Gigasun (GIGA) Q1 2025 earnings summary

Executive summary

• Achieved 18.4% year-over-year growth in solar PV production to 55.0 million kWh, reducing CO2 emissions by 27,000 tons.

• Signed new contracts for 15.6 MW, with a project pipeline of 142.4 MW and 54.4 MW in subscribed orders at quarter-end.

• Revenue increased 14.1% year-over-year to SEK 46.3 million, but loss after tax widened to SEK -20.9 million, impacted by higher costs and negative currency effects.

• Strategic review and refinancing are progressing, with a focus on strengthening the capital base and managing upcoming bond maturity.

Financial highlights

• Revenues: SEK 46.3 (40.5) million, up 14.1% year-over-year; net sales SEK 38.2 (33.8) million.

• Operating profit (EBIT): SEK 3.3 (4.2) million, down 22.9% year-over-year.

• Loss after financial items and tax: SEK -20.9 (-15.9) million; adjusted loss excluding currency effects: SEK -19.1 (-16.7) million.

• Total cash flow: SEK -17.0 (4.4) million; cash and bank at period-end: SEK 67 (24) million.

• Earnings per share before dilution: SEK -0.37 (-0.28).

Outlook and guidance

• Regulatory changes from May 2025 require most new solar PV electricity to be sold to end customers, but minimal impact expected due to existing business model.

• Ongoing dialogue with new investors to strengthen capital base and support continued expansion.

• Management expects new financing to be secured in 2025; failure to do so would create significant uncertainty regarding going concern.