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Midsummer (MIDS) investor relations material

Midsummer Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary8 Aug, 2025

Executive summary

  • Q2 2025 net sales reached SEK 62.7m, up from SEK 12.2m year-over-year, driven by a major equipment order and growing international demand for flexible solar panels.

  • EBITDA turned positive at SEK 0.9m in Q2 2025, compared to negative SEK 16.2m in Q2 2024, reflecting improved gross margin and cost control.

  • Strategic focus shifted to international markets like Poland and Colombia due to weak Swedish solar market conditions.

  • Major order for a 15 MW production line from a Swedish industrial and defense group, with most revenue recognized in 2025.

  • Strengthened capital base through a directed share issue and bond conversion, raising SEK 73m and converting SEK 58m in bonds to equity.

Financial highlights

  • Q2 2025 net sales: SEK 62.7m (Q2 2024: SEK 12.2m); H1 2025: SEK 68.1m (H1 2024: SEK 20.4m).

  • Q2 2025 EBITDA: SEK 0.9m (Q2 2024: SEK -16.2m); H1 2025 EBITDA: SEK -18.6m (H1 2024: SEK -42.5m).

  • Q2 2025 net result per share: SEK -0.07 (Q2 2024: SEK -0.35); H1 2025: SEK -0.21 (H1 2024: SEK -0.46).

  • Q2 2025 cash flow: SEK 38.8m (Q2 2024: SEK 81.8m); cash position at period end: SEK 53.1m.

  • Equity ratio improved to 26.4% (Q2 2024: 23.7%).

Outlook and guidance

  • Continued focus on international expansion, especially in markets with high electricity prices and weak roof structures.

  • Ongoing cost-saving program expected to further reduce production costs as volumes increase.

  • Anticipates high earning potential as scalable solar factory sales continue globally.

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Frequently asked questions

Midsummer AB is a Sweden-based company specializing in the development and supply of equipment for manufacturing flexible copper indium gallium selenide (CIGS) thin film solar cells. The company's technology enables the production of customized, lightweight, flexible solar panels that can be affixed to various surfaces. These applications include floating modules, vehicles, landfills, portable power generation, and membrane roofs on structures not suitable for traditional glass modules. Midsummer’s key products include the DUO, a mass production deposition system, and the UNO, a research and development tool configured for different applications. The company is headquartered in Järfälla, Sweden, and its shares are listed on the Nasdaq Stockholm.

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