GAUSSIN Group Releases its Consolidated Annual Results for December 31, 2021

Revenues and license fees: €52.8 million versus €40.6 million

Net income: -€7.3 million, compared to €1.2 million

EBITDA: -€0.4 million versus €5 million

Shareholders’ equity: €24.3 million versus €19.5 million

Cash and cash equivalents: €14.4 million for €16 million on April 15, 2022

Strong development prospects thanks to a firm order book of €77 million and a 2022 target of €75 million in revenues*

HÉRICOURT, France–(BUSINESS WIRE)–GAUSSIN (EURONEXT GROWTH ALGAU – FR0013495298), a pioneer in the clean and intelligent transport of goods and people, announced that it has met with its Board of Directors on April 26, 2022 and approved the consolidated financial statements for the year ended December 31, 2021.

1. GAUSSIN, a leading group in new technologies for clean and intelligent mobility

Gaussin continued to grow in 2021, increasing revenues 30% to €52.8 million in 2021 driven by synergies with Metalliance, which has increased its turnover from €10.4 million (6 months) to €26.5 million, and the transfer of the ATM and APM lines to the Saint-Vallier site.

Gaussin reported strong improvements in results for the second half of 2021 compared to the first half of the year. Revenues and license income was €32.3 million compared to €20.5 million in the first half and net income was €2.8 million compared to a loss of €9.8 million in the first half of 2021 (see PR of H1 results on October 31, 2021).

EBITDA for the year was close to break-even at -€0.4 million reflecting rising input costs and significant levels of R&D activity.

Including the contribution of the strong improvements in financial results in the second half of the year, the net loss was -€7.3 million for the year. This result is mainly impacted by significant provisions of €6.4 million.

GAUSSIN’s commercial growth is a testament to the technological advances highlighted at the Dakar Rally in January 2022 with the H2 Racing Truck®, the most powerful hydrogen-powered truck in the world.

Under a compressed timetable, the truck was developed in barely a year by GAUSSIN’s R&D teams and has begun a world tour. The H2 World Tour is intended to broaden awareness of Gaussin’s products and promote the deployment of licenses and sales of the range’s flagship products, logistics and port vehicles.

The order for 36 APM® 75T HEs placed by Bolloré Ports and the Maersk group in 2021 for the CIT port terminal in Abidjan is evidence of growing customer acceptance of our products. This order, which is currently being delivered, demonstrates the success of GAUSSIN’s clean port vehicles, which are also used in their autonomous version at the Port of Singapore, via the license sold to STELS.

Demand for clean and intelligent mobility is anticipated to remain strong in the years to come. GAUSSIN is perfectly positioned to seize the opportunities that will arise. Based on the order book at year-end, Gaussin expects to generate strong growth in 2022 and is targeting turnover of €75 million.

Highlights of the Year:

  • A business model of licenses adapted to the explosion of freight costs

    The GAUSSIN group is implementing a strategy for deploying its technology on a worldwide scale based on the Global Licensing program and the development of strategic partnerships with major international players. This strategy enables GAUSSIN products to be rapidly deployed internationally, both for distribution and maintenance. It is also a response to the explosion of freight costs insofar as it makes it possible to produce locally. Finally, this business model is low capital intensive. The group has signed three licenses to date and is still aiming for forty or so within two and a half years.
  • A scaled industrial tool with the possibility of extension

    GAUSSIN expanded its manufacturing footprint in 2021, increasing its production capacities by 8,000 square meters at the new site of Saint-Vallier, in the Saône-et-Loire region. This new site, which covers several hectares and is dedicated to the production of ATM® logistics and APM® port vehicles, will enable the company to meet the increased demand on the European and American markets, in particular. The group has the possibility of extending on site up to 28,000 square meters, which would bring the annual production capacity to 2,400 vehicles, and enable Gaussin to satisfy the demands of customers in e-commerce, transport and logistics.
  • Referencing with major American players in e-commerce, transport and logistics

    Master Purchase Agreements (MPAs) have been signed with the American giants of e-commerce, transport and logistics, which allows worldwide referencing of GAUSSIN vehicles, an essential first step in pursuing the commercial relationship.
  • A complete range of clean and intelligent vehicles

    GAUSSIN’s range of electric vehicles includes the ATM, dedicated to logistics, the APM, dedicated to port transport, and also the AGV, an autonomous vehicle which is used in the port of Singapore. GAUSSIN has enhanced its range by offering these vehicles in a hydrogen version. The AGV H2, the launch of which was announced last month (see press release of March 16, 2022), is the latest hydrogen vehicle from the group. It will help port operators to go immediately to zero emissions while offering a longer range, shorter and less frequent refueling, as well as silent and efficient transport. GAUSSIN’s range of clean vehicles also includes vehicles for airport logistics, with the innovation represented by the AMDT FULL ELEC, a multi-directional car transporter for air freight pallets for which Qatar Airways Cargo is the first customer.
  • A global presence

    2021 was the year of internationalization for GAUSSIN with the opening of subsidiaries in the heart of key markets. Gaussin North America, which opened in January and is based in New York, enables the group to cover the key market of the United States and Canada, where GAUSSIN has already forged valuable partnerships with customers such as Plug Power and Robotics Research, and above all MPAs with the American leaders in E-Commerce and logistics. Gaussin Asia Pacific, based in Singapore, positions the group as a major player in this region which has become the crossroads of international trade, while Gaussin China allows the group to strengthen its presence in the world’s largest truck market.

2. Sales and licensing revenues of €52.8 million in 2021, up 30% from €40.6 million in 2020


The GAUSSIN Group generated consolidated revenues of €41.0 M in 2021, compared with €20.6 M for 2020, an increase of +42% pro forma including METALLIANCE for all of 2020 and +99% on a reported basis. (Gaussin acquired the company in July 2020).

The logistics business, which includes clean, fully electric or hydrogen vehicles (ATM, TSBM and MTO ranges), generated revenues of €10.0 million, compared with €3.9 million in 2020, an increase of +156%.

  • Of note, 2021 revenue includes the delivery of 18 ATMs, 3 AIVs, 4 parade floats for Eurodisney, industrial and self-propelled trailers as well as after-sales services.

The port business, which is aimed at operators of major ports around the world with the range of automatic container transport vehicles (AGV PERFORMANCE, AIV REVOLUTION and APM 75T AUTONOMOUS) or with drivers (APM 75T), Power Pack Full Elec batteries, as well as Docking Stations, generated revenues in fiscal year 2021 of €3.0 million, compared with revenues of €5.8 million at December 31, 2020. Revenue associated with the order for 36 APM 75T by Bolloré Ports and the Maersk Group for €9.9 million will be recognized in 2022.

  • Revenues reflect mainly the delivery of 7 APMs to CENTREPORT in New Zealand.

The airport activity is aimed at airport operators worldwide with a range of zero emission airport transporters (AAT and AMDT), designed to transport baggage in ULD (Unit Load Device) or Cargo (all types of PMC pallets or refrigerated modules). This activity generated revenues of €0.6 million in fiscal year 2021, compared with no revenues for 2020 when these new products were launched.

  • Revenues reflect mainly to the delivery of an ART to TotalEnergies.

METALLIANCE, with its machines for underground works, railway works and road works, generated revenues of €26.5 million for 2021, compared with €10.4 million for 2020 (2020 revenues generated between July 1 and December 31 following the acquisition of METALLIANCE in July 2020).


Total license revenues were €11.7 million for 2021 consisting of the licenses signed with NEXPORT, for €10 million, and STELS in Singapore for €1.7 million.

The new partnership with NEXPORT, focused on New Zealand and Australia, validates the strategy implemented by GAUSSIN to enhance its technological know-how.

3. Group results for the year 2021

Consolidated income statement of the GAUSSIN Group
€ in thousands 1st sem
2nd sem



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in %







licensing revenues







Turnover and licensing revenues














Production left in stock







Self-constructed assets







Total activities







Production costs







Operating margin







Other products and expenses







licensing revenues














Depreciation charge net of reversals







EBIT before charge/Reversal Goodwill







Net profit/loss (Group share)







Strong growth in activity and profitability between H1 2021 and H2 2021

Sales and production accelerated in the second half with growth of €11.8 million. The Group has also finalized the concession of the license to Nexport in Australia for €10 million.

Finally, R&D efforts are materialized by capitalized production which doubles from one semester to the next.

EBITDA in the second half rebounded spectacularly by €14.5m to €7m, at 21% of sales and licensing revenue, and operating income increased by €12.4m to €2.8 million or 8% of turnover. Net profit increased by €12.7 million to €2.7 million.

EBITDA is very slightly negative at -€0.4 million.

The decrease in EBITDA for 2021 compared to fiscal year 2020 is due to the costs related to the development of the Group’s new projects (road skateboard, hydrogen vehicles, etc.) and the delay in the licensing negotiation schedules.

Operating income of -€6.8 million

After taking into account allocations and operating reversals, i.e., -€6.4 million, the operating result amounts to -€6.8 million, compared to a profit of €3.6 million as of December 31, 2020.

Net income from consolidated companies before tax was -€7.0 million, compared with €2.1 million at December 31, 2021.

Net income was -€7.3 million compared to a profit of €1.3 million at the end of December 2020.

It is positive in the second half at €2.7 million.

Cash and cash equivalents reached €16.0 million at April 15, 2022

The Group had cash and cash equivalents of €16.0 million as of April 15, 2022. A capital increase was completed in April 2022 generating proceeds of €5.7 million (see PR published April 19, 2022) and METALLIANCE closed a €2.7 million debt financing in April 2022 as part of an 8-year recovery plan, including a 4-year deferral period, to fund working capital needs and growth in light of global supply chain challenges.

Equity strengthened to €24.3m from €19.5m at the end of 2020

The Group completed capital increases in 2021 for a net amount of €11.8 million to finance development and research and development efforts.

The Group’s borrowings are up by €5.1 million

The Group’s total borrowings and financial debts amounted to €30.5 million at December 31, 2021, compared to €25.4 million as of December 31, 2020, and consisted of €21.8 million in loans, €7.1 million in BPI advances, of which €5.4 million are repayable in the event of commercial success, and €1.6 million in financial debt related to leasing.

4. A look back at the main achievements of 2021

GAUSSIN has invested considerably in 2021, whether to complete its range of clean and intelligent vehicles, in particular with its new range of hydrogen-powered trucks, or to complete its international network. This effort is already bearing fruit in terms of new partnerships and vehicle orders.

Creation of GAUSSIN North America. At the beginning of January, GAUSSIN announced the creation of its North American subsidiary, which will lead its commercial deployment across the Atlantic (see press release of January 4, 2021). This new strategic entity will accelerate the marketing of GAUSSIN electric and hydrogen vehicles.

The Asia-Pacific subsidiary, headquartered in Singapore (see press release on January 14, 2021), is in charge of deploying GAUSSIN’s electric and hydrogen vehicle ranges throughout the countries in the region.

Launch of “Zero-emission Yard Automation“. At the end of March, the group presented its new solution of autonomous hydrogen-powered tractors equipped with a robotic arm, intended for major logistics and e-commerce players (see press release on March 23, 2021). This disruptive technology, developed at the request of various customers, will be tested at two major logistics and e-commerce companies in the United States and Europe in mid-2021. View the video of the vehicle.

Bolloré Ports and the Maersk group order 36 APM® 75T HE. GAUSSIN has received a firm order from CIT Abidjan, a port terminal jointly operated by Bolloré Ports and APM Terminals, a subsidiary of the Maersk group, for 36 APM® 75T HE electric tractors, 24 Powerpacks and 6 36-channel charging stations (see press release on March 22, 2021). This historic order is the largest since the launch of the APM® 75T HE, a 100% electric tractor designed to transport containers in ports. It represents a turnover of €9.9 million.

GAUSSIN launches into the hydrogen road truck market. The group has presented the world’s first “skateboard” for class 8 tractor or carrier trucks from 18t to 44t, hydrogen or all-electric, a rolling, versatile and modular platform intended for the various players in the market (see press release on 27 April 2021). The solution is aimed at traditional truck manufacturers as well as new entrants, but also at bodybuilders and autonomous navigation software players. More broadly, the skateboard targets all players wishing to have access to a hydrogen and electric platform for clean and intelligent transport. Access the video presentation of the skateboard and the technical presentation.

ECT, GAUSSIN and BOUYGUES ENERGIES & SERVICES agreement. This cooperation protocol concerns the development of hydrogen mobility solutions in the public works sector. In its first phase, ECT will entrust BOUYGUES ENERGIES SERVICES with the development of a 2 MW renewable hydrogen production and distribution station (see press release on May 20, 2021). In parallel, ECT has entrusted GAUSSIN with the design and implementation studies to equip itself with three types of GAUSSIN hydrogen trucks.

Partnership with HYNAMICS to carry out 4 “Moonroad” pilot projects. GAUSSIN and HYNAMICS, a subsidiary of EDF, have signed a partnership agreement for the implementation of four pilot projects to demonstrate the efficiency and productivity of GAUSSIN’s 100% autonomous and “dual energy” transport solutions, running on hydrogen and electricity (see press release on May 25, 2021). Supported by the French Ministry of Ecological Transition, in charge of Transport, the project will be deployed until 2023.

Partnership with MICROVAST in new generation batteries. This partnership aims to integrate MICROVAST’s new generation of batteries for GAUSSIN’s electric and hydrogen skateboard applications (see press release of June 8, 2021). Thanks to its vertical integration capabilities, MICROVAST can provide a wide choice of different chemical cells in its standard battery packs.

GAUSSIN chooses the NVIDIA platform for its autonomous trucks. GAUSSIN has chosen the NVIDIA DRIVE AGX Xavier™ platform to host its centralized intelligent driving system, designed to transform the truck industry and accelerate the transition to zero-emission freight transportation (see press release of June 17, 2021).

Creation of 2 assembly lines in Saint-Vallier, site of METALLIANCE. The group has announced the creation of two assembly lines for ATM® (logistics) and APM® (port) vehicles in Saint-Vallier in Saône-et-Loire, on a site next to that of its subsidiary METALLIANCE (see press release of June 24, 2021). They were put into service in the fall.

PLUG POWER places a first order for ATM-H2 hydrogen tractors. Plug Power placed an order in mid-August (see press release of August 16, 2021) for 20 hydrogen-powered fleet tractors (ATM-H2), which will be deployed at Plug Power’s existing customers in North America.

METALLIANCE: order for 16 underground mobile machines in Great Britain. This order for 16 underground mobile machines (see press release of September 1, 2021) is for the Southern section of the High Speed 2 project in Great Britain. Deliveries are scheduled between March 2022 and April 2023.

License granted to Nexport covering Australia and New Zealand. This exclusive 20-year license has been granted to NEXPORT Zero Emission Transport (see press release of September 22, 2021) to assemble and supply zero-emission vehicles locally in Australia and New Zealand. This agreement has been completed by the creation of a joint venture named GAZE (see PR of November 25, 2021). Under the terms of the partnership, Nexport will pay Gaussin €10 million for licensing rights. The partnership was signed on November 25, 2021 at the Australian Embassy in Paris.

Strategic partnership with HRS for the supply of 36 hydrogen stations. Negotiations with HRS continue in order to make progress on the partnership.

Gaussin wins the Dubai World Challenge autonomous vehicle competition. For the second time in a row, the Group has won the Dubai World Challenge 2021 autonomous vehicle competition. GAUSSIN presented itself in consortium with NEOLIX China. The two companies will share the prize of $1 million dollars offered to the winner (see press release of October 27, 2021).

Partnership with GAM QATAR and GWC to test Gaussin’s zero emission electric tractors and yard automation solutions. This partnership, signed during the official visit of the President of the French Republic to Qatar (see press release of December 07, 2021), allows the testing of Gaussin’s technology in several GWC warehouses, including the Al Wukair logistics park in Qatar. The partners are testing two GAUSSIN zero-emission tractors, the ATM38T with crew and the autonomous ATM38T equipped with a robotic arm.

Partnership with the Terminal du Grand Ouest (TGO) to test the first hydrogen-powered heavy handling tractor. GAUSSIN has joined forces with the concessionaire and sole operator of the Montoir-de-Bretagne-based Terminal à Marchandises Diverses et Conteneurs (TMDC) (see press release of December 20, 2021) to test its APM H2 75T.

5. Outlook: a growing order book and confirmed growth for the next two years.

GAUSSIN Group’s order book, excluding royalties on future sales, has increased by 17.9% since December 31, 2020, and stood at €80 million as of December 31, 2021.

Order book

31 December 2021

31 December 2020

€ in thousands In % € in thousands In %

























Consolidated order book





The backlog as of December 31, 2021 includes:

  • 132 ATMs for leading players in the logistics and retail sectors with the distributor BLYYD ;
  • 36 APM for CIT ABIDJAN ;
  • 26 ATM for the American market for PLUGPOWER (20) and ROBOTIC RESEARCH (6) ;
  • 4 APM for port operators ;
  • 1 new, 100% electric bunker truck ;
  • 6 AMDT for Qatari company QAS QATAR AIRWAYS ;
  • Self-propelled vehicles and industrial trailers ;
  • METALLIANCE’s order book for €25.0 million (excluding quasi-firm orders and subscriptions) in the field of underground works and in the manufacture of special machines.
  • Sponsorship by ARAMCO of €4.3 million for DAKAR 2022 edition.

The 2022 business outlook is marked by growth in business and profitability, with a revenue target of €75 million and €100 million in 2023, thanks in particular to the development of the sale of licenses in North America, Asia and the Middle East, and industrial growth in Europe around ATM and APM, and in the Group’s subsidiaries in Qatar and Australia.

The licensing business model should contribute significantly to the Group’s growth and profitability. The United States and Canada, where GAUSSIN has privileged partners and an increased presence in recent months, are priority countries and particularly targeted by the Group. GAUSSIN confirms its objective of signing 40 licensing agreements over the next two years.

The priority in terms of production should focus on ATMs and APMs, the production of which, in Europe, will ramp up thanks to the new industrial site in Saint-Vallier. GAUSSIN targets in particular licensed partners and orders from major American players in distribution and logistics.

2022 is also the year of the continuation and strengthening of the Group’s strategic partnerships, including that with ARAMCO, with which GAUSSIN notably shares the adventure of the Dakar Rally.

GAUSSIN is also strengthening as an integrated group, while Metalliance joined in mid-2020. A new ERP will be put in place to strengthen the synergies between the various activities of the Group, and ensure optimal structuring of the organization, compliance (CSR) and internal control.

Post-closing events

Successful participation of GAUSSIN in the Dakar 2022 rally. The H2 Racing Truck® is the first hydrogen-powered truck to take part in the world’s biggest rally-raid. Designed to withstand extreme environments, the truck was intended to demonstrate the performance and reliability of the hydrogen-electric motorization developed by GAUSSIN. It is the precursor of the new range of GAUSSIN road trucks, 100% hydrogen and electric, designed by PININFARINA, which will be marketed this year.

H2 Racing Truck World Tour. GAUSSIN has embarked on a promotional and commercial tour of the H2 Racing Truck (see press release of March 3, 2022), which is currently taking it across the United States and then Canada, before returning to Europe and then to Egypt for the COP27.

Opening of GAUSSIN China. The group has continued its commercial development by opening a subsidiary in China (see press release of February 22, 2022). Based in Shanghai and managed by William Lee, GAUSSIN China is responsible for establishing licensing partnerships in order to deploy the range of electric and hydrogen vehicles in the world’s largest truck market.

Christophe Gaussin, “Hydrogen Personality of the Year”. GAUSSIN’s technology was also recognized this year through the “Hydrogen Personality of the Year” award presented to the group’s CEO at a ceremony at the French National Assembly (see press release of March 16, 2022).

Next steps

Dates included above

Hyvolution in Paris : May 11 to 12

Advanced Clean Transportation (ACT) Expo in Los Angeles : May 9 to 12


GAUSSIN is an engineering company that designs, assembles and sells innovative products and services in the transport and logistics field. Its know-how encompasses cargo and passenger transport, autonomous technologies allowing for self-driving solutions such as Automotive Guided Vehicles, and the integration all types of batteries, electric and hydrogen fuel cells in particular.


Christophe Gaussin,

Ulysse Communication
Nicolas Daniels,

Charles Courbet,

LHA Investor Relations – USA

Jody Burfening,
(212) 838-3777

RooneyPartners – USA

Jeanene Timberlake,
(646) 770-8858

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