Heramba Electric Reports 2023 Financial Results

Kiepe Electric, wholly-owned subsidiary of Heramba Electric, Reports 2023 Revenues of €153 Million, with strong North American growth

Heramba Electric Schedules Conference Call to Discuss 2023 Financial Results and 2024 Operational Updates scheduled for August 7, 2024 at 10:00 a.m. Eastern Time

DUBLIN, Aug. 5, 2024 /PRNewswire/ -- Heramba Electric plc (NASDAQ: PITA) ("Heramba Electric" or the "Company"), a global technology company dedicated to the acceleration of decarbonization trends for public and commercial transportation across rail, road and other transport modalities, with a focus on e-mobility, filed Form 20-F containing consolidated 2023 financial results on August 2^nd, 2024. Management has scheduled a conference call on Wednesday, August 7^th, 2024 at 10:00 a.m. ET to discuss these financial results and provide 2024 operational update.

The Company is led by newly-named Chief Executive Officer Michele Molinari, an industry veteran in the rail transportation and e-mobility sectors. The Company's management team is supported by board of directors with significant public company governance experience and wide operational execution capabilities, to drive profitable organic and inorganic growth across transportation, logistics and e-mobility sectors. The Company's directors are Michael Browning, Diego Diaz, Hans-Jörg Grundmann, Nina Jensen, Michele Molinari, Srinath Narayanan, Avinash Rugboor and Eric Spiegel.

Background

• In February 2024, Heramba GmbH ("Heramba"), a special-purpose company focused on investing in companies with advanced technologies and capabilities to accelerate the decarbonization of commercial transportation, completed its previously announced acquisition of Kiepe Electric, a one-stop technology solutions provider focused on decarbonization of commercial and public transport (the "Kiepe Acquisition").
• On July 26, 2024, Heramba and Project Energy Reimagined Acquisition Corp. ("PERAC"), a special purpose acquisition company, completed their previously announced business combination (the "Business Combination").
• Heramba Electric, through the Kiepe Acquisition and closing of the Business Combination, intends to create a global leader in sustainable urban transportation and accelerate the decarbonization of urban transportation globally.
• The ordinary shares and warrants of Heramba Electric commenced trading on the Nasdaq Stock Market under the ticker symbols "PITA" and "PITAW," respectively, on July 30, 2024.

2023 Financial Highlights for Kiepe Electric

• Revenues increased by 27.6%, or €33.0 million, to €152.8 million for the year ended December 31, 2023 as compared to €119.8 million for the same period in 2022.
• Driven primarily by an increase in revenues from execution of projects driven by high backlog.
• 46.6% of revenues in 2023 were derived in Germany, 39.6% were derived in Europe (excluding Germany) and 12.0% were derived in North America.
• Revenue grew by 57.5% and 24.7% in North America and Europe (including Germany) in 2023 as compared to 2022.
• Net Income was €407k for the year ended December 31, 2023 compared to a net loss of €21 million for the same period in 2022.
• Total order backlog at the end of CY 2023 exceeding €573.0 million, the highest order backlog in Company history
• Ended the year 2023 with cash and cash equivalents of €32.5 million and no debt on balance sheet.

"It has been a transformative year for Heramba Electric. With the acquisition of Kiepe Electric in February 2024 and our recent listing on The Nasdaq Stock Market following the consummation of our transaction with PERAC, we are now well positioned to bring the quality and sustainable technology inherent in German engineering to a global marketplace. The drive by cities and commercial fleets around the world to decarbonize their transportation has generated a substantial client pipeline that will support our business growth in the years ahead. These tailwinds have led to significant revenue growth in 2023, and a strong year-end cash position. We are laser-focused on North American growth and driving a cash flow positive business," said Michele Molinari, CEO of Heramba Electric.

Investor Call

The Company will host a conference call to discuss the 2023 results and provide a 2024 operational update.

Date: Wednesday, August 07, 2024, 10:00 a.m. EDT. 

Join the live webcast at https://www.webcaster4.com/Webcast/Page/3059/51026 or by dialing +1 888-506-0062 (U.S. toll free) or +1 973-528-0011 (international), Participant Access Code: 893638. A replay will be available two hours following the conference call.

For more information on financial results, see https://www.sec.gov/edgar/browse/?CIK=1995194&owner=exclude

Cautionary Statement Regarding Forward-Looking Statements 

Certain statements included in this communication that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or events that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the plans and objectives of management for future operations, business strategy, anticipated growth and market opportunity. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Heramba Electric management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Heramba Electric. These forward-looking statements are subject to a number of risks and uncertainties, including (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) the ability to continue to meet stock exchange listing standards following the consummation of the Business Combination; (iii) failure to realize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (iv) changes in applicable law or regulations; (v) the outcome of any legal proceedings that may be instituted against Heramba Electric, PERAC or Heramba; (vi) the effects of competition on Heramba Electric's future business; (vii) the ability of Heramba Electric to finance future operations; (viii) the enforceability of Heramba Electric's intellectual property rights, including its copyrights, patents, trademarks and trade secrets, and the potential infringement on the intellectual property rights of others; and (ix) those factors discussed under the heading "Risk Factors" in the definitive proxy statement/prospectus filed on March 19, 2024 by Heramba Electric and other documents filed, or to be filed, by Heramba Electric with the U.S. Securities and Exchange Commission. If any of these risks materialize or the assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Heramba Electric does not presently know or that Heramba Electric currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

In addition, forward-looking statements reflect Heramba Electric's plans or forecasts of future events and views as of the date of this communication. Heramba Electric anticipates that subsequent events and developments may cause Heramba Electric's assessments to change. However, while Heramba Electric may elect to update these forward-looking statements at some point in the future, Heramba Electric specifically disclaims any obligation to do so. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. Accordingly, undue reliance should not be placed upon the forward-looking statements.

SOURCE Heramba Electric