Midsummer (MIDS) Q2 2025 earnings summary

Executive summary

• Q2 2025 net sales reached SEK 62.7m, up from SEK 12.2m year-over-year, driven by a major equipment order and growing international demand for flexible solar panels.

• EBITDA turned positive at SEK 0.9m in Q2 2025, compared to negative SEK 16.2m in Q2 2024, reflecting improved gross margin and cost control.

• Strategic focus shifted to international markets like Poland and Colombia due to weak Swedish solar market conditions.

• Major order for a 15 MW production line from a Swedish industrial and defense group, with most revenue recognized in 2025.

• Strengthened capital base through a directed share issue and bond conversion, raising SEK 73m and converting SEK 58m in bonds to equity.

Financial highlights

• Q2 2025 net sales: SEK 62.7m (Q2 2024: SEK 12.2m); H1 2025: SEK 68.1m (H1 2024: SEK 20.4m).

• Q2 2025 EBITDA: SEK 0.9m (Q2 2024: SEK -16.2m); H1 2025 EBITDA: SEK -18.6m (H1 2024: SEK -42.5m).

• Q2 2025 net result per share: SEK -0.07 (Q2 2024: SEK -0.35); H1 2025: SEK -0.21 (H1 2024: SEK -0.46).

• Q2 2025 cash flow: SEK 38.8m (Q2 2024: SEK 81.8m); cash position at period end: SEK 53.1m.

• Equity ratio improved to 26.4% (Q2 2024: 23.7%).

Outlook and guidance

• Continued focus on international expansion, especially in markets with high electricity prices and weak roof structures.

• Ongoing cost-saving program expected to further reduce production costs as volumes increase.

• Anticipates high earning potential as scalable solar factory sales continue globally.