Record quarter for both production (+36%) and earnings (+275%)
During the quarter, the company's 212 (194) solar PV installations produced a total of 112.8 (82.9) million kWh, an increase of 36.1% compared to the previous year. Through this, we have reduced carbon dioxide emissions by approximately 55,000 (41,000) tons. New contracts for an additional 3.4 (10.5) MW were signed during the quarter. Financially, the quarter showed sales of SEK 81.9 (70.8) million and a profit after financial items and tax of SEK 21.1 (5.6) million. This quarter, the currency effect was SEK 0.2 (-0.5) million.
The quarter, in short
July 1st - September 30th
- The SOLT4 bond was extended at the company's request. The final repayment date of the bond has been postponed to November 8, 2026.
- The loan facility with Agri Bank was increased by approximately SEK 372 million (MCNY 280) in August 2025. The agreed refinancing is expected to continue for the remainder of 2025 and 2026. The interest rate on all leases with Agri Bank was changed from 4.05% to 3.60% due to a lowered reference rate as of July 1, 2025.
- An intra-group claim between Gigasun and ASRE in China has been reversed. This results in an impairment of SEK 42.4 million in the parent company and that the corresponding amount has been reversed in ASRE. This does not affect earnings or cash flow in the Group.
- The company installed a total of 4.0 (18.2) MW of roof-based solar PV installations and had 382.2 (311.0) MW installed capacity at the end of the quarter.
- 112.8 (82.9) million kWh were produced which reduced carbon dioxide related emissions by approximately 55,000 (41,000) tons.
- At the end of the quarter, the company had 14.6 (38.7) MW in subscribed orders, as well as projects in the pipeline of 131.1 (131.1) MW.
- The company signed 3 (2) contracts amounting to a total installed capacity of 3.4 (10.5) MW.
The quarter, in numbers
July 1st - September 30th
- Revenues (sales of electricity and subsidies) amounted to SEK 81.9 (70.8) million.
- Net sales (sales of electricity to customers and Grid) amounted to SEK 68.1 (59.7) million.
- Other operating income (subsidies and other) amounted to SEK 13.8 (11.1) million.
- Operating expenses amounted to SEK 40.8 (43.1) million
- Operating profit for the quarter amounted to SEK 41.1 (27.7) million.
- Interest expenses and similar charges amounted to SEK 20.1 (21.6) million.
- Profit for the quarter after financial items and tax amounted to SEK 21.1 (5.6) million and was impacted by a currency effect of SEK 0.2 (-0.5) million. Adjusted for the currency effect, profit for the quarter amounted to SEK 20.9 (6.2) million.
- Total cash flow for the quarter amounted to SEK 13.1 (36.0) million.
- Earnings per share before dilution amounted to SEK 0.37 (0.10).
- The number of employees at the end of the period was 21 (22).
Year-to-date, in numbers
January 1st - September 30th
- Revenues amounted to SEK 199.8 (176.0) million, an increase of 13.5 percent compared to the previous year. The increase is mainly related to a higher installed base. Currency effects impacted revenues by SEK -11.7 (-5.6) million.
- Net sales amounted to SEK 168.9 (149.3) million, an increase of 13.1 percent. Currency effects impacted net sales by SEK -9.9 (-4.8) million.
- Other operating income amounted to SEK 30.9 (26.7) million.
- Operating expenses amounted to SEK 123.1 (116.2) million, an increase of 6.0 percent compared to the previous year. The cost increase is mainly attributable to scheduled depreciation and maintenance costs for solar energy installations increasing, as well as a currency effect of SEK 6.5 (3.3) million.
- Operating profit for the period amounted to SEK 76.7 (59.8) million.
- Interest expenses and similar income items amounted to SEK 62.5 (65.3) million. Interest-bearing debt is largely unchanged compared with the previous year, but the ongoing refinancing in China with lower interest rates as a result leads to slightly lower interest costs overall.
- Profit for the year after financial items and tax amounted to SEK 10.2 (-4.3) million and was impacted by a non-cash flow affecting currency effect of SEK -4.4 (0.3) million. Adjusted for this item, profit for the year amounted to SEK 14.6 (-4.6) million.
- Total cash flow for the period amounted to SEK -54.0 (74.5) million.
- Earnings per share before dilution amounted to SEK 0.18 (-0.08).
Significant events after the end of the period
- The company signed 6 contracts amounting to an installed capacity of 8.4 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 2025-11-13 13:04 CET.