Record-breaking performance

15. 11. 2023

Zaptec achieved revenue growth of 86% in the third quarter, compared to the same period in 2022, and surpasses 1 billion NOK in revenue so far this year. The quarter is the best and signifies impressive growth for the company.

“We are very pleased to achieve these results in today’s market,” says Acting CEO and CFO of Zaptec, Kurt Østrem.

“The growth we have achieved reflects our dedicated employees and our ability to adapt to a temporarily challenging market with low new car sales. I expect the flattening we currently see in electric car sales to be temporary, and we are well prepared for the coming year.”

According to the CEO, electric car sales are a megatrend that cannot be reversed.

“We focus on delivering quality products, and we continue with thorough product testing as evidence that safety is a top priority at Zaptec. We address a temporarily challenging market with a flexible production volume, strong liquidity, and clear cost control. With this, we are positioned for further growth in a market with a megatrend here to stay.”

Strong order intake of 326 million NOK, which is 37% higher than in the same period the previous year. The company also has an order reserve of 483 million NOK while production ramped up.

Zaptec delivered a record-high quarterly EBITDA of 53 million NOK, an increase of 253% compared to the third quarter of 2022.

  • 1 billion NOK revenue YTD milestone reached
  • All time high quarterly revenue of 421 mill NOK, 86% above Q3 2022
  • Continued strong order intake of 326 mill NOK, 37% above Q3 2022
  • Order backlog of 483 mill NOK
  • Production ramp-up delivered according to plan
  • Gross margin of 41%
  • Strong EBITDA of 53 mill NOK, up 253% from Q3 2022

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