Modulight (MODU) Q2 2025 earnings summary

Executive summary

• Q2 revenue grew 103% year-over-year to EUR 1,962k, with EBITDA improving to EUR -43k from EUR -1,221k, driven by operational efficiency and a broader customer base.

• The R&D and product development pipeline expanded to 32 projects, with several advancing to pilot production and a focus on commercializing proprietary products.

• The U.S. remains the main market, with local manufacturing strengthened and 60 PPT sites installed, supporting growth and mitigating tariff risks.

• Three new major global customers were signed, contributing to future revenue and expanding the customer base.

• Operational and supplier quality issues from winter were resolved, supporting improved performance.

Financial highlights

• Q2 2025 revenue was EUR 1,962k, up 103% year-over-year; H1 2025 revenue was EUR 3,568k, up 76% year-over-year.

• Q2 EBITDA improved to EUR -43k from EUR -1,221k, a 96% improvement; H1 EBITDA was EUR -625k, up from EUR -2,535k.

• Operating expenses decreased by 12% despite increased investment in product development and sales.

• Free cash flow from operations in Q2 was EUR -1,315k, a significant improvement from EUR -2,554k last year.

• Cash and cash equivalents at period end: EUR 12,317k.

Outlook and guidance

• No formal outlook issued due to ongoing market, macroeconomic, and regulatory uncertainties.

• Most customer projects are in early development, making revenue forecasting difficult.

• Management expects business to return to strong growth by the end of the strategic period (2035).