EAM Solar (EAM) Q1 2025 earnings summary

Executive summary

• Q1 2025 power production was 761 MWh, 26% below normal due to reduced capacity from thefts and seasonality; production represents 15% of annual output.

• EBITDA for Q1 was negative EUR 165k, impacted by EUR 100k relisting costs and EUR 112k legal costs.

• Cash position at quarter-end was EUR 455k; total assets EUR 11.3 million, equity ratio 6.7%.

• Ongoing legal proceedings in Italy and Luxembourg remain critical to future financial strategy and liquidity.

• Supreme Court of Italy decision on criminal proceedings expected 17 June 2025.

Financial highlights

• Q1 2025 revenues were EUR 233k, up from EUR 210k in Q1 2024.

• EBITDA loss of EUR 165k (Q1 2024: loss of EUR 3k); adjusted EBITDA loss EUR 53k.

• EBIT loss of EUR 307k; net loss of EUR 347k compared to net income of EUR 263k in Q1 2024.

• SG&A expenses EUR 230k, including EUR 100k for relisting; legal costs EUR 112k.

• Cash at quarter-end EUR 455k, with EUR 33k restricted.

Outlook and guidance

• Future financial strategy depends on outcomes of ongoing legal proceedings in Italy.

• Material uncertainty exists regarding ability to continue as a going concern; additional equity may be needed.

• Group liquidity may be challenged if court decisions are enforced or legal costs persist.