Enapter AG

Latest Results (05.02.2026):

Enapter AG — reporting for the period 1 January–30 June 2025 (first half / Q2 2025): the group reported a weaker first half with revenue down 32% year‑on‑year to €5.643m, a sharply reduced gross margin (8% vs 32% a year earlier), EBITDA of €-8.110m and a consolidated net loss of €-13.656m. Cash increased to €6.468m after a June capital raise (~€4.3m gross) but management flags material uncertainty on going concern due to financing and macro risks. Order intake was weak in H1 (€≈6.4m) while backlog remained ~€42m; the company expanded its product line (AEM Nexus 2500) and issued revised FY2025 guidance (reduced revenue and wider negative EBITDA range).

Revenue and profitability

H1 2025 revenue: €5.643m (‑32% vs H1 2024). Gross profit margin fell to 8% (from 32%) driven by an adverse product mix and higher cost of materials. EBITDA was €-8.110m (H1 2024: €-2.975m) and consolidated net loss €-13.656m (H1 2024: €-7.925m).

Cash, cash flow and recent financing

Cash and bank balances rose to €6.468m (from €4.568m at year‑start). Operating cash flow was positive €0.327m; investing cash flow was €-4.714m (capex and capitalised development); financing cash flow was €6.287m, driven by the June capital increase (gross ≈€4.3m) and a €3.0m promissory note for Saerbeck energy works.

Balance sheet and leverage

Total assets €145.6m; equity €56.244m (equity ratio ~39%, down from 46%). Non‑current financial liabilities include bearer bonds (carrying amount €24.072m) and a €10.0m subordinated loan; economic equity ratio including the subordinated loan ~45%.

Orders, backlog and sales mix

Order intake in H1 was ~€6.4m (vs €23.4m prior period). Order backlog as of 30 June 2025 was ≈€42m (mainly megawatt class). Geographic sales mix shifted: EU ~67%, Germany ~16%, Asia ~15%.

Products, R&D and operations

Product expansion: launch of the AEM Nexus 2500 (2.5 MW, Stack T) and skid option for indoor installs, enabling projects up to ~100 MW. Over 12,000 cores delivered to date. R&D headcount 60; R&D expense in H1 €0.876m (~19% of product sales). Group headcount 199 as of 30 June 2025.

Risks and going‑concern

Management cites heightened geopolitical, trade and macro uncertainties (US tariff moves, subsidy uncertainty) that depressed orders and increased financing risk. The report explicitly notes a material uncertainty that could cast doubt on the company’s ability to continue as a going concern if planned financing and business assumptions do not materialise.

Outlook and guidance update

Enapter disclosed a revised FY2025 plan (ad hoc announcement): expected consolidated revenue €20–22m and EBITDA €-9m to €-10m (significantly lowered from prior guidance of ~€39–42m revenue and EBITDA around break‑even). Management expects H2 deliveries to improve gross margin and plans to keep personnel and operating costs at prior‑year levels.