Enapter AG

Latest Results (24.12.2025):

Enapter AG — first half of 2025 (reporting period to 30 June 2025, covering Q1–Q2 2025): the company reported weaker-than-expected commercial performance in H1 2025 with revenue down sharply year‑on‑year, a widened operating loss and continued needs for external financing. Enapter highlighted product and portfolio development (AEM Nexus 2500/Stack T), ongoing R&D and order backlog in the megawatt segment, but also flagged material uncertainty around financing and slower order intake driven by macro and trade-policy uncertainty.

Revenue and sales mix

Revenue fell 32% y/y to €5.643m in H1 2025 (H1 2024: €8.268m). Sales of electrolysers and components were €4.602m; services and other income €1.041m. Geographic mix shifted (Germany ~16%, EU ~67%, Asia ~15%).

Profitability and margins

Gross profit margin dropped to ~8% of operating performance (from 32% in prior period) due to a less favourable product mix and higher cost of materials (€5.543m). EBITDA was negative €8.110m (H1 2024: -€2.975m) and consolidated net loss was -€13.656m (H1 2024: -€7.925m).

Cash, financing and equity

Cash and cash equivalents were €6.468m at 30 June 2025 (up from €4.568m at year‑start). Enapter completed a capital increase in June 2025 raising gross proceeds ≈€4.3m. Equity at 30 June 2025 was €56.244m (equity ratio ~39%).

Order intake and backlog

Order intake in H1 2025 was ~€6.4m (H1 2024: €23.4m). Order backlog stood at ≈€42m at 30 June 2025, concentrated in the megawatt class.

Balance sheet structure and receivables

Total assets €145.562m; non‑current assets ~72% of total. Trade receivables fell to €18.832m (from €37.298m year‑end). Other non‑current assets include €16.083m reclassified receivable against a U.S. distributor with a new payment plan and share collateral.

Cash flow and investing

Operating cash flow improved to +€0.327m (H1 2024: -€3.763m) mainly via working‑capital changes. Investing cash flow was -€4.714m (capitalised development and property, plant & equipment). Financing cash flow +€6.287m (capital increase net of costs, €3m promissory note loan).

R&D, headcount and operating costs

R&D expense in H1 2025 was €0.876m (≈19% of product sales); 60 people in R&D. Total headcount at 30 June 2025: 199 employees. Personnel and other operating costs remained significant (personnel expenses €5.206m; other operating expenses €5.352m).

Product development and orders

Product expansion: launch of AEM Nexus 2500 based on new Stack T (25 kW) enabling larger multi‑core systems (up to 2.5 MW per unit and projects up to ~100 MW). Notable orders: multi‑MW order from Italy (2.5 MW) and several 1 MW orders in Italy plus megawatt multicore order from Greece.

Risks and going‑concern note

Management emphasised elevated risks from geopolitics, trade policy, subsidy uncertainty, procurement/production and working‑capital needs. The report states a material uncertainty regarding the company’s ability to continue as a going concern if planned financing and business assumptions do not materialise.

Outlook and forecast revision

In an ad hoc announcement (18 Sept 2025) quoted in the report, Enapter revised FY‑2025 guidance: now expecting €20–22m revenue and EBITDA of -€9m to -€10m (previously ~€39–42m revenue and EBITDA around -€2m to ~0). Management expects much of the originally planned 2025 revenue to shift into 2026 due to longer production and acceptance processes for multi‑core systems.