During the quarter, the company's 200 (187) solar PV installations produced a total of 55.0 (46.5) million kWh, an increase of 18.4% compared to the previous year. Through this, we have reduced carbon dioxide emissions by approximately 27,000 (23,000) tons. New contracts for an additional 15.6 (4.1) MW were signed during the quarter. Financially, the quarter showed sales of SEK 46.3 (40.5) million and a loss after financial items and tax of SEK -20.9 (-15.9) million. This quarter, the currency effect was SEK -1.8 (0.8) million.
The quarter, in short
January 1st - March 31st
- The company installed a total of 0.0 (4.5) MW of roof-based solar PV installations and had 340.1 (286.3) MW installed capacity at the end of the quarter.
- 55.0 (46.5) million kWh were produced which reduced carbon dioxide related emissions by approximately 27,000 (23,000) tons.
- At the end of the quarter, the company had 54.4 (43.0) MW in subscribed orders, as well as projects in the pipeline of 142.4 (131.1) MW.
- The company signed 4 (3) contracts amounting to a total installed capacity of 15.6 (4.1) MW.
- The interest rate on leasing loans corresponding to SEK 515 million with JS Leasing was reduced by up to 70 basis points due to a lower reference rate, which lowers interest costs on affected loans by approximately SEK 3.1 million on an annual basis.
The quarter, in numbers
January 1st - March 31st
- Revenues (sales of electricity and subsidies) amounted to SEK 46.3 (40.5) million.
- Net sales (sales of electricity to customers and Grid) amounted to SEK 38.2 (33.8) million.
- Other operating income (subsidies and other) amounted to SEK 8.1 (6.7) million.
- Operating expenses amounted to SEK 43.0 (36.3) million
- Operating profit for the quarter amounted to SEK 3.3 (4.2) million.
- Interest expenses and similar charges amounted to SEK 22.5 (21.0) million.
- Loss for the quarter after financial items and tax amounted to SEK -20.9 (-15.9) million and was impacted by a currency effect of SEK -1.8 (0.8) million. Adjusted for the currency effect, loss for the quarter amounted to SEK -19.1 (-16.7) million.
- Total cash flow for the quarter amounted to SEK -17.0 (4.4) million.
- Earnings per share before dilution amounted to SEK -0.37 (-0.28).
- The number of employees at the end of the period was 22 (19).
Significant events after the end of the period
- The company signed 1 contract amounting to an installed capacity of 1.0 MW.
- As of May 1, 2025, most of the electricity from new solar PV installations must be sold to an end customer. This is the most common customer arrangement for Gigasun, and we therefore do not expect this to have any significant impact going forward. Due to this policy change, it has been a priority to complete projects where all electricity is to be sold to the grid.
- The company has installed 8 new solar PV installations with a total installed capacity of 36.9 MW, of which 7 projects sell 100% of their production to the grid. Total installed capacity at the time of this report is 377.0 MW.
For more information, please contact:
Max Metelius, CEO Gigasun AB (publ)
Phone: +46 (0) 72 316 04 44
E-mail: max.metelius@gigasun.se
Stefan Salomonsson, CFO Gigasun AB (publ)
Phone: +46 (0) 70 220 80 00
E-mail: stefan.salomonsson@gigasun.se
Certified Advisor is FNCA Sweden AB
About the operation
Gigasun operates in China through its wholly owned subsidiaries Advanced Soltech Renewable Energy (Hangzhou) Co. Ltd ("ASRE") and Longrui Solar Energy (Suqian) Co. Ltd. ("SQ"), and Suqian Ruiyan New Energy Co., Ltd. ("RY").
The business model consists of financing, installing, owning and managing solar PV installations on customers' roofs in China. The customer does not pay for the solar PV installation, but instead enters an agreement to buy the electricity that the solar PV installation produces under a 20-year agreement. Current income comes from the sale of electricity to customers and governmental subsidies.
The goal is to have an installed capacity of 1,000 megawatts (MW) in the medium term.
This information is information that Gigasun AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-05-15 13:00 CEST.
