Gigasun (GIGA) Q4 2025 earnings summary

Executive summary

• Achieved a 28.2% year-over-year increase in electricity production, reaching 61.3 million kWh and reducing CO2 emissions by 30,000 tons.

• Revenues for the quarter were SEK 39.9 million, with a net loss after tax of SEK -17.4 million, improved from SEK -28.6 million last year.

• Full-year revenues rose 9.8% to SEK 239.7 million, with operating profit up 21.1% to SEK 73.5 million.

• Loss for the year after tax was SEK -7.2 million, significantly improved from SEK -32.9 million, with currency effects and non-recurring costs impacting results.

Financial highlights

• Quarterly net sales were SEK 34.3 million, and other operating income SEK 5.6 million.

• Operating expenses for the quarter increased 4% to SEK 43.1 million, mainly due to depreciation and maintenance.

• Quarterly operating profit was SEK -3.2 million, with interest expenses of SEK 19.5 million.

• Full-year interest expenses totaled SEK 82.0 million, down from SEK 88.7 million due to refinancing at lower rates.

• Total assets at year-end were SEK 2,297 million, with equity of SEK 488 million and an equity ratio of 21%.

• Cash flow for the quarter was SEK 19.1 million; full-year cash flow was SEK -34.9 million.

Outlook and guidance

• Electrification in China remains a structural growth driver, with electricity consumption expected to outpace GDP growth.

• Lower realized electricity prices (down 8% in H2) due to tariff adjustments are expected to have a manageable impact on revenues.

• Ongoing refinancing and lower construction costs are expected to improve future results.

• No dividend proposed for 2025; focus remains on value protection and disciplined asset divestment.