Welcome to ADS-TEC Energy's H1 2022 earnings call. My name is Cary Segall, and I am the Head of Investor Relations. A recording of today's call and a presentation can be accessed from the investor section of our website. Joining me on today's call are Thomas Speidel, Founder and CEO of ADS-TEC Energy, and Wolfgang Breme, CFO of ADS-TEC Energy. Today, we will be discussing ADS-TEC Energy's latest financial results for H1 2022, guidance for the H2 of 2022, and conclude with a Q&A session. Please indicate your interest in asking questions as the operator directed, and we will address them at the end. During the call, management will be making forward-looking statements regarding full year 2022 and our outlook for expected growth in investment initiatives. These forward-looking statements involve risks and uncertainties, many of which are beyond our control and could cause actual results to differ materially from our expectations, including among other risks and uncertainties, the continued COVID-19 pandemic, supply chain issues, and geopolitical challenges. These forward-looking statements apply as of today, and we undertake no obligation to update these statements after the call. For a more detailed description of factors that could cause actual results to differ, please refer to the Risk Factors section of our annual report on Form 20-F previously filed with the SEC and posted to the investor section of our website. Also, please note that financial measures presented on this call adhere to IFRS and non-IFRS. We use non-IFRS measures because we believe they provide useful information about our operating performance that should be considered by investors in conjunction with the IFRS measures that we provide. A reconciliation of these non-IFRS measures to comparable IFRS measures will be included in the earnings release and investor presentation. With that, I will turn the call over to Thomas Speidel, ADS-TEC's Founder and CEO. Thomas. Thank you, Cary. A warm welcome from my side, dear ladies, gentlemen and ADS-TEC investors. Today, we would like to provide you with an update of our business for the H1 of 2022, and we want to discuss why we are convinced of being on track in terms of strategy and corporate development. The transformation to an intelligent and decentralized energy supply is still at its infancy, and our battery buffer technology puts us in a unique position to capitalize on this moment. ADS-TEC develops and produces, as we know, decentralized smart storage-based platforms that are a crucial basis for the transformation of the entire energy system. We manufacture the complete hardware system, the software, and also the services to charge point operators and power companies, assisting them in the transition to a, let's say, more or less electric world. The decentralization of renewable energy supply and the associated sector coupling can and will only succeed if future energy providers can optimize decentralized business models individually and as a group. Currently, this is what we see happening in the energy market, and it's the vision of ADS-TEC to provide the smart eco platforms and services for all future power companies. Our chargers are delivered complete with features, interfaces, and services that enable our customers and partners to run the best and most efficient business models to service the end customer. The transformation from combustible engines to fully electric vehicles over the next few decades is one of the trigger points we see for the decentralization of energy supply. As such, it is vital that all the electric vehicles appearing on the roads have access to the necessary quantity of electricity in a convenient and timely manner. This is where ADS-TEC comes in with the development of our battery buffered ultra-fast charger that is currently available in the form of the ChargeBox, which is well known, and now this year, the ChargePost and also the ChargeTrailer. All these products allow for charging in minutes, not in hours, even on a low powered or limited grid. Let's take a step back for a minute, as it's important to point out that there are strong tailwinds in place today in terms of electric vehicle adoption that underpin adoption of our technology. In 2021, global EV sales were 6.6 million, more than double the 2.2 million sold in 2019. This year, we are on the pace to see more than 10 million sold. In North America, in Q2, electric vehicle sales accounted for 5.6% of new car sales. In Europe, the number was more than 10%, and in China, even over 20%. The numbers are expected to grow exponentially over the next decade, and we must have convenient and fast charging available even in power-limited areas, so let's say anywhere. There will continue to be ultra-fast charge parks located along major thoroughfares and high-density areas where the grid is sufficient or might be expanded. However, to have complete adoption of EVs and eliminate range anxiety, ultra-fast charging must be made available everywhere, so that it is convenient and lowest cost. Our platforms do not require expensive grid upgrades or expansions, don't suffer from peak demand charges from the utility companies, can store electricity when it's cheap, maybe regulate frequency in the future, and our ChargePost can even be used as a billboard and advertising platform with its up to 72-inch advertisement screen. We have identified the following market segments for our platforms and services. Charge point operators, for sure, retail establishments, condominiums and apartments, hotel operators, office industrial buildings, car manufacturers, auto dealerships, rental car companies, fleet operators, municipalities, utility companies, as well as oil and gas companies offering convenience stores and fueling services. These segments all have the need for fast charging on often power-limited grids that would be too costly and time-consuming to upgrade. Our sales team, led by John Neville, is building a robust pipeline with significant customers in retail, telecom, transportation, utility, and oil and gas companies. Our European business continues to grow with the expansion of existing relationships and the recent announcement of strategic partnerships such as JOLT in Dublin, Munich, Boston, and they are owning and operating ultra-fast charging solutions in urban areas. They view our charging technology, for example, as best-in-class in terms of power, quietness, charging time, and cost reduction by eliminating the need of expensive grid upgrades. JOLT has already begun deploying our battery buffer charging station at the EG Group, which is Esso, for example, gas station in Munich, Berlin, Hamburg, Frankfurt, Stuttgart, and Dresden, Düsseldorf, as well as Nuremberg. We also see Tamoil stations in the Netherlands. JOLT is working with ADAC on the expansion of their partnership, and that includes for JOLT also North America in the future. They aim to install and operate more than 5,000 ultra-fast charging stations over the next years. That's just 1 example of a partnership with a new company, not one of the established ones. In our last call, we reported that our first contract has been signed for the ChargePost, the new product, with a strategic customer who did not wish to be named at this time. The initial order was 50 units, and it will be supplied in Europe as early as 2022 for this first project. In August, we announced that the company has significantly increased the order volume for its products in fiscal year 2022 since the publication of the first financial forecast on April 28, 2022. The orders primarily involved the company's battery-buffered ultra-fast EV charging systems, including the ChargePost, the new one, but also include stationary storage systems for commercial and industrial applications. For contractual reasons, specific customers and projects could not be published or announced at this time. We were able to more than double our booked orders year-over-year to EUR 152.3 million, and we are pleased to announce that our order backlog increased to EUR 176.7 million. Will give us a good visibility of our growth opportunities going forward. In respect to the geographical expansion of our business, we are excited and executing on our plans in the U.S. We have determined the location for our own manufacturing site and are in final negotiations with the respective partners. We expect to open this location in Q4 this year already, so 2022, to handle services, warehousing, and also first assembly tasks with local manufacturing and sourcing shall follow next year. Since we launched our North America business in January, the receptivity for our products has been very positive, despite the electric vehicle adoption rate sitting around 5% in the U.S. U.S. federal government initiatives such as NEVI will further accelerate the EV growth in the U.S., and with our U.S. presence, we will be well equipped to serve our American customers with local production and also services. With this overview, I would like to hand it over to Wolfgang, CFO of ADS-TEC Energy, who will provide a more detailed explanation around the financials. Afterwards, I will be happy to answer any questions you might have. Wolfgang, over to you. Thanks, Thomas, and good day everyone. After covering our H1-2022 results, including revenue, results before tax, gross profit, order book, cash on hand, and charging unit sales, I will provide some guidance for the H2 of 2022 in respect to revenue, order book, and charging unit sales. H1-2022 revenue was EUR 9.431 million, down EUR 11.5 million from revenues of EUR 20.9 million in the H1 of this year. As we stated in our April earnings call, we expected that our revenue for the full year 2022 of EUR 80 million to EUR 100 million would be back-loaded to the H2, and this is what has played out and accounts for just EUR 9.4 million for the H1 of this year. Given our current order backlog of EUR 176.7 million, we still feel quite comfortable with the full year revenue guidance range. The decrease in revenue from contracts with customers for the first 6 months of fiscal year 2022 in comparison to the first 6 months of fiscal year 2021 is mainly driven by the decrease of revenues in the area of charging. A major contract with a customer that has been completed in the H1 of 2021 could not be fully compensated by new completed contracts with customers in the H1 of 2022. The service segment contributed EUR 636 thousand. That represents a decrease of about 39% year-over-year, driven by a reduced sale of spare parts and the lower amount of services in connection with the decrease of sales of charging platforms. The commercial and industrial business had EUR 2 million in revenue that equates to about a 65% year-over-year increase. We are pleased to have announced to diversify our revenue stream, which we believe lays the foundation for a strong fiscal year 2022. From a geographic perspective, H1 2021 revenue was 94% from Germany. The expansion of our sales efforts in the H2 of last year and the H1 of this year resulted in 54% of our H1 2022 revenue coming from outside of Germany, including new business from Spain, U.K., Switzerland, and other European countries. Our international sales expansion continued with the launch of our U.S. business in late 2021, and accounted for 27% of our H1 2022 revenue. Turning to gross profit and loss. Our H1 2022 came in at EUR -4.88 million, down from EUR 1.5 million positive in H1 2021. The reduced gross profit mainly resulted from the fact that the supply chain costs rose significantly in the Q1. Because of material shortages at some of our suppliers, we had to resort to brokers to complete customer orders. Since then, we have redesigned our supply chain, and we are comfortable that we will return to gross margins as we have seen in the past. Secondly, the buildup of our manufacturing facilities led to an increase of payroll-related costs in the cost of sales area. Coming to OpEx, we saw a significant increase in SG&A expenses in comparison to H1 2021. Legal and consulting fees went up because of the merger with EUSG and being a publicly listed company now. Personnel expenses were increased because of the buildup of our U.S. presence. Furthermore, the first-time recognition of stock option expenses contributed to the increase. Other expenses increased because of higher insurance expenses. Finance income was largely driven by income from the warrant evaluation and operative currency gains because of the stronger U.S. dollar compared to the euro. In total, we report a quarterly net loss of -EUR 7.309 for the H 1 of 2022. Turning to the balance sheet, inventories rose to EUR 28.462 million, driven by the higher expected business volume in the coming quarters. Trade and other receivables increased to EUR 7.8 million, mainly driven by higher advance payments to suppliers as part of our supply chain strategy, securing selected components. Trade and other payables went up because of growing deposits from our customers. Our cash balance decreased to EUR 65.72 million from EUR 101.8 million at the end of 2021. This was mainly driven by higher working capital due to strong growth of the business. Now I would like to turn to guidance for the H2 of 2022. We have been a public company for 2 quarters now, and our business is really growing with booked orders of more than EUR 152 million, a huge increase compared to previous year. We are very excited by the reception in the U.S. for our battery buffer charging technology, and we are having very constructive conversations with many customers in all our targeted segments. As a result, we expect revenue from the fiscal year 2022 to come in the range of EUR 80 million to EUR 100 million, and the revenue is backloaded, as said before, to H1 2022. The shipments depend, of course, upon the stability of the supply chain. In terms of charging unit sales, we provided guidance in April in the range of 400 to 500 units and anticipate that number to still fall in that range. This number compares with the H2 of fiscal year 2020, where the majority of the numbers for Porsche were shipped in the latter half of the year. We expect that our gross margin will improve by end of 2022. Finally, we expect our current cash on hand to support us through the next quarters. That said, we will continuously monitor our capital structure and growth opportunity for the future. With that, I will turn it back to Thomas. Yeah. Thanks, Wolfgang. I think it's important to understand what we already said last year, that this year will be very backloaded to the Q3 and Q4. Those who know me know how important it is for me to explain the ADS-TEC business model and where we see the unique and 1-in-a-century transition. I just want to spend 1 minute to explain that. We are not a pure charging company and therefore not directly comparable to all of the upcoming charging and network companies. Our vision comes from the realization that the future world will be very electric. Renewables in renewable energy such as wind and photovoltaic generation is staggered in time and place to consumption and demand. Electromobility, but also the increasing generation of heat, will demand massive changes here. Decentralized generation and decentralized consumption with increasing load peaks must be brought together. Pure grid expansion cannot solve this task. This is made possible by decentralized intelligent platform that includes storage. The storage is needed to map the required flexibility, and charging is one of them. ADS-TEC develops, produces, maintains, and services such intelligent and decentralized platforms. We see ourselves as the one who provides these platforms, including services over years and decades. Our customers then use these platforms to realize the best operating models with their own intelligence and software. Our customers take advantage of all the possibilities our platforms offer. The opportunities are in grid services such as, frequency control, peak capping, arbitrage, energy trading, photovoltaic integration, car fast charging, just one of these, solutions, or even now advertising with the ChargePost. Our customers can write also their own applications and software on our platforms or connect to their own platforms and get the most out of ours for their customers. We serve with technology, with software, lots of data, APIs, Application Programming Interfaces and services. We are proud that with the new orders, we have been able to win customers who are now using exactly these extended business models. It's not just only charging. The success shows that a great deal is becoming possible here, and that more is possible than simply charging EVs. This also means more revenue from various applications stacking up. ADS-TEC is a platform company that offers its customers not only a piece of hardware, a charger as a power supply, or storage as a buffer. We see ourselves as a long-term partner of the future energy providers who orchestrate, operate, and build their individual business models to millions of end customers on and with our platforms. Always different depending on how local optimization require it. I'm extremely pleased, and so are we, that this vision is increasingly becoming reality with the latest orders and wins. Attached to the presentation, we shared some picture of installations showing not only the charge ports at different locations, but also samples of our C&I portfolio and project business. It gives you an impression about how the vision of thousands of decentralized energy platforms can look like and where it makes sense already today. Yes, we are a company which just has been de-SPACed recently. We know that the current market sentiment is not the best one, and the world is in a special situation. That is why we are proud to be able to serve a unique future topic. We have already given proof of our technology and its production capability. With an order intake that is clearly above the forecast, the possible growth is not only predicted but confirmed by binding orders. Feedback from the market shows us that we can continue to accelerate here. Now it would be particularly important for us to be able to finance this growth. Long delivery times and still difficult supply chains must be countered by early orders and forward-looking procurement on our side. A key competitive factor will be who has the capital to be prepared for delivery. With that, I will turn it back to Cary, and we are happy to receive your questions. Cary, over to you. The first question is from the line of Matt Summerville with D.A. Davidson. Your question please. Hi, this is Will Jellison on for Matt Summerville today. I wanted to start the questions today. Operator, can you give us the questions, please? Yes. The actual questioner is live. Can you hear us, Cary and Thomas? Yeah, we can hear you. Yes. The questioner is live. Please go ahead. Okay, great. Thank you. This is Will Jellison from D.A. Davidson, on for Matt Summerville today. I wanted to start the questions by asking about the backlog. With EUR 176 million, it would seem that a lot of the revenue you expect to generate in 2023 may already be secured in that backlog. I was wondering, what is your level of visibility into 2023 deliveries that you believe the current backlog provides you? And what about the actionability of the current pipeline of orders that you might be in conversations with at the moment? From the bookings we have now, up to date, everything is supposed to be delivered until end of 2023. There are no long-term orders in that backlog. That's number 1. Number 2, we see a very high pipeline and opportunities on our sales side. T hat's not bookings, it's, you know, pipeline. Great. Okay. I wanted to ask my second question about the US facility. If I remember correctly, that facility was originally envisioned to be very similar to your current plant in Dresden, producing about 5,000 chargers a year. I was wondering, what is the timeline from the facility opening in Q4 of this year to ramping towards that full production rate? What's the timeline towards that? Yeah, thanks for that question. We started to search the right site in January. We planned to be in our facility or in our location in June, which is postponed now to end of September. A lot of also official works and evaluation and consulting work had to be done. To answer your question, this year, we start with the warehouse, with the battery assembly and with our service team. By next year and the years after, we plan to go more and more in the depths of production development and local sourcing. Understood. Thank you. The tactic is step by step. Starting with services, warehousing, battery assembly. The cells are coming directly from Asia now to the U.S., so there's no detour through Europe anymore, so that we take the direct way and step by step, because the ChargeBox and the ChargePost are very complex systems, and we cannot change everything from, you know, within 1 day. It's a plan which will last over the next at least year. Great. Thank you, Thomas, for answering the questions. Yeah, you're welcome. The next question is from the line of Pavel Molchanov with Raymond James. Your question please. Hi. Good morning. This is Pavel Molchanov. Pleasure to ask a question on your call. I wanted to look at gross margin first. The margin in the H1 of the year was obviously quite negative, reflecting, I assume, the low volumes. You said it should turn positive in the H2 of the year. Can you maybe give a range for what you think gross margin will be for 2022 as a whole? Yes. Good morning to you. This is Wolfgang speaking. You're right that our gross margin turned negative in the H1 of the year, as I mentioned, due to supply chain constraints, which we saw in the Q1 because of the reason we all know. We expect the gross margin to turn positive again in the H2 of the year, as I said, because we have just changed our supply chain and changed also our way of, let's say, securing volumes for critical components. Nonetheless, it's too early to say right now where the gross margin exactly is going to be by the end of the year, because we still have to take into account what we said, the supply chain is uncertain, so we would not give out a clear number at this point. What we did just to add that, we adjusted also the pricing, because as we know, inflation and material costs went up. In the H1 year, we had to cover some of these increases, because of binding contracts, and then the margin will go down. Now we adapted, adjusted the prices, and we see over the last weeks that our gross margin already is on the way in the right direction, month by month. Let me also ask you about the German electric vehicle market. For some of the similar reasons you mentioned, supply chain, battery shortages, we have seen maybe lower than expected EV sales in Germany over the last 5 to 6 months, you know, despite, of course, very high oil prices. Is that having any effect on the build-out of charging infrastructure in Germany? No, we cannot see that. If you look at the numbers, first of all, there are more open orders that cannot be fulfilled also by the automotive OEMs. Lead times are very long. What we see, and that's the projection now, if you see the high order income, so also for ADS-TEC and the numbers we have also on our, in our backlog is high. We see that the acceleration of building out the networks is at the beginning. We expect that now it's a race of who will own all these charging sites. We explained that several times that, you know, once we have these chargers, public chargers on the highway, where you pay now EUR 0.80 or even more. There are hundreds or thousands of possible charging points at our municipalities, at hotels, our industrial sites. We see now that the private sector is catching up and that they say, "Okay, I cannot drill a hole in my garden and get oil out of it to charge my car, but I can use the electricity on my own ground to supply and provide electricity for my fleet." Especially now we see that electricity prices are going up like hell. That even is a big driver for also companies, yeah, saving money, make themselves more, let's say, a real green company. They invest in photovoltaic, and they invest in EVs. Unfortunately, they don't get it because the lead time is too long. To answer your question very clear, no, we don't think that the demand for chargers will go down. We rather expect that now over the next years, people will prepare themselves for the EVs coming. Lastly, I want to ask you something that I remember we talked about 6 months ago on your, you know, very first call. Yeah. That was, of course, you know, right at the start of the war. Do you envision any acceleration in the charging infrastructure build-out in Eastern Europe? Poland, Czech Republic, Bulgaria, Romania, the Baltic states. It seems logical that we would see this, but I'm curious what you are observing in actual customer demand in the east. We see it from all European countries. There is no special, let's say, request coming from these eastern countries as far as we can see it now. Okay. Okay. Very, very clear. Thanks again. Yeah, you're welcome. The next question is from the line of Anne Margaret Crow with Edison Group. Your question, please. Thank you. I've got a technical question, actually. I'm wondering, is there any difference between a charging point for fast-charging a standard passenger car and 1 for charging an electric truck? Thank you. That's a very good question. This is, I think we have to see, you know, EVs 3 to 5 years ago, they were providing a charging capacity of, let's say, 50 kW, which at that point of time was a lot. Now it's less. With the Porsche Taycan, we saw almost up to 300 kW charging power is accepted by the car. Now we are in a range, normal EVs, let's say they are between 120 and 300. This is a development we see all over the cars being available and are planned. This is now a range where this makes sense also for vans and lorries. You might have seen the F-150, which is a light truck. We see charging capacities being in the same range if we look at Rivian now, also GM with the Hummer. We see that also with, for buses. ADS-TEC has provided chargers for buses, public buses as well. They are also taking 300 kW, which can be provided by our chargers. If you talk about the big trucks, where people talk about 1 megawatt or even above 1 megawatt charging capacity, then we could do that with our technology because our power electronics is able to be adapted in parallel. We can increase the charging power, and it would be possible to build a system which, for example, provides 1.2 megawatts. So far, we did not do that because the trucks are not available. We expect that in the next years, there will be a standard. Because you might know that also the charging standard for the megawatt is not set so far. We have different discussions still going on. To answer the questions, yes, up to now, we believe that in the range of 300 kW, we have a good position also for the light trucks and for the buses and for the vans. For the big ones, let's say 40 tons and above, where we might see charging power over megawatt, we can do that. We could do that, but so far, we have no product prepared, and we wait for the standards to be set for the plugs and for the trucks itself. That's very helpful. Thank you. You're welcome. The next question is from the line of Greg Wasikowski with Webber Research. Your question, please. Yeah. Hey, guys. Thanks for taking the questions. Sorry, I hopped on a little bit late, so my apologies if any of my questions have already been answered. I'll start with the backlog. Your revenue reported in the FY 2022 guidance, so you can kind of back into what portion of your backlog is slotted for FY 2023. Is that all limited to the H1 of 2023 activity right now, or is some of that FY 2023 backlog kind of stretching into the H2 at this point? I'm pretty much just trying to get an idea of, you know, what the lead times are and how far out are deliveries stretching at this point. As I said, these orders which we have now in the backlog, they are planned and scheduled for the full year, 2023. From, you know, not only for the first 2 quarters. Okay. Got it. Thanks. But- And, uh, and then- That's important. Yeah, we have to distinguish, you know, the pipeline, which is our sales pipeline, is big, but we are talking about binding orders and the binding orders of 170-something, and they are scheduled to be delivered until end of next year. What we get in addition now, that is what I just mentioned. It's a question of, you know, how much material, how much obligation can we take to buy battery modules, to buy power converters? Because 1 thing is important, lead time. So far, the supply chain is still critical, at least for some of the components. We still see lead times 50 weeks and more. The sooner we buy the major component, the better we are prepared to then serve the customer in a short way. Understood. Okay. Mm-hmm. Then my follow-up on the US market, kind of a 2-parter. You mentioned several key segments driving that business growth since January in the US. What segment in particular is kinda leading the charge? You know, what segment are you seeing the most demand? Also on the partnership side of things, in the US, are you actively seeking partnerships similar to that you have with JOLT? Yes. You know, would potential partnerships come in a different form in the U.S.? Yes. Our sales team has many, many of these discussions right now. One of our major partner that's announced is GenZ. GenZ is similar to JOLT, and with GenZ, we are addressing now also the US, all of the automotive OEM dealerships and networks. This is what is ongoing right now. Some of the orders we announced are coming from that segment. Hello? Does this answer your question? He's out. Yeah. Can you hear me? We lost him. All right. Think I lost you. Yeah, that's great. Thank you, guys. Don, we have 1 more question. Yes. The next question is from the line of Michael Filatov from Berenberg. Your question, please. Hi, guys. This is Eric on for Michael Filatov from Berenberg. I was wondering if you guys could provide some clarity on your revenue mix. I know the majority comes from charger sales, but what about from services and the commercial and industrial segments too? From this H1 of this year's revenue, EUR 0.6 million came from services and EUR 2 million came from commercial and industrial applications. The rest was EV charging. Okay, thank you. Also for the 400 to 500 expected for this year, what is the geographical mix? What do you guys see on that? Is it mostly Europe, or would it be more split a bit more evenly from Europe and U.S.? It is almost 50/50. Oh, okay. If you guys don't mind, I just have 1 more. I don't know if it was asked already, my line dropped off a bit earlier, but for the energy shortage in Europe, do you expect that to impact you guys, specifically the facility in Germany, going into the winter? That's a good question. We're discussing that all the time and trying to be as best prepared as we can do. To be honest, nobody knows. What we see is that is helping our C&I business because people now are willing to invest. This is what I tried to explain, yeah. Now we see the acceleration, not auto, PV installation will go up because first of all, it's now a mandate, yeah, for industrial sites. It's a mandate, so it will increase. Secondly, the electricity price is so high that a storage makes 100% sense. It's not only that the early adopters are thinking about storage and optimizing their electricity flow and cost. It's now more or less needed. Therefore, yes, we see that the current situation in Europe is kind of a accelerator for that business. That's what we see, yeah. Y our question was- Okay. Your question was will we see a power outage though? Nobody knows. I think we are living in a country with one of the most stable networks, so I'm confident that they can manage it. Even if we will see that might be for 1 day or some hours, but I don't expect a really significant power outage for, you know, many days. I don't expect that. Okay. Thank you. That really helps. There are no further questions, and I hand back to Cary Segall for closing comments. Thank you. Thanks, everybody. This concludes our earnings call presentation. We appreciate your interest in ADS-TEC Energy and for taking the time to hear our update. If anyone has any additional questions, please don't hesitate to reach out, and we can schedule a follow-up call. Thanks again. Be well and stay safe.