Zaptec (ZAP) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered 13% year-over-year revenue growth, improved gross margin, and record EBITDA, marking the strongest second quarter ever.

• Strong order intake rose 30% year-over-year, with a 24% increase in order backlog, providing high visibility for the rest of 2025.

• Inventory levels reduced by NOK 68 million, liquidity strengthened to NOK 466 million, and all external debt cleared, resulting in a net cash position of NOK 166 million.

• Major European markets (Benelux, UK, France, Germany) saw up to 88% year-over-year growth, supported by new product launches and expanded partnerships.

• Product innovation accelerated with the launch and ramp-up of Zaptec Go 2 and Pro Ice Ice, and participation in key industry trade fairs enhanced reputation.

Financial highlights

• Q2 revenue reached NOK 383 million, up 13% year-over-year, with gross margin at 41% (up from 39%) and EBITDA at NOK 44 million (11% margin), a 29% increase from Q2 last year.

• Order intake was NOK 445 million (+30% YoY), with a firm order backlog of NOK 567 million (+24% YoY) at quarter-end.

• OPEX stabilized at NOK 112 million, including a NOK 5 million one-off cost from a 25% marketing headcount reduction.

• One-off financial revenue of NOK 24 million from the sale of a non-core asset.

• Available liquidity increased by 43% to NOK 466 million at quarter-end.

Outlook and guidance

• Continued strong gross margin and EBITDA growth expected, supported by robust order backlog and sales pipeline.

• European EV market growth and momentum in Benelux, UK, France, and Germany underpin a positive outlook for profitable growth in H2 2025.

• Higher impact from new market sales and product launches anticipated in the second half of the year.