Metacon (META) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 reached SEK 56.7 million, up over 400% year-over-year, driven by the 50 MW Greece project and new contracts in Morocco and the US.

• Gross margin improved to 16% from -77% sequentially, reflecting better project execution and cost control.

• EBITDA for Q2 improved to SEK -8.0 million from SEK -28.8 million year-over-year, with EBIT at SEK -11.1 million versus SEK -31.6 million.

• Financial targets for 2025 (SEK 500 million revenue, positive cash flow) are now expected to be delayed beyond 2025 due to project timing.

Financial highlights

• Q2 revenues: SEK 61.6 million (Q2 2024: SEK 11.6 million); H1 revenues: SEK 111.5 million (H1 2024: SEK 19.9 million).

• Q2 EBITDA: SEK -7.9 million (Q2 2024: SEK -28.8 million); H1 EBITDA: SEK -20.1 million (H1 2024: SEK -43.2 million).

• Q2 EBIT: SEK -11.1 million (Q2 2024: SEK -31.6 million); H1 EBIT: SEK -26.2 million (H1 2024: SEK -48.7 million).

• Q2 net loss after financial items: SEK -12.9 million (Q2 2024: SEK -32.0 million); H1 net loss: SEK -27.9 million (H1 2024: SEK -50.1 million).

• Equity/assets ratio at 65.8% (Q2 2024: 81.5%); cash and cash equivalents at SEK 72.8 million (Q2 2024: SEK 39.1 million).

Outlook and guidance

• Revenue recognition for major projects will extend into 2025 and 2026, delaying achievement of financial targets.

• Continued revenue flow expected in H2 2025 as project milestones are reached.

• Market demand for green hydrogen and related technologies remains strong, supporting future growth.