On January 11 of 2022, Fastned published its Q4-2021 shareholder update letter and held its quarterly conference call. Contrary to USA companies that publish financial reports quarterly, in the Netherlands, the financial report is yearly
With a revenue of half a million euros and a burn rate factor of 10, the loss will be five million. The years with a revenue of over €6 million did also see a loss of over €12 million. The 2021 result is not published yet, the burn rate of 1.5 is an estimation. A burn rate of 0 implies breakeven, expected to be reached at the end of this year. Burn rate is in part a management decision. Faster growth produces a higher burn rate.
The French Fastned organization has shown to be very good at getting stations build. From acquiring a location to opening it, two years is a normal period. In early 2021, Fastned won a tender for 9 locations in the East of France. Nine months later six of these locations are operational. The team needed to start with building the infrastructure to cut the red tape, find suppliers, and hire contractors. This is a team that can open up all of France for EV drivers using Fastned stations.
There is €2 billion available for the opex and capex of these new stations in the first years of operation. The government dictates strict pricing schemes in return for these subsidies. Fastned will try to win a number of these tenders. This will not stop Fastned from looking for prime locations. Location can trump subsidies, as we see with revenue and utilization of Ionity compared to Fastned.
Norge Siste Nytt, Norge Overskrifter
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