Ads-Tec Energy Public Ltd Co (ADSE)

Price$11.50Cached quoteAs of 2026-09-04 16:23 UTC

AI: Overvalued

Valuation prices in a major operating recoveryAt $11.20 and 75.0 million reported shares outstanding, ADS-TEC Energy carries an equity value of about $840 million despite a very small current revenue base and continuing losses.

Audited FY2025 revenue was only €31.6 million, down 71% from €110.0 million in 2024, with a €16.3 million gross loss, €56.7 million operating loss and €55.2 million net loss. Even allowing for currency differences, the market capitalization is more than 20 times FY2025 revenue. No H1 or other 2026 interim financial results were located in current SEC filings or company disclosures as of September 17, making near-term normalization difficult to verify.

Technology and customer traction are realThe investment case rests on differentiated battery-buffered charging and a growing stationary-storage business rather than current earnings.

ADS-TEC combines batteries, power electronics and software to deliver ultra-fast EV charging where grid capacity is constrained, alongside commercial, industrial and utility-scale BESS. The company reported more than 100 charging customers in April, while a July deployment with MVV and Müller covers 39 ChargePost stations and 78 charging points at 27 German retail locations. The latest disclosure said its technology powers more than 3,700 charging points worldwide.

Recurring revenue is growing from a low baseServices and energy-market business models could improve revenue quality, but the transition is still early.

FY2025 service revenue increased 83% to €10.3 million, representing roughly one-third of total revenue, and management disclosed more than 330 service contracts typically extending about eight years after warranty periods. ADS-TEC is also developing Own & Operate charging, energy-management, advertising and storage-market revenue streams. C&I storage had about €9 million of backlog entering 2026, but these newer models had not yet offset the collapse in legacy hardware sales.

Financing and dilution remain significant risksRecent capital actions improved access to liquidity but highlight the company's dependence on external funding and shareholder dilution.

At December 2025 ADS-TEC had only €7.0 million of cash, €59.8 million of loans and borrowings and negative equity of €10.8 million; its auditor included going-concern uncertainty. During April-May 2026, warrants and subscription rights issued millions of shares at $1 each, and shares outstanding reached 75.0 million. A July prospectus registered up to 27.49 million shares for resale. Management has also evaluated debt financing for large-scale battery projects, so execution, refinancing, additional dilution, inventory monetization and project-capital requirements remain major risks.

AI: News

Utility-scale storage wins are building commercial momentumADS-TEC's latest operating announcements show increasing traction for 10 MW / 20 MWh battery systems with industrial and municipal customers.

On August 17, BESS Perlen AG selected ADS-TEC to supply a 10 MW / 20 MWh system at the Perlen industrial site in Switzerland, with commissioning targeted by year-end 2026 and revenue opportunities from ancillary and power markets. On August 3, construction also began on a 10 MW / 20 MWh system for Stadtwerke Mühlacker, targeted to begin operating by October 2026.

Large resale registration creates a share-supply overhangThe July prospectus registered a substantial block of existing and recently issued shares for resale following the spring capital-structure restructuring.

The filing covers up to 27.49 million ordinary shares, including 9.324 million shares issued through May subscription agreements at $1 per share and 18.17 million other shares held by selling securityholders. ADS-TEC receives no proceeds from their resale. The registration does not mean all shares will be sold, but the size is material relative to the 75.0 million shares reported outstanding.

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Revenue

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	€31.6M	€110.0M	€107.4M	€26.4M	€33.0M	€47.4M	€19.1M
Gross profit	−€16.3M	€19.4M	−€2.9M	−€4.5M	−€2.3M	€1.8M	−€3.1M
Gross margin	−51.60%	17.66%	−2.69%	−16.93%	−6.89%	3.85%	−16.41%
Research & development	€8.5M	€9.0M	€2.8M	€1.7M	€2.0M	€749,000	€473,000
Operating expenses	€39.8M	€28.0M	€41.6M	€31.9M	€16.4M	€10.0M	€6.5M
Operating income	−€56.1M	−€8.6M	−€44.5M	−€36.4M	−€18.6M	−€8.2M	−€9.7M
Operating margin	−177.73%	−7.83%	−41.46%	−137.81%	−56.43%	−17.29%	−50.69%
EBITDA	−€2.2M	−€1.9M	−€39.7M	−€32.1M	−€15.5M	−€6.7M	−€9.2M
EBITDA margin	−7.10%	−1.74%	−36.95%	−121.40%	−47.04%	−14.09%	−48.23%
Net income	−€55.2M	−€98.0M	−€55.1M	−€18.9M	−€87.6M	−€10.3M	−€12.1M
Net profit margin	−174.88%	−89.04%	−51.29%	−71.53%	−265.29%	−21.70%	−63.13%
Basic EPSper basic share	-€0.98	-€1.91	-€1.13	-€0.39	-€3.46	-€320.86	-€0.38
Diluted EPSper diluted share	-€0.98	-€1.91	-€1.13	-€0.39	-€3.46	-€320.86	-€0.38

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 16 reported holders of ADSE
Holder	Shares held
MIRABELLA FINANCIAL SERVICES LLP	23.26M
Robert Bosch GmbH	10.46M
DNB Asset Management AS	145.75K
PRELUDE CAPITAL MANAGEMENT, LLC	56.81K
RAYMOND JAMES FINANCIAL INC	35.8K
GEODE CAPITAL MANAGEMENT, LLC	35.72K
UBS Group AG	19.42K
Aureus Asset Management, LLC	15K
MORGAN STANLEY	13.24K
Crewe Advisors LLC	5K
WOLVERINE ASSET MANAGEMENT LLC	913
GAMMA Investing LLC	802
Millstone Evans Group, LLC	650
BARCLAYS PLC	383
ROYAL BANK OF CANADA	14
SBI Securities Co., Ltd.	3

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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