Fastned grows revenue by 45%, net profit still €11.4 million in red

Dutch fast-charging chain Fastned saw its revenue in the first six months of 2024 grow by 45% to €37.8 million compared to the year before and claims to be in a prime position as a top 3 fast-charging company in Western Europe.

Profitability rose, with underlying company EBITDA growing by 12% to €3.2 million. Still, the net profit showed € 11.4 million in red figures, 11% more than the year before, “a consequence of the ongoing large expansion effort.”

22 new stations opened

Fastned opened 22 new locations in H1 2024, seven of which were in Belgium, two in Switzerland, five in the United Kingdom, and eight in the Netherlands. It now operates 318 stations (1.863 chargers) in Europe, 31 of which are in Belgium. It is on track for 335 to 350 stations in FY 2024.

The number of charging sessions also grew by 42% to 2.5 million, compared to 1.7 million in H1 2024. That represented 62.7 GWh of ‘renewable energy’, an increase of 50%, avoiding 60.5 kilotons of CO2 emissions.

From the start, Fastned’s founders emphasized the importance of rapidly expanding the network, which they financed by raising funds. In H1 2024, Fastned issued a record €61 million in bonds to fund this expansion, including €15.7 million in extensions of earlier tranches.

Fastned says this leads to an increased cash position of €145.8 million (vs. €132.6 million in H1 2023). “With operating cash flow at -€1.0 million (vs. -€2.5 million in H1 2023), Fastned is on the verge of starting to self-fund investments in new stations.”

The company remains optimistic about its goals. “Fastned has accelerated the acquisition of high-traffic locations, securing 79 locations in the first half of 2024, our fastest pace ever. With 509 locations signed, we reached the halfway mark in our planned number of secured locations and are fully on track to reach our goal of 1,000 stations by 2030.”

Is transition well on its way?

EV sales have been under pressure in recent months. They are still showing growth, but less exponentially than before. This is merely due to negative sentiments within the general public, which are strongest in Germany, the US, and Belgium, among others.

Still, according to Michiel Langezaal, co-founder and CEO of Fastned, a growing number of car drivers in Europe is on the verge of being convinced. “When looking at the facts, the electric transition is well on its way: the increasing number of electric vehicles across Europe shows drivers are embracing electric cars as they near price parity with fossil cars,” Langezaal says.

“The current battery development pace – still a relatively young technology – puts us on an unstoppable and accelerating path to a complete transition to electric mobility. Reports show that China’s battery cell prices were cut in half over the past year. As a result, a wave of more affordable, new models with more range is on our doorstep.”