Gigasun interim report first quarter 2024

The company installed 4.5 (0.0) MW of solar power plants and signed new contracts for an additional 4.1 (13.5) MW. 46 (43) million kWh were produced which reduced CO2-related emissions by approximately 23,000 (27,000) tonnes. Financially, the quarter showed sales of SEK 40.5 (40.7) million and a profit after financial items and tax of SEK -15.9 (-35.3) million, affected by a positive currency effect of SEK 0.8 (-0.9) million.

The quarter, in short
JANUARY 1ST – MARCH 31ST

  • The company installed a total of 4.5 (0.0) MW of roof-based solar energy plants and had 286.3 (250.3) MW installed capacity at the end of the quarter.
  • 46 (43) million kWh were produced which reduced CO2-related emissions by approximately 23,000 (27,000) tonnes. Starting from Q1 2024, we are using updated figures to calculate the savings of CO2-related emissions. Based on the most recent available calculations of emissions in China, the savings between solar power-generated energy and China’s average emissions for its electricity production have decreased from 622 grams per kWh to 490 grams per kWh.
  • At the end of the quarter, the company had 43 (58) MW in subscribed orders, as well as projects in the pipeline of 131 (118) MW.
  • The company signed 3 (3) contracts amounting to a total installed capacity of 4.1 (13.5) MW.

The quarter, in numbers
JANUARY 1ST – MARCH 31ST

  • Revenues (sales of electricity and subsidies) amounted to SEK 40.5 (40.7) million.
  • Net sales (sales of electricity to customers and Grid) amounted to SEK 33.8 (33.2) million.
  • Other operating income (subsidies and resale of electricity) amounted to SEK 6.7 (7.5) million.
  • Operating expenses amounted to 36.3 (37.8) MSEK.
  • Operating profit for the quarter amounted to SEK 4.2 (2.9) million.
  • Interest expenses and similar income items amounted to SEK 21.0 (37.4) million.
  • Profit for the quarter after financial items and tax amounted to SEK -15.9 (-35.3) million and was impacted by a currency effect of SEK 0.8 (-0.9) million. Adjusted for this item, profit for the quarter amounted to SEK -16.7 (-34.4) million.
  • Total cash flow for the quarter amounted to SEK 4.4 (-8.2) million.
  • Earnings per share before dilution amounted to SEK -0.28 (-0.89).
  • The number of employees at the end of the period was 19 (18).

Significant events after then end of the period

  • The company installed 5.3 MW of capacity and total installed capacity is now 291.6 MW.
  • The company signed 1 contract amounting to an installed capacity of 0.8 MW.

For more information, please contact:

Max Metelius, CEO Gigasun AB (publ)
Phone: +46 (0) 72 316 04 44
E-mail: max.metelius@gigasun.se

Stefan Salomonsson, CFO Gigasun AB (publ)
Phone: +46 (0) 70 220 80 00
E-mail: stefan.salomonsson@gigasun.se

Certified Advisor is FNCA Sweden AB

About the operation

Gigasun operates in China through its wholly owned subsidiaries Advanced Soltech Renewable Energy (Hangzhou) Co. Ltd (“ASRE”) and Longrui Solar Energy (Suqian) Co. Ltd. (“SQ”), and Suqian Ruiyan New Energy Co., Ltd. (“RY”).

The business model consists of financing, installing, owning and managing solar PV installations on customers' roofs in China. The customer does not pay for the solar PV installation, but instead enters an agreement to buy the electricity that the solar PV installation produces under a 20-year agreement. Current income comes from the sale of electricity to customers and governmental subsidies.

The goal is to have an installed capacity of 1,000 megawatts (MW) which is fully connected to the electricity grid by 2026.

This information is information that Gigasun AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-05-16 15:00 CEST.

Attachments

Gigasun Q1 2024 ENG