Zenergy (ZENZIP) Q4 2025 earnings summary

Executive summary

• 2025 was marked by restructuring, acquisitions, and integration efforts, with a focus on building a more integrated value chain and restarting production in Skillingaryd.

• Revenue for the year was 20,808 KSEK, a slight decrease from 21,685 KSEK in 2024, while net loss deepened to -24,265 KSEK from -13,483 KSEK, mainly due to integration and restructuring costs and low production volumes.

• The acquisition of Konceptutvecklarna in Sverige AB was completed, strengthening control over the value chain and offering potential for improved profitability.

• Directed share issues raised approximately 18 MSEK before transaction costs, bolstering the capital base.

Financial highlights

• Q4 2025 revenue was 2,808 KSEK, down from 16,804 KSEK in Q4 2024; full-year revenue was 20,808 KSEK, down from 21,685 KSEK.

• Net loss for Q4 2025 was -3,881 KSEK (Q4 2024: 1,319 KSEK profit); full-year net loss was -24,265 KSEK (2024: -13,483 KSEK).

• Operating costs for production increased to -20,492 KSEK (2024: -14,672 KSEK); other external and personnel costs rose to -20,073 KSEK (2024: -17,698 KSEK).

• Cash flow from operations was -19,205 KSEK (2024: -21,871 KSEK); cash flow from financing was 23,072 KSEK (2024: 20,649 KSEK).

• Cash and cash equivalents at year-end were 6,240 KSEK (2024: 6,714 KSEK).

Outlook and guidance

• Measures taken in 2025 are expected to improve operational and financial conditions for 2026.

• The company enters 2026 with a stronger structural position, focusing on operational discipline and financial control.

• Market activity is gradually increasing, but decision processes remain lengthy; priorities include stabilizing production, converting the project portfolio to construction starts, and improving cash flow.