Circle Energy Sweden (CIRCLE) Q4 2024 earnings summary

Executive summary

• Revenue for Jan–Dec 2024 was SEK 912k, down from SEK 4,922k year-over-year, mainly from green electricity sales in Greece and settlements with suppliers.

• Operating loss widened to SEK -20,729k (from -11,762k), driven by non-recurring SEK 9,000k impairments and lack of operational facilities.

• Net loss for the year was SEK -20,782k, compared to SEK -13,465k in 2023.

• Major management changes: new CEO Martin Boulton appointed, board partially restructured, and cost-cutting measures implemented.

• Focus remains on restarting the Amfilochia plant in Greece to generate revenue.

Financial highlights

• Q4 2024 revenue was SEK 692k (Q4 2023: SEK 1,350k); full-year revenue SEK 912k (2023: SEK 4,922k).

• Q4 operating loss improved to SEK -286k (Q4 2023: -3,845k); full-year operating loss SEK -20,729k (2023: -11,762k).

• Q4 net loss SEK -184k (Q4 2023: -3,989k); full-year net loss SEK -20,782k (2023: -13,465k).

• SEK 9,000k in impairments (Q2) related to solar park and Amfilochia investments.

• Cash flow from operations for the year was SEK -13,582k; cash at year-end SEK 337k.

Outlook and guidance

• No financial forecasts or explicit targets provided; focus is on resolving technical issues and restarting Greek operations.

• Board and management have suspended compensation until Amfilochia generates revenue.