Byhmgard (SPIFF) Q3 2025 earnings summary

Executive summary

• Q3 2025 marked a transformative period with the completion of the reverse acquisition of Byhmgard AB and preparations for public listing on Nordic Growth Market.

• Strategic write-downs and balance sheet adjustments were made to ensure a clean financial platform ahead of the listing.

• Over 55 MSEK in new capital was raised from external investors, and the board was strengthened with experienced industry leaders.

• Byhmgard is now positioned as a leading Nordic player in large-scale energy storage, with 270 active sites and a growing European pipeline.

Financial highlights

• Net sales for Q3 2025 were 0 KSEK, down from 102 KSEK in Q3 2024; accumulated net sales for the first nine months were 0 KSEK, down from 306 KSEK year-over-year.

• Operating result for Q3 2025 was -2,067 KSEK (vs. -1,392 KSEK in Q3 2024); accumulated operating result for the first nine months was -7,067 KSEK (vs. -4,564 KSEK year-over-year).

• Net result for Q3 2025 was -9,542 KSEK (vs. -109,918 KSEK in Q3 2024); accumulated net result for the first nine months was -46,666 KSEK (vs. -116,343 KSEK year-over-year).

• Cash flow from operations in Q3 2025 was -725 KSEK (vs. -1,493 KSEK in Q3 2024); accumulated cash flow for the period was 68 KSEK (vs. -73 KSEK year-over-year).

• Equity at period end was -6,862 KSEK (vs. 1,664 KSEK at Q3 2024); cash and cash equivalents at period end were 134 KSEK (vs. 159 KSEK at Q3 2024).

Outlook and guidance

• Q4 2025 is expected to mark the start of accelerated international expansion and further development of energy storage solutions.

• The company aims to become a leading European player in grid-scale battery energy storage systems (BESS).