EAM Solar (EAM) Q3 2025 earnings summary

Executive summary

• EBITDA for the nine months was EUR 47k, with adjusted EBITDA from ordinary operations at EUR 319k, reflecting improved operational efficiency year-over-year.

• Cost of operations and SG&A reduced by 25% from 2024, driven by cost-saving initiatives and acquisition synergies.

• The company completed an equity issue in November, raising capital through the issuance of 12,671,240 new shares at NOK 1 per share.

• Ongoing legal proceedings, including a significant judgement against the company for EUR 4.4 million, remain a key focus, with enforcement paused pending settlement discussions.

Financial highlights

• Nine months revenues were EUR 983k, down from EUR 1,046k year-over-year; Q3 revenues were EUR 388k versus EUR 415k in Q3 2024.

• EBITDA for the nine months was EUR 48k, up from a loss of EUR 89k in the prior year; Q3 EBITDA was EUR 169k, up from EUR 31k.

• Net loss for the nine months was EUR 559k, compared to a loss of EUR 187k in the same period last year.

• Total assets at period end were EUR 11.8 million, with book equity of EUR 1 million and an equity ratio of 8.5%.

• Cash position at the end of September was EUR 125k.

Outlook and guidance

• Liquidity remains challenged due to one-off administrative and ongoing legal costs; the company’s ability to continue as a going concern is materially uncertain if the EUR 4.4 million court decision is enforced.

• The company is appealing the Brescia court decision and has requested a halt to enforcement; a hearing is scheduled for February 2026.