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   14,614    79,263 
Cost of sales  4.1.1   -21,277    -63,590 
Gross profit (loss)      -6,663    15,672 
Research and development expenses      -4,472    -4,102 
Selling and general administrative expenses  4.1.1   -18,624    -15,883 
Impairment gains (losses) on trade
receivables, contract assets, and other investments
      43    -14 
Other income      250    307 
Other expenses      -550    -941 
Operating result      -30,015    -4,960 
Finance income  4.1.2   38,743    23 
Finance expenses  4.1.2   -23,613    -39,436 
Net finance result      15,130    -39,413 
Result before tax      -14,885    -44,373 
Income tax benefits (expenses)      120    -786 
Result for the period      -14,766    -45,159 
Other comprehensive income             
Items that are or may be reclassified
subsequently to profit or loss
             
Foreign operations – foreign currency translation differences      -115    -84 
Other comprehensive income (loss) for the period, net of tax      -115    -84 
Total comprehensive income (loss) for the period      -14,882    -45,243 
Profit (loss) attributable to:             
Shareholders of the parent      -14,766    -45,159 
Non-controlling interests      
-
    
-
 
Total comprehensive income (loss)
attributable to:
             
Shareholders of the parent      -14,882    -45,243 
Non-controlling interests      
-
    
-
 
Earnings (loss) per share (in EUR)             
Diluted      -0.27    -0.84 
Basic      -0.27    -0.89 

 

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        18,678    20,529 
Right-of-use assets        3,389    3,273 
Property, plant and equipment        6,183    6,195 
Other investments and other assets (non-current)        179    179 
Trade and other receivables (non-current)        6    6 
Deferred tax assets        7    6 
Non-current assets        28,442    30,188 
Inventories   4.2.1    55,682    63,666 
Trade and other receivables (current)        8,006    14,929 
Contract assets        790    40 
Other accrued items   4.2.2    2,314    13,447 
Current tax assets        
-
    102 
Cash and cash equivalents   4.2.3    37,869    22,858 
Current assets        104,662    115,042 
Total assets        133,103    145,230 

 

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   5    5 
Capital reserves  4.2.4   288,077    245,298 
Other equity  4.2.4   929    1,044 
Retained earnings  4.2.4   -289,156    -191,198 
Profit (loss)  4.2.4   -14,766    -97,959 
Equity attributable to owners of the Company      -14,912    -42,809 
Non-controlling interests      
-
    
-
 
Total equity      -14,912    -42,809 
Lease liabilities (non-current)      1,882    2,336 
Warrant liabilities (non-current)  4.2.5   76,977    119,581 
Loans and borrowings (non-current)  4.2.6   9,224    
-
 
Trade and other payables (non-current)      233    209 
Contract liabilities (non-current)      205    265 
Other provisions (non-current)      2,678    2,132 
Deferred tax liabilities      1,547    1,670 
Non-current liabilities      92,746    126,192 
Lease liabilities (current)      1,054    1,144 
Loans and borrowings (current)  4.2.6   24,711    13,333 
Trade and other payables (current)      16,577    34,963 
Contract liabilities (current)      7,621    6,809 
Income tax liabilities (current)      17    13 
Other provisions (current)      5,289    5,586 
Current liabilities      55,269    61,847 
Total liabilities      148,015    188,039 
Total equity and liabilities      133,103    145,230 

 

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        -14,766    -45,159 
Depreciation and amortization        3,426    3,561 
Finance income excluding foreign currency gains   4.1.2    -24,910    -23 
Finance expense excluding foreign currency losses   4.1.2    21,162    39,436 
Non-cash effective foreign currency (gains) losses   4.1.2    -11,493    654 
Share-based payments        1,284    2,003 
Change in trade receivables not
attributable to investing or financing activities
        7,338    -10,170 
Change in inventories   4.2.1    4,369    -2,187 
Change in write-downs on inventories   4.2.1    2,555    2,969 
Change in trade payables        -18,684    5,149 
Change in contract assets        -749    -125 
Change in contract liabilities        780    -609 
Change in other investments and other assets        -700    -1,004 
Change in other provisions        249    818 
Change in other liabilities        60    -345 
Income tax expenses (benefits)        -120    786 
Interest received        1    12 
Cash flow from operating activities        -30,196    -4,237 

 

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        -759    -463 
Investments in intangible assets, including internally generated intangible asset        -278    -257 
Proceeds from sale of property, plant and equipment        23    
-
 
Interest received        
-
    
-
 
Cash flow from investing activities        -1,014    -721 
Proceeds from Issue of Convertible Note and Warrants   4.2.6    40,905    
-
 
Proceeds from issuance of shares and other equity securities   4.2.4    316    301 
Proceeds from the exercise of warrants   4.2.5    22,181    4,509 
Repayment of loans and borrowings   4.2.6    -14,357    -4,618 
Repayment of lease liabilities        -1,236    -643 
Interest paid        -1,423    -432 
Cash flow from financing activities        46,384    -883 
Net decrease (-) / increase in cash and cash equivalents        15,174    -5,840 
Net cash and cash equivalents at the beginning of the period   4.2.3    22,858    29,162 
FX effects        -163    368 
Net cash and cash equivalents at the end of the period        37,869    23,691 

 

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             5    245,298    -289,157    1,044    -288,112    -42,809    -42,809 
Result for the period   
-
    
-
    -14,766    
-
    -14,766    -14,766    -14,766 
Other comprehensive income (loss)   
-
    
-
    0    -115    -115    -115    -115 
Total comprehensive income (loss)   
-
    
-
    -14,766    -115    -14,882    -14,882    -14,882 
Exercise of warrants   0    34,168    
-
    
-
    
-
    34,168    34,168 
Exercise of options   0    316    
-
    
-
    
-
    316    316 
Stock compensation   0    1,284    
-
    
-
    
-
    1,284    1,284 
Conversion of shares   0    7,011    
-
    
-
    
-
    7,011    7,011 
Balance as of Jun. 30, 2025   5    288,077    -303,922    929    -302,994    -14,912    -14,912 

 

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            4    225,007    -191,198    106    -191,092    33,919    33,919 
Result for the period   
-
    
-
    -45,159    
-
    -45,159    -45,159    -45,159 
Other comprehensive income (loss)   
-
    
-
    -    -84    -84    -84    -84 
Total comprehensive income (loss)   
-
    
-
    -45,159    -84    -45,243    -45,243    -45,243 
Exercise of warrants   0    7,145    
-
    
-
    
-
    7,145    7,145 
Exercise of options   0    301    
-
    
-
    
-
    301    301 
Stock compensation   0    2,006    
-
    
-
    
-
    2,006    2,006 
Balance as of Jun. 30, 2024   5    234,459    -236,357    22    -236,335    -1,872    -1,872 

 

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

 

1.1Reporting 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.

 

1.2Group 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”)   Dublin   Ireland     Parent company  
ads-tec Energy GmbH (“ADSE GM”)   Nürtingen   Germany     100 %
ads-tec Energy, INC. (“ADSE US”)   Auburn   USA     100 %
ads-tec Energy Service GmbH (“ADSE Service”)   Nürtingen   Germany     100 %
ads-tec Energy Schweiz GmbH (“ADSE CH”)   Zurich   Switzerland     100 %
ads-tec Energy Austria GmbH (“ADSE Austria”)   Kötschach-Mauthen   Austria     100 %

 

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

 

2.1Basis 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.

 

2.2Material 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 14,766 for the first half of financial year 2025, kEUR 97,958 for the financial year 2024 and kEUR 55,081 for the financial year 2023.

 

The Company has improved the cash flow from operating activities from kEUR -20,659 for the financial year 2023 to kEUR -16,285 for the financial year 2024. In the first half of 2025, the cash flow from operating activities amounted to kEUR -30,196. This was caused by weak revenues and significant payments of trade payables. For the future, the Company aims to improve its cash flow and operating result. To support this development the Company plans to intensify sales efforts across Europe and the US and reduce working capital. In addition, the Company will continue to invest in the development, redesign and cost optimization programs of current and new products as well as further productivity increases in operations and expand its business model into a full-service provider model, enabling multi-revenue streams including ultra-fast charging, energy trading and advertising.

 

Management of the Company agreed to issue (i) senior secured convertible notes in the aggregate original principal amount of kUSD 53,763 and (ii) warrants to purchase up to an aggregate of 1,116,072 ordinary shares, nominal value of $0.0001 per share. Following the agreements, the Company will receive up to an amount of kUSD 50,000 in gross proceeds, to be provided in two installments. The Company has received the first installment of kUSD 15,000 - net of fees and expenses an amount of kUSD 12,719 - on May 1, 2025 and the second installment of kUSD 20,000 on July 1, 2025. The remaining kUSD 15,000 will become available upon the Company’s achievement of agreed-upon milestones.

 

As of June 30, 2025, the Company had outstanding shareholder loans in a nominal amount of kUSD 7,400 (see note 4.2.6). The shareholders except for one have agreed to make any undrawn and repaid amounts available as a credit line until August 31, 2026. One tranche in a nominal amount of kUSD 3,000 remains due on August 31, 2025. Therefore, the Company currently has an open credit line in an amount of kUSD 25,577 until August 31, 2026.

 

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.

 

2.3New 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  Amendments to IAS 21: Lack of exchangeability  Jan. 01, 2025

 

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  Amendments to IFRS 9 and IFRS 7 - Financial Instruments: Classification and measurement of financial instruments  Jan. 01, 2026
IFRS 9 & IFRS 7  Amendments to IFRS 9 and IFRS 7 - Financial Instruments: Contracts referencing nature-dependent electricity  Jan. 01, 2026
IFRS 18  Presentation and Disclosure in Financial Statements  Jan. 01, 2027
IFRS 19  Subsidiaries without Public Accountability: Disclosures  Jan. 01, 2027

 

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 14,357 (kUSD 15,577) and accrued interest of kEUR 1,348 (kUSD 1,528). On April 30, 2025, certain of the loans with a total nominal amount of kUSD 30,000 were amended and restated to extend the maturity date from August 31, 2025 to Augst 31, 2026.

 

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 53,763 and (ii) warrants to purchase up to an aggregate of 1,116,072 ordinary shares, nominal value of USD 0.0001 per share. Please refer to 4.2.6 Loans and borrowings for further detail.

 

11

 

 

Disclosure on individual items of the consolidated financial statements

 

4.Disclosure on individual items of the consolidated financial statements

 

4.1Statements of comprehensive income

 

4.1.1Revenue 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.

 

67.1% (2024: 96.6%) of revenues are generated from product category charging. The following table presents the revenue from contracts with customers disaggregated by product types:

 

Revenue by product types  For the six months ended
June 30,
 
kEUR  2025   2024 
Charging   9,804    76,550 
Commercial and industrial   103    1,043 
Service   4,623    1,581 
Other   85    88 
Total   14,614    79,263 

 

Cost of goods sold

 

   For the six months ended
June 30,
 
kEUR  2025   2024 
Cost of materials   12,307    54,023 
Personnel expenses   5,468    5,734 
Depreciation and amortization   2,904    2,982 
Other expenses   599    851 
Total   21,277    63,590 

 

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   5,755    5,632 
Legal and consulting fees   5,004    2,559 
Administration fee   1,837    1,821 
Marketing costs   760    728 
Insurance expenses   1,208    1,344 
Depreciation and amortization   354    464 
Other expenses   3,705    3,335 
Total   18,624    15,883 

 

Other expenses primarily consist of expenses for general warranties, travel costs and outbound freight.

 

13

 

 

Disclosure on individual items of the consolidated financial statements

 

4.1.2Finance 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   24,909    
-
 
Foreign currency gains   13,833    - 
Income from other interest and similar income   1    23 
Finance income   38,743    23 
Finance expense from remeasurement of warrant liabilities   -122    -34,667 
Interest expense from shareholder loans   -19,332    -4,662 
Interest expense from convertible note   -1,633    
-
 
Foreign currency losses   -2,450    
-
 
Interest expense from leasing   -71    -99 
Interest expense from guarantee commissions   -5    -9 
Finance expenses   -23,613    -39,437 
Net finance result   15,130    -39,414 

 

Finance income from remeasurement of warrant liabilities in the first half of 2025 in the amount of kEUR 24,909 results from the remeasurement of the fair value of public and private warrant liabilities, warrant liabilities from shareholder loans and warrant liabilities from the convertible note and was caused by a a declining share price of ADSE shares. The foreign currency gains mainly result from the valuation of the warrants which are denominated in USD.

 

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 19,332 (2024: kEUR-4,662 ). This results mainly from the amortization of day one losses (kEUR 10,293) and the effective interest of the shareholder loan (kEUR 8,903).

 

14

 

 

Disclosure on individual items of the consolidated financial statements

 

4.2Statements of financial position

 

4.2.1Inventories

 

Inventories include the following:

 

kEUR   Jun. 30,
2025
    Dec. 31,
2024
 
Finished goods     16,372       15,245  
Work in progress     10,564       9,402  
Raw materials     45,271       53,010  
Total     72,207       77,657  

 

kEUR  Jun. 30,
2025
   Dec. 31,
2024
 
Write-downs finished goods   -1,080    -181 
Write-downs work in progress   -794    -808 
Write-downs raw materials   -14,651    -13,003 
Total   -16,525    -13,991 

 

During the first half of 2025, ADSE recognized write-downs of inventories in an amount of kEUR 2,555 as an expense in the cost of sales in the statement of profit or loss.

 

4.2.2Other accrued items

 

Other accrued items include the following:

 

kEUR  Jun.30,
2025
   Dec. 31,
2024
 
Day One Loss   1,379    12,392 
Other accrued items related to lender warrants   935    1,055 
Total   2,314    13,447 

 

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

 

4.2.3Cash and cash equivalents

 

Cash and cash equivalents include the following:

 

kEUR  Jun. 30,
2025
   Dec. 31,
2024
 
Cash   1    1 
Cash at banks   7,361    22,212 
Restricted Cash   30,508    644 
Total   37,869    22,858 

 

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 17,014 was released after satisfaction of the first milestones.

 

4.2.4Equity

 

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   52,362    50,585 
Exercise of warrants   2,469    714 
Exercise of options   47    50 
Share based compensation   26    37 
Conversion from convertible note   922    
-
 
Outstanding as of Jun. 30   55,826    51,386 
Treasury shares   80    61 
Issued and outstanding as of Jun. 30   55,906    51,447 

 

In 2024 714,290 warrants were exercised in the first half year which led to an increase in capital reserves of kEUR 7,145. These warrants were issued related to a capital increase at the end of fiscal year 2023.

 

In the first half of financial year 2025, the exercise of public, private and shareholder warrants increased the number of outstanding shares by 2,468,837 shares and led to an increase in capital reserves of kEUR 34,168. Moreover, the conversion of debt from the convertible note into equity resulted in an issue of 922,195 shares which increased the capital reserve by kEUR 7,011.

 

16

 

 

Disclosure on individual items of the consolidated financial statements

 

4.2.5Warrant liabilities

 

As of the reporting date, warrant liabilities include the following:

 

kEUR  No. of
warrants
issued
   Jun. 30,
2025
 
Public warrants   7,826,371    13,155 
Private warrants   119,866    473 
Warrants relating to shareholder loans   10,373,336    56,733 
Warrants relating to Convertible Note   1,116,072    6,616 
Total   19,435,645    76,977 

 

As of December 31, 2024, warrant liabilities included the following:

 

kEUR  No. of
warrants
issued
   Dec. 31,
2024
 
Public warrants   11,542,415    39,997 
Private warrants   119,866    734 
Warrants relating to shareholder loans   10,480,003    78,849 
Warrants relating to Convertible Note   
-
    
-
 
Total   22,142,284    119,580 

 

Public and private warrants

 

As of 30 June, 2025, the fair value of public and private warrant liabilities amounts to kEUR 13,628 (31 December, 2024: kEUR 40,731) and relates to 7,826,371 public warrants and 119,866 private warrants including 100,000 lender warrants issued. In comparison to December 31, 2024, 2,014,299 public warrants were exercised at an exercise price of 11.50 USD per warrant. 1,701,745 warrants were moved from public warrants to private warrants and were exercised on a cashless basis leading to an issue of 347,871 shares.

 

Warrants relating to shareholder loans

 

In the first half of financial year 2025, 106,667 warrants related to the first shareholder loan with an exercise price of USD 3.00 were exercised. The exercise term of the remaining 1,573,333 warrants related to the first shareholder loan was extended from May 5, 2025 until August 31, 2025.

 

17

 

 

Disclosure on individual items of the consolidated financial statements

 

Warrants relating to Convertible Note

 

On April 30, 2025 the Company issued 1,116,072 warrants together with the closing of a financing transaction via convertible notes to certain institutional lenders. One warrant entitles the lender to purchase one ordinary share, par value USD 0.00001 per ordinary share. The warrants may be exercised at an exercise price of USD 16.88 at any time until April 30, 2030. If, on the 75th Trading Day after May 1, 2025, the exercise price then in effect is greater than the market price of ADSE stock at that date, the exercise price shall automatically be lowered to the market price and the number of warrant shares that may be subscribed for upon exercise of this warrant adjusted proportionately, so that after such adjustment the aggregate exercise price payable for the adjusted number of warrant shares shall be the same as the aggregate exercise price in effect immediately prior to such adjustment.

 

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 6,773 as of that date.

 

On August 20, 2025 the exercise of the warrants was adjusted to USD 10.31 and the number increased to 1,827,284 in line with the warrant agreement.

 

4.2.6Loans 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   28,199    18,975    9,224 
Shareholder loans   5,426    5,426      
Total   33,625    24,401    9,224 

 

On May 01, 2025, ADSE secured financing through convertible note agreements with different institutional lenders in a total principal amount of kUSD 53,753 (kEUR 47,389). The notes were issued with a discount of 7% and bear interest of 2% per annum. They can either be converted into equity or redeemed in cash over a period of three years until May 01, 2028. Together with the convertible notes, 1,116,072 warrants were issued resulting in a disagio of the notes in an amount of kEUR 6,773. Transaction costs are being discounted from the notes as well. Both are amortized together with the issue discount using the effective interest rate method.

 

18

 

 

Disclosure on individual items of the consolidated financial statements

 

Until June 30, 2025, the lenders have converted a total principal amount of kUSD 7,593 (kEUR 6,556) as well as interest in the amount of kUSD 692 (kEUR 598) into equity.

 

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 5,426 and interest payable of kEUR 310 (December 31, 2024: book value of kEUR 11,971 and interest payable of kEUR 1,363). In the first half of 2025, various tranches with a total nominal amount of kEUR 14,357 (kUSD 15,577) were repaid together with interest.

 

4.2.7Financial 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  At amortized cost   3    37,869    37,869    22,858    22,858 
Trade receivables (current)  At amortized cost   3    6,085    6,085    9,900    9,900 
Other investments (non-current)  At amortized cost   3    5    5    5    5 
Other financial receivables (current)  At amortized cost   3    63    63    3,358    3,358 
Other financial receivables (non-current)  At amortized cost   3    6    6    6    6 
Total           44,028    44,028    36,126    36,126 

 

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  FVTPL   2    13,155    13,155    39,997    39,997 
Warrant liabilities - public  FVTPL   1    473    473    734    734 
Warrant liabilities - Shareholder loan  FVTPL   2    56,733    56,733    78,849    78,849 
Warrant liabilities - Convertible Notes  FVTPL   2    6,616    6,616    
-
    
-
 
Loans and borrowings (non-current)  At amortized cost   3    9,224    16,074    
-
    
-
 
Loans and borrowings (current)  At amortized cost   3    24,711    26,044    13,333    13,333 
Trade payables (current)  At amortized cost   3    12,100    12,100    29,299    29,299 
Trade payables due to related parties (current)  At amortized cost   3    1,045    1,045    2,601    2,601 
Lease liabilities (non-current)  At amortized cost   3    1,882    
-
    2,336    
-
 
Lease liabilities (current)  At amortized cost   3    1,054    
-
    1,144    
-
 
Other payables financial (current)  At amortized cost   3    387    387    215    215 
Total           127,379    132,627    168,510    165,030 

 

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

 

The business performance of ADSE does not follow a regular seasonality or cyclicality of results that affect the unaudited interim condensed financial statements. Thus, the results of the six month period ended June 30, 2025 may not be indicative of the full year.

 

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 two operating segments referring to its business activities in Europe and North America.

 

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   13,790    825    14,614    
-
    14,614 
Inter-segment revenues   4,250    
-
    4,250    -4,250    
-
 
Total revenue   18,039    825    18,864    -4,250    14,614 
                          
Earnings before interest, taxation, depreciation and amortization (EBITDA)   -25,164    -1,425    -26,589    
-
    -26,589 
Depreciation and amortization   -3,346    -80    -3,426    
-
    -3,426 
Operating result (EBIT)   -28,510    -1,506    -30,015    
 
    -30,015 
Financial income   38,611    132    38,743    -456    38,287 
Financial costs   -6,916    -16,696    -23,613    456    -13,157 
Financial result   31,694    -16,565    15,130    
-
    15,130 
Profit/Loss before tax   3,185    -18,070    -14,885    
-
    -14,885 
Income tax expenses   120    -1    120    
-
    120 
Profit/Loss for the year   3,305    -18,071    -14,766    
-
    -14,766 

 

21

 

 

Segment reporting

 

kEUR  Jun. 30, 2024 
   Europe   North America   Total reportable segments   Eliminations   Total Group 
External revenues   77,118    1,227    78,346    
-
    78,346 
Inter-segment revenues   1,227    
-
    1,227    -310    917 
Total revenue   78,346    1,227    79,573    -310    79,263 
                          
Earnings before interest, taxation, depreciation and amortization (EBITDA)   334    -1,734    -1,400    
-
    -1,400 
Depreciation and amortization   -3,517    -44    -3,561    
-
    -3,561 
Operating result (EBIT)   -3,183    -1,778    -4,960         -4,960 
Financial income   23    
-
    23    
-
    23 
Financial costs   -34,773    -4,663    -39,436    
-
    -39,436 
Financial result   -34,750    -4,663    -39,413    
-
    -39,413 
Loss before tax   -37,932    -6,441    -44,373    
-
    -44,373 
Income tax expenses   -786    0    -786    
-
    -786 
Loss for the year   -38,718    -6,441    -45,159    
-
    -45,159 

 

Total non-current assets of both reportable segments can be broken down as follows:

 

kEUR  Jun. 30,
2025
   Dec. 31,
2024
 
Europe   76,526    78,109 
North America   -6,491    -6,328 
Eliminations   -41,593    -41,593 
Total non-current assets   28,442    30,188 

 

Total current assets of both reportable segments can be broken down as follows:

 

kEUR  Jun. 30,
2025
   Dec. 31,
2024
 
Europe   139,724    108,877 
North America   42,626    33,870 
Eliminations   -77,689    -27,705 
Total current assets   104,662    115,042 

 

Total liabilities of both reportable segments can be broken down as follows:

 

kEUR  Jun. 30,
2025
   Dec. 31,
2024
 
Europe   107,495    182,960 
North America   49,317    10,697 
Eliminations   -8,797    -5,618 
Total liabilities   148,015    188,039 

 

22

 

 

Related party transactions

 

Total revenues of both reportable segments can be broken down as follows:

 

kEUR  Jun. 30,
2025
   Jun. 30,
2024
 
Europe   18,039    78,346 
North America   825    1,227 
Eliminations   -4,250    -310 
Total revenues   14,614    79,263 

 

Revenues from two major customers of ADSE represented kEUR 6,615 and kEUR 1,312 respectively (2024: two customers, kEUR 11,185 and kEUR 54,641) of ADSE’s total revenues.

 

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

 

 

23

 

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