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Midsummer (MIDS) investor relations material
Midsummer Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Nov, 2025
Executive summary
Achieved significant order intake, including a SEK 143.5 million order from Saab for a Colombian solar cell factory, with future expansion to 100–200 MW capacity expected to drive further growth.
Established subsidiaries in Colombia and Thailand to target Latin American and Southeast Asian markets, reflecting a shift toward international B2B sales and large-scale projects.
Bari, Italy factory is now certified and operational, with staff expansion underway to support increased production.
Financial highlights
Net sales for Q3 2025 reached SEK 44.7 million, up from SEK 27.3 million in Q3 2024; YTD net sales were SEK 112.8 million, up from SEK 47.8 million year-over-year.
Q3 2025 operating loss was SEK -15.0 million (Q3 2024: SEK -6.1 million); YTD operating loss improved to SEK -55.5 million from SEK -92.9 million.
EBITDA for Q3 2025 was SEK -5.0 million (Q3 2024: SEK 0.7 million); YTD EBITDA was SEK -23.7 million (YTD 2024: SEK -41.8 million).
Cash flow for Q3 2025 was SEK -28.9 million (Q3 2024: SEK -57.2 million); YTD cash flow was SEK 15.7 million (YTD 2024: SEK 18.2 million).
Equity ratio at quarter-end was 25.9% (Q3 2024: 22.4%).
Outlook and guidance
Announced a fully guaranteed rights issue of SEK 175 million in early 2026 to support working capital needs for large-scale equipment deliveries.
Ongoing cost-saving program and focus on international expansion expected to improve results in coming quarters.
Colombia factory: total DUO machine orders?
Rights issue: impact on debt and balance sheet?
BOLD product focus: expected sales growth drivers?
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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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