Gigasun (GIGA) Q3 2024 earnings summary

Executive summary

• Installed capacity surpassed 300 MW, with record quarterly production of 82.9 million kWh, up 20.2% year-over-year, reducing CO2 emissions by 41,000 tons.

• Revenues for Q3 2024 reached SEK 70.8 million, a 7.7% increase year-over-year; net profit after tax was SEK 5.6 million, impacted by SEK -0.5 million in currency effects.

• Strategic refinancing in China reduced financing costs, with a new 10-year, SEK 870 million facility at 4.05% interest.

• The SOLT4 bond was extended, moving final repayment to November 2025.

Financial highlights

• Q3 2024 revenues: SEK 70.8 (65.7) million; net sales: SEK 59.7 (54.1) million; operating profit: SEK 27.7 (29.9) million.

• Year-to-date revenues: SEK 176.0 (171.9) million; net sales: SEK 149.3 (140.2) million; operating profit: SEK 59.8 (59.9) million.

• Q3 profit after tax: SEK 5.6 (3.9) million; year-to-date profit after tax: SEK -4.3 (-69.8) million.

• Cash flow for Q3: SEK 36.0 (-22.5) million; year-to-date: SEK 74.5 (-6.1) million.

• Earnings per share before dilution: Q3 SEK 0.10 (0.08); YTD SEK -0.08 (-1.60).

Outlook and guidance

• Strong project pipeline of 131 MW; focus on securing equity for growth and maximizing shareholder value.

• Ongoing discussions with China-focused investors due to limited capital availability in Scandinavia.

• Government stimulus and interest rate cuts in China expected to benefit operations.