Heliospectra (HELIO) Q4 2025 earnings summary

Executive summary

• 2025 was financially challenging but marked strategic progress, including a flagship project in Leamington, Canada, and expansion in the Netherlands.

• Strengthened technology platform with new partnerships and manufacturing in Poland, improving cost efficiency and lead times.

• Innovation focus advanced with helioSENSE nearing commercialization and enhanced energy management capabilities.

• Increased inbound customer activity and larger project quotations signal growing brand awareness and market credibility.

Financial highlights

• Net sales for 2025 were SEK 28,461 thousand, down from SEK 32,411 thousand in 2024.

• Operating loss widened to SEK -41,275 thousand from SEK -22,327 thousand year-over-year.

• EBITDA for 2025 was SEK -37,669 thousand, compared to SEK -19,555 thousand in 2024.

• Cash flow for the year was SEK 25,365 thousand, with cash at year-end at SEK 26,799 thousand.

• Order intake for 2025 was SEK 21,073 thousand, significantly lower than SEK 42,303 thousand in 2024 due to large prior-year orders.

Outlook and guidance

• Anticipates a substantial replacement market in 2026–2027 due to high energy prices, especially in Canada.

• Focus for 2026 includes supply chain readiness for larger projects and commercial launch of helioSENSE solutions.

• Continued strengthening of commercial and support teams to match a growing opportunity pipeline.