Operational efficiency and cost reduction
Labor cost and operating expenses improved to EUR 17.1M, down 22% quarter-over-quarter and 31% year-over-year. Adjusted EBITDA loss improved 18% quarter-over-quarter and 23% year-over-year (adjusted EBITDA loss of EUR 6M). Management reports significantly reduced cash burn, leaner organization and progress toward operational profitability.
Refinancing secured and interim liquidity
Signed a refinancing plan with participation from large institutions (including HSBC and Citibank), received EUR 11M in interim financing (received at beginning of Q2), and submitted plan for court approval. Management expects the renewed capital structure to reclassify maturities into longer-term (pushing majority to 2030), providing better financial visibility to customers and vendors.
Strong product pipeline and unit delivery
Delivered over 30,000 AC units and 79 DC units in Q1. New and notable products include Quasar 2 (commercially available), an upcoming CTEP-certified Pulsar for commercial use, and the Supernova PowerRing (up to 400 kW per outlet) expanding DC portfolio and scalability.
Software growth momentum
Software (including Electromaps Solutions) showed strong growth, with software noted as growing 91% (year-over-year), indicating increasing contribution from higher-margin recurring offerings.
Inventory reduction and BOM cost opportunity
Inventory reduced to EUR 40.3M, down 15% sequentially and 37% year-over-year. Management highlights continued inventory improvement that should support bill-of-material cost improvements over the long term.
Capital discipline and low CapEx
CapEx was modest at EUR 0.3M (EUR 0.1M in PP&E) and down ~55% versus the same period last year, reflecting disciplined capital allocation and efforts to leverage existing assets.
Positive forward guidance
Management provided Q2 guidance showing recovery expectations: revenue EUR 33M–36M, gross margin 38%–40%, and adjusted EBITDA between negative EUR 5M and negative EUR 3M, indicating management confidence in near-term improvement.