Investing.com -- Shares of Fastned ( AMS (VIE:AMS2):FAST) tumbled by 5% today after the company reported fourth-quarter revenues that fell short of consensus estimates. The Amsterdam-based electric vehicle charging company said its revenues for the quarter rose 39% to €26.6 million, which was 6% below the consensus of €28.2 million.
The revenue increase was attributed to a 32% growth in volume to 42.5GWh, supported by a 30% rise in battery electric vehicle (BEV) fleet penetration. Despite the miss on top-line expectations, Fastned’s gross profit saw a 45% increase to €20.6 million, translating to a gross profit margin of €0.48/kWh, a 10% improvement.
Operational EBITDA also grew by 36% to €12.0 million. However, this was coupled with a 100 basis points decline in EBITDA margin to 45%, mainly due to higher operating costs which surged by 33%.
The company’s network utilization saw a like-for-like decrease of 160 basis points to 16.7%. Fastned’s expansion continued with the opening of 20 new stations in the quarter, bringing the total to 346 stations and an additional 223 stations under development.
Looking ahead to fiscal year 2025, Fastned adjusted its expectations, now forecasting 400-425 operational stations, down from the previously anticipated 420-450. Revenue per station is also expected to be lower than earlier forecasts, at more than €325,000 compared to the previous estimate of over €400,000.
The operational EBITDA margin projection for FY25 has been revised to 35%-40%, a decrease from the previously expected margin of over 40%. This revision reflects a slower than anticipated uptake in BEV.
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