HGears AG Reports First Quarter 2024 Results, Meets Expectations Amidst Market Challenges

On May 14, 2024, hGears AG announced its financial results for the first quarter of 2024. The company reported a consolidated revenue of EUR 26.0 million, a 7.3% decrease compared to the previous year. Adjusted EBITDA fell to EUR 0.5 million, but met the company's expectations given the ongoing difficult market conditions.

hGears AG has reorganized its sales structure into three business areas: e-Bike, [e]-Mobility, and e-Tools. This reorganization aims to better meet industry-specific demands and improve transparency. The e-Bike sector showed a 14.2% growth, contributing EUR 6.0 million. The [e]-Mobility sector maintained a stable performance with a slight increase, while the e-Tools sector faced a decline due to excess inventory and diminished demand.

Despite these challenges, hGears has successfully restructured its financial base, securing new financing terms to provide stability and support growth over the next three years. The company remains focused on enhancing operational flexibility and preserving cash to navigate the ongoing market uncertainties effectively.