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v3.26.1

Disclosure on Individual Items of the Consolidated Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2025 | Dec. 31, 2024
Disclosure on Individual Items of the Consolidated Financial Statements (Tables) [Line Items] |  |
Schedule of Revenue from Contracts with Customers Disaggregated by Geographical Region | 49.6% (2024: 76.1%, 2023: 72.1%) of revenues are generated in Germany. The following table presents the revenue from contracts with customers disaggregated by geographical region based on the customer’s country of domicile:
Revenue by region |  |  |  |  |  |  |  |  |
kEUR |  | 2025 |  |  | 2024 |  |  | 2023 |
Germany |  |  | 15,654 |  |  |  | 83,662 |  |  |  | 77,449 |
Belgium |  |  | 4,423 |  |  |  | 394 |  |  |  | 18 |
Netherlands |  |  | 3,246 |  |  |  | 2,395 |  |  |  | 4,770 |
Austria |  |  | 3,246 |  |  |  | 1,310 |  |  |  | 1,389 |
United States of America |  |  | 2,454 |  |  |  | 5,623 |  |  |  | 4,971 |
Sweden |  |  | 643 |  |  |  | 392 |  |  |  | 8,688 |
Spain |  |  | 413 |  |  |  | 144 |  |  |  | 143 |
Ireland |  |  | 356 |  |  |  | 11,577 |  |  |  | 8,050 |
Australia |  |  | 330 |  |  |  | 2 |  |  |  | 199 |
Switzerland |  |  | 174 |  |  |  | 422 |  |  |  | 1,462 |
Great Britain |  |  | 140 |  |  |  | 165 |  |  |  | 15 |
France |  |  | 126 |  |  |  | 1,205 |  |  |  | 6 |
Italy |  |  | 126 |  |  |  | - |  |  |  | - |
Greece |  |  | 46 |  |  |  | 2,503 |  |  |  | - |
Rest of the world |  |  | 182 |  |  |  | 219 |  |  |  | 224 |
Total |  |  | 31,559 |  |  |  | 110,013 |  |  |  | 107,384 |
Schedule of Revenue from Contracts with Customers Disaggregated by Major Products | The following table presents the revenue from contracts with customers disaggregated by different revenue streams:
Revenue by different revenue streams |  |  |  |  |  |  |  |  |
kEUR |  | 2025 |  |  | 2024 |  |  | 2023 |
Charging |  |  | 18,740 |  |  |  | 102,533 |  |  |  | 89,323 |
Service |  |  | 10,277 |  |  |  | 5,603 |  |  |  | 2,004 |
Commercial and industrial |  |  | 2,190 |  |  |  | 1,677 |  |  |  | 15,788 |
Residential |  |  | - |  |  |  | - |  |  |  | 41 |
Other |  |  | 352 |  |  |  | 200 |  |  |  | 227 |
Total |  |  | 31,559 |  |  |  | 110,013 |  |  |  | 107,384 |
Schedule of Contract Assets and Contract Liabilities from Contracts with Customers | The following table provides information on contract assets and contract liabilities from contracts with customers:
kEUR |  | Dec. 31, 2025 |  |  | Dec. 31, 2024 |
Receivables, which are included in ‘Trade and other receivables’ |  |  | 5,289 |  |  |  | 9,900 |
Contract assets |  |  | - |  |  |  | 40 |
Contract liabilities |  |  | 11,957 |  |  |  | 7,074 |
Schedule of Increase in Cash Received Excluding Amounts Recognized | The increase in cash received excluding amounts recognized at the beginning of the period and revenue recognized that was included in the contract liability balance at the beginning of the period amount to:
kEUR |  | Dec. 31, 2025 |  |  | Dec. 31, 2024 |
Contract liabilities |  |  | 11,957 |  |  |  | 7,074 |
Revenue recognized that was included in the contract liability balance at the beginning of the period |  |  | 736 |  |  |  | 446 |
Increases due to cash received, excluding amounts recognized at the beginning of the period |  |  | 2,576 |  |  |  | 432 |
Schedule of Cost of Goods Sold | Cost of goods sold include the following:
kEUR |  | 2025 |  |  | 2024 |  |  | 2023 |
Cost of materials |  |  | 25,967 |  |  |  | 72,568 |  |  |  | 95,007 |
Personnel expenses |  |  | 10,619 |  |  |  | 10,714 |  |  |  | 9,623 |
Depreciation and amortization |  |  | 9,490 |  |  |  | 5,711 |  |  |  | 4,082 |
Other expenses |  |  | 1,767 |  |  |  | 1,593 |  |  |  | 1,558 |
Total |  |  | 47,842 |  |  |  | 90,585 |  |  |  | 110,270 |
Research and development expenses
kEUR |  | 2025 |  |  | 2024 |  |  | 2023 |
Personnel expenses |  |  | 6,904 |  |  |  | 6,695 |  |  |  | 1,083 |
Material expenses |  |  | 111 |  |  |  | 66 |  |  |  | 153 |
Depreciation and amortization |  |  | 320 |  |  |  | 317 |  |  |  | 247 |
External development service provider |  |  | 579 |  |  |  | 1,335 |  |  |  | 607 |
Other expenses |  |  | 575 |  |  |  | 559 |  |  |  | 743 |
Total |  |  | 8,488 |  |  |  | 8,971 |  |  |  | 2,832 |
Schedule of Selling General and Administrative Expenses | Selling, general and administrative expenses include the following:
kEUR |  | 2025 |  |  | 2024 |  |  | 2023 |
Personnel expenses |  |  | 11,441 |  |  |  | 11,506 |  |  |  | 10,243 |
Legal and consulting fees |  |  | 8,516 |  |  |  | 5,114 |  |  |  | 4,984 |
Administration fee |  |  | 3,407 |  |  |  | 3,466 |  |  |  | 2,741 |
Marketing costs |  |  | 1,186 |  |  |  | 1,222 |  |  |  | 1,554 |
Insurance expenses |  |  | 2,460 |  |  |  | 2,839 |  |  |  | 1,774 |
Depreciation and amortization |  |  | 778 |  |  |  | 671 |  |  |  | 522 |
Other expenses |  |  | 5,010 |  |  |  | 6,770 |  |  |  | 6,005 |
Total |  |  | 32,797 |  |  |  | 31,588 |  |  |  | 27,823 |
Schedule of Other Operating Income | Other operating income includes the following:
kEUR |  | 2025 |  |  | 2024 |  |  | 2023 |
Income from reversal of provisions |  |  | 1,568 |  |  |  | 12,350 |  |  |  | 101 |
Exchange rate gains |  |  | 25 |  |  |  | 1,322 |  |  |  | 139 |
Income from subsequent payments |  |  | 5 |  |  |  | 64 |  |  |  | 39 |
Income from compensation |  |  | 204 |  |  |  | 6 |  |  |  | 120 |
Other |  |  | 463 |  |  |  | 788 |  |  |  | 268 |
Total |  |  | 2,264 |  |  |  | 14,530 |  |  |  | 667 |
Schedule of Other Operating Expense | Other operating expense includes the following:
kEUR |  | 2025 |  |  | 2024 |  |  | 2023 |
Exchange rate losses |  |  | 775 |  |  |  | 1,436 |  |  |  | 1,200 |
Provisions for onerous contracts |  |  | -137 |  |  |  | 162 |  |  |  | 10,973 |
Warranties |  |  | 529 |  |  |  | 23 |  |  |  | -461 |
Other expenses |  |  | 166 |  |  |  | 328 |  |  |  | 43 |
Total |  |  | 1,334 |  |  |  | 1,949 |  |  |  | 11,755 |
Schedule of Finance Income and Finance Costs Recognized in Profit or Loss | The finance income and finance costs recognized in profit or loss are as follows:
kEUR |  | 2025 |  |  | 2024 |  |  | 2023 |
Finance income from remeasurement of warrant liabilities |  |  | 40,567 |  |  |  | - |  |  |  | - |
Foreign currency gains |  |  | 19,826 |  |  |  | - |  |  |  | 3 |
Income from other interest and similar income |  |  | 395 |  |  |  | 24 |  |  |  | 187 |
Finance income |  |  | 60,788 |  |  |  | 24 |  |  |  | 190 |
Finance expense from remeasurement of warrant liabilities |  |  | -8,724 |  |  |  | -62,170 |  |  |  | -10,859 |
Interest expense from shareholder loans |  |  | -21,563 |  |  |  | -16,106 |  |  |  | -2,784 |
Interest expense from convertible notes |  |  | -20,795 |  |  |  | - |  |  |  | - |
Loss from extinguishment of loan |  |  | - |  |  |  | -3,725 |  |  |  | - |
Foreign currency losses |  |  | -8,199 |  |  |  | -6,660 |  |  |  | - |
Interest expense from leasing |  |  | -154 |  |  |  | -156 |  |  |  | -153 |
Interest expense from guarantee commissions |  |  | -6 |  |  |  | -10 |  |  |  | -67 |
Other interest expense |  |  | -101 |  |  |  | -56 |  |  |  | -23 |
Finance expenses |  |  | -59,542 |  |  |  | -88,883 |  |  |  | -13,886 |
Net finance result |  |  | 1,247 |  |  |  | -88,859 |  |  |  | -13,697 |
Schedule of Current and Deferred Taxes | The tax benefit / (expenses) include current and deferred taxes. Current taxes and deferred taxes are reported in profit or loss, except for the extent to which they are reported directly in equity or in other comprehensive income.
kEUR |  | 2025 |  |  | 2024 |  |  | 2023 |
Current year |  |  | -73 |  |  |  | -16 |  |  |  | 88 |
Current tax expense |  |  | -73 |  |  |  | -16 |  |  |  | 88 |
Origination and reversal of temporary differences |  |  | 1,475 |  |  |  | -946 |  |  |  | 4,378 |
Recognition of previously unrecognized (derecognition of previously recognized) tax losses |  |  | -750 |  |  |  | 471 |  |  |  | -1,325 |
Recognition of previously unrecognized (derecognition of previously recognized) deductible temporary differences |  |  | -395 |  |  |  | - |  |  |  | - |
Deferred tax (expense) income |  |  | 330 |  |  |  | -475 |  |  |  | 3,053 |
Total |  |  | 257 |  |  |  | -491 |  |  |  | 3,141 |
Schedule of Reconciliation of the Effective Tax Rate |  | The applicable tax rate of 29.48% combines a corporate tax rate of 15%, a solidarity surcharge thereon of 5.5% and a trade tax rate of 13.65% and represents the tax rate of the main operating German entities of ADSE Group.
kEUR |  | 2025 |  |  | 2024 |  |  | 2023 |
Profit (loss) before tax |  |  | -55,447 |  |  |  | -97,467 |  |  |  | -58,221 |
Tax using the applicable tax rate |  |  | 16,343 |  |  |  | 29,074 |  |  |  | 17,161 |
Tax effect of: |  |  |  |  |  |  |  |  |  |  |  |
Difference in tax rates *) |  |  | -1,221 |  |  |  | -4,974 |  |  |  | -1,348 |
Non-deductible expenses |  |  | -7,809 |  |  |  | -287 |  |  |  | -585 |
Non-taxable income |  |  | 34 |  |  |  | 207 |  |  |  | 1,291 |
Additions for tax purposes |  |  | 402 |  |  |  | - |  |  |  | 362 |
Non-recognition of deferred taxes on tax loss carried forward |  |  | -12,197 |  |  |  | -2,728 |  |  |  | -10,293 |
Non-recognition of deferred taxes on temporary differences |  |  | -624 |  |  |  | - |  |  |  | -301 |
True up on deferred taxes from prior year |  |  | -395 |  |  |  | 700 |  |  |  | -18 |
Permanent differences |  |  | 5,706 |  |  |  | -22,483 |  |  |  | -3,130 |
Others |  |  | 18 |  |  |  | - |  |  |  | 2 |
Taxes on income |  |  | 257 |  |  |  | -491 |  |  |  | 3,141 |
| *) | The difference in tax rates represents the effects of differing domestic tax rates of the non-German ADSE Group entities.
Schedule of Deferred Tax Assets Recognized for Tax Loss Carryforwards | Deferred tax assets have not been recognized for tax loss carryforwards:
kEUR |  | Dec. 31, 2025 |  |  | Expiration |  |  | Dec. 31, 2024 |  |  | Expiration |  |  | Dec. 31, 2023 |  |  | Expiration |
Germany |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
thereof corporation tax |  |  | 148.945 |  |  |  | Non-expiring |  |  |  | 114.590 |  |  |  | Non-expiring |  |  |  | 114.803 |  |  |  | Non-expiring |
thereof trade tax |  |  | 146.512 |  |  |  | Non-expiring |  |  |  | 108.689 |  |  |  | Non-expiring |  |  |  | 112.540 |  |  |  | Non-expiring |
thereof interest carryforward |  |  | 9.262 |  |  |  | Non-expiring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
USA |  |  | 21.137 |  |  |  | Non-expiring |  |  |  | 20.330 |  |  |  | Non-expiring |  |  |  | 16.281 |  |  |  | Non-expiring |
Ireland *) |  |  | 4.462 |  |  |  | Non-expiring |  |  |  | 3.699 |  |  |  | Non-expiring |  |  |  | 4.616 |  |  |  | Non-expiring |
Austria |  |  | 455 |  |  |  | Non-expiring |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| *) | Amount relates to management expenses that can be set-off against future profits
Schedule of Deferred Tax Balances Developed | Deferred tax balances developed as follows:
kEUR |  | DTA |  |  | DTL |  |  | Dec. 31, 2025 |  |  | DTA |  |  | DTL |  |  | Dec. 31, 2024 |
Intangible assets |  |  | 4 |  |  |  | 3,638 |  |  |  | -3,634 |  |  |  | - |  |  |  | 6,060 |  |  |  | -6,060 |
Right-of-use assets |  |  | - |  |  |  | 697 |  |  |  | -697 |  |  |  | - |  |  |  | 928 |  |  |  | -928 |
Fixed assets |  |  | - |  |  |  | 4 |  |  |  | -4 |  |  |  | - |  |  |  | - |  |  |  | - |
Inventories |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 329 |  |  |  | - |  |  |  | 329 |
Contract assets |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12 |  |  |  | -12 |
Trade and other receivables |  |  | 4 |  |  |  | 2,726 |  |  |  | -2,722 |  |  |  | 90 |  |  |  | - |  |  |  | 90 |
Financial liabilities |  |  | - |  |  |  | 36 |  |  |  | -36 |  |  |  | 650 |  |  |  | - |  |  |  | 650 |
Lease liabilities |  |  | 754 |  |  |  | - |  |  |  | 754 |  |  |  | 987 |  |  |  | - |  |  |  | 987 |
Trade and other payables |  |  | 81 |  |  |  | - |  |  |  | 81 |  |  |  | 110 |  |  |  | - |  |  |  | 110 |
Contract liabilities |  |  | 78 |  |  |  | - |  |  |  | 78 |  |  |  | 144 |  |  |  | - |  |  |  | 144 |
Other provisions |  |  | - |  |  |  | 27 |  |  |  | -27 |  |  |  | 48 |  |  |  | 28 |  |  |  | 20 |
Tax loss carryforwards |  |  | 4,877 |  |  |  | - |  |  |  | 4,877 |  |  |  | 3,006 |  |  |  | - |  |  |  | 3,006 |
Netting |  |  | -5,783 |  |  |  | -5,783 |  |  |  | - |  |  |  | -5,358 |  |  |  | -5,358 |  |  |  | - |
Total |  |  | 15 |  |  |  | 1,345 |  |  |  | -1,330 |  |  |  | 6 |  |  |  | 1,670 |  |  |  | -1,664 |
Schedule of Earnings Per Share |
Earnings per share |  | 2025 |  |  | 2024 |  |  | 2023 |
Profit/loss for the period (attributable to shareholders of the parent) (kEUR) |  |  | -55,190 |  |  |  | -97,958 |  |  |  | -55,081 |
Weighted average number of ordinary shares outstanding (in k units) (basic) |  |  | 56,394 |  |  |  | 51,224 |  |  |  | 48,919 |
Effects of dilution from: *) |  |  |  |  |  |  |  |  |  |  |  |
RSU |  |  | 207 |  |  |  | 357 |  |  |  | 288 |
NQSO |  |  | 541 |  |  |  | 464 |  |  |  | - |
Warrants |  |  | 4,416 |  |  |  | 5,680 |  |  |  | - |
Weighted average number of ordinary shares outstanding (in k units) (diluted) |  |  | 61,558 |  |  |  | 57,724 |  |  |  | 49,208 |
Basic loss per share (€) |  |  | -0.98 |  |  |  | -1.91 |  |  |  | -1.13 |
Diluted loss per share (€) |  |  | -0.98 |  |  |  | -1.91 |  |  |  | -1.13 |
| *) | Due to the loss situation, they are treated as anti-dilutive in the years presented.
Schedule of Development of Intangible Assets | The development of intangible assets is shown below:
kEUR |  | Internally generated assets |  |  | Software |  |  | Total |
Cost |  |  |  |  |  |  |  |  |
As of Jan. 01, 2024 |  |  | 32,610 |  |  |  | 705 |  |  |  | 33,315 |
Additions |  |  | 344 |  |  |  | 101 |  |  |  | 445 |
Disposals |  |  | -692 |  |  |  | - |  |  |  | -692 |
As of Dec. 31, 2024 |  |  | 32,261 |  |  |  | 806 |  |  |  | 33,067 |
Additions |  |  | 349 |  |  |  | 50 |  |  |  | 399 |
Disposals |  |  | - |  |  |  | -11 |  |  |  | -11 |
As of Dec. 31, 2025 |  |  | 32,610 |  |  |  | 845 |  |  |  | 33,456 |
kEUR |  | Internally generated assets |  |  | Software |  |  | Total |
Amortization |  |  |  |  |  |  |  |  |
As of Jan. 01, 2024 |  |  | -7,818 |  |  |  | -457 |  |  |  | -8,274 |
Additions |  |  | -4,111 |  |  |  | -153 |  |  |  | -4,264 |
As of Dec. 31, 2024 |  |  | -11,928 |  |  |  | -610 |  |  |  | -12,538 |
Additions |  |  | -7,887 |  |  |  | -131 |  |  |  | -8,018 |
Disposals |  |  | - |  |  |  | 11 |  |  |  | 11 |
As of Dec. 31, 2025 |  |  | -19,815 |  |  |  | -731 |  |  |  | -20,546 |
kEUR |  | Internally generated assets |  |  | Software |  |  | Total |
Carrying amounts |  |  |  |  |  |  |  |  |  |  |  |
As of Jan. 01, 2024 |  |  | 24,793 |  |  |  | 248 |  |  |  | 25,041 |
As of Dec. 31, 2024 |  |  | 20,333 |  |  |  | 196 |  |  |  | 20,529 |
As of Dec. 31, 2025 |  |  | 12,795 |  |  |  | 114 |  |  |  | 12,910 |
Schedule of Development of Right of Use Assets | The development of right-of-use assets is shown below:
kEUR |  | Property |  |  | Vehicles |  |  | Total |
Right-of-use assets |  |  |  |  |  |  |  |  |
As of Jan. 01, 2024 |  |  | 3,020 |  |  |  | 265 |  |  |  | 3,286 |
Amortization charge for the year |  |  | -848 |  |  |  | -208 |  |  |  | -1,056 |
Additions to right-of-use assets |  |  | 552 |  |  |  | 484 |  |  |  | 1,036 |
Effect of movements in exchange rates |  |  | 3 |  |  |  | 5 |  |  |  | 8 |
As of Dec. 31, 2024 |  |  | 2,727 |  |  |  | 546 |  |  |  | 3,273 |
Amortization charge for the year |  |  | -655 |  |  |  | -103 |  |  |  | -757 |
Additions to right-of-use assets |  |  | 830 |  |  |  | 190 |  |  |  | 1,020 |
Disposals of right-of-use assets |  |  | -304 |  |  |  | -213 |  |  |  | -517 |
Effect of movements in exchange rates |  |  | -31 |  |  |  | -6 |  |  |  | -37 |
As of Dec. 31, 2025 |  |  | 2,567 |  |  |  | 414 |  |  |  | 2,981 |
Schedule of Recognized Amount | The amounts recognized in profit or loss except for amortization are shown below:
kEUR |  | 2025 |  |  | 2024 |  |  | 2023 |
Amounts recognized in profit or loss |  |  |  |  |  |  |  |  |
Interest on lease liabilities |  |  | 154 |  |  |  | 156 |  |  |  | 153 |
Expenses relating to short-term leases |  |  | 366 |  |  |  | 339 |  |  |  | 119 |
Expenses relating to leases of low-value assets, excluding short-term leases of low value assets |  |  | 40 |  |  |  | 26 |  |  |  | 22 |
Amounts recognized in the statement of cash flows |  |  |  |  |  |  |  |  |  |  |  |
Total cash outflow of leases |  |  | 1,367 |  |  |  | 1,193 |  |  |  | 1,065 |
Schedule of Development of Fixed Assets | The development of fixed assets is shown below:
kEUR |  | Property, plant and equipment |  |  | Construction in progress |  |  | Total |
Cost |  |  |  |  |  |  |  |  |
As of Jan. 01, 2024 |  |  | 10,225 |  |  |  | 172 |  |  |  | 10,397 |
Additions |  |  | 1,200 |  |  |  | 80 |  |  |  | 1,280 |
Disposals |  |  | -342 |  |  |  | - |  |  |  | -342 |
Reclassification |  |  | 172 |  |  |  | -172 |  |  |  | - |
Effect of movements in exchange rates |  |  | 13 |  |  |  | - |  |  |  | 13 |
As of Dec. 31, 2024 |  |  | 11,269 |  |  |  | 80 |  |  |  | 11,349 |
Additions |  |  | 1,233 |  |  |  | 1,649 |  |  |  | 2,883 |
Disposals |  |  | -587 |  |  |  | -2 |  |  |  | -589 |
Reclassification |  |  | 78 |  |  |  | -78 |  |  |  | - |
Effect of movements in exchange rates |  |  | -39 |  |  |  | - |  |  |  | -39 |
As of Dec. 31, 2025 |  |  | 11,954 |  |  |  | 1,649 |  |  |  | 13,603 |
kEUR |  | Property, plant and equipment |  |  | Construction in progress |  |  | Total |
Depreciation |  |  |  |  |  |  |  |  |
As of Jan. 01, 2024 |  |  | -4,006 |  |  |  | - |  |  |  | -4,006 |
Additions |  |  | -1,379 |  |  |  | - |  |  |  | -1,379 |
Disposals |  |  | 233 |  |  |  | - |  |  |  | 233 |
Effect of movements in exchange rates |  |  | -1 |  |  |  | - |  |  |  | -1 |
As of Dec. 31, 2024 |  |  | -5,154 |  |  |  | - |  |  |  | -5,154 |
Additions |  |  | -1,347 |  |  |  | - |  |  |  | -1,347 |
Disposals |  |  | 506 |  |  |  | - |  |  |  | 506 |
Effect of movements in exchange rates |  |  | 5 |  |  |  | - |  |  |  | 5 |
As of Dec. 31, 2025 |  |  | -5,990 |  |  |  | - |  |  |  | -5,990 |
kEUR |  | Property, plant and equipment |  |  | Construction in progress |  |  | Total |
Carrying amounts |  |  |  |  |  |  |  |  |
As of Jan. 01, 2024 |  |  | 6,219 |  |  |  | 172 |  |  |  | 6,391 |
As of Dec. 31, 2024 |  |  | 6,115 |  |  |  | 80 |  |  |  | 6,195 |
As of Dec. 31, 2025 |  |  | 5,964 |  |  |  | 1,649 |  |  |  | 7,614 |
Schedule of Other Investments and Other Assets | Other investments and other assets include the following:
kEUR |  | Dec. 31, 2025 |  |  | Dec. 31, 2024 |
Other investments |  |  | 6 |  |  |  | 5 |
Other assets |  |  | 137 |  |  |  | 174 |
Total |  |  | 144 |  |  |  | 179 |
Schedule of Inventories | Inventories include the following:
kEUR |  | Dec. 31, 2025 |  |  | Dec. 31, 2024 |
Finished goods |  |  | 30,950 |  |  |  | 15,245 |
Work in progress |  |  | 5,019 |  |  |  | 9,402 |
Raw materials |  |  | 42,230 |  |  |  | 53,010 |
Total |  |  | 78,198 |  |  |  | 77,657 |
kEUR |  | Dec. 31, 2025 |  |  | Dec. 31, 2024 |
Write-downs finished goods |  |  | -9,206 |  |  |  | -181 |
Write-downs work in progress |  |  | -1,318 |  |  |  | -808 |
Write-downs raw materials |  |  | -16,664 |  |  |  | -13,003 |
Total |  |  | -27,188 |  |  |  | -13,991 |
Schedule of Trade and Other Receivables | Trade and other receivables include the following:
kEUR |  | Dec. 31, 2025 |  |  | Dec. 31, 2024 |
Trade receivables |  |  | 5,289 |  |  |  | 9,900 |
Advanced payments |  |  | 157 |  |  |  | 780 |
Other receivables financial |  |  | 929 |  |  |  | 3,364 |
Deferred expenses and accrued income |  |  | 537 |  |  |  | 624 |
Other receivables non-financial |  |  | 744 |  |  |  | 308 |
Total |  |  | 7,655 |  |  |  | 14,975 |
Schedule of Other Accrued Items | Other accrued items include the following:
kEUR |  | Dec. 31, 2025 |  |  | Dec. 31, 2024 |
Day One Loss |  |  | - |  |  |  | 12,392 |
Other accrued items related to lender warrants |  |  | 933 |  |  |  | 1,055 |
Total |  |  | 933 |  |  |  | 13,447 |
Schedule of Market Prices for Private Warrants | The market prices for those warrants are not observable as these are not actively traded. In consequence, the fair value at initial recognition was determined by applying a Black-Scholes option pricing model with the following inputs (Level 3 – Fair value hierarchy under IFRS 13):
|  | September 3, 2024 |
Input |  | Reference |  |  | Second Shareholder Loan |  |  | Second Shareholder Loan plus |
Spot price |  |  | 1 |  |  | USD | 13.16 |  |  | USD | 13.16 |
Strike price |  |  | 2 |  |  | USD | 6.20 |  |  | USD | 6.20 |
Expected term (years) |  |  | 3 |  |  |  | 2 |  |  |  | 2 |
Risk free rate |  |  | 4 |  |  |  | 4.73 | % |  |  | 4.73 | %
Dividend yield |  |  | 5 |  |  |  | 0.00 | % |  |  | 0.00 | %
Annual volatility |  |  | 6 |  |  |  | 64.48 | % |  |  | 64.48 | %
Number of warrants outstanding |  |  |  |  |  |  | 2,500,001 |  |  |  | 4,800,002 |
Fair value per warrant |  |  |  |  |  | USD | 8.22 |  |  | USD | 8.22 |
1. | Equal to the observed price of the class A common shares,
2. | Warrant strike price,
3. | Calculated as the time period between the end of the reporting period and the warrants expiration date (August 26, 2026),
4. | Interpolated 1.9-year constant maturity US treasury rates,
5. | Assumed dividend yield of 0%,
6. | Based on historical volatility of ADSE stock price.
Input |  | Reference |  |  | Dec. 31, 2025 |  |  | Dec. 31, 2024 |
Spot price |  |  | 1 |  |  | USD | 12.68 |  |  | USD | 15.51 |
Strike price |  |  | 2 |  |  | USD | 11.50 |  |  | USD | 11.50 |
Expected term (years) |  |  | 3 |  |  |  | 0.97 |  |  |  | 1.98 |
Risk free rate |  |  | 4 |  |  |  | 3.82 | % |  |  | 2.78 | %
Dividend yield |  |  | 5 |  |  |  | 0.00 | % |  |  | 0.00 | %
Annual volatility |  |  | 6 |  |  |  | 60.79 | % |  |  | 55.42 | %
Price of redemption feature |  |  | 7 |  |  | USD | 0.05 |  |  | USD | 0.53 |
Liquidity discount |  |  | 8 |  |  |  | 10.00 | % |  |  | 10.00 | %
Fair Market Value |  |  | 9 |  |  | USD | 12.28 |  |  | USD | 14.17 |
Fair value per private warrant |  |  |  |  |  | USD | 1,30 |  |  | USD | 3,67 |
The market prices for those warrants are not observable as these are not actively traded. In consequence, the fair value is determined by applying a Black-Scholes option pricing model with the following inputs (Level 3 – Fair value hierarchy under IFRS 13):
|  | Dec. 31, 2025 |
Input |  | Reference |  |  | Second shareholder loan |  |  | Second shareholder loan plus |
Spot price |  |  | 1 |  |  | USD | 12.68 |  |  | USD | 12.68 |
Strike price |  |  | 2 |  |  | USD | 6.20 |  |  | USD | 6.20 |
Expected term (years) |  |  | 3 |  |  |  | 0.65 |  |  |  | 0.65 |
Risk free rate |  |  | 4 |  |  |  | 3.82 | % |  |  | 3.82 | %
Dividend yield |  |  | 5 |  |  |  | 0.00 | % |  |  | 0.00 | %
Annual volatility |  |  | 6 |  |  |  | 66.49 | % |  |  | 66.49 | %
Number of warrants outstanding |  |  |  |  |  |  | 3,838,711 |  |  |  | 4,800,002 |
Fair value per warrant |  |  |  |  |  | USD | 6.81 |  |  | USD | 6.81 |
|  | Dec. 31, 2024 |
Input |  | Reference |  |  | First shareholder loan |  |  | Second shareholder loan |  |  | Second shareholder loan plus |
Spot price |  |  | 1 |  |  | USD | 15.51 |  |  | USD | 15.51 |  |  | USD | 15.51 |
Strike price |  |  | 2 |  |  | USD | 3.00 |  |  | USD | 6.20 |  |  | USD | 6.20 |
Expected term (years) |  |  | 3 |  |  |  | 0.34 |  |  |  | 1.63 |  |  |  | 1.63 |
Risk free rate |  |  | 4 |  |  |  | 2.88 | % |  |  | 3.45 | % |  |  | 3.45 | %
Dividend yield |  |  | 5 |  |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
Annual volatility |  |  | 6 |  |  |  | 46.15 | % |  |  | 46.58 | % |  |  | 46.58 | %
Number of warrants outstanding |  |  |  |  |  |  | 1,680,000 |  |  |  | 4,000,001 |  |  |  | 4,800,002 |
Fair value per warrant |  |  |  |  |  | USD | 12.54 |  |  | USD | 9.71 |  |  | USD | 9.71 |
As of December 31, 2025, the fair value of these warrants amounts to kEUR 11,258 (December 31, 2024: kEUR 0) and is shown as a liability. After the adjustment of the exercise price of these warrants, the fair value was determined by applying a Black-Scholes option pricing model with the following inputs (Level 3 – Fair value hierarchy under IFRS 13):
Input |  | Reference |  |  | Dec. 31, 2025 |
Spot price |  |  | 1 |  |  | USD | 12.68 |
Strike price |  |  | 2 |  |  | USD | 10.31 |
Expected term (years) |  |  | 3 |  |  |  | 4.33 |
Risk free rate |  |  | 4 |  |  |  | 3.74 | %
Dividend yield |  |  | 5 |  |  |  | 0.00 | %
Annual volatility |  |  | 6 |  |  |  | 61.21 | %
Number of warrants outstanding |  |  |  |  |  |  | 1,827,284 |
Fair value per warrant |  |  |  |  |  | USD | 7.24 |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents include the following:
kEUR |  | Dec. 31, 2025 |  |  | Dec. 31, 2024 |
Cash |  |  | 3 |  |  |  | 1 |
Cash at banks |  |  | 7,011 |  |  |  | 22,856 |
Total |  |  | 7,014 |  |  |  | 22,858 |
Schedule of Development of Issued and Outstanding Shares | The development of issued and outstanding shares from January 01, 2023, to December 31, 2025, is shown in the table below.
in k units |  | 2025 |  |  | 2024 |  |  | 2023 |
Outstanding as of Jan. 01 |  |  | 52,362 |  |  |  | 50,585 |  |  |  | 48,877 |
Capital increase |  |  | - |  |  |  | - |  |  |  | 1,667 |
Exercise of warrants |  |  | 4,329 |  |  |  | 1,376 |  |  |  | - |
Conversion of convertible notes |  |  | 3,554 |  |  |  | - |  |  |  | - |
Exercise of options |  |  | 107 |  |  |  | 139 |  |  |  | - |
Share based compensation |  |  | 84 |  |  |  | 262 |  |  |  | 41 |
Outstanding as of Dec. 31 |  |  | 60,436 |  |  |  | 52,362 |  |  |  | 50,585 |
Treasury shares |  |  | 80 |  |  |  | 80 |  |  |  | 58 |
Issued and outstanding as of Dec. 31 |  |  | 60,516 |  |  |  | 52,442 |  |  |  | 50,642 |
Schedule of Financial Statements of Foreign Operations | As of December 31, 2025, the share capital amounts to kEUR 5 (December 31, 2024: kEUR 5, December 31, 2023: kEUR 4) and is fully paid in.
kEUR |  | Dec. 31, 2025 |  |  | Dec. 31, 2024 |  |  | Dec. 31, 2023 |
Share capital |  |  | 5 |  |  |  | 5 |  |  |  | 4 |
Capital reserves |  |  | 332,907 |  |  |  | 245,298 |  |  |  | 225,007 |
Other equity |  |  | 613 |  |  |  | 1,044 |  |  |  | 106 |
Retained earnings |  |  | -289,157 |  |  |  | -191,198 |  |  |  | -136,117 |
Profit (loss) |  |  | -55,190 |  |  |  | -97,959 |  |  |  | -55,081 |
Equity attributable to owners of the Company |  |  | -10,822 |  |  |  | -42,809 |  |  |  | 33,919 |
Total |  |  | -10,822 |  |  |  | -42,809 |  |  |  | 33,919 |
Schedule of the Reporting Date Warrant Liabilities | As of the reporting date, warrant liabilities include the following:
kEUR |  | No. of warrants issued |  |  | Dec. 31, 2025 |
Public warrants |  |  | 5,047,695 |  |  |  | 5,112 |
Private warrants |  |  | 2,773,255 |  |  |  | 3,061 |
Warrants relating to shareholder loans |  |  | 8,638,713 |  |  |  | 35,376 |
Warrants relating to convertible notes |  |  | 1,827,284 |  |  |  | 11,259 |
Total |  |  | 18,286,947 |  |  |  | 54,808 |
As of December 31, 2024, warrant liabilities included the following:
kEUR |  | No. of warrants issued |  |  | Dec. 31, 2024 |
Public warrants |  |  | 7,187,281 |  |  |  | 24,905 |
Private warrants |  |  | 4,475,000 |  |  |  | 15,826 |
Warrants relating to shareholder loans |  |  | 10,480,003 |  |  |  | 78,849 |
Total |  |  | 22,142,284 |  |  |  | 119,581 |
Schedule of Trade and Other Payables | Trade and other payables include the following:
kEUR |  | Dec. 31, 2025 |  |  | Dec. 31, 2024 |
Trade payables |  |  | 16,731 |  |  |  | 29,299 |
Sales tax liabilities |  |  | 599 |  |  |  | 953 |
Accrued expenses |  |  | 819 |  |  |  | 1,292 |
Trade payables due to related parties |  |  | 1,822 |  |  |  | 2,601 |
Other payables non-financial |  |  | 561 |  |  |  | 811 |
Other payables financial |  |  | 333 |  |  |  | 215 |
Total |  |  | 20,865 |  |  |  | 35,171 |
Schedule of Development of Provisions | The development of provisions is shown below:
kEUR |  | Warranties |  |  | Onerous contracts |  |  | Archiving costs |  |  | Miscellaneous provisions |  |  | Total |
As of Jan. 01, 2025 |  |  | 6,922 |  |  |  | 162 |  |  |  | 13 |  |  |  | 620 |  |  |  | 7,717 |
Added |  |  | 773 |  |  |  | 25 |  |  |  | 14 |  |  |  | 2 |  |  |  | 814 |
Unwind of discount |  |  | 86 |  |  |  | - |  |  |  | - |  |  |  | 15 |  |  |  | 101 |
Utilized |  |  | -3,080 |  |  |  | -162 |  |  |  | - |  |  |  | - |  |  |  | -3,242 |
Reversal |  |  | -1,313 |  |  |  | - |  |  |  | - |  |  |  | -256 |  |  |  | -1,568 |
As of Dec. 31, 2025 |  |  | 3,388 |  |  |  | 25 |  |  |  | 27 |  |  |  | 382 |  |  |  | 3,822 |
Current |  |  | 3,051 |  |  |  | 25 |  |  |  | - |  |  |  | - |  |  |  | 3,075 |
Non-current |  |  | 338 |  |  |  | - |  |  |  | 27 |  |  |  | 382 |  |  |  | 747 |
Total |  |  | 3,388 |  |  |  | 25 |  |  |  | 27 |  |  |  | 382 |  |  |  | 3,822 |
kEUR |  | Warranties |  |  | Onerous contracts |  |  | Archiving costs |  |  | Miscellaneous provisions |  |  | Total |
As of Jan. 01, 2024 |  |  | 9,103 |  |  |  | 10,983 |  |  |  | 12 |  |  |  | 626 |  |  |  | 20,725 |
Added |  |  | 6,624 |  |  |  | 162 |  |  |  | 1 |  |  |  | 12 |  |  |  | 6,798 |
Unwind of discount |  |  | 43 |  |  |  | - |  |  |  | - |  |  |  | 13 |  |  |  | 56 |
Utilized |  |  | -5,128 |  |  |  | -2,369 |  |  |  | - |  |  |  | -14 |  |  |  | -7,512 |
Reversal |  |  | -3,719 |  |  |  | -8,614 |  |  |  | - |  |  |  | -16 |  |  |  | -12,350 |
As of Dec. 31, 2024 |  |  | 6,922 |  |  |  | 162 |  |  |  | 13 |  |  |  | 620 |  |  |  | 7,717 |
Current |  |  | 5,424 |  |  |  | 162 |  |  |  | - |  |  |  | - |  |  |  | 5,586 |
Non-current |  |  | 1,498 |  |  |  | - |  |  |  | 13 |  |  |  | 620 |  |  |  | 2,132 |
Total |  |  | 6,922 |  |  |  | 162 |  |  |  | 13 |  |  |  | 620 |  |  |  | 7,717 |
Schedule of Fair Value Disclosure | The fair value disclosure of lease liabilities is not required.
kEUR |  | Classification |  | Fair value hierarchy |  |  | Carrying amount Dec. 31, 2025 |  |  | Fair value Dec. 31, 2025 |  |  | Carrying amount Dec. 31, 2024 |  |  | Fair value Dec. 31, 2024 |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | At amortized cost |  |  | n/a |  |  |  | 6,987 |  |  |  | 6,987 |  |  |  | 22,858 |  |  |  | 22,858 |
Trade receivables (current) |  | At amortized cost |  |  | n/a |  |  |  | 5,289 |  |  |  | 5,289 |  |  |  | 9,900 |  |  |  | 9,900 |
Other investments (non-current) |  | At amortized cost |  |  | n/a |  |  |  | 6 |  |  |  | 6 |  |  |  | 5 |  |  |  | 5 |
Other financial receivables (current) |  | At amortized cost |  |  | n/a |  |  |  | 903 |  |  |  | 903 |  |  |  | 3,358 |  |  |  | 3,358 |
Other financial receivables (non-current) |  | At amortized cost |  |  | n/a |  |  |  | 25 |  |  |  | 25 |  |  |  | 6 |  |  |  | 6 |
Total |  |  |  |  |  |  |  |  | 13,212 |  |  |  | 13,212 |  |  |  | 36,126 |  |  |  | 36,126 |
kEUR |  | Classification |  | Fair value hierarchy |  |  | Carrying amount Dec. 31, 2025 |  |  | Fair value Dec. 31, 2025 |  |  | Carrying amount Dec. 31, 2024 |  |  | Fair value Dec. 31, 2024 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities - private |  | FVTPL |  |  | 3 |  |  |  | 3,061 |  |  |  | 3,061 |  |  |  | 15,826 |  |  |  | 15,826 |
Warrant liabilities - public |  | FVTPL |  |  | 1 |  |  |  | 5,112 |  |  |  | 5,112 |  |  |  | 24,905 |  |  |  | 24,905 |
Warrant liabilities - shareholder loan |  | FVTPL |  |  | 3 |  |  |  | 35,376 |  |  |  | 35,376 |  |  |  | 78,849 |  |  |  | 78,849 |
Warrant liabilities - convertible notes |  | FVTPL |  |  | 3 |  |  |  | 11,259 |  |  |  | 11,259 |  |  |  | - |  |  |  | - |
Loans and borrowings (current) |  | At amortized cost |  |  | n/a |  |  |  | 48,560 |  |  |  | 48,560 |  |  |  | 13,333 |  |  |  | 13,333 |
Trade payables (current) |  | At amortized cost |  |  | n/a |  |  |  | 16,731 |  |  |  | 16,731 |  |  |  | 29,299 |  |  |  | 29,299 |
Trade payables due to related parties (current) |  | At amortized cost |  |  | n/a |  |  |  | 1,822 |  |  |  | 1,822 |  |  |  | 2,601 |  |  |  | 2,601 |
Lease liabilities (non-current) |  | At amortized cost |  |  | n/a |  |  |  | 1,866 |  |  |  | - |  |  |  | 2,336 |  |  |  | - |
Lease liabilities (current) |  | At amortized cost |  |  | n/a |  |  |  | 1,322 |  |  |  | - |  |  |  | 1,144 |  |  |  | - |
Other payables financial (current) |  | At amortized cost |  |  | n/a |  |  |  | 333 |  |  |  | 333 |  |  |  | 215 |  |  |  | 215 |
Total |  |  |  |  |  |  |  |  | 81,892 |  |  |  | 78,704 |  |  |  | 168,509 |  |  |  | 165,030 |
Schedule of Consolidated Profit / Equity | The assumed movement in annual volatility is based on observable movements of the stock price over the past years.
2025 |  | Significant unobservable input (annual volatility) |  |  | Variance |  |  | Effect on profit before tax / equity in kEUR |  |  | Variance |  |  | Effect on profit before tax / equity in kEUR |
Warrant liabilities - shareholder loans |  |  | 66.49 | % |  |  | 12.50 | % |  |  | -790 |  |  |  | -12.50 | % |  |  | 556 |
Warrant liabilities - convertible notes |  |  | 61.21 | % |  |  | 15.00 | % |  |  | -1,528 |  |  |  | -15.00 | % |  |  | 1,651 |
2024 |  | Significant unobservable input (annual volatility) |  | Variance |  |  | Effect on profit before tax / equity in kEUR |  |  | Variance |  |  | Effect on profit before tax / equity in kEUR |
Warrant liabilities - shareholder loans |  | 46.15% / 46.58% |  |  | 12.50 | % |  |  | -1,052 |  |  |  | -12.50 | % |  |  | 483 |
2025 |  | Significant unobservable input (price redemption feature) |  |  | Variance |  |  | Effect on profit before tax / equity in kEUR |  |  | Variance |  |  | Effect on profit before tax / equity in kEUR |
Warrant liabilities - private warrants |  | USD | 0.05 |  |  |  | 10 | % |  |  | 0 |  |  |  | -10 | % |  |  | 0 |
2024 |  | Significant unobservable input (price redemption feature) |  |  | Variance |  |  | Effect on profit before tax / equity in kEUR |  |  | Variance |  |  | Effect on profit before tax / equity in kEUR |
Warrant liabilities - private warrants |  | USD | 0.53 |  |  |  | 10 | % |  |  | -387 |  |  |  | -10 | % |  |  | 430 |
2025 |  | Significant unobservable input (liquidity discount) |  |  | Variance |  |  | Effect on profit before tax / equity in kEUR |  |  | Variance |  |  | Effect on profit before tax / equity in kEUR |
Warrant liabilities - private warrants |  |  | 10.00 | % |  |  | 5 | % |  |  | 0 |  |  |  | -5 | % |  |  | 0 |
2024 |  | Significant unobservable input (liquidity discount) |  |  | Variance |  |  | Effect on profit before tax / equity in kEUR |  |  | Variance |  |  | Effect on profit before tax / equity in kEUR |
Warrant liabilities - private warrants |  |  | 10.00 | % |  |  | 5 | % |  |  | 861 |  |  |  | -5 | % |  |  | -861 |
2025 |  | Variance |  |  | Effect on profit before tax / equity in kEUR |  |  | Variance |  |  | Effect on profit before tax / equity in kEUR |
Public warrants |  |  | 11.80 | % |  |  | -920 |  |  |  | -11.80 | % |  |  | 920 |
Private warrants |  |  | 2.60 | % |  |  | 1,421 |  |  |  | -2.60 | % |  |  | -302 |
Warrants related to shareholder loans |  |  | 2.60 | % |  |  | -1,363 |  |  |  | -2.60 | % |  |  | 1,927 |
Warrants related to convertible notes |  |  | 2.60 | % |  |  | -423 |  |  |  | -2.60 | % |  |  | 420 |
2024 |  | Variance |  |  | Effect on profit before tax / equity in kEUR |  |  | Variance |  |  | Effect on profit before tax / equity in kEUR |
Public warrants |  |  | 13.60 | % |  |  | -5,440 |  |  |  | -13.60 | % |  |  | 5,440 |
Private warrants |  |  | 7.50 | % |  |  | 172 |  |  |  | -7.50 | % |  |  | -172 |
Warrants related to shareholder loans |  |  | 7.50 | % |  |  | -8,759 |  |  |  | -7.50 | % |  |  | 8,708 |
Schedule of Reconciliation of Fair Value Measurement of Warrant Liabilities (Level 3) | The following table shows the reconciliation of fair value measurement of warrant liabilities (Level 3):
|  | Warrant liabilities |
kEUR |  | Private |  |  | Shareholder loans |  |  | Capital increases |  |  | Convertible notes |  |  | Total |
Fair Value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of Jan. 31, 2024 |  |  | 3,280 |  |  |  | 11,114 |  |  |  | 1,989 |  |  |  | - |  |  |  | 16,383 |
Remeasurement recognized in statement of profit or loss |  |  | 11,911 |  |  |  | 31,218 |  |  |  | 3,906 |  |  |  | - |  |  |  | 47,035 |
Issue of new warrants |  |  | - |  |  |  | 31,786 |  |  |  | - |  |  |  | - |  |  |  | 31,786 |
Exercise of warrants |  |  | - |  |  |  | -372 |  |  |  | -6,013 |  |  |  | - |  |  |  | -6,385 |
Effect of movements in exchange rates recognized in statement of profit or loss |  |  | 635 |  |  |  | 5,103 |  |  |  | 118 |  |  |  | - |  |  |  | 5,856 |
As of Dec. 31, 2024 |  |  | 15,826 |  |  |  | 78,849 |  |  |  | - |  |  |  | - |  |  |  | 94,675 |
Remeasurement recognized in statement of profit or loss |  |  | -6,801 |  |  |  | -16,641 |  |  |  | - |  |  |  | 2,533 |  |  |  | -20,909 |
Issue of new warrants |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,000 |  |  |  | 9,000 |
Exercise of warrants |  |  | -4,588 |  |  |  | -18,255 |  |  |  | - |  |  |  | - |  |  |  | -22,843 |
Effect of movements in exchange rates recognized in statement of profit or loss |  |  | -1,376 |  |  |  | -8,577 |  |  |  | - |  |  |  | -274 |  |  |  | -10,227 |
As of Dec. 31, 2025 |  |  | 3,061 |  |  |  | 35,376 |  |  |  | - |  |  |  | 11,259 |  |  |  | 49,696 |
Schedule of Measurement of Fair Values | Measurement of fair values as of March 31, 2022:
Measurement of fair values |  | 4 years |  |  | 3 years |  |  | 2 years |  |  | 1 year |
Fair value at grant date in USD |  |  | 5.02 |  |  |  | 4.52 |  |  |  | 3.87 |  |  |  | 2.26 |
Share price at grant date in USD |  |  | 8.62 |  |  |  | 8.62 |  |  |  | 8.62 |  |  |  | 8.62 |
Exercise price in USD |  |  | 8.62 |  |  |  | 8.62 |  |  |  | 8.62 |  |  |  | 8.62 |
Expected volatility in % |  |  | 78.46 | % |  |  | 80.26 | % |  |  | 82.57 | % |  |  | 65.97 | %
Expected life in years |  |  | 4.00 |  |  |  | 3.00 |  |  |  | 2.00 |  |  |  | 1.00 |
Expected dividends in % |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |
Measurement of fair values as of July 18, 2022:
Measurement of fair values |  | 3.7 years |  |  | 2.7 years |  |  | 1.7 years |  |  | 0.7 years |
Fair value at grant date in USD |  |  | 3.91 |  |  |  | 3.44 |  |  |  | 2.67 |  |  |  | 1.63 |
Share price at grant date in USD |  |  | 6.72 |  |  |  | 6.72 |  |  |  | 6.72 |  |  |  | 6.72 |
Exercise price in USD |  |  | 6.72 |  |  |  | 6.72 |  |  |  | 6.72 |  |  |  | 6.72 |
Expected volatility in % |  |  | 79.73 | % |  |  | 80.53 | % |  |  | 76.83 | % |  |  | 71.97 | %
Expected life in years |  |  | 3.70 |  |  |  | 2.70 |  |  |  | 1.70 |  |  |  | 0.70 |
Expected dividends in % |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |
Measurement of fair values as of November 29, 2022:
Measurement of fair values |  | 3.34 years |  |  | 2.34 years |  |  | 1.34 years |  |  | 0.33 years |
Fair value at grant date in USD |  |  | 2.99 |  |  |  | 2.60 |  |  |  | 1.73 |  |  |  | 0.80 |
Share price at grant date in USD |  |  | 5.25 |  |  |  | 5.25 |  |  |  | 5.25 |  |  |  | 5.25 |
Exercise price in USD |  |  | 5.25 |  |  |  | 5.25 |  |  |  | 5.25 |  |  |  | 5.25 |
Expected volatility in % |  |  | 80.80 | % |  |  | 82.10 | % |  |  | 69.24 | % |  |  | 64.72 | %
Expected life in years |  |  | 3.34 |  |  |  | 2.34 |  |  |  | 1.34 |  |  |  | 0.33 |
Expected dividends in % |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |
For the following grant date, vesting had already started with the start of employment of several employees in 2022. However, the formal grant date is January 24, 2023. Measurement of fair values as of January 24, 2023:
Measurement of fair values |  | 3.18 years |  |  | 2.18 years |  |  | 1.18 years |  |  | 0.18 years |
Fair value at grant date in USD |  |  | 1.84 |  |  |  | 1.48 |  |  |  | 1.00 |  |  |  | 0.35 |
Share price at grant date in USD |  |  | 3.21 |  |  |  | 3.21 |  |  |  | 3.21 |  |  |  | 3.21 |
Exercise price in USD |  |  | 3.21 |  |  |  | 3.21 |  |  |  | 3.21 |  |  |  | 3.21 |
Expected volatility in % |  |  | 83.34 | % |  |  | 77.63 | % |  |  | 68.58 | % |  |  | 62.02 | %
Expected life in years |  |  | 3.18 |  |  |  | 2.18 |  |  |  | 1.18 |  |  |  | 0.18 |
Expected dividends in % |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |
Measurement of fair values as of July 05, 2023:
Measurement of fair values |  | 4 years |  |  | 3 years |  |  | 2 years |  |  | 1 years |
Fair value at grant date in USD |  |  | 3.74 |  |  |  | 3.29 |  |  |  | 2.28 |  |  |  | 1.59 |
Share price at grant date in USD |  |  | 6.00 |  |  |  | 6.00 |  |  |  | 6.00 |  |  |  | 6.00 |
Exercise price in USD |  |  | 6.00 |  |  |  | 6.00 |  |  |  | 6.00 |  |  |  | 6.00 |
Expected volatility in % |  |  | 82.81 | % |  |  | 81.30 | % |  |  | 64.25 | % |  |  | 62.66 | %
Expected life in years |  |  | 4.00 |  |  |  | 3.00 |  |  |  | 2.00 |  |  |  | 1.00 |
Expected dividends in % |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |
Measurement of fair values as of April 15, 2024:
Measurement of fair values |  | 4 years |  |  | 3 years |  |  | 2 years |  |  | 1 years |
Fair value at grant date in USD |  |  | 5.19 |  |  |  | 4.60 |  |  |  | 4.29 |  |  |  | 2.90 |
Share price at grant date in USD |  |  | 10.44 |  |  |  | 10.44 |  |  |  | 10.44 |  |  |  | 10.44 |
Exercise price in USD |  |  | 10.44 |  |  |  | 10.44 |  |  |  | 10.44 |  |  |  | 10.44 |
Expected volatility in % |  |  | 59.66 | % |  |  | 60.65 | % |  |  | 70.53 | % |  |  | 66.12 | %
Expected life in years |  |  | 4.00 |  |  |  | 3.00 |  |  |  | 2.00 |  |  |  | 1.00 |
Expected dividends in % |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |
Risk-free interest rate in % |  |  | 4.34 | % |  |  | 4.41 | % |  |  | 4.62 | % |  |  | 5.01 | %
Measurement of fair values |  | 4 years |  |  | 3 years |  |  | 2 years |  |  | 1 years |
Fair value at grant date in USD |  |  | 7.16 |  |  |  | 6.82 |  |  |  | 5.13 |  |  |  | 2.97 |
Share price at grant date in USD |  |  | 15.08 |  |  |  | 15.08 |  |  |  | 15.08 |  |  |  | 15.08 |
Exercise price in USD |  |  | 15.08 |  |  |  | 15.08 |  |  |  | 15.08 |  |  |  | 15.08 |
Expected volatility in % |  |  | 56.13 | % |  |  | 63.05 | % |  |  | 56.41 | % |  |  | 45.12 | %
Expected life in years |  |  | 4.00 |  |  |  | 3.00 |  |  |  | 2.00 |  |  |  | 1.00 |
Expected dividends in % |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |
Risk-free interest rate in % |  |  | 4.28 | % |  |  | 4.27 | % |  |  | 4.29 | % |  |  | 4.36 | %
Measurement of fair values |  | 4 years |  |  | 3 years |  |  | 2 years |  |  | 1 years |
Fair value at grant date in USD |  |  | 6.40 |  |  |  | 6.00 |  |  |  | 4.44 |  |  |  | 2.50 |
Share price at grant date in USD |  |  | 13.45 |  |  |  | 13.45 |  |  |  | 13.45 |  |  |  | 13.45 |
Exercise price in USD |  |  | 13.45 |  |  |  | 13.45 |  |  |  | 13.45 |  |  |  | 13.45 |
Expected volatility in % |  |  | 56.67 | % |  |  | 62.27 | % |  |  | 54.80 | % |  |  | 42.54 | %
Expected life in years |  |  | 4.00 |  |  |  | 3.00 |  |  |  | 2.00 |  |  |  | 1.00 |
Expected dividends in % |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |
Risk-free interest rate in % |  |  | 4.08 | % |  |  | 4.04 | % |  |  | 4.04 | % |  |  | 4.16 | %
Measurement of fair values |  | 3.58 years |  |  | 2.58 years |  |  | 1.58 years |  |  | 0.58 years |
Fair value at grant date in USD |  |  | 5.66 |  |  |  | 4.61 |  |  |  | 3.33 |  |  |  | 2.56 |
Share price at grant date in USD |  |  | 11.60 |  |  |  | 11.60 |  |  |  | 11.60 |  |  |  | 11.60 |
Exercise price in USD |  |  | 11.60 |  |  |  | 11.60 |  |  |  | 11.60 |  |  |  | 11.60 |
Expected volatility in % |  |  | 63.38 | % |  |  | 59.33 | % |  |  | 53.65 | % |  |  | 70.35 | %
Expected life in years |  |  | 3.58 |  |  |  | 2.58 |  |  |  | 1.58 |  |  |  | 0.58 |
Expected dividends in % |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 0.00 |
Risk-free interest rate in % |  |  | 3.75 | % |  |  | 3.75 | % |  |  | 3.85 | % |  |  | 3.95 | %
Schedule of Cash Flows Arising from Financing Activities | Reconciliation of movements of liabilities to cash flows arising from financing activities
kEUR |  | Loans and borrowings |  |  | Warrant liabilities |  |  | Leases |  |  | Convertible notes |  |  | Total |
Balance as of Jan. 01, 2025 |  |  | 13,333 |  |  |  | 119,581 |  |  |  | 3,480 |  |  |  | 0 |  |  |  | 136,394 |
Changes from financing cash flows |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from shareholder loans |  |  | 6,275 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,275 |
Proceeds from convertible notes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 38,156 |  |  |  | 38,156 |
Proceeds from the issue of warrants |  |  | - |  |  |  | 9,000 |  |  |  | - |  |  |  | - |  |  |  | 9,000 |
Proceeds from the exercise of warrants |  |  | - |  |  |  | 26,950 |  |  |  | - |  |  |  | - |  |  |  | 26,950 |
Repayment of shareholder loans |  |  | -22,026 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | -22,026 |
Repayment of convertible notes |  |  | - |  |  |  | - |  |  |  | - |  |  |  | -21,231 |  |  |  | -21,231 |
Repayment of lease liabilities |  |  | - |  |  |  | - |  |  |  | -1,222 |  |  |  | - |  |  |  | -1,222 |
Interest paid |  |  | -2,152 |  |  |  | 0 |  |  |  | -154 |  |  |  | -10,204 |  |  |  | -12,511 |
Total changes from financing cash flows |  |  | -17,903 |  |  |  | 35,950 |  |  |  | -1,376 |  |  |  | 6,721 |  |  |  | 23,390 |
Other Changes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of changes in foreign exchange rates |  |  | -822 |  |  |  | -11,341 |  |  |  | -39 |  |  |  | -763 |  |  |  | -12,964 |
Changes in fair value |  |  | - |  |  |  | -31,842 |  |  |  | - |  |  |  | - |  |  |  | -31,842 |
Other changes *) |  |  | 45 |  |  |  | -57,540 |  |  |  | -51 |  |  |  | -26,753 |  |  |  | -84,298 |
Additions to lease liabilities |  |  | - |  |  |  | - |  |  |  | 1,020 |  |  |  | - |  |  |  | 1,020 |
Interest expense recognized in profit and loss |  |  | 10,357 |  |  |  | - |  |  |  | 154 |  |  |  | 20,795 |  |  |  | 31,306 |
Total liability-related other changes |  |  | 9,580 |  |  |  | -100,723 |  |  |  | 1,084 |  |  |  | -6,721 |  |  |  | -96,778 |
Balance as of Dec. 31, 2025 |  |  | 5,010 |  |  |  | 54,808 |  |  |  | 3,188 |  |  |  | 0 |  |  |  | 63,006 |
| *) | Other changes in warrant liabilities include non-cash effective changes that are related to the exercise of warrants and increased equity; other changes related to the convertible notes are non-cash effective changes due to the conversion of debt and interest into equity.
kEUR |  | Loans and borrowings |  |  | Warrant liabilities |  |  | Leases |  |  | Total |
Balance as of Jan. 01, 2024 |  |  | 13,908 |  |  |  | 21,626 |  |  |  | 3,434 |  |  |  | 38,968 |
Changes from financing cash flows |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from shareholder loans |  |  | - |  |  |  | 13,967 |  |  |  | - |  |  |  | 13,967 |
Proceeds from the issue of warrants |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Proceeds from the exercise of warrants |  |  | - |  |  |  | 9,260 |  |  |  | - |  |  |  | 9,260 |
Repayment of shareholder loans |  |  | -11,225 |  |  |  | - |  |  |  | - |  |  |  | -11,225 |
Repayment of lease liabilities |  |  | - |  |  |  | - |  |  |  | -996 |  |  |  | -996 |
Interest paid |  |  | -1,018 |  |  |  | - |  |  |  | -156 |  |  |  | -1,174 |
Total changes from financing cash flows |  |  | -12,243 |  |  |  | 23,227 |  |  |  | -1,152 |  |  |  | 9,832 |
Other Changes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of changes in foreign exchange rates |  |  | 845 |  |  |  | 6,660 |  |  |  | 8 |  |  |  | 7,513 |
Changes in fair value |  |  | - |  |  |  | 65,895 |  |  |  | - |  |  |  | 65,895 |
Other changes *) |  |  | -96 |  |  |  | 2,173 |  |  |  | - |  |  |  | 2,077 |
Additions to lease liabilities |  |  | - |  |  |  | 0 |  |  |  | 1,034 |  |  |  | 1,034 |
Interest expense recognized in profit and loss |  |  | 10,919 |  |  |  | - |  |  |  | 156 |  |  |  | 11,075 |
Total liability-related other changes |  |  | 11,668 |  |  |  | 74,728 |  |  |  | 1,198 |  |  |  | 87,594 |
Balance as of Dec. 31, 2024 |  |  | 13,333 |  |  |  | 119,581 |  |  |  | 3,480 |  |  |  | 136,394 |
kEUR |  | Loans and borrowings |  |  | Warrant liabilities |  |  | Leases |  |  | Total |
Balance as of Jan. 01, 2023 |  |  | - |  |  |  | 2,439 |  |  |  | 3,477 |  |  |  | 5,915 |
Changes from financing cash flows |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from shareholder loans |  |  | 12,033 |  |  |  | - |  |  |  | - |  |  |  | 12,033 |
Proceeds from the issue of warrants |  |  | - |  |  |  | 8,592 |  |  |  | - |  |  |  | 8,592 |
Repayment of shareholder loans |  |  | -703 |  |  |  | - |  |  |  | - |  |  |  | -703 |
Repayment of lease liabilities |  |  | - |  |  |  | - |  |  |  | -912 |  |  |  | -912 |
Interest paid |  |  | -106 |  |  |  | 0 |  |  |  | -153 |  |  |  | -259 |
Total changes from financing cash flows |  |  | 11,224 |  |  |  | 8,592 |  |  |  | -1,065 |  |  |  | 18,751 |
Other Changes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Effect of changes in foreign exchange rates |  |  | -83 |  |  |  | -264 |  |  |  | 8 |  |  |  | -339 |
Changes in fair value |  |  | - |  |  |  | 10,859 |  |  |  | - |  |  |  | 10,859 |
Additions to lease liabilities |  |  | - |  |  |  | 0 |  |  |  | 871 |  |  |  | 871 |
Interest accrued |  |  | 2,767 |  |  |  | - |  |  |  | 144 |  |  |  | 2,911 |
Total liability-related other changes |  |  | 2,684 |  |  |  | 10,595 |  |  |  | 1,023 |  |  |  | 14,302 |
Balance as of Dec. 31, 2023 |  |  | 13,908 |  |  |  | 21,626 |  |  |  | 3,434 |  |  |  | 38,968 |
Schedule of Development of Loss Allowance | The following table shows the development of loss allowance.
kEUR |  | 2025 |  |  | 2024 |
Allowance as of Jan. 01 |  |  | 197 |  |  |  | 134 |
Addition |  |  | 179 |  |  |  | 197 |
Reversal |  |  | -197 |  |  |  | -134 |
Allowance as of Dec. 31 |  |  | 179 |  |  |  | 197 |
Schedule of Trade Receivables, Contract Assets and Other Investments | In the following tables, the loss allowance as of December 31, 2025 and December 31, 2024 was determined as follows for trade receivables, contract assets and other investments.
kEUR |  | Current (not past due) |  |  | 1-30 days past due |  |  | 31-60 days past due |  |  | 61-90 days past due |  |  | >90 days past due |  |  | Total |
Dec. 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected loss rate |  |  | 1.65 | % |  |  | 1.01 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 20.68 | % |  |  | - |
Gross carrying amount - trade receivables |  |  | 3,593 |  |  |  | 766 |  |  |  | 370 |  |  |  | 202 |  |  |  | 536 |  |  |  | 5,468 |
Gross carrying amount - other investments |  |  | 6 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6 |
Loss allowance |  |  | -60 |  |  |  | -8 |  |  |  | - |  |  |  | - |  |  |  | -111 |  |  |  | -178 |
Total |  |  | 3,540 |  |  |  | 759 |  |  |  | 370 |  |  |  | 202 |  |  |  | 425 |  |  |  | 5,296 |
kEUR |  | Current (not past due) |  |  | 1-30 days past due |  |  | 31-60 days past due |  |  | 61-90 days past due |  |  | >90 days past due |  |  | Total |
Dec. 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected loss rate |  |  | 1.41 | % |  |  | 1.19 | % |  |  | 0.00 | % |  |  | 0.28 | % |  |  | 12.14 | % |  |  | - |
Gross carrying amount - trade receivables |  |  | 5,590 |  |  |  | 3,716 |  |  |  | 53 |  |  |  | 142 |  |  |  | 595 |  |  |  | 10,096 |
Gross carrying amount - other investments |  |  | 5 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5 |
Gross carrying amount - contract assets |  |  | 41 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 41 |
Loss allowance |  |  | -80 |  |  |  | -44 |  |  |  | 0 |  |  |  | 0 |  |  |  | -72 |  |  |  | -197 |
Total |  |  | 5,556 |  |  |  | 3,672 |  |  |  | 53 |  |  |  | 141 |  |  |  | 523 |  |  |  | 9,945 |
Schedule of Remaining Contractual Maturities of ADSE’s Financial Liabilities | The amounts are gross and undiscounted and include contractual interest payments:
kEUR |  | Total |  |  | Less than 1 year |  |  | 1-5 years |  |  | More than 5 years |
Shareholder loans |  |  | 5,198 |  |  |  | 5,198 |  |  |  | - |  |  |  | - |
Lease liabilities |  |  | 3,387 |  |  |  | 1,449 |  |  |  | 1,938 |  |  |  | - |
Trade payables |  |  | 16,731 |  |  |  | 16,731 |  |  |  | - |  |  |  | - |
Trade payables due to related parties |  |  | 1,822 |  |  |  | 1,822 |  |  |  | - |  |  |  | - |
Other payables |  |  | 1,713 |  |  |  | 1,499 |  |  |  | - |  |  |  | 214 |
Total |  |  | 28,851 |  |  |  | 26,700 |  |  |  | 1,938 |  |  |  | 214 |
The following table shows the remaining contractual maturities of ADSE’s financial liabilities as of December 31, 2024. The amounts are gross and undiscounted and include contractual interest payments:
kEUR |  | Total |  |  | Less than 1 year |  |  | 1-5 years |  |  | More than 5 years |
Shareholder loans |  |  | 25,052 |  |  |  | 25,052 |  |  |  | - |  |  |  | - |
Lease liabilities |  |  | 3,722 |  |  |  | 1,270 |  |  |  | 2,452 |  |  |  | - |
Trade payables |  |  | 29,299 |  |  |  | 29,299 |  |  |  | - |  |  |  | - |
Trade payables due to related parties |  |  | 2,601 |  |  |  | 2,601 |  |  |  | - |  |  |  | - |
Other payables |  |  | 2,317 |  |  |  | 2,109 |  |  |  | - |  |  |  | 209 |
Total |  |  | 62,992 |  |  |  | 60,331 |  |  |  | 2,452 |  |  |  | 209 |
Schedule of Appreciated or Depreciated | If the EUR had appreciated or depreciated by 10.0% against the USD as at December 31, 2025 and 2024 respectively, the consolidated profit would change in the manner shown below:
kEUR |  | Variance |  |  | Dec. 31, 2025 |  |  | OCI |  |  | Variance |  |  | Dec. 31, 2024 |
EUR/USD |  |  | +/-10.0 | % |  |  | -1,691 / 2,067 |  |  |  | - |  |  |  | +/-10.0 | % |  |  | +228 / -278 |
RSU [member] |  |
Disclosure on Individual Items of the Consolidated Financial Statements (Tables) [Line Items] |  |
Schedule of Grants Under Share Based Payment | The following table shows the number and weighted average fair values (WAFV) of and movements in RSUs during the year:
|  | 2025 |  |  | 2024 |
Program RSU |  | Number of RSUs |  |  | WAFV |  |  | Number of RSUs |  |  | WAFV |
Awards outstanding January 1 |  |  | 356,605 |  |  |  | 8.67 |  |  |  | 288,189 |  |  |  | 7.35 |
Awards granted in the reporting period |  |  | 153,710 |  |  |  | 13.01 |  |  |  | 341,163 |  |  |  | 10.62 |
Awards forfeited in the reporting period |  |  | -47,508 |  |  |  | 8.45 |  |  |  | -43,522 |  |  |  | 9.74 |
Awards vested in the reporting period |  |  | -107,248 |  |  |  | 9.09 |  |  |  | -229,225 |  |  |  | 8.19 |
Awards expired in the reporting period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Awards outstanding December 31 |  |  | 355,559 |  |  |  | 10.55 |  |  |  | 356,605 |  |  |  | 8.67 |
The following table shows the number and weighted average exercise prices (WAEP) of, and movements in stock options during the year:
|  | 2025 |  |  | 2024 |
Program NQSO |  | Number of NQSO |  |  | WAEP |  |  | Number of NQSO |  |  | WAEP |
Awards outstanding January 1 |  |  | 1,912,024 |  |  |  | 7.68 |  |  |  | 1,877,700 |  |  |  | 6.82 |
Awards granted in the reporting period |  |  | 342,951 |  |  |  | 13.48 |  |  |  | 424,298 |  |  |  | 10.44 |
Awards forfeited in the reporting period |  |  | -201,139 |  |  |  | 7.68 |  |  |  | -251,279 |  |  |  | 5.81 |
Awards exercised in the reporting period |  |  | -107,258 |  |  |  | 7.13 |  |  |  | -138,695 |  |  |  | 6.16 |
Awards expired in the reporting period |  |  | -3,827 |  |  |  | 10.44 |  |  |  | - |  |  |  | - |
Awards outstanding December 31 |  |  | 1,942,751 |  |  |  | 8.72 |  |  |  | 1,912,024 |  |  |  | 7.68 |
Awards exercisable December 31 |  |  | 818,084 |  |  |  | 7.64 |  |  |  | 463,963 |  |  |  | 7.51 |

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