EAM Solar (EAM) Q2 2025 earnings summary

Executive summary

• Relisted onto Euronext Growth in July 2025, with a 20:1 reverse share split to reduce costs and comply with listing requirements.

• Organizational restructuring included terminating the management agreement with Energeia AS and establishing a new head office in Oslo.

• Ongoing focus on cost control and legal proceedings to recover value lost from the P31 fraud.

Financial highlights

• H1 2025 revenues were EUR 596k, up from EUR 514k in H1 2024; Q2 2025 revenues were EUR 363k, up from EUR 303k in Q2 2024.

• EBITDA for H1 2025 was negative EUR 121k, mainly due to litigation and relisting costs; adjusted EBITDA was EUR 106k.

• Net loss for H1 2025 was EUR 531k, compared to a net loss of EUR 511k in H1 2024.

• Cash position at end of June 2025 was EUR 183k, down from EUR 1.1 million at year-end 2024.

• Equity ratio at 8.5% with total assets of EUR 11.8 million and book equity of EUR 1 million.

Outlook and guidance

• Normal operations cover operating costs, but litigation and non-operational costs require additional financing in H2 2025.

• Material uncertainty exists regarding the ability to continue as a going concern if the EUR 4.4 million court claim is enforced.

• Additional equity or equivalent financing is needed in H2 2025 to secure going concern.