Full-Year Revenue and Unit Shipments
Full-year 2025 revenue totaled €145,100,000 with approximately 144,000 units delivered (536 DC units).
Gross Margin Improvement
Full-year gross margin improved to 38.3%, a 410 basis point increase year-over-year; Q4 gross margin was 37.3% (in guided 37%–39% range).
Improved Profitability Metrics (Adjusted EBITDA)
Adjusted EBITDA showed significant improvement versus prior year: management cited a 51% improvement for the full year and a 46% improvement year-over-year for the quarter; Q4 adjusted EBITDA loss was €7,300,000 (narrowed ~46% YoY).
Material Cost and OpEx Reductions
Labor and operating expenses were down 25% year-over-year (management) and Q4 labor + OpEx were €22,100,000 (down 23% YoY and 3% QoQ). Cash cost definition improved ~25% YoY. BOM cost improvements and positive price effects were noted.
Working Capital & Inventory Improvements
Inventory reduced to €47,500,000, down 32% year-over-year and 6% sequentially, achieving management's inventory reduction target and freeing cash.
Refinancing Progress and New Liquidity Commitments
Reached an indicative commercial agreement with core banking partners; refinancing package components disclosed: €55,000,000 syndicated term loan (maturing 2030), €63,200,000 bullet instrument (maturing Dec 2030), €52,300,000 working capital line (maturing Dec 2028), and a proposed €22,500,000 liquidity injection (incl. €10,000,000 equity). Participation from lenders now >86% of existing debt; Institut Català de Finances committed €5,000,000 toward the equity injection.
Product and Commercial Progress
Launch and commercialization momentum: Supernova Power Ring introduced (DC Link shared-power technology), commercial rollout of Quasar 2 (bidirectional charger), CTEP certification for Supernova DC fast charger in the U.S., and strong QoQ growth in Quasar 2 (>200% QoQ).
Software & Services Growth
Software, services and other generated €7,200,000 in Q4 (21% of revenue); software grew 112% year-over-year, and installation/service activities improved sequentially (+6% QoQ).
Regional Strength in Europe
Europe contributed €24,600,000 (73% of Q4 revenue) and grew 4% QoQ, with strong country-level performance (Spain, France, UK, Portugal) and continued expectations of European market momentum.
Q1 2026 Guidance Provided
Management provided Q1 2026 guidance: revenue €33,000,000–€36,000,000, gross margin 38%–40%, and adjusted EBITDA between -€5,000,000 and -€3,000,000.