Profit of Romanian fast charging stations producer Electromagnetica dwindles in Q4

Electromagntica, a Bucharest Stock Exchange listed company (BVB: ELMA) that carries out projects for the development and production of fast charge and ultra fast charge stations (50kWm, 100kW, 150kW and 350kW) for electric cars, announced a preliminary net profit of RON 25.2 mln (over EUR 5 mln) in 2022, compared to RON 16.11 mln losses in 2021.

Its market capitalisation was RON 125 mln (over EUR 25 mln) as of February 17, when its shares dropped by 2.2% upon the announcement of the financial results.

Electromagnetica’s net profit was already RON 23.5 mln after the first three quarters of the year – meaning it rose marginally in October-December, which explains the investors’ disappointment.

The company reports problems along the supply chain. Purchase deadlines in quarters II and III have become longer and more difficult to control, with suppliers avoiding including firm delivery dates in offers and estimated deadlines are communicated, on average 3 to 5 months for plastic products, 7-10 months for power sources, 5-6 months for lighting equipment emergency and smart city. The delivery periods for microprocessors exceed 12 months.

(Photo source: Facebook/Electromagnetica)