CirChem (CIRCHE) Q2 2025 earnings summary

Executive summary

• Net sales increased by 63% to SEK 2.4m in Q2 2025 and by 75% to SEK 7.0m for H1, marking record highs for the period.

• Operating loss improved by 14% in Q2 and 40% in H1 year-over-year, despite higher costs from scaling and investments.

• Strengthened financial position through an oversubscribed rights issue and a green loan to support capacity expansion.

• Focus remains on converting pilot projects to long-term contracts and optimizing operations for improved margins.

Financial highlights

• Q2 2025 net sales: SEK 2,413k (Q2 2024: SEK 1,483k); H1 2025: SEK 6,963k (H1 2024: SEK 3,989k).

• Q2 2025 EBIT: SEK -2,145k (Q2 2024: SEK -2,487k); H1 2025: SEK -3,351k (H1 2024: SEK -5,631k).

• Q2 2025 EBITDA: SEK -1,865k (Q2 2024: SEK -2,446k); H1 2025: SEK -2,791k (H1 2024: SEK -5,557k).

• Earnings per share H1 2025: SEK -0.11 (H1 2024: SEK -0.21).

• Cash and cash equivalents at June 30, 2025: SEK 6,848k (June 30, 2024: SEK 14,042k).

Outlook and guidance

• Short-term goal: achieve positive cash flow and break-even at the Vargön facility.

• Medium-term target: 25,000 tons annual capacity, SEK 250m revenue, 15% EBITDA margin at full optimization.

• Plans for geographic expansion in Northern Europe with three additional plants, aiming for SEK 1bn in revenue.