Midsummer (MIDS) Q3 2025 earnings summary

Executive summary

• Achieved significant order intake, including a SEK 143.5 million order from Saab for a Colombian solar cell factory, with future expansion to 100–200 MW capacity expected to drive further growth.

• Established subsidiaries in Colombia and Thailand to target Latin American and Southeast Asian markets, reflecting a shift toward international B2B sales and large-scale projects.

• Bari, Italy factory is now certified and operational, with staff expansion underway to support increased production.

Financial highlights

• Net sales for Q3 2025 reached SEK 44.7 million, up from SEK 27.3 million in Q3 2024; YTD net sales were SEK 112.8 million, up from SEK 47.8 million year-over-year.

• Q3 2025 operating loss was SEK -15.0 million (Q3 2024: SEK -6.1 million); YTD operating loss improved to SEK -55.5 million from SEK -92.9 million.

• EBITDA for Q3 2025 was SEK -5.0 million (Q3 2024: SEK 0.7 million); YTD EBITDA was SEK -23.7 million (YTD 2024: SEK -41.8 million).

• Cash flow for Q3 2025 was SEK -28.9 million (Q3 2024: SEK -57.2 million); YTD cash flow was SEK 15.7 million (YTD 2024: SEK 18.2 million).

• Equity ratio at quarter-end was 25.9% (Q3 2024: 22.4%).

Outlook and guidance

• Announced a fully guaranteed rights issue of SEK 175 million in early 2026 to support working capital needs for large-scale equipment deliveries.

• Ongoing cost-saving program and focus on international expansion expected to improve results in coming quarters.