CEO comment: During 2025, Gigasun continued its growth journey while the Chinese solar energy sector experienced a historic turning point. At the beginning of the year, we had 340 MW of installed capacity. By the end of the year, this had increased to 395 MW, representing an expansion of 55 MW or 16 percent. Particularly encouraging is the strong order intake during the year, with several major agreements securing continued expansion going forward.
The most notable development during the year was our record quarter in Q3. Production increased by 36 percent and profit rose by as much as 275 percent compared with the same period the previous year. Operating profit for the full year increased to SEK 73.5 (60.7) million, driven by stable operations and improved underlying profitability. This is the result of several years of systematic work building a portfolio of high-quality solar installations with stable revenue streams from long-term electricity agreements.
Profit for the year amounted to SEK -7.2 (-32.9) million and were impacted by a non-cash currency effect of SEK -3.8 (1.8) million as well as a one-off cost of SEK 3.5 million. Adjusted for the currency effect and the one-off item, profit amounted to SEK 0.1 (-34.7) million, a clear improvement demonstrating that our core operations are now profitable.
Alongside our operational growth, we implemented important financial measures to strengthen the company’s position. In September, we secured new financing of SEK 372 million through our Chinese subsidiary, further improving our capital structure. The refinancing of our loans in China has already begun to show clear effects in the income statement. Lower financing costs, combined with declining construction costs for new projects and upgrades, are expected to contribute to gradually improved earnings going forward. In addition, the SOLT4 bond was extended in accordance with the company’s request, providing greater flexibility in our financial management.