Enrad (ENRAD) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 increased to 15,237 Tkr from 12,634 Tkr year-over-year, but operating profit before depreciation and financial items fell to -2,332 Tkr from 1,375 Tkr.

• Net result for Q2 2025 was -3,382 Tkr compared to 799 Tkr in Q2 2024; EPS was -0.13 kr versus 0.03 kr.

• For H1 2025, net sales rose to 31,447 Tkr from 20,258 Tkr, but operating profit before depreciation and financial items was -1,477 Tkr versus 755 Tkr.

• Net result for H1 2025 was -3,557 Tkr compared to -441 Tkr in H1 2024; EPS was -0.13 kr versus -0.02 kr.

• Equity at period end was 45,650 Tkr, up from 24,714 Tkr year-over-year.

Financial highlights

• Q2 2025 net sales up 21% year-over-year; H1 2025 net sales up 55% year-over-year.

• Q2 2025 operating loss after depreciation and financial items widened to -3,382 Tkr from 799 Tkr profit in Q2 2024.

• H1 2025 operating loss after depreciation and financial items was -3,557 Tkr, compared to -441 Tkr in H1 2024.

• Cash at end of Q2 2025 was 21 MSEK, up from 3 MSEK year-over-year.

• Equity ratio improved to 76% at end of H1 2025 from 60% a year earlier.

Outlook and guidance

• Order backlog is full for Q3, with active efforts to fill Q4 as customers return from summer.

• Management expects continued operations throughout 2025 without additional capital injection.

• Demand remains strong, with ongoing efforts to establish partnerships and expand in the Netherlands and Finland.