounting standards issued by the IASB that are not yet applied or that become effective in the future are not expected to have a material impact on the consolidated financial statements.
10
Significant events and transactions
3. | Significant events and transactions |
The following significant events and transactions have occurred since December 31, 2024.
Establishment of a new subsidiary
On April 23, 2025, ads-tec Energy Austria GmbH (“ADSE Austria”) was established as a wholly owned subsidiary of ADSE GM. ADSE Austria is focused on the distribution of products and services in the areas of services in the fields of energy management, energy storage, e-mobility, and renewable energies.
Repayment of shareholder loans
ADSE US repaid tranches of the 2023 shareholder
loans and shareholder loan plus with a total nominal amount of kEUR
Loans and borrowings
On May 1, 2025, ADSE Holdco, ADSE GM and ADSE
US entered into a Securities Purchase Agreement with certain institutional investors, pursuant to which the Company agreed to issue (i)
senior secured convertible notes in the aggregate original principal amount of kUSD
11
Disclosure on individual items of the consolidated financial statements
4. | Disclosure on individual items of the consolidated financial statements |
4.1 | Statements of comprehensive income |
4.1.1 | Revenue and functional costs from contracts with customers |
Revenue
ADSE develops, produces, and distributes battery storage solutions for different areas of applications (“multi-use-case”). The product portfolio ranges from the field “charging” which provides charging solutions for the expansion of the eMobility infrastructure at power-limited network points, to the field “commercial and industrial” including power ranges up to multiple MW/MWh. Additionally, ADSE provides its customers with separately acquirable service contracts or maintenance services and software solutions regarding intelligent controlling and monitoring of battery storage solutions.
Revenue by product types | For the six months ended June 30, | |||||||
kEUR | 2025 | 2024 | ||||||
Charging | ||||||||
Commercial and industrial | ||||||||
Service | ||||||||
Other | ||||||||
Total |
Cost of goods sold
For the six months ended June 30, | ||||||||
kEUR | 2025 | 2024 | ||||||
Cost of materials | ||||||||
Personnel expenses | ||||||||
Depreciation and amortization | ||||||||
Other expenses | ||||||||
Total |
12
Disclosure on individual items of the consolidated financial statements
Selling, general and administrative expenses
For the six months ended June 30, | ||||||||
kEUR | 2025 | 2024 | ||||||
Personnel expenses | ||||||||
Legal and consulting fees | ||||||||
Administration fee | ||||||||
Marketing costs | ||||||||
Insurance expenses | ||||||||
Depreciation and amortization | ||||||||
Other expenses | ||||||||
Total |
Other expenses primarily consist of expenses for general warranties, travel costs and outbound freight.
13
Disclosure on individual items of the consolidated financial statements
4.1.2 | Finance result |
The finance income and finance costs recognized in profit or loss are as follows:
For the six months ended June 30, | ||||||||
kEUR | 2025 | 2024 | ||||||
Finance income from remeasurement of warrant liabilities | ||||||||
Foreign currency gains | - | |||||||
Income from other interest and similar income | ||||||||
Finance income | ||||||||
Finance expense from remeasurement of warrant liabilities | - | - | ||||||
Interest expense from shareholder loans | - | - | ||||||
Interest expense from convertible note | - | |||||||
Foreign currency losses | - | |||||||
Interest expense from leasing | - | - | ||||||
Interest expense from guarantee commissions | - | - | ||||||
Finance expenses | - | - | ||||||
Net finance result | - |
Finance income from remeasurement of warrant liabilities
in the first half of 2025 in the amount of kEUR
In the first half of 2024, finance expense from remeasurement of warrant liabilities in the amount of kEUR 34,667 results from the remeasurement of the fair value of public and private warrant liabilities, warrant liabilities from shareholder loans and warrant liabilities from capital increases.
In 2025, interest expenses from shareholder loans
amount to kEUR
14
Disclosure on individual items of the consolidated financial statements
4.2 | Statements of financial position |
4.2.1 | Inventories |
Inventories include the following:
kEUR | Jun. 30, 2025 |
Dec. 31, 2024 |
||||||
Finished goods | ||||||||
Work in progress | ||||||||
Raw materials | ||||||||
Total |
kEUR | Jun. 30, 2025 | Dec. 31, 2024 | ||||||
Write-downs finished goods | - | - | ||||||
Write-downs work in progress | - | - | ||||||
Write-downs raw materials | - | - | ||||||
Total | - | - |
During the first half of 2025, ADSE recognized
write-downs of inventories in an amount of kEUR
4.2.2 | Other accrued items |
Other accrued items include the following:
kEUR | Jun.30, 2025 | Dec. 31, 2024 | ||||||
Day One Loss | ||||||||
Other accrued items related to lender warrants | ||||||||
Total |
ADSE concluded shareholder loan agreements with various lenders on August 18, 2023, which were amended and restated on August 26, 2024. In addition, three further agreements were concluded on August 26, 2024. Pursuant to the loan agreements, ADSE US and ADSE GM have agreed to issue lender warrants which will be issued by ADSE Holdco as Irish guarantor to the respective lenders and subscribed by ADSE US resp. ADSE GM. At initial recognition, the warrants had a higher fair value than the shareholder loans, which generated a day one loss. As this day one loss is based on unobservable inputs, it needs to be deferred and recognized until maturity to the extent that it arises from a change in a factor (including time) that market participants would take into account when pricing the liability.
The amount recognized on the balance sheet on June 30, 2025 has declined significantly as compared to December 31, 2024 due to amortization over time and in addition due to amortization following the repayment of shareholder loans in the first half of the financial year 2025 prior to maturity.
Other accrued items related to lender warrants refer to warrants for which the exercise conditions were not met as of June 30, 2025 and December 31, 2024 since the related shareholder loans were not drawn. The fluctuation results from foreign currency effects.
15
Disclosure on individual items of the consolidated financial statements
4.2.3 | Cash and cash equivalents |
Cash and cash equivalents include the following:
kEUR | Jun. 30, 2025 | Dec. 31, 2024 | ||||||
Cash | ||||||||
Cash at banks | ||||||||
Restricted Cash | ||||||||
Total |
As of June 30, 2025, restricted cash mainly relates
to money received in the course of the financing via convertible notes. This money was paid into a control account of the Company and
will be released to the Company upon the achievement of agreed-upon milestones. On July 2, 2025, an amount of kEUR
4.2.4 | Equity |
The changes in the various components of equity are shown in ADSE’s statements of changes in equity for the past two half-year periods.
The issued and outstanding shares as of 30 June, 2025, and as of 30 June, 2025, are shown in the table below.
in k units | 2025 | 2024 | ||||||
Outstanding as of Jan. 01 | ||||||||
Exercise of warrants | ||||||||
Exercise of options | ||||||||
Share based compensation | ||||||||
Conversion from convertible note | ||||||||
Outstanding as of Jun. 30 | ||||||||
Treasury shares | ||||||||
Issued and outstanding as of Jun. 30 |
In 2024
In the first half of financial year 2025, the
exercise of public, private and shareholder warrants increased the number of outstanding shares by
16
Disclosure on individual items of the consolidated financial statements
4.2.5 | Warrant liabilities |
As of the reporting date, warrant liabilities include the following:
kEUR | No. of warrants issued | Jun. 30, 2025 | ||||||
Public warrants | ||||||||
Private warrants | ||||||||
Warrants relating to shareholder loans | ||||||||
Warrants relating to Convertible Note | ||||||||
Total |
As of December 31, 2024, warrant liabilities included the following:
kEUR | No. of warrants issued | Dec. 31, 2024 | ||||||
Public warrants | ||||||||
Private warrants | ||||||||
Warrants relating to shareholder loans | ||||||||
Warrants relating to Convertible Note | ||||||||
Total |
Public and private warrants
As of 30 June, 2025, the fair value of public
and private warrant liabilities amounts to kEUR
Warrants relating to shareholder loans
In the first half of financial year 2025,
17
Disclosure on individual items of the consolidated financial statements
Warrants relating to Convertible Note
On April 30, 2025 the Company issued
The fair value of these warrants as of the issue
date was determined using a Monte Carlo Simulation which resulted in an aggregate fair value of kEUR
On August 20, 2025 the exercise of the warrants
was adjusted to USD
4.2.6 | Loans and borrowings |
As of June 30, 2025 loans and borrowings include the following:
Jun. 30, | Thereof classified as | |||||||||||
kEUR | 2025 | current | Non-current | |||||||||
Convertible note | ||||||||||||
Shareholder loans | ||||||||||||
Total |
On May 01, 2025, ADSE secured financing through
convertible note agreements with different institutional lenders in a total principal amount of kUSD
18
Disclosure on individual items of the consolidated financial statements
Until June 30, 2025, the lenders have converted
a total principal amount of kUSD
The shareholder loans are classified as current
loans and borrowings. As of the reporting date, the amount includes the book value of shareholder loans of kEUR
4.2.7 | Financial instruments |
The following table provides the carrying amounts and fair values of all financial assets and financial liabilities, including their levels in the fair value hierarchy.
kEUR | Classification | Fair value hierarchy | Carrying amount Jun. 30, 2025 | Fair value Jun. 30, 2025 | Carrying amount Dec. 31, 2024 | Fair value Dec. 31, 2024 | ||||||||||||||||
Financial assets | ||||||||||||||||||||||
Cash and cash equivalents | 3 | |||||||||||||||||||||
Trade receivables (current) | 3 | |||||||||||||||||||||
Other investments (non-current) | 3 | |||||||||||||||||||||
Other financial receivables (current) | 3 | |||||||||||||||||||||
Other financial receivables (non-current) | 3 | |||||||||||||||||||||
Total |
19
Disclosure on individual items of the consolidated financial statements
kEUR | Classification | Fair value hierarchy | Carrying amount Jun. 30, 2025 | Fair value Jun. 30, 2025 | Carrying amount Dec. 31, 2024 | Fair value Dec. 31, 2024 | ||||||||||||||||
Financial liabilities | ||||||||||||||||||||||
Warrant liabilities - private | 2 | |||||||||||||||||||||
Warrant liabilities - public | 1 | |||||||||||||||||||||
Warrant liabilities - Shareholder loan | 2 | |||||||||||||||||||||
Warrant liabilities - Convertible Notes | 2 | |||||||||||||||||||||
Loans and borrowings (non-current) | 3 | |||||||||||||||||||||
Loans and borrowings (current) | 3 | |||||||||||||||||||||
Trade payables (current) | 3 | |||||||||||||||||||||
Trade payables due to related parties (current) | 3 | |||||||||||||||||||||
Lease liabilities (non-current) | 3 | |||||||||||||||||||||
Lease liabilities (current) | 3 | |||||||||||||||||||||
Other payables financial (current) | 3 | |||||||||||||||||||||
Total |
The significant development in the area of other financial receivables is attributable to research grants, which were paid out in the first quarter of the fiscal year. The decline of trade payables is due to the payment of high trade payables from the purchase of inventory. The increase in loans and borrowings is due to new financing. Please refer to note 4.2.6 for further information on loans and borrowings.
20
Seasonal business
5. | Seasonal business |
6. | Segment reporting |
Information reported to ADSE’s chief operating
decision maker (CODM) for the purposes of resource allocation and assessment of segment performance is focused on the geographic region
of ADSE’s business activities. Therefore, ADSE manages its operations based on
The CODM has been identified as the board of directors of ADSE Holdco. The board of directors regularly reviews operating results and makes decisions about the allocation of ADSE’s resources. ADSE’s focus is on the research, development and manufacturing of products and services in the fields of energy management, energy storage and e-mobility.
ADSE evaluates segmental performance based on segment revenue and segment earnings before interest, taxes, depreciation and amortization (EBITDA). Inter-segment sales are priced along the same lines as sales to external customers.
kEUR | Jun. 30, 2025 | |||||||||||||||||||
Europe | North America | Total reportable segments | Eliminations | Total Group | ||||||||||||||||
External revenues | ||||||||||||||||||||
Inter-segment revenues | - | |||||||||||||||||||
Total revenue | - | |||||||||||||||||||
Earnings before interest, taxation, depreciation and amortization (EBITDA) | - | - | - | - | ||||||||||||||||
Depreciation and amortization | - | - | - | - | ||||||||||||||||
Operating result (EBIT) | - | - | - | - | ||||||||||||||||
Financial income | - | |||||||||||||||||||
Financial costs | - | - | - | - | ||||||||||||||||
Financial result | - | |||||||||||||||||||
Profit/Loss before tax | - | - | - | |||||||||||||||||
Income tax expenses | - | |||||||||||||||||||
Profit/Loss for the year | - | - | - |
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Segment reporting
kEUR | Jun. 30, 2024 | |||||||||||||||||||
Europe | North America | Total reportable segments | Eliminations | Total Group | ||||||||||||||||
External revenues | ||||||||||||||||||||
Inter-segment revenues | - | |||||||||||||||||||
Total revenue | - | |||||||||||||||||||
Earnings before interest, taxation, depreciation and amortization (EBITDA) | - | - | - | |||||||||||||||||
Depreciation and amortization | - | - | - | - | ||||||||||||||||
Operating result (EBIT) | - | - | - | - | ||||||||||||||||
Financial income | ||||||||||||||||||||
Financial costs | - | - | - | - | ||||||||||||||||
Financial result | - | - | - | - | ||||||||||||||||
Loss before tax | - | - | - | - | ||||||||||||||||
Income tax expenses | - | - | - | |||||||||||||||||
Loss for the year | - | - | - | - |
Total non-current assets of both reportable segments can be broken down as follows:
kEUR | Jun. 30, 2025 | Dec. 31, 2024 | ||||||
Europe | ||||||||
North America | - | - | ||||||
Eliminations | - | - | ||||||
Total non-current assets |
Total current assets of both reportable segments can be broken down as follows:
kEUR | Jun. 30, 2025 | Dec. 31, 2024 | ||||||
Europe | ||||||||
North America | ||||||||
Eliminations | - | - | ||||||
Total current assets |
Total liabilities of both reportable segments can be broken down as follows:
kEUR | Jun. 30, 2025 | Dec. 31, 2024 | ||||||
Europe | ||||||||
North America | ||||||||
Eliminations | - | - | ||||||
Total liabilities |
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Related party transactions
Total revenues of both reportable segments can be broken down as follows:
kEUR | Jun. 30, 2025 | Jun. 30, 2024 | ||||||
Europe | ||||||||
North America | ||||||||
Eliminations | - | - | ||||||
Total revenues |
Revenues from two major customers of ADSE represented
kEUR
7. | Related party transactions |
Related parties are natural persons or companies that can be influenced by the reporting entity, that can exert an influence on the reporting entity or that are under the influence of another related party of the reporting entity. Transactions between related parties mainly include loans, leases, and management services. Relationships with related parties have not changed significantly since December 31, 2024. With regard to the repayment of shareholder loans please refer to 4.2.6 Loans and borrowings. All business transactions, receivables and liabilities with related parties existing at the reporting date result from ordinary business activities and are conducted at arm’s length.
8. | Authorization of the financial statements |
The board of directors of ADSE Holdco authorized the consolidated financial statements on September 16, 2025.
Nürtingen
September 16, 2025
Thomas Speidel | Stefan Berndt-von Bülow | |
Chief Executive Officer | Chief Financial Officer |
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