Zaptec (ZAP) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered 13% year-over-year revenue growth, improved gross margin, record EBITDA, and strong order intake, marking the strongest second quarter in company history.

• Major European markets (Benelux, France, UK, Germany) saw rapid expansion, with scaling of new product deployment and ramped-up sales.

• Inventory levels declined by NOK 68 million, approaching normalization, and liquidity significantly strengthened.

• Participation at leading industry trade fairs and new partnerships, including with Octopus Energy and BYD, enhanced reputation and future growth prospects.

• Product innovation accelerated with the launch and ramp-up of Zaptec Go 2 and Pro.

Financial highlights

• Q2 2025 revenue reached NOK 383 million, up 13% year-over-year and sequentially from Q1.

• Gross margin improved to 41%, up from 39% in Q2 2024.

• EBITDA was NOK 44 million (11% margin), a 29% increase from Q2 2024 and a record quarterly result.

• Order intake was NOK 445 million (+30% YoY), with a firm order backlog of NOK 567 million (+24% YoY) at quarter-end.

• Available liquidity at quarter-end was NOK 466 million, up NOK 139 million from Q1 and 43% year-over-year.

Outlook and guidance

• Expectation of continued strong gross margin and EBITDA growth, supported by robust order backlog and sales pipeline.

• Positive momentum and profitable growth anticipated in Benelux, UK, France, and Germany, driven by ongoing EV market expansion.

• European EV market growth projected to continue, supporting further sales and operational stability for the rest of 2025.