Short-term headwinds offset by falling interest costs. During the quarter, the company's 226 (208) solar PV installations produced a total of 98.1 (98.6) million kWh, a decrease of 0.5% compared to the previous year. Through this, we have reduced carbon dioxide emissions by approximately 48,000 (48,000) tons. New contracts for an additional 6.3 (10.6) MW were signed during the quarter. Financially, the quarter showed sales of SEK 61.6 (71.6) million and a loss after financial items and tax of SEK -1.1 (10.0) million. This quarter, the currency effect was SEK -0.6 (-2.8) million.
The quarter, in short
April 1st - June 30th
- The quarter was characterized by unusually weak solar irradiation conditions. Production per installed MW was 10.0% lower compared with the same period last year and is the reason for approximately SEK 7.8 million of the decrease in revenue compared with the same period last year.
- As in the previous quarter, the adjusted electricity tariffs in Jiangsu and Anhui have had a negative impact on revenues during the period, in line with the company's expectations. The effect of the lower electricity tariffs amounted to approximately SEK 7.0 million compared with the same period last year. Together with a weaker currency and a higher share of direct-to-net sales, this has contributed to lower revenues compared to the previous year. The announced tariff adjustments have now been implemented and further changes are not expected in the near future.
- The Company's average interest rate continued to decline during the quarter and amounted to 4.77%, compared with 5.72% in the corresponding period last year. The lower average interest rate is a result of the company's ongoing work on refinancing on more favourable terms.
- The company installed a total of 0.0 (38.7) MW of roof-based solar PV installations and had 403.7 (378.1) MW installed capacity at the end of the quarter.
- 98.1 (98.6) million kWh were produced which reduced carbon dioxide related emissions by approximately 48,000 (48,000) tons.
- At the end of the quarter, the company had 10.3 (15.6) MW in subscribed orders.
- The company signed 2 (3) contracts amounting to a total installed capacity of 6.3 (10.6) MW.
The quarter, in numbers
April 1st - June 30th
- Revenues (sales of electricity and subsidies) amounted to SEK 61.6 (71.6) million.
- Net sales (sales of electricity to customers and Grid) amounted to SEK 54.7 (62.6) million.
- Other operating income (subsidies and other) amounted to SEK 6.9 (9.0) million.
- Operating expenses amounted to SEK 43.4 (39.3) million
- Operating profit for the quarter amounted to SEK 18.2 (32.3) million.
- Interest expenses and similar charges amounted to SEK 18.8 (19.9) million.
- Loss for the quarter after financial items and tax amounted to SEK -1.1 (10.0) million and was impacted by a currency effect of SEK -0.6 (-2.8) million. Adjusted for the currency effect, profit for the quarter amounted to SEK -0.5 (12.8) million.
- Total cash flow for the quarter amounted to SEK 0.4 (-50.1) million.
- Earnings per share before dilution amounted to SEK -0.02 (0.18).
- The number of employees at the end of the period was 20 (22).
Year-to-date, in numbers
January 1st - June 30th
- Revenues amounted to SEK 98.3 (117.9) million, a decrease of 17 percent compared to the previous year. Currency effects impacted revenues by SEK -4.1 (-4.8) million.
- Net sales amounted to SEK 86.7 (100.8) million, a decrease of 14 percent. Currency effects impacted net sales by SEK -3.6 (-4.1) million.
- Other operating income amounted to SEK 11.6 (17.1) million.
- Operating expenses amounted to SEK 89.2 (82.3) million, an increase of 8 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 1.3 (3.0) million.
- Operating profit for the period amounted to SEK 9.1 (35.6) million.
- Interest expenses and similar income items amounted to SEK 36.6 (42.4) million. Interest-bearing debt has increased compared with the previous year, but the ongoing refinancing in China with lower interest rates as a result leads to lower interest expenses overall.
- Loss for the year after financial items and tax amounted to SEK -28.6 (-10.9) million and was impacted by a non-cash flow affecting currency effect of SEK -1.2 (-4.6) million. Adjusted for this item, profit for the year amounted to SEK -27.5 (-6.3) million.
- Total cash flow for the period amounted to SEK -37.3 (-67.1) million.
- Earnings per share before dilution amounted to SEK -0.50 (-0.19).
Significant events after the end of the period
- The company installed 1 new solar PV installation with a capacity of 3.5 MW.
- The company signed 2 contracts amounting to an installed capacity of 6.3 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 2026-08-25 13:00 CEST.
