Midsummer (MIDS) Q1 2025 earnings summary

Executive summary

• Q1 2025 net sales were 5,419 TSEK, down 34% year-over-year, mainly due to lower equipment sales; however, solar roof sales more than doubled (+118%) compared to Q1 2024, driven by international demand, especially in the US.

• EBITDA was -19,495 TSEK and net income was -40,676 TSEK, both deteriorating from the previous year; negative margins persisted.

• Major capital strengthening: 73 MSEK raised via directed share issue and 58 MSEK in bonds converted to equity; bond terms renegotiated and maturity extended.

• Secured a record 143.5 MSEK order for a 15 MW production line, with most revenue to be recognized in 2025.

• Strategic focus on large multinational customers and expansion outside Europe, with over half of Q1 solar panel sales outside Europe.

Financial highlights

• Net sales: 5,419 TSEK (Q1 2025) vs. 8,224 TSEK (Q1 2024), -34% year-over-year.

• EBITDA: -19,495 TSEK (Q1 2025) vs. -17,693 TSEK (Q1 2024).

• Net income: -40,676 TSEK (Q1 2025) vs. -19,106 TSEK (Q1 2024).

• Cash flow: 5,817 TSEK (Q1 2025) vs. -6,489 TSEK (Q1 2024).

• EPS: -0.15 SEK (Q1 2025 and Q1 2024).

Outlook and guidance

• Expect significant revenue growth in Q2 and beyond due to the large new production line order.

• Continued focus on international expansion, especially in Colombia and Thailand, and targeting large-scale industrial customers.

• Anticipate increased demand for flexible, lightweight solar panels as regulatory and market trends favor low-carbon solutions.