Fastned saw its total turnover quadruple from € 1.6 million to € 6.4 million last year, the company reports Tuesday. Revenue related to charging increased by 178 percent to € 4.5 million.
CEO Michiel Langezaal is particularly pleased with the positive operational EBITDA. This is the gross profit without the extension costs of Fastned. This EBITDA is positive for the first time. In 2019 this was 0.5 million euros, against a loss of 1.2 million euros a year earlier. “This happened with a market share of electric cars of less than 1 percent and a network occupancy of less than 10 percent,” said Langezaal. “Given that Fastned is a company with a large fixed cost, imagine what will happen if 10 percent of the cars are electric, as is currently the case in Norway. Or 50 percent.”
Including all costs, the company is still making a loss. The net loss almost doubled from 6.5 million euros in 2018 to 12 million euros in 2019.
Company now has 114 stations
Fastned expanded the fast charging network by opening 29 new stations and the company now has 114 stations in total. Fastned has also acquired 47 new locations, bringing the total to 259 acquired locations, including existing stations.
Fastned is also affected by the coronavirus outbreak. As a result, daily sales have decreased by about 70 percent since mid-March compared to February.