Karsan (KARSN) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was 1,525,137 TL, down from 2,424,815 TL in Q1 2024, with a net loss of 287,490 TL versus a net profit of 14,959 TL year-over-year.

• Gross profit margin declined, and operating loss was recorded at 46,484 TL compared to an operating profit of 416,926 TL in the prior year.

• Comprehensive loss for the period was 307,465 TL, reflecting both operational and other comprehensive losses.

Financial highlights

• Cash and cash equivalents at March 31, 2025, were 421,126 TL, down from 1,296,739 TL at year-end 2024.

• Total assets decreased to 16,355,518 TL from 16,644,415 TL at December 31, 2024.

• Equity fell to 5,735,281 TL from 6,042,746 TL sequentially.

• Net financial debt increased, with net debt/equity ratio rising to 101% from 88% at year-end.

• Operating cash flow was negative, with a net decrease in cash of 875,614 TL for the quarter.

Outlook and guidance

• Management expects revenue growth and improved operating profitability for 2025, anticipating cash inflows to strengthen working capital.