Enapter AG

Latest Results (03.05.2026):

Enapter AG — first half of 2025 (covering Q1–Q2 2025): the company reported H1 2025 revenue of €5.64m (down 32% y/y), EBITDA of -€8.11m and a consolidated net loss of -€13.66m. Gross margin fell to ~8% from 32% a year earlier. Cash and cash equivalents were €6.47m at 30 June 2025, equity stood at €56.24m (equity ratio ~39%), and the order backlog was about €42m. Management warns of a material uncertainty on going concern and has revised full‑year 2025 guidance downward (see highlights).

Revenue and sales mix

H1 2025 revenue €5.64m (previous H1 2024: €8.27m). Sales were weaker than planned, driven by lower single‑core electrolyser volumes and deferred Nexus deliveries. Geographic mix shifted — EU (incl. Italy) ~67%, Germany ~16%, Asia ~15%.

Profitability

Gross profit margin dropped to ~8% (from 32%) due to product mix and higher cost of materials; EBITDA was -€8.11m (vs -€2.98m prior year) and consolidated net loss -€13.66m (vs -€7.93m).

Cash, cash flow and financing

Cash at 30 June 2025: €6.47m (up from €4.57m). Operating cash flow improved to +€0.33m; investing cash flow -€4.71m (capex and capitalised development); financing cash flow +€6.29m (including €4.29m gross from a capital increase and a €3.0m promissory note loan).

Balance sheet highlights

Total assets €145.6m; equity €56.24m (equity ratio ~39% vs 46% at year end 2024). Trade receivables fell to €18.83m (reclassification and new payment plan with a US distributor moved €16.08m into non‑current assets).

Orders and backlog

Order intake in H1 ~€6.4m (well below prior period €23.4m). Backlog at 30 June ~€42m, mainly megawatt‑class projects. Company received several multi‑MW orders (Italy, Greece) during the period.

Capital raise and liquidity runway

Completed capital increase on 12 June 2025 raising ~€4.3m gross (issue price €2.90). Management states financing remains tight and that the company is dependent on near‑term cash inflows; a material uncertainty about continuing as a going concern is disclosed.

Guidance update

Enapter adjusted full‑year 2025 guidance (ad hoc 18 Sept 2025): expected revenue €20–22m and EBITDA €-9m to -€10m (previously ~€39–42m revenue and EBITDA roughly breakeven to -€2m). The downgrade reflects slower JV production and longer certification/acceptance timelines.

Operational and product developments

R&D spend in H1 2025 was €0.88m (≈19% of product sales). The product portfolio was expanded (AEM Nexus 2500 / Stack T announced) to address projects up to ~100 MW; JV and partner production scaling challenges cited as causes for timing slippages.

Key risks

Principal risks include weaker order intake, geopolitical/trade uncertainties, supply‑chain and certification delays, and elevated financing risk (short‑term liquidity dependence). Management flags a higher overall risk level versus April 2025.