Turbo Energy, S.A. Files 20-F Annual Report for Fiscal Year Ended December 31, 2023

TL;DR

<b>Turbo Energy, S.A. has filed its 2023 annual report on Form 20-F, detailing its financial performance and corporate structure.</b>

AI Summary

Turbo Energy, S.A. (TURB) filed a Foreign Annual Report (20-F) with the SEC on April 18, 2024. Turbo Energy, S.A. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company is incorporated in the Kingdom of Spain and its principal executive offices are located in Valencia. As of December 31, 2023, Turbo Energy had 55,085,700 ordinary shares outstanding, par value €0.05 per share. American Depositary Shares (ADS) representing five Ordinary Shares trade on The Nasdaq Stock Market LLC under the symbol TURB. The filing was made on April 18, 2024.

Why It Matters

For investors and stakeholders tracking Turbo Energy, S.A., this filing contains several important signals. This filing provides investors with a comprehensive overview of Turbo Energy's operations and financial standing for the fiscal year 2023, crucial for assessing the company's health and future prospects. The report confirms the trading details of its American Depositary Shares on Nasdaq, offering transparency to the market regarding its listed securities.

Risk Assessment

Risk Level: low — Turbo Energy, S.A. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain new material events or significant financial disclosures that would indicate elevated risk.

Analyst Insight

Investors should review the full 20-F filing to understand Turbo Energy's financial performance, operational details, and risk factors for the fiscal year 2023.

Key Numbers

• 55,085,700 — Ordinary Shares Outstanding (As of December 31, 2023.)
• 0.05 — Par Value per Ordinary Share (In Euros.)
• 2023-12-31 — Fiscal Year End (Covered by the annual report.)
• 2024-04-18 — Filing Date (Date the 20-F was filed.)

Key Players & Entities

• Turbo Energy, S.A. (company) — Filer of the 20-F annual report.
• Nasdaq Stock Market LLC (company) — Exchange where American Depositary Shares trade.
• TURB (company) — Trading symbol for Turbo Energy's American Depositary Shares.
• Kingdom of Spain (company) — Jurisdiction of incorporation.
• Alejandro Moragues (person) — CFO and company contact person.

FAQ

Industry Context

Turbo Energy, S.A. operates in the electrical machinery and equipment sector, specifically focusing on energy-related products. As a Spanish company with Nasdaq-listed securities, it navigates both European and US regulatory environments.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring foreign private issuers like Turbo Energy to submit annual reports on Form 20-F.

What Investors Should Do

1. Review the full 20-F filing for detailed financial statements and management discussion.
2. Analyze the number of outstanding ordinary shares and their par value for equity structure understanding.
3. Confirm the trading status and listing details of the American Depositary Shares (ADS) on the Nasdaq Stock Market.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
• 2024-04-18: Filing Date — Date Turbo Energy, S.A. submitted its annual report on Form 20-F.

Year-Over-Year Comparison

This is the initial 20-F filing for the fiscal year ended December 31, 2023, as indicated by the form type and filing date.

Key Financial Figures

• $399,803 — nt expenses were 361,420 (approximately $399,803), 169,435 and 106,786 during the fiscal
• $5,535,492 — approximately 5,004,061 (approximately $5,535,492) in revenue or 37.5% of our revenue for

Filing Documents

• ea0203726-20f_turbo.htm (20-F) — 1682KB
• ea020372601ex2-1_turbo.htm (EX-2.1) — 86KB
• ea020372601ex8-1_turbo.htm (EX-8.1) — 2KB
• ea020372601ex12-1_turbo.htm (EX-12.1) — 9KB
• ea020372601ex12-2_turbo.htm (EX-12.2) — 9KB
• ea020372601ex13-1_turbo.htm (EX-13.1) — 4KB
• ea020372601ex13-2_turbo.htm (EX-13.2) — 4KB
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• fin_001.jpg (GRAPHIC) — 2KB
• 0001213900-24-033958.txt (&nbsp;) — 7908KB
• turb-20231231.xsd (EX-101.SCH) — 99KB
• turb-20231231_cal.xml (EX-101.CAL) — 47KB
• turb-20231231_def.xml (EX-101.DEF) — 311KB
• turb-20231231_lab.xml (EX-101.LAB) — 582KB
• turb-20231231_pre.xml (EX-101.PRE) — 325KB
• ea0203726-20f_turbo_htm.xml (XML) — 769KB

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 8 1 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 82 A. Debt Securities 82 B. Warrants and Rights 82 C. Other Securities 82 D. American Depositary Shares 82 PART II ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 92 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITIES HOLDERS AND USE OF PROCEEDS 92 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 92 ITEM 16 [RESERVED] 93 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 94 ITEM 16B. CODE OF ETHICS 94 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 94 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 94 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 95 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 95 ITEM 16G. CORPORATE GOVERNANCE 95 ITEM 16H. MINE SAFETY DISCLOSURE. 95 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. 95 PART III ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 96 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 96 ITEM 19. EXHIBITS 96 ii INTRODUCTORY NOTES Use of Certain Defined Terms Except as otherwise indicated by the context and for the purposes of this report only, references in this report to: "we," "us," "the Company," "our" or "our company" are to the combined business of Turbo Energy, S.A. (named before Turbo Energy S.L.), a Spanish corporation, and its consolidated subsidiary; "Umbrella Solar" is to Umbrella Solar Investment S.A. a company established under the laws of the Kingdom of Spain on March 23, 2018, our parent company. Mr. Enrique Selva Bellvis, our Chairman of the Board, owns 23.21% shares of Umbrella Solar. Crocodile Investment owns 54% shares of Umbrella Solar. Umbrella Solar is a public company listed in Spain on BME GROWTH; "Turbo Energy Solutions" is to Turbo Energy Solutions S.L.U. (named before IM2 Proyecto 35 S.L.U), a company established under the laws of the Kingdom of Spain on August 1, 2019, our wholly owned subsidiary; "Crocodile Investment" is to Crocodile Investment, S.L.U., a company established under the laws of the Kingdom of Spain on November 8, 2013. Crocodile Investment is Umbrella Solar's 54% shareholder. Mr. Enrique Selva Bellvis, our Chairman of the Board, owns 100% shares of Crocodile Investment; "EUR euros", "euros" and "" are to the legal currency of the European Union; and "U.S. dollars," "dollars," "USD", "US

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable for annual reports on Form 20-F.

OFFER STATISTICS

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable for annual reports on Form 20-F.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [RESERVED] Not applicable. B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors An investment in our ADSs involves a high degree of risk. The following risk factors describe circumstances or events that could have a negative effect on our business, financial condition or operating results. You should carefully consider the risks described below, together with all of the other information included in this annual report, before making an investment decision. If any of the following risks actually occur, our business, financial condition or results of operations could suffer. In that case, the trading price of our ADSs could decline, and you may lose all or part of your investment. Additional risks and uncertainties not currently known to us or that we currently believe are not material could also impair our business, financial condition or operating results. Some statements in this annual report, including statements in the following risk factors, constitute forward-looking statements. Please refer to the section titled "Cautionary Statement Regarding Forward-Looking Summary of Risk Factors Investing in our company involves significant risks. These risks include the following: Our products may experience quality problems from time to time that could result in negative publicity, litigation, product recalls and warranty claims, which could result in decreased revenues and harm to our brands. We expect to incur research and development costs and devote significant resources to developing new products, which could significantly reduce our profitability and may never result in revenue to the Company. 1 Our success depends on our ability to develop new products and capabilities that respond to customer demand, industry trends or actions by our competitors and failure to do so may cause us to lose our competitiveness in the battery indus

View Full Filing

View this 20-F filing on SEC EDGAR