Circle Energy Sweden (CIRCLE) Q1 2025 earnings summary

Executive summary

• No revenue recognized in Q1 2025; operations focused on preparing Amfilochia plant for commissioning, expected in Q2/Q3 2025.

• Overhead costs and debt significantly reduced, lowering financial risk.

• New CEO and board members appointed; concrete action plan for plant restart implemented.

Financial highlights

• Net sales: 0 kSEK (218 kSEK in Q1 2024); prior year revenue from green electricity sales in Greece.

• Operating loss: -2,380 kSEK (improved from -3,069 kSEK in Q1 2024).

• Net loss: -2,401 kSEK (improved from -3,132 kSEK in Q1 2024).

• Cash at period end: 282 kSEK (1,595 kSEK at Q1 2024 end).

• Equity ratio: 84.9% (76.9% in Q1 2024).

Outlook and guidance

• Plant in Amfilochia expected to be completed and operational in Q2/Q3 2025.

• Targeting debt-free status in Q2 2025 and revenue generation from Q3 2025.