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GAUSSIN Group Publishes Its 2021 Revenues

Revenues and license fees: €52.8 million versus €40.6 million a year earlier (+30%)

Revenues and license fees for the second half of 2021 of €32.3 million compared to €20.5 million for the first half of 2021

Cash position of €20.4 million as of December 31, 2021 versus €16.3 million in 2020

Excellent outlook thanks to strong growth in the order book from €67.9 million as of December 31, 2020 to €77.1 million** as of December 31, 2021

HÉRICOURT, France–(BUSINESS WIRE)–GAUSSIN (ALGAU – FR0013495298) publishes today its consolidated revenues for the fiscal year 2021 (unaudited).

1. Strong acceleration of GAUSSIN Group’s growth

The GAUSSIN Group’s 2021 turnover is up sharply (+30%) compared to 2020, which had already seen a doubling of sales compared to 2019. This dynamic reflects the success of GAUSSIN’s strategic choices in the development of clean and intelligent mobility for goods and people.

The success in January 2022 of GAUSSIN’s participation in the Dakar Rally with the H2 Racing Truck®, the most powerful hydrogen-powered truck in the world, has elevated awareness of the company that should accelerate its growth worldwide. The contacts made during the competition are expected to encourage the deployment of its cutting-edge technology in zero-emission vehicles, whether electric or hydrogen-powered, and the sale of licenses internationally. In 2022, priority will be given to the United States, Canada, the Middle East, Russia and China. While the Group has already sold a dozen licenses since the launch of this strategy in 2019, the goal remains to sign 40 in the next 24 months.

A look back at the main achievements of 2021

  • Creation of GAUSSIN North America. At the beginning of January, GAUSSIN announced the creation of its North American subsidiary, which will lead its commercial deployment across the Atlantic (see PR from January 4, 2021). This new strategic entity will accelerate the marketing of GAUSSIN electric and hydrogen vehicles.
  • The Asia-Pacific subsidiary, headquartered in Singapore (see PR from January 14, 2021), is in charge of deploying GAUSSIN’s electric and hydrogen vehicle ranges throughout the countries in the region.
  • Launch of “Zero-emission Yard Automation”. At the end of March, the Group presented its new solution of autonomous hydrogen-powered tractors equipped with a robotic arm, intended for major logistics and e-commerce players (see PR from March 23, 2021). This disruptive technology, developed at the request of various customers, will be tested at two major logistics and e-commerce companies in the United States and Europe in mid-2021. View the video of the vehicle.
  • Bolloré Ports and the Maersk group order 36 APM® 75T HE. GAUSSIN has received a firm order from CIT Abidjan, a port terminal jointly operated by Bolloré Ports and APM Terminals, a subsidiary of the Maersk group, for 36 APM® 75T HE electric tractors, 24 Powerpacks and 6 36-channel charging stations (see PR from March 22, 2021). This historic order is the largest since the launch of the APM® 75T HE, a 100% electric tractor designed to transport containers in ports. It represents a turnover of €9.9 million.
  • GAUSSIN enters the hydrogen road truck market. The Group has presented the world’s first “skateboard” for Class 8 tractor or carrier trucks from 18t to 44t, hydrogen or all-electric, a rolling, versatile and modular platform intended for the various players in the market (see PR from April 27, 2021). The solution is aimed at traditional truck manufacturers as well as new entrants, but also at bodybuilders and autonomous navigation software players. More broadly, the skateboard targets all players wishing to have access to a hydrogen and electric platform for clean and intelligent transport. Access the video presentation of the skateboard and the technical presentation.
  • ECT, GAUSSIN and BOUYGUES ENERGIES & SERVICES agreement. This cooperation protocol concerns the development of hydrogen mobility solutions in the public works sector. In its first phase, ECT will entrust BOUYGUES ENERGIES SERVICES with the development of a 2 MW renewable hydrogen production and distribution station (see PR from May 20, 2021). At the same time, ECT has entrusted GAUSSIN with the design and implementation studies to equip itself with three types of GAUSSIN hydrogen trucks.
  • Partnership with HYNAMICS to conduct 4 “Moonroad” pilot projects. GAUSSIN and HYNAMICS, a subsidiary of EDF, have signed a partnership agreement for the implementation of four pilot projects to demonstrate the efficiency and productivity of GAUSSIN’s 100% autonomous and “dual energy” transport solutions, running on hydrogen and electricity (see PR from May 25, 2021). Supported by the French Ministry of Ecological Transition, in charge of Transport, the project will be deployed until 2023.
  • Partnership with MICROVAST on new generation batteries. This partnership aims to integrate MICROVAST’s new generation of batteries for GAUSSIN’s electric skateboard and hydrogen applications (see PR from June 8, 2021). Thanks to its vertical integration capabilities, MICROVAST can provide a wide choice of different chemical cells in its standard battery packs.
  • GAUSSIN chooses the NVIDIA platform for its autonomous trucks. GAUSSIN has chosen the NVIDIA DRIVE AGX Xavier™ platform to host its centralized intelligent driving system, designed to transform the truck industry and accelerate the transition to zero-emission freight transportation (see PR from June 17, 2021).
  • Creation of 2 assembly lines at the METALLIANCE site in Saint-Vallier. The Group has announced the creation of two assembly lines for ATM® (logistics) and APM® (port) vehicles in Saint-Vallier in the Saône-et-Loire region, on a site adjacent to that of its subsidiary METALLIANCE (see PR from June 24, 2021). They were put into service in the fall.
  • PLUG POWER places a first order for ATM-H2 hydrogen tractors. Plug Power placed an order in mid-August (see PR from August 16, 2021) for 20 hydrogen-powered fleet tractors (ATM-H2), which will be deployed at Plug Power’s existing customers in North America.
  • METALLIANCE order for 16 underground mobile machines in Great Britain. This order for 16 underground mobile machines (see PR from September 1, 2021) is for the Southern section of the High Speed 2 project in Great Britain. Deliveries are scheduled between March 2022 and April 2023.
  • License granted to Nexport covering Australia and New Zealand. This exclusive 20-year license is granted to NEXPORT Zero Emission Transport (see PR from September 22, 2021) to assemble and supply zero-emission vehicles locally in Australia and New Zealand.
  • Strategic partnership with HRS for the supply of 36 hydrogen stations. This partnership with HRS-Hydrogen-Refueling-Solutions (see PR from September 30, 2021) provides for the supply of 36 HRS hydrogen stations between 2021 and 2026, intended to accompany the deployment of GAUSSIN’s turnkey hydrogen mobility solutions, for on- and off-road applications. On the occasion of this operation, HRS has subscribed to an increase in GAUSSIN’s capital for an amount of €7M in cash.
  • Gaussin wins the Dubai World Challenge autonomous vehicle competition. For the second time in a row, the Group has won the Dubai World Challenge 2021 autonomous vehicle competition. GAUSSIN presented itself in consortium with NEOLIX China. The two companies will share the prize of $1 million offered to the winner (see PR from October 27, 2021).

Post-closing

  • Successful participation of GAUSSIN in the Dakar 2022 rally. The H2 Racing Truck®, designed and assembled by the Group, is the first hydrogen-powered truck to take part in the world’s biggest rally-raid. Designed to withstand extreme environments, the truck was intended to demonstrate the performance and reliability of the hydrogen-electric motorization developed by GAUSSIN. It is the precursor of the new range of GAUSSIN road trucks, 100% hydrogen and electric, designed by PININFARINA, which will be marketed this year. Its successful performance in the Dakar Rally is an undeniable asset for attracting new partners and customers on the market. GAUSSIN’s objective is to win new licensing agreements as part of its participation in the Dakar, where several promising relationships have already been established.

2. Revenues and licensing income of €52.8 million in 2021, up 30,0%

The GAUSSIN Group achieved total revenue €52.8 million in 2021, compared with €40.6 million in 2020, representing growth of approximately 30,0% in 2021.

Consolidated product sales were €41.1 million during the 2021 fiscal year, a very strong increase compared to 2020 (+99.1%). Licensing revenues amounted to €11.7 million.

Revenues from operations increased from €20.5 million in the first half of 2021 to €32.3 million in the second half of 2021, i.e., an increase of 57.9%.

Revenues from operations FY2021

FY2021

 

Total

 

Total

H1

 

H2

 

2021

 

2020

 

 

 

 

 

 

 

Sales – Logistics

2,782

 

7,131

 

9,913

 

4,511

Sales – Seaports

2,562

 

648

 

3,210

 

5,763

Sales – Airports

 

631

 

631

 

Sales – METALLIANCE*

14,599

 

12,736

 

27,335

 

10,361

Total – Consolidated sales

19,943

 

21,146

 

41,089

 

20,635

Licensing revenues

540

 

11,200

 

11,740

 

20,000

Total – Revenues and licensing income

20,483

 

32,346

 

52,829

 

40,635

* METALLIANCE was acquired in July 2020

Revenues consisted of:

  • The logistics business, which includes clean electric vehicles (ATM and ATM Autonomous ranges, TSBM and TSBM Autonomous, AGV IHD and Special Vehicles (MTO)), generated revenues of €9.9 million in 2021.

The ATM FULL ELEC range (Automotive Trailer Mover), which supports the use of semi-trailers at logistics sites: delivery of 18 ATM in 2021 to equip platforms dedicated to transport and logistics such as MICHELIN, RENAULT, DECATHLON or LEROY-MERLIN.

The MTO (Made To Order) range, the Group’s historical activity, delivered to several customers, including DISNEY, BOUYGUES, PRB and STOLL-MANULOC.

  • The port activity, which is aimed at operators of major ports throughout the world, with its range of container transport vehicles with drivers (APM 75T) or autonomous (AGV PERFORMANCE, AIV REVOLUTION, APM 75T AUTONOMOUS) and TERMINAL TRAILER (TT), Power Pack Full Elec batteries as well as Docking Stations, generated €3.2 million in sales during the year. The Group delivered APM vehicles to CENTREPORT in New Zealand and POWER-PACKs to QTERMINALS in QATAR.
  • The Airport business, which serves airports with vehicles such as the Airport Transporter (AAT) and the Autonomous AAT, the Multi-Directional Transporter (AMDT) and the Aircraft Refueller (ART), generated revenues of €0.6 million.

The ART is a 100% electric vehicle dedicated to aircraft refueling.

  • METALLIANCE, which focuses in particular on vehicles used in underground work and special machinery, generated revenue of €27.3 million in 2021.

Licensing revenues:

The Group recorded €11.7 million in licensing revenue in 2021 including a €10 million payment from NEXPORT under the terms of the 20-year license agreement to locally assemble and supply zero-emission vehicles in Australia and New Zealand. The partnership strengthens NEXPORT’s capabilities and gives it a unique position to purchase, assemble and supply a range of zero emission vehicles. This includes a portfolio of zero-emission vehicles, airport transporters and refuelers, electric buses, hydrogen generators and a range of other vehicles.

In addition, the Group received €1.7 million related to the license agreement signed with ST ENGINEERING LAND SYSTEMS for the manufacture and marketing of the AGV PERFORMANCE® FULL ELEC in Singapore.

3. Cash and cash equivalents amounted to €20.4 million as of December 31, 2021, compared with €16.3 million in 2020 (+25.2%)

The Group had cash of €20.4 million as of December 31, 2021 (including €7.7 million for METALLIANCE) compared with €16.3 million in 2020.

The balance of the license sold to NEXPORT will be paid over the years 2022 and 2023, and the balance of the ARAMCO sponsoring contract for the 2022 Dakar was paid after the first bivouac was set up in January 2022.

4. The increase in the order book to €77.1 million (+13.6%) indicates a very promising outlook for fiscal year 2022**

GAUSSIN Group’s order book, including METALLIANCE and excluding royalties on future sales, amounted to €77.1 million (excluding options) as of December 31, 2021, compared to €67.9 million as of December 31, 2020 (+13.6%).

Backlog

As of December 31, 2021

As of December 31, 2020

In 000’s

 

In %

 

In 000’s

 

In %

 

 

 

 

 

 

 

Logistics

34,722

 

45%

 

37,279

 

55%

Seaports

11,332

 

15%

 

3,785

 

6%

Airports

1,625

 

2%

 

1,009

 

1%

METALLIANCE

25,032

 

32%

 

25,812

 

38%

Other products

4,415

 

6%

 

 

Total – Consolidated Backlog

77,127

 

100%

 

67,885

 

100%

The backlog as of December 31, 2021, includes:

  • 132 ATM for leading players in the logistics and retail sectors with the distributor BLYYD;
  • 36 APM for the company CIT ABIDJAN;
  • 26 ATM for the US market for PLUGPOWER (20) and ROBOTIC RESEARCH (6);
  • 4 APM for port operators;
  • 1 new refueller, 100% electric refuelling truck;
  • 6 AMDT for QAS QATAR AIRWAYS;
  • Self-propelled vehicles and industrial trailers;
  • The order book of METALLIANCE for €25.0 million (excluding quasi-firm orders and subscriptions) in the field of underground and in the manufacturing of special machines;
  • Sponsorship with ARAMCO for the DAKAR 2022 edition. ARAMCO paid 70% of the $5 million (i.e., €3 million) in December 2021 and the balance, which is taken into account in the order book on December 31, is paid in January 2022, i.e., €1.4 million.

**The Group communicates on an order book that is spread over a long period, and there may be either a time lag, which does not affect the order book, or total or partial cancellations linked to the customer’s activity, which would then have an impact on the Company’s activity, results and financial situation. It should also be noted that, in general, the review of the order book is not part of the auditors’ duties.

5. Acceleration of the global deployment strategy

The GAUSSIN Group is implementing a strategy of deploying its technology worldwide based on its Global Licensing program and the development of strategic partnerships with major international players. Its lead in the field of electric and hydrogen technologies has enabled it to emerge as an innovative player in clean and intelligent mobility on a global scale. This recognition has been further reinforced by GAUSSIN’s success in running the first hydrogen-powered truck in the Dakar rally-raid in January 2022. This strategy enables GAUSSIN products to be rapidly deployed internationally, both for distribution and maintenance.

The Group has signed a dozen licenses to date and is still aiming to sign 40 within two years.

International license sales

  • ST ENGINEERING LAND SYSTEMS (STELS) has purchased a first license to manufacture and market the AGV PERFORMANCE® FULL ELEC “Ultra Fast Charge” vehicle in Singapore. The 20-year license enabled STELS to win the tender for the first batch of 80 vehicles for the PSA Port Singapore Authority’s Tuas Port project.

    Following this success, in September 2019, GAUSSIN granted 8 new licenses to STELS, including four exclusive licenses for the territories of Saudi Arabia, Thailand, the United Arab Emirates and South Korea and four non-exclusive licenses for the territories of Indonesia, Qatar, the Philippines and Oman.

  • AL ATTIYA MOTORS, a key player in Qatar’s economy, signed in 2020 an exclusive 20-year license for GAUSSIN electric vehicles dedicated to seaports, airports, logistics and smart cities. The contract includes not only the initial entry fee of €20 million, for an exclusivity covering the main countries of the Middle East, but also royalties of between 3% and 5% for possible future developments.
  • The state-owned QATAR RAILWAYS COMPANY has signed a license for the autonomous vehicle fleet management program FMP (Fleet Management Platform), for applications in the semi-private sector, such as the Smart City Lusail project, the 2022 FIFA World Cup, and transportation between metro stations and stadiums or Doha University.
  • NEXPORT, a major player in Oceania, signed in autumn 2021 a €10.0 million exclusive license over 20 years for the assembly and marketing of GAUSSIN electric vehicles dedicated to seaports, airports, logistics and smart cities.

Strategic partnership with ARAMCO, a world leader in energy and chemicals

GAUSSIN signed a partnership agreement in December 2021 with ARAMCO, one of the world leaders in integrated energy and chemistry, in the field of hydrogen vehicles. The agreement provides for the construction of a hydrogen vehicle manufacturing plant in the Kingdom of Saudi Arabia. The two companies have also agreed that ARAMCO’s new Advanced Innovation Center (LAB7) will be closely involved in the development of GAUSSIN’s hydrogen vehicles and in the development of a remotely controlled/autonomous hydrogen racing truck. LAB7 aims to integrate ARAMCO’s composite materials into GAUSSIN’s existing product range to reduce the weight, energy consumption and cost of these vehicles.

Within the framework of this partnership, ARAMCO sponsored GAUSSIN’s H2 Racing Truck®, which took part in the 2022 Dakar Rally as an experimental new energy vehicle.

Within the framework of this agreement, ARAMCO has a purchase option to subscribe up to 20% of GAUSSIN shares.

Upcoming events

HyET Hydrogen Summit – Riyadh, Saudi Arabia: February 27th

2021 financial results: April 26th

About GAUSSIN

GAUSSIN is an engineering company that designs, assembles and sells innovative products and services in the transport and logistics field. Its know-how encompasses cargo and passenger transport, autonomous technologies allowing for self-driving solutions such as Automotive Guided Vehicles, and the integration all types of batteries, electric and hydrogen fuel cells in particular. With more than 50,000 vehicles worldwide, GAUSSIN enjoys a strong reputation in four fast-expanding markets: port terminals, airports, logistics and people mobility. The group has developed strategic partnerships with major global players in order to accelerate its commercial penetration: Siemens Postal, Parcel & Airport Logistics in the airport field, Bolloré Ports and ST Engineering in ports and Bluebus for people mobility. GAUSSIN has broadened its business model with the signing of license agreements accelerating the diffusion of its technology throughout the world. The acquisition of METALLIANCE confirms the emergence of an international group present in all segments of intelligent and clean vehicles.

In October 2021, GAUSSIN won the Dubai World Challenge for Self-Driving Transport.

In January 2022, GAUSSIN successfully completed the 2022 Dakar Rally with its H2 Racing Truck, the first hydrogen-powered vehicle to enter the race and generate zero CO2 emissions.

GAUSSIN has been listed on Euronext Growth in Paris since 2010.

More information on www.gaussin.com.

For more information on GAUSSIN, go to www.gaussin.com

* This document may contain forward-looking information. Such forward-looking information refers to future prospects, developments and strategies of Gaussin and is based on an analysis of expected future results and estimates of amounts that are not yet determinable to date. Forward-looking information naturally contains elements of risk and uncertainty relative to events and therefore dependent on circumstances which may or may not occur in the future. Gaussin draws your attention to the fact that forward-looking information provides no guarantee concerning its future performance or financial situation, financial results or trends in the sector in which Gaussin operates, and which may significantly differ from those proposed or suggested in the forward-looking statements contained in this presentation. Furthermore, even though the financial position of Gaussin, its performance and trends in the sector in which Gaussin operates comply with the forward-looking information contained in this presentation, such performance or trends may not be a reliable indication of the company’s future performance or prospects. Gaussin is not committed to updating or confirming analysts’ expectations or estimates or to publicly correcting any information or event in order to reflect an event or circumstance eventually occurring following this presentation.

Contacts

GAUSSIN

Christophe Gaussin, invest@gaussin.com
+33(0)3.84.46.13.45

Ulysse Communication

Nicolas Daniels, ndaniels@ulysse-communication.com
+33(0)6.63.66.59.22

Charles Courbet, ccourbet@ulysse-communication.com
+33(0)6.28.93.03.06

LHA Investor Relations – USA

Jody Burfening, jburfening@lhai.com
+1 (212) 838-3777

Rooney Partners – USA

Jeanene Timberlake, jtimberlake@rooneypartners.com
+1 (646) 770-8858

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