Ennogie Solar (ESG) Q1 2026 earnings summary

Executive summary

• Q1 2026 was impacted by a severe winter, leading to lower order intake and delayed installations, but saw the first delivery of an integrated battery system, marking a shift toward a full energy platform provider.

• Secured DKK 11.5 million in new funding and optimized debt structure, strengthening the financial foundation.

• Nasdaq Copenhagen removed the company from its observation list after the capital raise.

Financial highlights

• Revenue increased 5% year-over-year to DKK 4.7 million in Q1 2026, with 68% from Denmark and 32% from Germany.

• Gross profit rose to DKK 2.2 million, with gross margin improving to 47.5% from 41.5% in Q1 2025.

• EBITDA improved to DKK -3.0 million from DKK -4.1 million year-over-year.

• Net loss narrowed to DKK -3.9 million from DKK -5.0 million in Q1 2025.

• Cash flow from operations improved to DKK -0.7 million from DKK -3.8 million year-over-year.

• Equity at March 31, 2026 was DKK 14.9 million, down from DKK 19.6 million at year-end 2025.

Outlook and guidance

• 2026 revenue expected between DKK 55–65 million, with EBITDA projected at DKK 1–4 million.

• Revenue growth forecasted at 4–23% over 2025, supported by a DKK 10 million order book and new product launches.

• Gross margin expected to remain consistent with 2025; operating expenses to stay stable.

• Outlook depends on supplier fulfillment, insurance coverage for replacements, and market conditions such as interest rates and electricity prices.