EAM Solar (EAM) Q4 2024 earnings summary

Executive summary

• Organizational restructuring completed, including new CEO and head office establishment in Oslo; Energeia management agreement terminated.

• Focus shifted to cost control and legal proceedings, with future strategy dependent on litigation outcomes in Italy.

• Change in legal form to limited liability company (AS) led to non-compliance with Oslo Stock Exchange listing requirements; application for Euronext Growth underway.

Financial highlights

• Full year 2024 revenues reached EUR 1.28 million, up from EUR 0.99 million in 2023; Q4 revenues EUR 252k, up from EUR 206k in Q4 2023.

• EBITDA loss of EUR 1.38 million for 2024, mainly due to legal costs and provisions; adjusted EBITDA positive at EUR 154k.

• Net loss for 2024 was EUR 1.79 million, compared to EUR 1.21 million loss in 2023.

• Cash position at year-end EUR 1.09 million, with EUR 33k restricted.

• Book equity at year-end EUR 1.25 million; equity ratio 10%.

Outlook and guidance

• SG&A costs expected to decrease in 2025 after management agreement termination.

• Future financial strategy and going concern status depend on outcomes of ongoing legal cases, especially enforcement of EUR 4.4 million Brescia court decision.